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<SEC-DOCUMENT>0000950103-06-002580.txt : 20061109
<SEC-HEADER>0000950103-06-002580.hdr.sgml : 20061109
<ACCEPTANCE-DATETIME>20061109171453
ACCESSION NUMBER:		0000950103-06-002580
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061108
FILED AS OF DATE:		20061109
DATE AS OF CHANGE:		20061109

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:		061203653

	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>dp03988_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 November, 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<br>
      01317-910<br>
      <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>3Q06
            Financials, November 8, 2006 </strong> </B></font></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 a meeting of the
	Board of Directors, November 8, 2006 </strong> </B></font></td>
  </tr>
</table>
<P align="left"><br>
  <br>
</P>


<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 width=95%>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right nowrap><FONT size=2 face="sans-serif"><strong>Item 1</strong></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>(Convenience Translation into English from</FONT></I>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>the Original Previously Issued in Portuguese)</FONT></I>   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<B><I><FONT size=6>Ultrapar Participa&ccedil;&otilde;es S.A.</FONT></I></B>     </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>Interim Financial Statements for the Quarter</FONT></I>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>and Nine-month Period ended September</FONT></I>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>30, 2006 and Independent Accountants&#146;</FONT></I>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<I><FONT face="serif" size=2>Review Report</FONT></I>   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR>
  <TD width="40%">&nbsp;</TD>
        <TD width="60%" nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=40%>&nbsp;</TD>
        <TD width=60% align=left nowrap>
<FONT size=1>Deloitte Touche Tohmatsu Auditores Independentes</FONT>    </TD>
</TR>
</TABLE>
<BR>

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




<P align="left">
<FONT face="serif" size=2>(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT face="serif" size=2>INDEPENDENT ACCOUNTANTS&#146; REVIEW REPORT</FONT></U></P>
<P align="left">
<FONT face="serif" size=2>To the Shareholders and Management of<br>
Ultrapar Participa&ccedil;&otilde;es S.A.</FONT><br>
<U><FONT face="serif" size=2>S&atilde;o
Paulo - SP</FONT></U></P>
<P align="left">
<FONT face="serif" size=2>1. 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 nine-month period ended September 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 align="left">
<FONT face="serif" size=2>2. 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 align="left">
<FONT face="serif" size=2>3. 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 align="left">
<FONT face="serif" size=2>4. Additionally, we have reviewed the consolidated statements of cash flows, included in Note 23 to the interim financial statements, for the nine-month periods ended September 30, 2006 and 2005, which are presented for purposes of
additional analysis and are not a required part of the basic interim financial statements. Such statements have been subjected to the review procedures described in paragraph 2 and, based on our review, we are not aware of any material modifications
that should be made to these statements for them to be fairly stated, in all material respects, in relation to the interim financial statements taken as a whole.</FONT></P>

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




<P align="left">
<FONT face="serif" size=2>Deloitte Touche Tohmatsu</FONT></P>
<P align="left">
<FONT face="serif" size=2>5. We had previously reviewed the Company and consolidated balance sheets as of June 30, 2006 and the Company and consolidated statements of income for the quarter and nine--month period ended September 30, 2005, presented for
comparative purposes, and issued unqualified special review reports thereon, dated July 28, 2006 and October 28, 2005, respectively. </FONT></P>
<P align="left">
<FONT face="serif" size=2>6. The accompanying interim financial statements have been translated into English for the convenience of readers outside Brazil.</FONT></P>
<P align="left">
<FONT face="serif" size=2>S&atilde;o Paulo, October 27, 2006</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=75%>
<FONT face="serif" size=2>DELOITTE TOUCHE TOHMATSU</FONT>       </TD>
        <TD align=left width=25%>
<FONT face="serif" size=2>Altair Tadeu Rossato</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=75%>
<FONT face="serif" size=2>Auditores Independentes</FONT>        </TD>
        <TD align=left width=25%>
<FONT face="serif" size=2>Engagement Partner</FONT>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT face="serif" size=2>2</FONT></P>

<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 width=100%>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1>(Convenience Translation into English from the Original Previously
Issued in Portuguese)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT></TD>
</TR>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1>BALANCE SHEETS AS OF SEPTEMBER 30, 2006 AND JUNE 30, 2006</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1>(In thousands of Brazilian reais - R&#36;)</FONT>  </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD width=19% align=left nowrap>&nbsp;  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=3 align=center>
<FONT size=1>Company</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan=3 align=center>
<FONT size=1>Consolidated</FONT>        </TD>
        <TD  width=3% align="center">&nbsp;     </TD>
        <TD width=20% align=center nowrap>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan=3 align=center>
<FONT size=1>Company</FONT>     </TD>
        <TD GUTTER align=center width=2%>&nbsp;</TD>
        <TD colspan=3 align=center>
<FONT size=1>Consolidated</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>ASSETS</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>09/30/06</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>06/30/06</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>09/30/06</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>06/30/06</FONT>    </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>LIABILITIES AND STOCKHOLDERS' EQUITY</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>09/30/06</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>06/30/06</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>09/30/06</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>06/30/06</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>
<HR align="left" width="35%" size=1 noshade>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>&nbsp;      </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="20%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>CURRENT ASSETS</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>CURRENT LIABILITIES</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Cash and banks</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>272</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>153</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>31,691</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>47,256</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Loans and financing</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>120,927</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>120,263</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Temporary cash investments</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>295,529</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>378,986</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,029,598</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,064,124</FONT>   </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Debentures</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>3,075</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>15,346</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>3,075</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>15,346</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Trade accounts receivable</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>390,796</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>355,644</FONT>     </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Trade accounts payable</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>126</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>324</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>81,149</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>90,036</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Inventories</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>168,327</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>197,250</FONT>     </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Payroll and related charges</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>45</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>45</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>79,304</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>66,901</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Recoverable taxes</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>15,363</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>16,825</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>102,802</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>90,491</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Taxes payable</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>61</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>7</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>20,719</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>16,029</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Deferred income and social contribution taxes</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>37</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>42</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>25,890</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>22,255</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Dividends payable</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>22,886</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>13,355</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>25,941</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>16,364</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Dividends receivable</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>12,232</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Income and social contribution taxes</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,336</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>5,431</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Other</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>21</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>23</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>9,002</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>8,668</FONT>       </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Deferred income and social contribution taxes</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>191</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>210</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Prepaid expenses</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>560</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>536</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>5,731</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>8,540</FONT>       </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Other</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>3</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>4</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>3,250</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>3,402</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Total current assets</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>311,782</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>408,797</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,763,837</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,794,228</FONT>   </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Total current liabilities</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>26,196</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>29,081</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>335,892</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>333,982</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>&nbsp;      </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="20%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>LONG-TERM ASSETS</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>LONG-TERM LIABILITIES</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Cash investments</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>540,880</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>522,376</FONT>     </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Loans and financing</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>1,036,089</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>1,036,059</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Related companies</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>38,394</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>20,409</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>5,671</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>5,273</FONT>       </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Debentures</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>300,000</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>300,000</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>300,000</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>300,000</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Deferred income and social contribution taxes</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>3,036</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>2,976</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>73,773</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>72,540</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Related companies</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>447,061</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>447,061</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>5,031</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>5,060</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Recoverable taxes</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>9,475</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>5,603</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>47,756</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>42,413</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Deferred income and social contribution taxes</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>25,020</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>24,746</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Escrow deposits</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>16,173</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>16,053</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Other taxes</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>9,237</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>9,063</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>40,086</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>42,092</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>Trade accounts receivable</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>19,389</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>21,278</FONT>      </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Other</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>-</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>2,114</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>2,114</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
  <TD width=19% align=left valign="bottom" nowrap><FONT size=1>Prepaid expenses</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>13,247</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>13,790</FONT> </TD>
  <TD  width=3% align="left" valign="bottom">&nbsp;</TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="19%" align="left" nowrap></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"></TD>
  <TD width="3%" align="left"></TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Total long-term liabilities</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>756,298</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>756,124</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,408,340</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,410,071</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
  <TD width=19% align=left valign="bottom" nowrap><FONT size=1>Other</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>520</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>728</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>1,350</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>239</FONT> </TD>
  <TD  width=3% align="left" valign="bottom">&nbsp;</TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="19%" align="left" nowrap></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="3%" align="left"></TD>
        <TD width=20% align=left nowrap>&nbsp;  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
  <TD width=19% align=left valign="bottom" nowrap><FONT size=1>Total long-term
      assets</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>51,425</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>29,716</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>718,239</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom"><FONT size=1>693,962</FONT> </TD>
  <TD  width=3% align="left" valign="bottom">&nbsp;</TD>
        <TD width=20% align=left valign="bottom" nowrap><FONT size=1>MINORITY INTEREST</FONT> </TD>
        <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
        <TD width=5% align=right valign="bottom"><FONT size=1>-</FONT> </TD>
        <TD width=2% align=left valign="bottom" GUTTER>&nbsp;</TD>
        <TD width=5% align=right valign="bottom"><FONT size=1>-</FONT> </TD>
        <TD width=2% align=left valign="bottom" GUTTER>&nbsp;</TD>
        <TD width=5% align=right valign="bottom"><FONT size=1>33,199</FONT> </TD>
        <TD width=2% align=left valign="bottom" GUTTER>&nbsp;</TD>
        <TD width=5% align=right valign="bottom"><FONT size=1>31,884</FONT> </TD>
        <TD width=2% align=left valign="bottom" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="19%" align="left" nowrap></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="3%" align="left"></TD>
        <TD width="20%" align="left" nowrap></TD>
        <TD width="2%" align="left"></TD>
        <TD width="5%" align="right"><HR noshade size=1>    </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right"><HR noshade size=1>    </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right"><HR noshade size=1>    </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right"><HR noshade size=1>    </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>

<TR>
  <TD width=19% align=left valign="bottom" nowrap><FONT size=1>PERMANENT ASSETS</FONT> </TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom">&nbsp;</TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom">&nbsp;</TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom">&nbsp;</TD>
  <TD  width=2% align="left" valign="bottom">&nbsp;</TD>
  <TD width=5% align=right valign="bottom">&nbsp;</TD>
  <TD  width=3% align="left" valign="bottom">&nbsp;</TD>
        <TD width="20%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="5%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left nowrap><FONT size=1>Investments:</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right>&nbsp;</TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>STOCKHOLDERS' EQUITY</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left nowrap>&nbsp;<FONT size=1>Subsidiary and affiliated
      companies</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>2,381,371</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>2,293,225</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>4,876</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>4,828</FONT> </TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Capital</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>946,034</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>946,034</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>946,034</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>946,034</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left nowrap>&nbsp;<FONT size=1>Other</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>186</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>186</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>26,119</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>28,169</FONT> </TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Capital reserve</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>2,046</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>2,046</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>483</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>431</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left nowrap><FONT size=1>Property, plant and equipment</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>1,113,808</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>1,089,193</FONT> </TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Revaluation reserve</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>13,533</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>14,186</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>13,533</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>14,186</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left nowrap><FONT size=1>Deferred charges</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>-</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>107,830</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>107,122</FONT> </TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Profit reserves</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>837,502</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>837,502</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>837,502</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=5%>
<FONT size=1>837,502</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="19%" align="left" nowrap></TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="2%" align="left"></TD>
  <TD width="5%" align="right"><HR noshade size=1>  </TD>
  <TD width="3%" align="left"></TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Treasury shares</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>(6,018</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=1>)</FONT>   </TD>
        <TD align=right width=5%>
<FONT size=1>(4,894</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=1>)</FONT>   </TD>
        <TD align=right width=5%>
<FONT size=1>(9,447</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=1>)</FONT>   </TD>
        <TD align=right width=5%>
<FONT size=1>(8,433</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=1>)</FONT>   </TD>
</TR>

<TR valign="bottom">
  <TD width=19% align=left nowrap><FONT size=1>Total permanent assets</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>2,381,557</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>2,293,411</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>1,252,633</FONT> </TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD width=5% align=right><FONT size=1>1,229,312</FONT> </TD>
  <TD  width=3% align="left">&nbsp;</TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Retained earnings</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>169,173</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>151,845</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>169,173</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>151,845</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>&nbsp;  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Total stockholders' equity</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,962,270</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,946,719</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,957,278</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,941,565</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">   </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD width=19% align=left nowrap>&nbsp;  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>Total minority interest and stockholders' equity</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>1,962,270</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,946,719</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,990,477</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>1,973,449</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD width=19% align=left nowrap>&nbsp;  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>TOTAL LIABILITIES AND STOCKHOLDERS'</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=19% align=left nowrap>
<FONT size=1>TOTAL ASSETS</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>2,744,764</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>2,731,924</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>3,734,709</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>3,717,502</FONT>   </TD>
        <TD  width=3% align="left">&nbsp;       </TD>
        <TD width=20% align=left nowrap>
<FONT size=1>&nbsp;&nbsp;&nbsp;&nbsp;EQUITY</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=5%>
<FONT size=1>2,744,764</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>2,731,924</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>3,734,709</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
        <TD align=right width=5%>
<FONT size=1>3,717,502</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD width="19%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="3%" align="left">    </TD>
        <TD width="20%" align="left" nowrap>    </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
        <TD width="5%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1>The </FONT><FONT size=1>accompanying</FONT><FONT size=1> notes are </FONT><FONT size=1>integral</FONT><FONT size=1> part of these </FONT><FONT size=1>financial</FONT><FONT size=1> </FONT><FONT size=1>statements.</FONT></P>

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

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


<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%> <FONT size=2><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
    S.A. AND SUBSIDIARIES</u></FONT> </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>STATEMENTS OF INCOME</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>FOR THE QUARTERS ENDED SEPTEMBER 30, 2006 AND 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>(In thousands of Brazilian reais - R&#36;, except for earnings per share)</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=64%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=4 align=center nowrap>
      <FONT size=2>Company</FONT> </TD>
        <TD width=1% align=center nowrap GUTTER>&nbsp;  </TD>
        <TD  width=2% align="center" nowrap>&nbsp;      </TD>
        <TD colspan=4 align=center nowrap>
      <FONT size=2>Consolidated</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right" nowrap><HR noshade size=1>
  </TD>
  <TD align="left" nowrap GUTTER><HR noshade size=1>
  </TD>
  <TD align="left" nowrap><HR noshade size=1></TD>
  <TD align="right" nowrap><HR noshade size=1>
  </TD>
  <TD align="left" nowrap GUTTER><HR noshade size=1>
  </TD>
  <TD align="left" nowrap></TD>
  <TD align="right" nowrap><HR noshade size=1>
  </TD>
  <TD align="left" nowrap GUTTER><HR noshade size=1>
  </TD>
  <TD align="left" nowrap><HR noshade size=1></TD>
  <TD align="right" nowrap><HR noshade size=1>
  </TD>
  <TD align="left" GUTTER><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
      <FONT size=2>09/30/06</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
      <FONT size=2>09/30/05</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
      <FONT size=2>09/30/06</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
      <FONT size=2>09/30/05</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>GROSS SALES AND SERVICES</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1,415,025</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1,346,039</FONT>   </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Deductions</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(119,831</FONT>    </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(116,789</FONT>    </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">&nbsp; </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>NET SALES AND SERVICES</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1,295,194</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1,229,250</FONT>   </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Cost of sales and services</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,029,861</FONT>  </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,009,656</FONT>  </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>GROSS PROFIT</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>265,333</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>219,594</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>EQUITY IN SUBSIDIARIES AND AFFILIATED COMPANIES</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>88,301</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>66,207</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>49</FONT>  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>21</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>OPERATING (EXPENSES) INCOME</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>71</FONT>  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(14</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(153,391</FONT>    </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(140,453</FONT>    </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Selling</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(51,303</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(48,455</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>General and administrative</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>70</FONT>  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(14</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(70,562</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(59,488</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Management compensation</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,459</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,423</FONT>      </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Depreciation and amortization</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(30,785</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(31,671</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Other operating income, net</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>718</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>584</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>88,372</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>66,193</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>111,991</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>79,162</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Financial income (expenses), net</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>722</FONT> </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1,582</FONT>       </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(2,944</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(2,751</FONT>      </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Financial income</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>12,400</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>16,199</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>43,444</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>31,496</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Financial expenses</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(11,678</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(14,617</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(46,388</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(34,247</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>INCOME FROM OPERATIONS</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>89,094</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>67,775</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>109,047</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>76,411</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Nonoperating (expenses) income, net</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(7,677</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(718</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>INCOME BEFORE TAXES ON INCOME AND</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>&nbsp;&nbsp;&nbsp;MINORITY INTEREST</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>89,094</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>67,775</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>101,370</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>75,693</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(264</FONT>        </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(515</FONT>        </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(11,185</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(7,426</FONT>      </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Current</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(318</FONT>        </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(316</FONT>        </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(35,506</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(35,842</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Benefit of tax holidays - ADENE</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>54</FONT>  </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(199</FONT>        </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>15,352</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>15,343</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Deferred</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>8,969</FONT>       </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>13,073</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>INCOME BEFORE MINORITY INTEREST</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>88,830</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>67,260</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>90,185</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>68,267</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>Minority interest</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>-</FONT>   </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,355</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>
<FONT size=2>)</FONT>   </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>(1,007</FONT>      </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2>)</FONT>   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>NET INCOME</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>88,830</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>67,260</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>88,830</FONT>      </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>67,260</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=2>     </TD>
        <TD width="1%" align="left" nowrap GUTTER>
      <HR noshade size=2>       </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
      <HR noshade size=2>       </TD>
        <TD width="1%" align="left" nowrap GUTTER>
      <HR noshade size=2>       </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
      <HR noshade size=2>       </TD>
        <TD width="1%" align="left" nowrap GUTTER>
      <HR noshade size=2>       </TD>
        <TD width="2%" align="left" nowrap>     </TD>
        <TD width="6%" align="right" nowrap>
      <HR noshade size=2>       </TD>
        <TD width="1%" align="left" GUTTER>
      <HR noshade size=2>       </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left" nowrap>&nbsp;</TD>
    <TD width="2%" align="left" nowrap>&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT size=2>EARNINGS PER SHARE - R&#36;</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1.09525</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>0.82927</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>1.09525</FONT>     </TD>
        <TD width=1% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2% align="left" nowrap>&nbsp;        </TD>
        <TD width=6% align=right nowrap>
<FONT size=2>0.82927</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"> </TD>
  <TD align="left"> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2>The accompanying notes are integral part of these financial statements.</FONT></P>

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

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

<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>    </TD>
</TR>
<TR>
        <TD><font size="2">&nbsp;</font>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
      <FONT size=2><u>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</u></FONT>     </TD>
</TR>
<TR>
        <TD><font size="2">&nbsp;</font>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>STATEMENTS OF INCOME</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2006 AND 2005</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2>(In thousands of Brazilian reais - R&#36;, except for earnings per share)</FONT>   </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan=4 align=center nowrap><FONT size=2>Company</FONT> </TD>
    <TD align=center nowrap GUTTER>&nbsp;</TD>
    <TD align="center" nowrap>&nbsp;</TD>
    <TD colspan=4 align=center nowrap><FONT size=2>Consolidated</FONT> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap><HR noshade size=1></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap><HR noshade size=1></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right nowrap><FONT size=2>09/30/06</FONT> </TD>
    <TD align=left nowrap GUTTER>&nbsp;</TD>
    <TD align="left" nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2>09/30/05</FONT> </TD>
    <TD align=left nowrap GUTTER>&nbsp;</TD>
    <TD align="left" nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2>09/30/06</FONT> </TD>
    <TD align=left nowrap GUTTER>&nbsp;</TD>
    <TD align="left" nowrap>&nbsp;</TD>
    <TD align=right nowrap><FONT size=2>09/30/05</FONT> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" nowrap GUTTER><HR noshade size=1>    </TD>
    <TD align="left" nowrap></TD>
    <TD align="right" nowrap><HR noshade size=1>    </TD>
    <TD align="left" GUTTER><HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>GROSS SALES AND SERVICES</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3,914,718</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3,922,425</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Deductions</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(324,445</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(354,136</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>NET SALES AND SERVICES</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3,590,273</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3,568,289</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Cost of sales and services</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(2,889,278</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(2,838,905</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>GROSS PROFIT</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>700,995</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>729,384</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>EQUITY IN SUBSIDIARIES AND AFFILIATED COMPANIES</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>242,171</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,260</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>696</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1,395</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>OPERATING (EXPENSES) INCOME</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(335</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(235</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(439,996</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(408,874</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Selling</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(144,859</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(138,560</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>General and administrative</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(335</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(236</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(200,901</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(172,637</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Management compensation</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(4,105</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(4,374</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Depreciation and amortization</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(91,925</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(94,341</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Other operating income, net</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1,794</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>1,038</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>241,836</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,025</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>261,695</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>321,905</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Financial income (expenses), net</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>4,528</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>633</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>31,952</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(28,224</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Financial income</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>40,680</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>31,131</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>117,261</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>71,371</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Financial expenses</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(36,152</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(30,498</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(85,309</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(99,595</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>INCOME FROM OPERATIONS</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>246,364</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,658</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>293,647</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>293,681</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Nonoperating (expenses) income, net</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(20,911</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(3,224</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>INCOME BEFORE TAXES ON INCOME AND</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>&nbsp;&nbsp;MINORITY INTEREST</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>246,364</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,658</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>272,736</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>290,457</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(6,332</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(116</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(35,370</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(30,495</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Current</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(6,468</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(374</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(101,692</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(104,425</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Benefit of tax holidays - ADENE</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>136</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>258</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>46,105</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>54,701</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Deferred</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>20,217</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>19,229</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>INCOME BEFORE MINORITY INTEREST</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>240,032</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,542</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>237,366</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>259,962</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>Minority interest</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(3,643</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>(2,420</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
        <TD width="64%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right" nowrap>
<HR noshade size=1>     </TD>
        <TD width="1%" align="left" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>NET INCOME</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>240,032</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,542</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>233,723</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>257,542</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"> </TD>
  <TD align="left"> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
<TR>
        <TD width="64%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right" nowrap>&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=64%>
<FONT face="serif" size=2>EARNINGS PER SHARE - R&#36;</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>2.95952</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3.17534</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>2.88173</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD width=6% align=right nowrap>
<FONT face="serif" size=2>3.17534</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"> </TD>
  <TD align="left"> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap GUTTER>
    <HR noshade size=2>
  </TD>
  <TD align="left" nowrap> </TD>
  <TD align="right" nowrap>
    <HR noshade size=2>
  </TD>
  <TD align="left" GUTTER>
    <HR noshade size=2>
  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>The accompanying notes are integral part of these financial statements.</FONT></P>

<P align="right">
<FONT face="serif" size=2>5</FONT></P>

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




<P align="left">
<FONT face="serif" size=2>(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT face="serif" size=2>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></U></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><HR align="left" width="95%" size="1" noshade></td>
  </tr>
  <tr>
    <td><p align="left"> <font face="serif" size=2>IDENTIFICATION</font></p></td>
  </tr>
  <tr>
    <td><HR align="left" width="95%" size="1" noshade></td>
  </tr>
</table>
<BR><BR>
<TABLE width=95% border=1 cellpadding=3 cellspacing=0 bordercolor="#666666">
<TR valign="bottom">
        <TD height="40" colspan="4" align=left valign="middle">
<B><FONT size=1>01.01 - CAPITAL COMPOSITION</FONT></B>                          </TD>
  </TR>

<TR valign="bottom">
  <TD width=25% align=center valign="middle">
  <B><FONT size=1>Number of shares<br>
</FONT></B>
  <FONT size=1>(Thousands)</FONT></TD>
        <TD width=25% align=center valign="middle">
  <B><FONT size=1>Current quarter<br>
</FONT></B>
  <FONT size=1>09/30/2006</FONT></TD>
        <TD width=25% align=center valign="middle">
  <B><FONT size=1>Prior quarter<br>
</FONT></B>
  <FONT size=1>06/30/2006</FONT></TD>
        <TD width=25% align=center valign="middle">
  <B><FONT size=1>Same quarter in prior year<br>
</FONT></B>
  <FONT size=1>09/30/2005</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<B><FONT size=1>Paid-up Capital</FONT></B>      </TD>
        <TD width=25% align=left valign="middle">&nbsp; </TD>
        <TD width=25% align=left valign="middle">&nbsp; </TD>
        <TD width=25% align=left valign="middle">&nbsp; </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>1 - Common</FONT>  </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>49,430</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>49,430</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>49,430</FONT>      </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>2 - Preferred</FONT>       </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>31,895</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>31,895</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>31,895</FONT>      </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>3 - Total</FONT>   </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>81,325</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>81,325</FONT>      </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>81,325</FONT>      </TD>
</TR>

<TR valign="bottom">
        <TD colspan="4" align=left valign="middle">
<B><FONT size=1>Treasury Stock</FONT></B></TD>
  </TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>4 - Common</FONT>  </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>7</FONT>   </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>7</FONT>   </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>7</FONT>   </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>5 - Preferred</FONT>       </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>213</FONT> </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>182</FONT> </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>211</FONT> </TD>
</TR>

<TR valign="bottom">
        <TD width=25% align=left valign="middle">
<FONT size=1>6 - Total</FONT>   </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>220</FONT> </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>189</FONT> </TD>
        <TD width=25% align=right valign="middle">
<FONT size=1>218</FONT> </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=1 cellpadding=3 cellspacing=0 bordercolor="#666666">
<TR valign="bottom">
        <TD height="36" colspan="7" align=left valign="middle">
<B><FONT size=1>01.02 - DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER</FONT></B>                  </TD>
  </TR>

<TR valign="bottom">
        <TD width=10% align=center valign="middle">
<FONT size=1>1 - ITEM</FONT>    </TD>
        <TD width=20% align=center valign="middle">
<FONT size=1>2 - EVENT</FONT>   </TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>3 - APPROVAL</FONT>        </TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>4 - REVENUE</FONT> </TD>
    <TD width=14% align=center valign="middle">
  <FONT size=1>5 - BEGINNING OF<br>
</FONT>
  <FONT size=1>PAYMENT</FONT></TD>
    <TD width=14% align=center valign="middle">
  <FONT size=1>7 - TYPE<br>
</FONT>
  <FONT size=1>OF SHARE</FONT></TD>
    <TD width=14% align=center valign="middle">
  <FONT size=1>8 - AMOUNT<br>
</FONT>
  <FONT size=1>PER SHARE</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align=center valign="middle">
<FONT size=1>01<br>
</FONT>
<FONT size=1>02</FONT></TD>
        <TD width=20% align=center valign="middle">
<FONT size=1>Board of Director&#146;s Meeting<br>
</FONT>
<FONT size=1>Board of Director&#146;s Meeting</FONT></TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>08/02/2006<br>
</FONT>
<FONT size=1>08/02/2006</FONT></TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>Dividends<br>
</FONT>
<FONT size=1>Dividends</FONT></TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>08/17/2006<br>
</FONT>
<FONT size=1>08/17/2006</FONT></TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>Common<br>
</FONT>
<FONT size=1>Preferred</FONT></TD>
        <TD width=14% align=center valign="middle">
<FONT size=1>0.8873980000<br>
 </FONT>
<FONT size=1>0.8873980000</FONT></TD>
</TR>
</TABLE>
<BR><BR>
<TABLE width=95% border=1 cellpadding=3 cellspacing=0 bordercolor="#666666">
<TR valign="bottom">
        <TD height="36" colspan=7 align=left valign="middle">
<B><FONT size=1>01.03 - SUBSCRIBED CAPITAL AND ALTERATIONS IN THE CURRENT YEAR</FONT></B>                       </TD>
  </TR>

<TR valign="bottom">
        <TD width=10% align=center valign="middle"><font size=1>1 - ITEM</font>                 </TD>
        <TD  width=15% align="center" valign="middle" nowrap><font size=1>2 - DATE OF<br>
        </font><font size=1>ALTERATION</font>           </TD>
        <TD width=15% align=center valign="middle" nowrap>
<FONT size=1>3 - AMOUNT OF THE<br>
</FONT><font size=1>CAPITAL<br>
</font><font size=1>(IN THOUSANDS OF REAIS)</font></TD>
        <TD  width=15% align="center" valign="middle" nowrap><font size=1>4 - AMOUNT OF THE<br>
        </font><font size=1>ALTERATION<br>
        </font><font size=1>(IN THOUSANDS OF REAIS)</font>      </TD>
        <TD width=15% align=center valign="middle" nowrap><font size=1>5 - NATURE OF<br>
        </font><font size=1>ALTERATION</font></TD>
        <TD width=15% align=center valign="middle" nowrap>
<FONT size=1>7 - NUMBER<br>
</FONT>
<FONT size=1>OF SHARES<br>
</FONT><font size=1>ISSUED<br>
        </font><font size=1>(THOUSAND)</font></TD>
        <TD width=15% align=center valign="middle" nowrap>
<FONT size=1>8 - SHARE<br>
</FONT>
<FONT size=1>PRICE ON<br>
</FONT><font size=1>ISSUE DATE<br>
        </font><font size=1>(IN REAIS)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=center valign="middle">&nbsp;</TD>
  <TD align="center" valign="middle" nowrap>&nbsp;</TD>
  <TD align=center valign="middle" nowrap>&nbsp;</TD>
  <TD align="center" valign="middle" nowrap>&nbsp;</TD>
  <TD align=center valign="middle" nowrap>&nbsp;</TD>
  <TD align=center valign="middle" nowrap>&nbsp;</TD>
  <TD align=center valign="middle" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT face="serif" size=2>6</FONT></P>

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




<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT face="serif" size=2>(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT>
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<U><FONT face="serif" size=2>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. AND SUBSIDIARIES</FONT></U>
        </TD>
</TR>
<TR>
        <TD>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT face="serif" size=2>NOTES TO THE INTERIM FINANCIAL STATEMENTS</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT face="serif" size=2>FOR THE QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT face="serif" size=2>(In thousands of Brazilian reais - R&#36;, unless otherwise stated)</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT face="serif" size=2>1. OPERATIONS</FONT></P>
<P align="left">
<FONT face="serif" size=2>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 align="left">
<FONT face="serif" size=2>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 align="left">
<FONT face="serif" size=2>2. PRESENTATION OF INTERIM FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING PRACTICES</FONT></P>
<P align="left">
<FONT face="serif" size=2>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 border=0 cellspacing=0 cellpadding=0 width=95%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Results of operations</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Determined on the accrual basis of accounting. Revenues from sales and respective costs are recognized when the products are delivered to the customers or services are performed, and the transfer of risks, rights and obligations
associated with the ownership of products takes place.</FONT>   </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Current and long-term assets</FONT>   </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Temporary cash and long-term investments are stated at cost, plus accrued income (on a &#147;pro rata temporis&#148; basis), which approximate to the market value. Temporary cash investments include the results from hedge transactions,
as described in Notes 4 and 19, that management intends to hold to maturity.</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>The allowance for doubtful accounts is based on estimated losses and is considered by management to be sufficient to cover potential losses on accounts receivable.</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Inventories are stated at the lower of average cost of acquisition or production, market or net realizable value.</FONT>      </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Other assets are stated at the lower of cost or probable realizable values, including, when applicable, accrued income and monetary variations or net of allowances for potential losses.</FONT>      </TD>
</TR>
</TABLE>
<P align="right">
<FONT face="serif" size=2>7</FONT></P>

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




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

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT face="serif" size=2>3. CONSOLIDATION PRINCIPLES</FONT></P>
<P align="left">
<FONT face="serif" size=2>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 border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=68%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=7 align=center>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Ownership interest</FONT>
      <FONT face="serif" size=2>- %</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan=7 align=right><hr noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=68%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>09/30/2006</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>06/30/2006</FONT>     </TD>
  </TR>
<TR>
        <TD width="68%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="6%" align="right"><HR noshade size=1></TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
    <TD width="2%" align="left"><HR noshade size=1></TD>
    <TD width="6%" align="right"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Direct</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Indirect  </FONT> </TD>
    <TD align=left width=2%>&nbsp;</TD>
    <TD align=right width=6%><font face="serif" size=2>Direct</font></TD>
    <TD align=left width=2%>&nbsp;</TD>
    <TD align=right width=6%><font face="serif" size=2>Indirect</font></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><hr noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
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</TR>
<TR>
        <TD width="68%" align="left">&nbsp;     </TD>
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    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
<FONT face="serif" size=2>Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
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<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Companhia Ultragaz S.A.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
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<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
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        <TD align=right width=6%>
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</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Bahiana Distribuidora de G&aacute;s Ltda.</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
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        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
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</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Uting&aacute;s Armazenadora S.A.</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
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        <TD align=right width=6%>
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        <TD align=right width=6%>
<FONT face="serif" size=2>56</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>LPG International Inc.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
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        <TD align=right width=6%>
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        <TD align=right width=6%>
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<TR valign="bottom">
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<FONT face="serif" size=2>Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>       </TD>
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</TR>
<TR valign="bottom">
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 &nbsp; &nbsp;<FONT face="serif" size=2>Participa&ccedil;&otilde;es Ltda.</FONT>        </TD>
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<TR valign="bottom">
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 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Especializado Ltda.</FONT>        </TD>
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<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Barrington S.L.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Canamex Qu&iacute;micos S.A. de C.V.</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Canamex Servicios Corporativos S.A. de C.V.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Canamex Servicios Industriales S.A. de C.V.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Oxiteno International Corp.</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Oxiteno Overseas Corp.</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=68%>
<FONT face="serif" size=2>Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>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 face="serif" size=2>9</FONT></P>

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT face="serif" size=2>4. TEMPORARY CASH AND LONG-TERM INVESTMENTS</FONT></P>
<P align="left">
<FONT face="serif" size=2>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 fixed-income funds, 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 border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>Company</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>Consolidated</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="58%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>09/30/2006</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>06/30/2006</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>09/30/2006</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>06/30/2006</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="58%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right"><HR noshade size=1></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right"><HR noshade size=1></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right"><HR noshade size=1></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right"><HR noshade size=1></TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=58% align=left>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD  width=2% align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Austrian notes, indexed in</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>&nbsp;&nbsp;&nbsp;Brazilian reais</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>377,144</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>366,546</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Securities and fixed-income funds</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>295,529</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>378,986</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>440,161</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>479,713</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Foreign investments (a) (c)</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>803,649</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>787,734</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Net expenses on hedge transactions (b)</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(50,476</FONT> </TD>
        <TD GUTTER align=left width=2%>
      <FONT face="serif" size=2>)</FONT> </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(47,493</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Total</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>295,529</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>378,986</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>1,570,478</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>1,586,500</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Current portion</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>295,529</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>378,986</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>1,029,598</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>1,064,124</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Long-term portion</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>540,880</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>522,376</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>(a)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>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" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>(b)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Accumulated gain or loss on hedge positions (see Note 19).</FONT>     </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>(c)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>In April 2006, subsidiary Oxiteno Overseas Corp., owner
of notes in the amount of US&#36;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 face="serif" size=2>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 13.b).</FONT> </FONT>  </TD>
</TR>
</TABLE>
<P align="right">
<FONT face="serif" size=2>10</FONT></P>

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



<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT face="serif" size=2>5. TRADE ACCOUNTS RECEIVABLE (CONSOLIDATED)</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=76%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>09/30/2006 </FONT> </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=right width=8%><font face="serif" size=2>06/30/2006</font></TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left" GUTTER><HR noshade size=1>
  </TD>
</TR>
<TR>
        <TD width="76%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Domestic customers</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>403,747</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>375,673</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Foreign customers</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>86,933</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>71,714</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>(-) Advances on export contracts</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(58,022</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(45,333</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left" GUTTER><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>(-) Allowance for doubtful accounts</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(22,473</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(25,132</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>410,185</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>376,922</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
</TR>
<TR>
        <TD width="76%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Current portion</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>390,796</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>355,644</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Long-term portion</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>19,389</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>21,278</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="76%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="8%" align="right"><HR noshade size=2></TD>
        <TD width="2%" align="left" GUTTER>
    <HR noshade size=2></TD>
        <TD width="2%" align="left">&nbsp; </TD>
        <TD width="8%" align="right">
<HR noshade size=2>     </TD>
        <TD width="2%" align="left" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR>
        <TD width="76%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>The changes in the allowance for doubtful accounts are shown below:</FONT>    </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=left width=8%>&nbsp;</TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="76%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Balance as of June 30, 2006</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>25,132</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Addition recorded in selling expenses</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>3,084</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Utilization</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(5,743</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left" GUTTER><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76%>
<FONT face="serif" size=2>Balance as of September 30, 2006</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>22,473</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER><HR noshade size=2>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>6. INVENTORIES (CONSOLIDATED)</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan="5" align=center>
      <FONT face="serif" size=2>09/30/2006</FONT>                       </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
      <FONT face="serif" size=2>06/30/2006</FONT>                       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="50%" align="left">   </TD>
        <TD width="2%" align="left">&nbsp; </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT face="serif" size=2>Provision</FONT>      </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT face="serif" size=2>Provision</FONT>      </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT face="serif" size=2>for</FONT>    </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT face="serif" size=2>for</FONT>    </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=center width=6%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Cost</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>losses</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Net</FONT>      </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 &nbsp; &nbsp;<FONT face="serif" size=2>Cost</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>losses</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Net</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="50%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Finished products</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>85,987</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(1,533</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>84,454</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>108,733</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(1,274</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>107,459</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Work in process</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>807</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>807</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>222</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>222</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Raw materials</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>38,389</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(82</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>38,307</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>34,679</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(79</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>34,600</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Liquefied petroleum gas</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
 &nbsp;<FONT face="serif" size=2>(LPG)</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>15,165</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>15,165</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>22,351</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>22,351</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Supplies and cylinders for</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
 &nbsp;<FONT face="serif" size=2>resale</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>16,847</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(458</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>16,389</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>18,491</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(773</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>17,718</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Advances to suppliers -</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>

        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
 &nbsp;<FONT face="serif" size=2>mainly LPG</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>13,205</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>13,205</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>14,900</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>14,900</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>170,400</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>(2,073</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>168,327</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>199,376</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(</FONT><FONT face="serif" size=2>2,126</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>197,250</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="50%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=14 align=left>
<FONT face="serif" size=2>The changes in the provision for losses on inventories are shown below:</FONT>                                                </TD>
  </TR>
<TR>
        <TD width="50%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Balance as of June 30, 2006</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>2,126</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Addition</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>2,278</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Reversal</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>(2,331</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
<FONT face="serif" size=2>Balance as of September 30, 2006</FONT>       </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=right width=6%>&nbsp;</TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>2,073</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left" GUTTER>&nbsp;</TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT face="serif" size=2>11</FONT></P>

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT face="serif" size=2>7. RECOVERABLE TAXES</FONT></P>
<P align="left">
<FONT face="serif" size=2>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 border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>Company</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>Consolidated</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="58%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="8%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="8%" align="right"><HR noshade size=1></TD>
        <TD width="2%" align="left">    </TD>
        <TD width="8%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="8%" align="right"><HR noshade size=1></TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>09/30/2006</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>06/30/2006</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>09/30/2006</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>06/30/2006</FONT>       </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Income and social contribution taxes</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>24,714</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>22,365</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>60,101</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>53,927</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>

<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>ICMS</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>83,885</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>77,344</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Provision for losses - ICMS (*)</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(36,755</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(39,433</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>PIS and COFINS</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>54</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>22</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>30,574</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>32,917</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>IPI</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>1,992</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>287</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>VAT of subsidiary Canamex</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
 &nbsp;<FONT face="serif" size=2>Qu&iacute;micos S.A. de C.V.</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>10,220</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>7,146</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Other</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>70</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>41</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>541</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>716</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Total</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>24,838</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>22,428</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>150,558</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>132,904</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="58%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Current portion</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>15,363</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>16,825</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>102,802</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>90,491</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=58%>
<FONT face="serif" size=2>Long-term portion</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>9,475</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>5,603</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>47,756</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>42,413</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>The provision refers to credit balances that the subsidiaries estimate they will be unable to offset in the future.</FONT>    </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=88%>
<FONT face="serif" size=2>The changes in the provision for losses on ICMS are shown below:</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="88%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=88%>
<FONT face="serif" size=2>Balance as of June 30, 2006</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>39,433</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=88%>
<FONT face="serif" size=2>Addition</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>4,852</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=88%>
<FONT face="serif" size=2>Reversal</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(7,530</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=88%>
<FONT face="serif" size=2>Balance as of September 30, 2006</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>36,755</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>8. RELATED COMPANIES</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=84%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan=3 align=center>
<FONT face="serif" size=2>Company</FONT>        </TD>
  </TR>
<TR>
        <TD width="84%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan=3 align="center">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=84%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Assets</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Liabilities</FONT>      </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR>
        <TD width="84%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>390,947</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Melamina Ultra S.A. - Ind&#250;stria Qu&iacute;mica</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>456</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>25,504</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Oxiteno Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>33,000</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>9,951</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Companhia Ultragaz S.A.</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>2,939</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>22,658</FONT>   </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Total as of September 30, 2006</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>38,394</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>447,061</FONT>  </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
<TR>
        <TD width="84%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=84%>
<FONT face="serif" size=2>Total as of June 30, 2006</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>20,409</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>447,061</FONT>  </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT face="serif" size=2>12</FONT></P>

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan="7" align=center>
      <FONT face="serif" size=2>Consolidated</FONT>                     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="66%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD colspan="7" align="right">
<HR noshade size=1>                                     </TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan="3" align=center>
<FONT face="serif" size=2>Loans</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT face="serif" size=2>Trade accounts</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD colspan="3" align="right"><HR noshade size=1>    </TD>
  <TD align="left">&nbsp;</TD>
  <TD colspan="3" align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Assets</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Liabilities</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Receivable</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>Payable</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio S.A.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>3,903</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
 &nbsp;<FONT face="serif" size=2>Processamentos de Dados e Servi&ccedil;os Correlatos</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>5,652</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>1,809</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Oxicap Ind&#250;stria de Gases Ltda.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>945</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Liquig&aacute;s Distribuidora S.A.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>182</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>3,481</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Copagaz Distribuidora de G&aacute;s Ltda.</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>103</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Braskem S.A.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>5,666</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>SHV G&aacute;s Brasil Ltda.</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>98</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Plenog&aacute;s - Distribuidora de G&aacute;s S.A.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>871</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Other</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>19</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>257</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>49</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Total as of September 30, 2006</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>5,671</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>5,031</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>3,913</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>8,420</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Total as of June 30, 2006</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>5,273</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>5,060</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>11,605</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>29,525</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan="5" align=center>
      <FONT face="serif" size=2>Consolidated</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="66%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="6%" align="right">
<HR noshade size=1>     </TD>
        <TD width="2%" align="left"><HR noshade size=1></TD>
        <TD width="6%" align="right"><HR noshade size=1></TD>
        <TD width="2%" align="left" GUTTER>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD colspan="3" align=center>
<FONT face="serif" size=2>Transactions</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% rowspan="3" align=center><FONT face="serif" size=2>Financial<BR>income<BR>(expenses)</font></TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="66%" align="left">   </TD>
        <TD width="2%" align="left">    </TD>
        <TD width="6%" align="right">   </TD>
        <TD width="2%" align="left">    </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="2%" align="left" GUTTER>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Sales</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
      <FONT face="serif" size=2>Purchases </FONT>       </TD>
        <TD align=center width=2%>&nbsp;</TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>100,415</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Oxicap Ind&#250;stria de Gases Ltda.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>6,682</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Liquig&aacute;s Distribuidora S.A.</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>2,510</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio S.A.</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(232</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Petr&oacute;leo Brasileiro S.A. - Petrobras</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>23</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>1,499,998</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Copagaz Distribuidora de G&aacute;s Ltda.</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>767</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Braskem S.A.</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>38,196</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>463,890</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>SHV G&aacute;s Brasil Ltda.</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>751</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Other</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>652</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Total as of September 30, 2006</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>42,899</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>2,070,985</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(</FONT><FONT face="serif" size=2>232</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="66%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=66%>
<FONT face="serif" size=2>Total as of September 30, 2005</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>64,124</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
      <FONT face="serif" size=2>2,090,638</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=6%>
<FONT face="serif" size=2>(</FONT><FONT face="serif" size=2>357</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif" size=2>The loan balance with Qu&iacute;mica da Bahia Ind&#250;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 align="left">
<FONT face="serif" size=2>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&#250;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 face="serif" size=2>13</FONT></P>

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT face="serif" size=2>9. INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>Deferred income and social contribution taxes</FONT>  </TD>
</TR>
<TR><TD width="5%" align="left" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
<TD width="5%" align="left" valign="top">&nbsp;</TD>    <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>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" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width=60% align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan=3 align=center><FONT face="serif" size=2>Company</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><FONT face="serif" size=2>Consolidated</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%" align="left"></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2006</FONT> </TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>06/30/2006</FONT> </TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2006</FONT> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>06/30/2006</FONT> </TD>
  </TR>
  <TR>
    <TD width="60%" align="left"></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD width=60% align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Assets:</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income and social</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>contribution taxes on:</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Provision for loss of assets</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>21,940</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>23,747</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Provision for contingencies</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>3,036</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>2,976</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>11,903</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>11,684</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Other provisions</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>37</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>42</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>25,657</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>21,563</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Income and social</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>contribution tax loss</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>carryforwards</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>40,163</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>37,801</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Total</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>3,073</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>3,018</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>99,663</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>94,795</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR>
        <TD width="60%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Current portion</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>37</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>42</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>25,890</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>22,255</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Long-term portion</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>3,036</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>2,976</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>73,773</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>72,540</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
<TR>
        <TD width="60%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Liabilities:</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income and social</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>contribution taxes on:</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Revaluation of property, plant</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>and equipment</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>956</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>1,049</FONT>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>Income earned abroad</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>24,255</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>23,907</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Total</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>25,211</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>24,956</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
<TR>
        <TD width="60%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Current portion</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>191</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>210</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT face="serif" size=2>Long-term portion</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>25,020</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>24,746</FONT>   </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>
  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT face="serif" size=2>14</FONT></P>

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




<P align="left">
<FONT size=1>Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left><p align="left"> <font face="serif" size=2>The estimated
    recovery of deferred income and social contribution assets is shown below:</font></p></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>Company</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>Consolidated</FONT>     </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="75%" align="left">&nbsp;</TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="8%" align="right"><HR noshade size=1></TD>
  <TD width="2%" align="left">&nbsp;</TD>
  <TD width="8%" align="right"><HR noshade size=1></TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
        <TD width="75%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT face="serif" size=2>To through 2006</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>37</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>25,890</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT face="serif" size=2>2007</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>27,086</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT face="serif" size=2>2008</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>3,036</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>18,973</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT face="serif" size=2>2009</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>27,714</FONT>   </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>&nbsp; </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>3,073</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>99,663</FONT>   </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT face="serif" size=2>b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95% align="left" valign="top">
<FONT face="serif" size=2>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" valign="top">&nbsp;</TD>
  <TD width="95%" align="left" valign="top">&nbsp;</TD>
</TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0 width=95%>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=53% align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD colspan=3 align=center><FONT face="serif" size=2>Company</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan=3 align=center><FONT face="serif" size=2>Consolidated</FONT> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" align="left"></TD>
    <TD width="53%" align="left"></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=53% align=left>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2006</FONT> </TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2005</FONT> </TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2006</FONT> </TD>
    <TD align="left">&nbsp;</TD>
    <TD align=right><FONT face="serif" size=2>09/30/2005</FONT> </TD>
    <TD GUTTER align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" align="left"></TD>
    <TD width="53%" align="left"></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left"></TD>
    <TD align="right"><HR noshade size=1>    </TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><HR noshade size=1></TD>
    <TD align="left" GUTTER>&nbsp;</TD>
  </TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="53%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Income (loss) before taxes, equity</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>in subsidiaries and affiliated</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>companies and minority interest</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>4,193</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>398</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>272,040</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>298,062</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Statutory tax rates - %</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>34.00</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>34.00</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>34.00</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>34.00</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="53%" align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Income and social contribution</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>taxes at statutory rates</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(1,426</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(135</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(92,494</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(98,281</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="53%" align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Adjustments to the effective tax</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>rate:</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>Operating provisions and</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>nondeductible</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>expenses/nontaxable income</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(13</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>19</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>8,599</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>11,499</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>Adjustments to estimated</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp; &nbsp; &nbsp;<FONT face="serif" size=2>income</FONT>    </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>1,360</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>880</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>Interest on Capital</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(4,893</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>Workers&#146; meal program (PAT)</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>649</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>459</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>Other</FONT>   </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>-</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>411</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>247</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="53%" align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=1>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=1></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Income and social contribution</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>taxes before benefit of tax</FONT>     </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>holidays</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(6,332</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(116</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(81,475</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(85,196</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="53%" align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Benefit of tax holidays - ADENE</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>46,105</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>54,701</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Income and social contribution</FONT> </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>taxes in the statements of</FONT>      </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>&nbsp; </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
 &nbsp;<FONT face="serif" size=2>income</FONT>  </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(6,332</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(116</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(35,370</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
      <FONT face="serif" size=2>(30,495</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="53%" align="left"></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left"></TD>
  <TD align="right"><HR noshade size=2>  </TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><HR noshade size=2></TD>
  <TD align="left" GUTTER>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" align="left">&nbsp;</TD>
        <TD width="53%" align="left">&nbsp;     </TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Current</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(6,469</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(374</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(101,692</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>(104,425</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT face="serif" size=2>)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Deferred</FONT>       </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>137</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>258</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>20,217</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>19,229</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT face="serif" size=2>Benefit of tax holidays - ADENE</FONT>        </TD>
        <TD  width=2% align="left">&nbsp;       </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>46,105</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD align=right width=8%>
<FONT face="serif" size=2>54,701</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
</TABLE>

<P align="left">
<FONT face="serif" size=2>The benefit of tax holidays of subsidiaries in the amount of R&#36;46,105 as of September 30, 2006 (R&#36;54,701 as of September 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 face="serif" size=2>15</FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Tax exemption</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The following 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>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=15% nowrap>&nbsp;

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=10% nowrap>
<FONT size=2 face="serif">Exemption</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=10% nowrap>
<FONT size=2 face="serif">Expiration</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
<FONT size=2 face="serif">Subsidiary</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=15% nowrap> <FONT size=2 face="serif">Plants</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=10% nowrap>
<FONT size=2 face="serif">- %</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=10% nowrap>
<FONT size=2 face="serif">date</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><HR noshade align="left" width="50%" size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><HR noshade align="center" width="80%" size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><HR noshade align="center" width="80%" size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><HR noshade align="center" width="80%" size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&#250;stria e</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>&nbsp;
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=10% nowrap>&nbsp;
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=10% nowrap>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Com&eacute;rcio</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Mataripe unit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Suape unit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">100</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Ilh&eacute;us unit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Aracaju unit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Caucaia unit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=54% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Tequimar (*)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=15% nowrap>
<FONT size=2 face="serif">Aratu Terminal</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">75</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=10% nowrap>
<FONT size=2 face="serif">2012</FONT>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=90%>
<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. On October
06, 2006 the Federal Revenue Service&#146;s deadline for approval of this reduction expired, meaning that the Company can automatically be considered fully entitled to the intended reduction, as long as no decision to the contrary arises. However,
for this quarter, no reduction regarding the Suape unit was yet considered.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">10.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">INVESTMENTS </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Subsidiaries of the Company</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD width=55% align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center nowrap> <FONT size=2 face="serif">Equity in subsidiaries</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT size=2 face="serif">Investments</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD colspan="3" align=center nowrap>
<FONT size=2 face="serif">and affiliated companies</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD width=55% align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;</TD>
  <TD width="55%" align=left nowrap>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;</TD>
  <TD width="55%" align=left nowrap>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">352,100</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">312,902</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">86,039</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">25,409</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Participa&ccedil;&otilde;es Ltda.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">600,008</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">598,834</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">2,770</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">9,229</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">49,493</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">48,419</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,420</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,600</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,379,770</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,333,070</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">149,942</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">219,022</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">2,381,371</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">2,293,225</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">242,171</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">257,260</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY 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 align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Affiliated companies (consolidated)</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width=53% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="4" align=center nowrap> <FONT size=2 face="serif">Equity in
        subsidiaries</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width=53% align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="3" align=center nowrap> <FONT size=2 face="serif">Investments</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD colspan="4" align=center nowrap> <FONT size=2 face="serif">and affiliated
        companies</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width=53% align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=right nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align=right nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width=53% align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">09/30/2006</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">06/30/2006</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">09/30/2006</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=right nowrap> <FONT size=2 face="serif">09/30/2005</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD width="53%" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=right nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
 &nbsp;<FONT size=2 face="serif">S.A.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,404</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,398</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">641</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,407</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">Oxicap Ind&#250;stria de Gases Ltda.</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,472</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,430</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">55</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(12</FONT>
        </TD>
    <TD align=left width=2% nowrap><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">4,876</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">4,828</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">696</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,395</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <FONT size=2 face="serif">The investment of subsidiary Oxiteno
        S.A. - Ind&#250;stria e Com&eacute;rcio in the affiliated company Oxicap
        Ind&#250;stria de Gases Ltda. and the investment of subsidiary Oxiteno
        Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio in the affiliated company
        Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio S.A. are carried
        under the equity method based on the affiliates&#146; financial statements
    as of August 31, 2006 and as of September 30, 2006, respectively. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
</table>
<BR>
<P align="left">
<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><BR>
</P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" align=center nowrap><FONT size=2 face="serif">09/30/2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><FONT size=2 face="serif">06/30/2006</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD rowspan="3" align=center nowrap><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>&nbsp; </TD>
    <TD colspan="9" align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD rowspan="2" align=center nowrap> <FONT size=2 face="serif">Revalued<br>
    </FONT><FONT size=2 face="serif">cost</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD rowspan="2" align=center nowrap> <FONT size=2 face="serif">Accumulated<br>
    </FONT><FONT size=2 face="serif">depreciation</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD rowspan="2" align=center nowrap> <FONT size=2 face="serif">Provision<br>
    </FONT><FONT size=2 face="serif">for losses</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD rowspan="2" align=center nowrap> <FONT size=2 face="serif">Net book<br>
    </FONT><FONT size=2 face="serif">value</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD rowspan="2" align=center nowrap> <FONT size=2 face="serif">Net book<br>
    </FONT><FONT size=2 face="serif">value</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&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>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">46,278</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">46,278</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">46,099</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">4
<FONT size=2 face="serif">to 5</FONT> </FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;</TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">427,225</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(160,535</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(604</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">266,086</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">272,527</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">5 to 10</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">884,004</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(454,401</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(412</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">429,191</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">433,681</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">270,054</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(154,752</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">115,302</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">117,837</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">20 to 25</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">164,910</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(125,858</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">39,052</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">41,930</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Furniture and fixtures</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">23,547</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(9,902</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">13,645</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">13,560</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Construction in progress</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">93,700</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">93,700</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">70,046</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Imports in transit</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">147</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Intangibles</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">2.5 to 20</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">116,132</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(52,529</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(631</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">62,972</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">61,597</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">20 to 30</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">80,919</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(33,371</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">47,548</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">31,769</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=40% nowrap>&nbsp;

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

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

        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">2,106,803</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(991,348</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(1,647</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,113,808</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,089,193</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<P align="left">
<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 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=35% nowrap>
<FONT size=2 face="serif">Balance as of June 30, 2006</FONT>
        </TD>
        <TD  width=53%>&nbsp;
        </TD>
        <TD align=right width=7% nowrap>
<FONT size=2 face="serif">3,450</FONT>
        </TD>
        <TD GUTTER align=left width=3% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=35% height="25" align=left nowrap>
<FONT size=2 face="serif">Realization</FONT>
        </TD>
        <TD  width=53%>&nbsp;
        </TD>
        <TD align=right width=7% nowrap>
<FONT size=2 face="serif">(1,803</FONT>
        </TD>
        <TD GUTTER align=left width=3% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=35% nowrap>
<FONT size=2 face="serif">Balance as of September 30, 2006</FONT>
        </TD>
        <TD  width=53%>&nbsp;
        </TD>
        <TD align=right width=7% nowrap>
<FONT size=2 face="serif">1,647</FONT>
        </TD>
        <TD GUTTER align=left width=3% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<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 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan="6" align=center nowrap> <FONT size=2 face="serif"> 09/30/2006</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><FONT size=2 face="serif">06/30/2006 </FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD colspan="6" align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Net</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Accumulated</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">book</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Net book</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Revaluation</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">depreciation</FONT> </TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>
<FONT size=2 face="serif">Land</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">15,504</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">15,504</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">15,504</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>
<FONT size=2 face="serif">Buildings</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">45,335</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(34,970</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">10,365</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">11,121</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>
<FONT size=2 face="serif">Machinery and equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">31,738</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(30,591</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,147</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,211</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>
<FONT size=2 face="serif">Vehicles</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">990</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(990</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">48,911</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(48,911</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">142,478</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(115,462</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">27,016</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">27,836</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></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>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<FONT size=2 face="serif">The depreciation of theses revaluations in the amount of R&#36;1,424 was recorded in the statements of income. The amount of deferred taxes on revaluations totals R&#36;7,760, of which R&#36;956 is recorded as long-term
liabilities, as shown in Note 9.a), and R&#36;6,804 is accrued in the same period in which certain subsidiaries realize the revaluation reserve, since these revaluations occurred prior to the issuance of CVM Resolution No. 183/95. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Construction in progress refers substantially to improvements of subsidiaries&#146; plants. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Buildings include R&#36;65,949 (R&#36;71,495 as of June 30, 2006) of leasehold improvements that are being amortized on a straight-line basis at 4% per year. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Intangibles include software in the amount of R&#36;25,556 (R&#36;24,311 as of June 30, 2006), technology in the amount of R&#36;16,029 (R&#36;15,607 as of June 30, 2006), goodwill in the amount of R&#36;6,257 (R&#36;6,412
as of June 30, 2006) and commercial property rights, mainly those described below: </FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"> <FONT size=2 face="serif">On July 11, 2002, the subsidiary
        Terminal Qu&iacute;mico de Aratu S.A. - Tequimar won a bid for use of
        the site where the Aratu Terminal is located for another 20 years, renewable
        for the same period. The price paid by Tequimar amounted to R&#36;12,000
    and is being amortized from August 2002 to July 2042.</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"> <FONT size=2 face="serif">Further, the subsidiary Terminal
        Qu&iacute;mico de Aratu S.A. - Tequimar has a lease agreement for an
        area adjacent to the Port of Santos for 20 years, effective December
        2002 and renewable for another 20 years, for building and operating a
        terminal for receiving, tankage, handling and distribution of bulk liquids.
        The price paid by Tequimar was R&#36;3,803 and is being amortized from
    August 2005 until December 2022.</FONT></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="serif">Other refers to computer equipment
    in the amount of R&#36;12,842 (R&#36;12,831 as of June 30, 2006) and advances to suppliers in the amount of R&#36;34,709 (R&#36;18,941
as of June 30, 2006). </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<FONT size=2 face="serif">Represented substantially by costs incurred in the implementation of systems modernization projects in the amount of R&#36;8,106 (R&#36;9,522 as of June 30, 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&#36;62,096 (R&#36;62,003 as of June 30, 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 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 align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<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=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Composition</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap>&nbsp;</TD>
        <TD align=center width=45% nowrap>
<FONT size=1 face="serif">Description</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">06/30/2006</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">Index/Currency</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif"> <FONT size=1 face="serif">Annual interest<br>
</FONT>rate
2006 - %</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">Maturity and amortization</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Foreign currency:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Syndicated loan</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">132,300</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">130,022</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">5.05</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Notes (b)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">688,275</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">672,412</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 7.25 to 9.0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2020</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Working capital loan</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">2,454</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">7,932</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">MX&#36; + TIIE (i)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">1.0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Monthly until 2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Foreign financing</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">26,106</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">26,457</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36; + LIBOR</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">2.0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2009</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Inventories and property,</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">plant and equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">financing</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">13,847</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">8,765</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">MX&#36; + TIIE (i)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 1.25 to 2.0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Advances on foreign</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">exchange contracts</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">2,559</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">5,313</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 5.27 to 5.80</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Maximum of 60 days</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and Social Development</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 8.87 to</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">15,105</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">17,420</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">UMBNDES (ii)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">10.62</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Monthly until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and Social Development</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 7.92 to</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">After Nov/06, monthly</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">4,188</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">2,593</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">11.07</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">until 2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Export prepayments, net of</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">linked operations</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">11,058</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">15,034</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">US&#36;</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">6.20</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">895,892</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">885,948</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Local currency:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and Social Development</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">160,428</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">161,577</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 1.50 to 4.85</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Monthly until 2012</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">National Bank for Economic</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">and Social Development</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">(BNDES)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">6,789</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">9,116</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">IGP-M (iv)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">6.5</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Government Agency for</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Machinery and Equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Financing (FINAME)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">43,863</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">47,971</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">From 2.5 to 4.85</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Monthly until 2011</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Research and project</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">financing (FINEP)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">49,630</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">51,299</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">TJLP (iii)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif"><FONT size=1 face="serif">From</FONT> (2.0) to 5.0</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Monthly until 2013</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Debentures (c)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">303,075</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">315,346</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">CDI</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=1 face="serif">102.5</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>
<FONT size=1 face="serif">Semiannually until 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">Other</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">414</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">411</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Subtotal</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">564,199</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">585,720</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Total loans, financing and</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=1 face="serif">debentures</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">1,460,091</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">1,471,668</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Current liabilities</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">(124,002</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">(135,609</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=1 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=1 face="serif">Long-term liabilities</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">1,336,089</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=1 face="serif">1,336,059</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(i)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95%>
<FONT size=1 face="serif">MX&#36; = Mexican peso; TIIE = Mexican break-even interbank interest rate.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;       </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, 92%, of which is linked to the U.S. dollar.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;      </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 colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">(iv)</FONT>&nbsp; &nbsp; &nbsp;       </TD>
        <TD width=95%>
<FONT size=1 face="serif">IGP-M = General Market Price Index, a measure of Brazilian inflation calculated by the Get&#250;lio Vargas Foundation.</FONT> </TD>
</TR>
<TR><TD colspan=2>&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>
<br>
<br>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="5%" valign=top nowrap>  &nbsp; &nbsp; </TD>
    <TD width=95%> <FONT size=2 face="serif">The long-term amounts have the following
    composition by year of maturity: </FONT></TD>
  </TR>
</TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>&nbsp;
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>
<FONT size=2 face="serif">From</FONT>
<FONT size=2 face="serif">1</FONT>
<FONT size=2 face="serif">to</FONT>
<FONT size=2 face="serif">2</FONT>
<FONT size=2 face="serif">years</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">519,911</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">389,849</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>
<FONT size=2 face="serif">From</FONT>
<FONT size=2 face="serif">2</FONT>
<FONT size=2 face="serif">to</FONT>
<FONT size=2 face="serif">3</FONT>
<FONT size=2 face="serif">years</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">97,667</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">204,617</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>
<FONT size=2 face="serif">From</FONT>
<FONT size=2 face="serif">3</FONT>
<FONT size=2 face="serif">to</FONT>
<FONT size=2 face="serif">4</FONT>
<FONT size=2 face="serif">years</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">29,052</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">59,697</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>
<FONT size=2 face="serif">From</FONT>
<FONT size=2 face="serif">4</FONT>
<FONT size=2 face="serif">to</FONT>
<FONT size=2 face="serif">5</FONT>
<FONT size=2 face="serif">years</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">9,695</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">6,479</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>
<FONT size=2 face="serif">More than 5 years</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">679,764</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">675,417</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
        <TD width=75% align=left nowrap>&nbsp;
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,336,089</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,336,059</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Notes in the foreign market</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">In June 1997, the subsidiary Companhia Ultragaz S.A. issued US&#36;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 colspan=2>&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&#36;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&#250;stria e Com&eacute;rcio.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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 colspan=2>&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&#36;250 million, maturing in December 2015, with annual interest rate of 7.25% paid semiannually, with the first payment scheduled for
June 2006. The issue price was 98.75% of the notes&#146; face value, which represented a total yield for investors of 7.429% per year upon issuance. The notes were guaranteed by the Company and by Oxiteno S.A. - Ind&#250;stria e
Com&eacute;rcio.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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></TABLE>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&bull;</td>
    <td width="90%"> <FONT size=2 face="serif">Limitation of transactions with
        shareholders that hold amounts of 5% or more of any class of Capital
        Stock of Ultrapar, except upon fair and reasonable terms no less favorable
        to Ultrapar than could be obtained in a comparable arm&#146;s-length
    transaction with a third party; </FONT></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<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>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&bull;</td>
    <td width="90%"> <FONT size=2 face="serif">Obligation of having board of
        directors resolution for transactions with related parties higher than
        US&#36;15 million (excluding transactions by the Company with subsidiaries
    and between subsidiaries); </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&bull;</td>
    <td width="90%"> <FONT size=2 face="serif">Restriction of disposal of the
    totality or near totality of the assets of Ultrapar and subsidiaries; </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&bull;</td>
    <td> <FONT size=2 face="serif">Restriction of encumbrances on assets in excess
    of US&#36;150 million or 15% of the value of consolidated tangible assets; </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&bull;</td>
    <td> <FONT size=2 face="serif">Maintenance of financial ratio, between consolidated
    net debt and consolidated EBITDA, less than or equal to 3.5; and </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&bull;</td>
    <td width="90%"> <FONT size=2 face="serif">Maintenance of financial ratio,
        between consolidated EBITDA and consolidated net financial expenses higher
    than or equal to 1.5. </FONT></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD> <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></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Debentures</FONT>     </TD>
</TR>
<TR><TD colspan=2>&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&#36;10,000.00 (ten thousand Brazilian reais), totaling R&#36;300,000.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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 colspan=2>&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&#36;304,854, net of commission, were received on April 8, 2005.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&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 colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Nominal unit value:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">R&#36;10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Final maturity:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">March 1, 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Nominal value payment:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Lump sum at final maturity</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Yield:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">102.5% of CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Yield payment:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Semiannually, beginning March 1, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=25% nowrap>
<FONT size=2 face="serif">Repricing:</FONT>
        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">None</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="3" align=left> <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></TD>
  </TR>
</TABLE>
<BR>
<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>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Collateral</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">A portion of the financing is collateralized by liens on property, plant and equipment, shares, promissory notes and guarantees provided by the Company and its subsidiaries, as shown below:</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Property, plant and equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">46,503</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">51,456</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Shares of affiliated companies and minority</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
<TD align=left width=75% nowrap><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders&#146; guarantees</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">6,789</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">9,115</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">53,292</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">60,571</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<br>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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&#36;1,057,043 (R&#36;1,047,540 as
    of June 30, 2006). </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><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&#36;32,854 (R&#36;26,349 as of June 30, 2006),
        with terms of up to 210 days. As of September 30, 2006, the Company and
        its subsidiaries have not incurred any loss nor recorded any liability
    related to these guarantees. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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 September
        30, 2006 totalized R&#36;412 (R&#36;411 as of June 30, 2006). Financial
        income related to this operation for the quarter amounted to R&#36;8
    (R&#36;7 as of June 30, 2006) and is recorded in financial income. </FONT></td>
  </tr>
</table>
<P align="left"><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=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Capital</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 81,325,409 shares without par value, comprised of 49,429,897
common and 31,895,512 preferred shares.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">As of September 30, 2006, 11,794,961 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&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 colspan=2>&nbsp;</TD></TR></TABLE>
<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>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">&nbsp;</P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <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 align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <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&#36;1,500,000 (one billion
        and five hundred million reais), by means of issuance of common or preferred
        shares, without keeping the existing ratio, observed the limit of 2/3
    of preferred shares to the total shares issued. </FONT></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=100%>
<FONT size=2 face="serif">Treasury shares</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<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 colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<FONT size=2 face="serif">As of September 30, 2006, the Company&#146;s financial statements record 213,497 preferred shares and 6,617 common shares in treasury, which were acquired at the average cost of R&#36;27.59 and R&#36;19.30 per share,
respectively. The consolidated financial statements record 408,647 preferred shares and 6,617 common shares in treasury, which were acquired at the average cost of R&#36;25.27 and R&#36;19.30 per share, respectively.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<FONT size=2 face="serif">The market price of preferred shares issued by the Company as of September 30, 2006 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R&#36;38.40.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=100%>
<FONT size=2 face="serif">Capital reserve</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<FONT size=2 face="serif">The capital reserve in the amount of R&#36;2,046 reflects the goodwill on the disposal of shares to be held in treasury in the Company&#146;s subsidiaries, at the average price of R&#36;33.21 per share. Executives of these
subsidiaries were given the usufruct of such shares, as described in Note 21.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=100%>
<FONT size=2 face="serif">Revaluation reserve</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<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 colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of certain subsidiaries are recognized only upon the realization of this reserve, since the revaluations occurred prior to the publication of CVM Resolution No. 183/95. Taxes
on these reserves are R&#36;6,804 (R&#36;7,026 as of June 30, 2006).</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=100%>
<FONT size=2 face="serif">Retention of profits reserve</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100%>
<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 colspan=2>&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>
<br>
<br>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Realizable profits reserve</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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 colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Conciliation of stockholders&#146; equity - Company and consolidated</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<p>&nbsp;</p>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,962,270</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,946,719</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(3,429</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(3,539</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;subsidiaries, net of realization</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(1,563</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(1,615</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,957,278</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,941,565</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">h)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Reconciliation of net income - Company and consolidated</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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. 01/2006 by IBRACON, as follows:</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
<FONT size=2 face="serif">Net income - Company</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">240,032</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">257,542</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">the subsidiary Oxiteno S.A. Ind&#250;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(796</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance shutdown by</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">the subsidiary Oxiteno Nordeste S.A. Ind&#250;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(5,513</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=76% nowrap>
<FONT size=2 face="serif">Net income - consolidated</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">233,723</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">257,542</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">15.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95%>
<FONT size=2 face="serif">NONOPERATING EXPENSES, NET (CONSOLIDATED)</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">Composed mainly of R&#36;12,871 in expenses on studies and projects, and R&#36;11,986 (R&#36;3,967 as of September 30, 2005) of result on the disposal of permanent assets and allowance for loss on the disposal of an
investment.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">24 </FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">16.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=100%>
<FONT size=2 face="serif">CONCILIATION OF EBITDA (CONSOLIDATED)</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=100%>
<FONT size=2 face="serif">EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated by the Company as shown below:</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap> <FONT size=2 face="serif">09/30/2006</FONT></TD>
  <TD GUTTER align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">09/30/2005 </FONT></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="11" align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Ultragaz</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Oxiteno</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Ultracargo</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">Consolidated</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">Operating income from</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">122,683</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">160,454</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">4,312</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">6,198</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">293,647</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">293,681</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">(-) Equity in</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">subsidiaries and</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">affiliated companies</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(2,762</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,066</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(696</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(1,395</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">(+/-) Financial income</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">(expense)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">14,609</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(46,278</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">4,218</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(4,501</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(31,952</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">28,224</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">(+) Depreciation and</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">amortization</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">84,819</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">34,046</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">20,404</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">556</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">139,825</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">138,973</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">222,111</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">145,460</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">28,934</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">4,319</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">400,824</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">459,483</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">17.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95%>
<FONT size=2 face="serif">SEGMENT INFORMATION</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The Company has three reportable segments: gas, chemicals and logistics. The gas segment distributes LPG to retail, commercial and industrial consumers mainly in the South, Southeast and Northeast Regions of Brazil. The
chemicals segment primarily produces ethylene oxide, ethylene glycols, ethanolamines and etherglycols. Operations in the logistics segment include storage and transportation, mainly in the Southeast and Northeast Regions of Brazil. Reportable
segments are strategic business units that offer different products and services. Intersegment sales are transacted at prices approximating those that the selling entity is able to obtain with third parties.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The principal financial information about each of the Company&#146;s reportable segments is as follows:</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align=center nowrap> <FONT size=2 face="serif">09/30/2006</FONT></TD>
    <TD GUTTER align=center nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><FONT size=2 face="serif">09/30/2005 </FONT></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=center nowrap>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Ultragaz</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Oxiteno</FONT> </TD>
    <TD GUTTER align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Ultracargo</FONT> </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Other</FONT> </TD>
    <TD GUTTER align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Consolidated</FONT> </TD>
    <TD GUTTER align=center nowrap>&nbsp; </TD>
    <TD align="center">&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Consolidated</FONT> </TD>
    <TD GUTTER align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD GUTTER align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">Net sales, net of related-party</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">transactions</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,291,569</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,162,313</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">136,326</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">65</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,590,273</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,568,289</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">Income from operations</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">before financial income</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">(expenses) and equity in</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">subsidiaries and affiliated</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">companies</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">137,292</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">111,414</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">8,530</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,763</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">260,999</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">320,510</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">EBITDA</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">222,111</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">145,460</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">28,934</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">4,319</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">400,824</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">459,483</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
<FONT size=2 face="serif">Total assets, net of related</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6% nowrap>&nbsp;

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

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

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

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

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

        </TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=45% nowrap>
 &nbsp;<FONT size=2 face="serif">parties</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">876,603</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,224,506</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">296,937</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">336,663</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,734,709</FONT>
        </TD>
        <TD  width=1%>&nbsp;</TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,978,736</FONT>
        </TD>
    <TD align=right width=2% nowrap>&nbsp;</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 align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">
<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 width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=80% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">01/01/2006</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">01/01/2005</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>&nbsp;

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

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap> <FONT size=2 face="serif">to</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">09/30/2005</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
<FONT size=2 face="serif">Financial income:</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Interest on temporary cash investments and</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=80% nowrap>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;long-term
          cash investment</FONT>
      </div></TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">124,565</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">90,528</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Interest on trade accounts receivable</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,831</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">3,696</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Monetary and exchange variations income</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(12,546</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(24,767</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Other income</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,411</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,914</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">117,261</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">71,371</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
<FONT size=2 face="serif">Financial expenses:</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Interest on loans and financing</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(64,885</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(30,818</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Interest on debentures</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(35,108</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(27,975</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Bank charges</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(9,825</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(12,700</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Monetary and exchange variations expenses</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">14,707</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">43,121</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Financial results from currency hedge transactions</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(14,441</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(49,493</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">CPMF/IOF/other financial expenses (*)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">28,300</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(19,636</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Other expenses</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(4,057</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(2,094</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(85,309</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(99,595</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
<FONT size=2 face="serif">Financial results</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">31,952</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(28,224</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=100%>
<FONT size=2 face="serif">In 2006, includes 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>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<font size="2" face="serif">I</font><FONT size=2 face="serif">n accordance with
CVM Resolution No. 488/05 the information as of September 30, 2005 was reclassified
for better comparison.</FONT>
<p> <FONT size=2 face="serif"> <FONT size=2 face="serif">19.</FONT>&nbsp; &nbsp; &nbsp; 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>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"> <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 September
        30, 2006, the subsidiaries of Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio
        maintained R&#36;918 (R&#36;853 as of June 30, 2006) and the subsidiaries
        of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained R&#36;21,380
    (R&#36;24,055 as of June 30, 2006) as an allowance for doubtful accounts.</FONT></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">26 </FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"><FONT size=2 face="serif">Interest rates - The Company and
        its subsidiaries adopt conservative policies to obtain and invest funds
        and to minimize the cost of capital. Temporary cash investments of the
        Company and its subsidiaries are comprised substantially of transactions
        linked to the interbank deposit rate (CDI), as described in Note 4. A
        portion of the financial assets is intended for foreign currency hedges,
        as mentioned below. Borrowings are originate from the BNDES, and foreign
    currency financing, as mentioned in Note 13. </FONT></td>
  </tr>
</table>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"> <FONT size=2 face="serif">Exchange rate - The Company&#146;s
        subsidiaries use hedge (mainly CDI and US&#36;) instruments available
        in the financial market to cover assets and liabilities in foreign currency,
        so as to reduce the exchange variation effects on their results. Such
        hedges have amounts, periods and indexes substantially equivalent to
        the assets and liabilities in foreign currency to which they are linked.
        Shown below are the assets and liabilities in foreign currency, translated
    into Brazilian reais at September 30, 2006 and June 30, 2006: </FONT></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Assets:</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investments abroad and hedges</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">66,976</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">79,606</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign cash and cash equivalents</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">921</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">6,552</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign temporary cash and long-term cash investments</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">803,649</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">787,734</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Receivables from foreign customers, net of advances on</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">exchange contracts</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">28,698</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">26,236</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">900,244</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Liabilities:</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">895,892</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">885,948</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Import payables</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">16,457</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">17,691</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">912,349</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=75% nowrap>
<FONT size=2 face="serif">Net (liability) asset position</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(12,105</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(3,511</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <FONT size=2 face="serif">The exchange rate variation related
        to cash and banks, investments, temporary cash investments, and long-term
        cash investments of foreign subsidiaries was recorded as financial expense
        in the consolidated statement of income for 2006, in the amount of R&#36;12,660
    (financial expenses of R&#36;15,856 as of September 30, 2005). </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&bull;</td>
    <td width="95%"> <FONT size=2 face="serif">Market value of financial instruments </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">Market value of financial instruments as of
    September 30, 2006 and June 30, 2006 are as follows: </FONT></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap> <FONT size=2 face="serif"> 09/30/2006</FONT></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><FONT size=2 face="serif">06/30/2006</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">Book</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">Market</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">Book</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">Market</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">value</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Financial assets:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">Cash and banks</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">31,691</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">31,691</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">47,256</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">47,256</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">Temporary cash investments</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,029,598</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,028,447</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,064,124</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,061,981</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">Long-term cash investments</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">540,880</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">540,880</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">522,376</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">522,376</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,602,169</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,601,018</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,633,756</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,631,613</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">27 </FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap> <FONT size=2 face="serif"> 09/30/2006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap><FONT size=2 face="serif">06/30/2006</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align=center nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Book</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Market</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Book</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">Market</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">value</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Financial liabilities:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">financing</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,157,016</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,191,148</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,156,322</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,139,673</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">Current and long-term debentures</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">303,075</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">303,074</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">315,346</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">315,203</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr size=1 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,460,091</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,494,222</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,471,668</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">1,454,876</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
<FONT size=2 face="serif">Investment-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=8% nowrap>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=55% nowrap>
 &nbsp;<FONT size=2 face="serif">Investment in affiliated company</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">18,694</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">20,433</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">18,694</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">20,919</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
</TR>
</TABLE>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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 September 30, 2006 and June 30,
        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></td>
  </tr>
</table>
<P align="left"><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 width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">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&#250;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 September 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 consistent evidence was attached to the proceeding&#146;s records, and the SDE acknowledges its failure in the attempt to prove the practice. In view of the arguments
presented, the fact that the technical notice has no binding effect on CADE&#146;s decision, and their legal counsel&#146;s opinion, the subsidiaries did not record a provision for this issue. Should CADE&#146;s decision be unfavorable, the
subsidiaries can still discuss the issue at the judicial level.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">28 </FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<P align="left">&nbsp;</P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><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 Ultragaz&#146;s
        on-site LPG storage facilities did not contribute to the explosion. Of
        the 56 (fifty six) lawsuits judged thus far, a favorable judgment was
        obtained for 55 (fifty five), and of these 11 (eleven) have already been
        dismissed and only 1 (one) had an 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></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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;20,816 (R&#36;20,415
        as of June 30, 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&#250;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 federal taxes. 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 in addition to the already recorded in income before
        income and social contribution taxes should reach R&#36;20,130, net of
    attorney&#146;s fees. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <FONT size=2 face="serif">The subsidiary Oxiteno S.A. -
        Ind&#250;stria e Com&eacute;rcio and its subsidiary Oxiteno Nordeste
        S.A. - Ind&#250;stria e Com&eacute;rcio accrued R&#36;15,360 (R&#36;15,098
        as of June 30, 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></td>
  </tr>
</table>
<P align="right"><FONT size=2 face="serif">29 </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries </FONT></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><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 September 30, 2006 is R&#36;33,010 (R&#36;31,455 as of June 30, 2006). </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"> <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></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td> <FONT size=2 face="serif">Escrow deposits and provisions are summarized
    below: </FONT></td>
  </tr>
</table>
<br>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=5% height="23" align=left nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>&nbsp;

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

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

        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

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

        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">Balance</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>&nbsp;

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

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

        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

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

        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap> <FONT size=2 face="serif">on</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">Provisions</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">06/30/2006</FONT>
        </TD>
        <TD GUTTER align=center width=1% nowrap>&nbsp;

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

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

        </TD>
        <TD  width=1% align="center">&nbsp;
        </TD>
        <TD align=center width=8% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><hr align="left" width="30%" size=1 noshade color=GRAY></TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% height="23" align=left nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">16,964</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">10,178</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">509</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">27,651</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">PIS and COFINS on other revenues</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">20,415</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">401</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">20,816</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">15,098</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">262</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">15,360</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>
<FONT size=2 face="serif">(-) Escrow deposits</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(10,385</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(12,886</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(470</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(23,741</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=1 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD align=left width=53% nowrap>&nbsp;

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

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">(2,708</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">702</FONT>
        </TD>
        <TD GUTTER align=left width=1% nowrap>&nbsp;

        </TD>
        <TD  width=1%>&nbsp;
        </TD>
        <TD align=right width=8% nowrap>
<FONT size=2 face="serif">40,086</FONT>
        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr size=2 color=GRAY noshade></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width=95% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Contracts</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 subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has contracts with CODEBA - Companhia das Docas do Estado da Bahia and Complexo Industrial Portu&aacute;rio Governador Eraldo Gueiros in connection with their
port facilities in Aratu and Suape, respectively. Such contracts establish minimum cargo movement of 1,000,000 tons per year for Aratu, effective through 2022, and 250,000 tons per year for Suape, effective through 2027. If annual movement is less
than the minimum required, the subsidiary is required to pay the difference between the actual movement and the minimum contractual movement, using the port rates in effect at the date established for payment. As of September 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 size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="left">
<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%">&nbsp;</td>
    <td width="95%"><FONT size=2 face="serif">The subsidiary Oxiteno Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio has a supply contract with Braskem S.A., effective through 2021, which establishes a minimum consumption level of ethylene per year. The minimum
purchase commitment and the actual demand for the period ended September 30, 2006 and 2005, expressed in tons of ethylene, are summarized below. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine of 40% of
the current ethylene price for the quantity not purchased.</FONT></td>
  </tr>
</table>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>

<TR valign="bottom">
        <TD align=left width=5% nowrap>&nbsp;   </TD>
        <TD  width=65%>&nbsp;   </TD>
        <TD align=center width=14% nowrap>
<FONT size=2 face="serif">Minimum purchase</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center nowrap colspan=3>
 &nbsp;<FONT size=2 face="serif">Actual demand</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5% nowrap>&nbsp;   </TD>
        <TD  width=65%>&nbsp;   </TD>
        <TD align=center width=14% nowrap>
<FONT size=2 face="serif">commitment</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center nowrap colspan=3>
<FONT size=2 face="serif">(real) 3</FONT><SUP><FONT size=2 face="serif">rd </FONT></SUP><FONT size=2 face="serif">quarter</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><hr noshade size=1></TD>
  <TD><hr noshade size=1></TD>
  <TD align=right nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5% nowrap>&nbsp;   </TD>
        <TD  width=65%>&nbsp;   </TD>
        <TD align=left width=14% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">2006</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">2005</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5% nowrap>&nbsp;</TD>
        <TD  width=65%><FONT size=2 face="serif">In tons</FONT> </TD>
        <TD align=center width=14% nowrap>
<FONT size=2 face="serif">137,900</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">137,361</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">147,318</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><hr noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT></TD>
        <TD width=95%>
<FONT size=2 face="serif">Insurance coverage for subsidiaries</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT 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;250 million.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT size=2 face="serif">For the units of Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio, Oxiteno Nordeste S.A. - Ind&#250;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;129 million.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT size=2 face="serif">A civil liability insurance program covers all Group companies, with coverage of US&#36;150 million, for losses and damage from accidents caused to third parties, related to the commercial/industrial operations and/or
distribution and sale of products and services.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<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>
</TABLE>
<P align="left">
<FONT size=2 face="serif">21. STOCK COMPENSATION PLAN (CONSOLIDATED)</FONT></P>
<P align="left">
<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 September 30, 2006, including taxes, was R&#36;8,940 (R&#36;8,940 as of June 30, 2006). This amount is being amortized over
a period of ten years and the amortization related to the period ended September 30, 2006, in the amount of R&#36;669 (R&#36;574 as of September 30, 2005), was recorded as an operating expense.</FONT></P>
<P align="right">
<FONT size=2 face="serif">31</FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT size=2 face="serif">22. EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Company and its subsidiaries offer benefits to their employees, such as life insurance, health care and pension plan. In addition, loans for the acquisition of vehicles and personal computers are available to employees
of certain subsidiaries. These benefits are recorded on the accrual basis and terminate at the end of the employment relationship.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In August 2001, the Company and its subsidiaries began to provide a defined contribution pension plan to their employees. 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;2,517 (R&#36;2,199 in 2005) to Ultraprev, which was charged to income for the period. The total number of participating employees as of September 30, 2006 was 5,714, 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><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT size=2 face="serif">23. SUPPLEMENTARY INFORMATION OF THE STATEMENTS OF CASH FLOWS -INDIRECT METHOD (CONSOLIDATED)</FONT></P>
<P align="left">
<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 width=80% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap><FONT size=2 face="serif">09/30/2006</FONT></TD>
        <TD GUTTER align=center width=2% nowrap>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><FONT size=2 face="serif">09/30/2005</FONT></TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
<FONT size=2 face="serif">Cash flows from operating activities:</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Net income</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">233,723</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">257,542</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Adjustments to reconcile net income to cash provided by</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">operating activities:</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equity in subsidiaries and affiliated companies</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(696</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(1,395</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">139,825</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">138,973</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">PIS and COFINS credits on depreciation</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,597</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">943</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Interest, foreign exchange and indexation</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">11,843</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(6,432</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(15,861</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(19,992</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,643</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,420</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Proceeds from disposals of permanent assets</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">16,742</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">5,591</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Allowance for probable losses on permanent assets</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,604</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">481</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &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 align=right width=6% nowrap>
<FONT size=2 face="serif">6,309</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">540</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">274</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">(Increase) decrease in current assets:</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(47,468</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">7,082</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Inventories</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">23,422</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">21,317</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(39,871</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">13,664</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(394</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(2,467</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,062</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,401</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Increase (decrease) in current liabilities:</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Trade accounts payable</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(9,789</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(33,982</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Payroll and related charges</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">13,238</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(19,663</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Taxes payable</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">9,387</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,123</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income and social contribution taxes</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">698</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,530</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(10,145</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,087</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">(Increase) decrease in long-term assets:</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(979</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(662</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Escrow deposits</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">211</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(2,284</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(145</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(4,032</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(779</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">132</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(103</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(2,434</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Increase (decrease) in long-term liabilities:</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other taxes</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(14,536</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">2,062</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(633</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT></TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">32</FONT></TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr noshade size=1></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr noshade size=1></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=80% nowrap>
 &nbsp;<FONT size=2 face="serif">Net cash provided by operating activities</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">325,445</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">364,311</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr noshade size=1></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><hr noshade size=1></TD>
  <TD GUTTER align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">33</FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=65% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">09/30/2006</FONT>     </TD>
        <TD GUTTER align=center width=2% nowrap>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<FONT size=2 face="serif">09/30/2005</FONT>     </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Cash flows from investing activities:</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Cash investments in long-term, net of redemption</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(7,193</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(294,597</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Additions to property, plant and equipment</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(166,420</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(122,248</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Additions to deferred charges</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(58,886</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(40,555</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Proceeds from sales of permanent assets</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">13,071</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">3,699</FONT>  </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Acquisition of minority interest</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(28</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(7</FONT>     </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Acquisition of treasury shares</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(1,124</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Net cash provided by (used in) investing activities</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(220,580</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(453,708</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Cash flows from financing activities:</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Loans, financing and debentures:</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Issuances</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">295,495</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">818,094</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Amortization</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(438,099</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(562,848</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Dividends paid</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(149,913</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(129,320</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Related companies</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(1,983</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(5,833</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Capital increase due to secondary public offering</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD>    </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>&nbsp;</TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER>  </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Net cash provided by (used in) financing activities</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(294,500</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">167,311</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Decrease (increase) in cash and banks and temporary cash</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">investments</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">(189,635</FONT>       </TD>
        <TD GUTTER align=left width=2% nowrap>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">77,914</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Cash and banks and temporary cash investments at the beginning</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">of the period</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,250,924</FONT>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">558,379</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<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 align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">period</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">1,061,289</FONT>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">636,293</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
<FONT size=2 face="serif">Supplemental disclosure of cash flow information:</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6% nowrap>&nbsp;   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Interest paid on loans and financing</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">74,466</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">47,808</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=65% nowrap>
 &nbsp;<FONT size=2 face="serif">Income and social contribution taxes paid in the period</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">24,002</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=2 face="serif">18,751</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
</TABLE>
<BR>


<P align="right">
<FONT size=2 face="serif">34</FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<FONT size=2 face="serif">OTHER INFORMATION CONSIDERED MATERIAL BY THE COMPANY</FONT></P>
<P align="left">
<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 September 30, 2006</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=76% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Common</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Preferred</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
</TR>
<TR>
        <TD width="76%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76% nowrap>
<FONT size=1 face="sans-serif">Controlling Shareholders</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">33,748,059</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">885,979</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">34,634,038</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76% nowrap>
<FONT size=1 face="sans-serif">Board of Directors&sup1;</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">46</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">6</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">52</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76% nowrap>
<FONT size=1 face="sans-serif">Officers&#178;</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap><FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif"> 139,950</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">139,950</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=76% nowrap>
<FONT size=1 face="sans-serif">Fiscal Council</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap><FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif"> 1,071</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">1,071</FONT>     </TD>
</TR>
<TR>
        <TD width="76%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=3% nowrap><FONT size=1 face="sans-serif">Note:</FONT></TD>
        <TD align=left width=2% nowrap>&nbsp;</TD>
        <TD align=left width=95% nowrap>
<FONT size=1 face="sans-serif">&sup1;Shares owned by members of the Board of Directors which were not included in Controlling Shareholders' position.</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=3% nowrap>&nbsp;</TD>
        <TD align=left width=2% nowrap>&nbsp;</TD>
        <TD align=left width=95% nowrap>&nbsp;<FONT size=1 face="sans-serif">Should the member not be part of the controlling group, only its direct ownership is included.</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=3% nowrap>&nbsp;</TD>
        <TD align=left width=2% nowrap>&nbsp;</TD>
        <TD align=left width=95% nowrap><FONT size=1 face="sans-serif">&#178;Shares owned by Officers which were not included in Controlling Shareholders' and Board of Directors' positions</FONT>     </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<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 width=52% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Sep-30-06</FONT></B> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Sep-30-05</FONT></B> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>&nbsp; </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">  </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>
</TR>
<TR valign="bottom">
        <TD align=left width=52% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Common</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Preferred</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Common</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Preferred</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
</TR>
<TR>
        <TD width="52%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Controlling Shareholders</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">33,748,059</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">885,979</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">34,634,038</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">33,748,059</FONT>        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">885,979</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">34,634,038</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Board of Directors&sup1;</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">46</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">6</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">52</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">46</FONT>        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">6</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">52</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Officers&#178;</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap><FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif"> 139,950</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">139,950</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">129,950</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">129,950</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Fiscal Council</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap><FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif"> 1,071</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">1,071</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">1,071</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">1,071</FONT>     </TD>
</TR>
<TR>
        <TD width="52%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left width=3% nowrap><FONT size=1 face="sans-serif">Note:</FONT></TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
    <TD align=left width=95% nowrap><FONT size=1 face="sans-serif">&sup1;Shares which were not included in Controlling Shareholders' position</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=3% nowrap>&nbsp;</TD>
    <TD align=left width=2% nowrap>&nbsp;</TD>
    <TD align=left width=95% nowrap><FONT size=1 face="sans-serif">&#178;Shares which were not included in Controlling Shareholders' and Board of Directors' positions</FONT></TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Total free float and its percentage of total shares as of September 30, 2006</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=70% nowrap>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Common</FONT></B>     </TD>
        <TD GUTTER align=center width=2% nowrap>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Preferred</FONT></B>  </TD>
        <TD GUTTER align=center width=2% nowrap>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6% nowrap>
<B><FONT size=1 face="sans-serif">Total</FONT></B>      </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD width="70%">
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
<FONT size=1 face="sans-serif">Total Shares</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">49,429,897</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">31,895,512</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">81,325,409</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
 &nbsp;<FONT size=1 face="sans-serif">( - ) Shares held in treasury</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">6,617</FONT>     </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">213,497</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">220,114</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
 &nbsp;<FONT size=1 face="sans-serif">( - ) Shares owned by Controlling Shareholders</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">33,748,059</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">885,979</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">34,634,038</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
 &nbsp;<FONT size=1 face="sans-serif">( - ) Shares owned by Management</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">46</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">139,956</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">140,002</FONT>   </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
 &nbsp;<FONT size=1 face="sans-serif">( - ) Shares owned by affiliates*</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">55,200</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">55,200</FONT>    </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD GUTTER>&nbsp;</TD>
</TR>
<TR>
        <TD width="70%">
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;   </TD>
</TR>

<TR valign="bottom">
        <TD align=left width=70% nowrap>
<FONT size=1 face="sans-serif">Free-float</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">15,675,175</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">30,600,880</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<FONT size=1 face="sans-serif">46,276,055</FONT>        </TD>
        <TD GUTTER align=left width=2% nowrap>&nbsp;    </TD>
</TR>
<TR>
        <TD colspan=10>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=70% nowrap>
<B><FONT size=1 face="sans-serif">% Free-float / Total Shares</FONT></B>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<B><FONT size=1 face="sans-serif">31.71</FONT></B>      </TD>
        <TD GUTTER align=left width=2% nowrap>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<B><FONT size=1 face="sans-serif">95.94</FONT></B>      </TD>
        <TD GUTTER align=left width=2% nowrap>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6% nowrap>
<B><FONT size=1 face="sans-serif">56.90</FONT></B>      </TD>
        <TD GUTTER align=left width=2% nowrap>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
</TR>
<TR>
        <TD width="70%">
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">35</FONT></P>

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


<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<P align="left">
<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 September 30, 2006</FONT></P>
<TABLE width=95% border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD><HR noshade size=1>  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A</FONT></B>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="sans-serif">Common</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;</TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="sans-serif">Preferred</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;</TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap>
<B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;</TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD width=2% align=center nowrap GUTTER>&nbsp;  </TD>
</TR>
<TR>
  <TD><HR noshade size=1>  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Ultra S.A. Participa&ccedil;&otilde;es</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">32,646,696</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">66.04</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">0.00</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">32,646,708</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">40.14</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Parth Investments Company&sup1;</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">9,311,730</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">18.84</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">1,396,759</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4.38</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">10,708,489</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.17</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Monteiro Aranha S.A.&#178;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5,212,637</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">10.55</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">703,588</FONT>   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">2.21</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5,916,225</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">7.27</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Shares held in treasury</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6,617</FONT>     </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">0.01</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">213,497</FONT>   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">0.67</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">220,114</FONT>   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">0.27</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Dodge &amp; Cox, Inc.&sup3;</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2% align="right">&nbsp;</TD>
        <TD  width=2% align="right">&nbsp;      </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6,819,785</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">21.38</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6,819,785</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">8.39</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Others</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">2,252,217</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4.56</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">22,761,871</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">71.36</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">25,014,088</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">30.76</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR>
        <TD width="40%">
<HR noshade size=1>     </TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">TOTAL</FONT></B>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">49,429,897</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">31,895,512</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">81,325,409</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
</TR>


<TR>
        <TD colspan=12>
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%">
          <HR noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%"><hr noshade size=2></TD>
        <TD width="2%"><hr noshade size=2></TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR valign="bottom">
  <TD colspan="19" align=left nowrap><FONT size=1 face="sans-serif">&sup1;Company headquartered outside of Brazil</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="19" align=left nowrap><FONT size=1 face="sans-serif">&#178;Public listed company</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=19><FONT size=1 face="sans-serif">&sup3;Company headquartered outside of Brazil, position according to last available data as at January 2006</FONT></TD>
  </TR>

<TR>
        <TD colspan=19>&nbsp;   </TD>
</TR>
<TR>
  <TD><HR noshade size=1>  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">ULTRA S.A. PARTICIPA&Ccedil;&Otilde;ES</FONT></B>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">Common</FONT></B></TD>
        <TD align="center">&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD align=center nowrap GUTTER>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">Preferred</FONT></B></TD>
        <TD align="center">&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD align=center nowrap GUTTER>&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">Total</FONT></B></TD>
        <TD align="center">&nbsp;</TD>
        <TD align="center">&nbsp;</TD>
        <TD align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR>
  <TD><HR noshade size=1>  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Paulo Guilherme Aguiar Cunha</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11,974,109</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">18.95</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11,974,109</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.52</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Ana Maria Villela Igel</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,663,669</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5.80</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,186,410</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12.57</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6,850,079</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">7.74</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Christy Participa&ccedil;&otilde;es Ltda.</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6,425,199</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">10.17</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4,990,444</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">19.69</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11,415,643</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12.89</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Rog&eacute;rio Igel</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">7,953,538</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12.58</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,917,200</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">15.46</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11,870,738</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.41</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Joyce Igel de Castro Andrade</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">8,401,501</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.29</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4,365,161</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">17.22</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12,766,662</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">14.42</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">M&aacute;rcia Igel Joppert</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">8,401,501</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.29</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4,365,161</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">17.22</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">12,766,662</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">14.42</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">F&aacute;bio Igel</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">7,437,724</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11.77</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4,070,447</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">16.06</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">11,508,171</FONT>        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">13.00</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Lucio de Castro Andrade Filho</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,775,470</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5.97</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">-</FONT> </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,775,470</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">4.26</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Others</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5,169,337</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">8.18</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">448,063</FONT>   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">1.78</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">5,617,400</FONT> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">6.34</FONT>      </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
</TR>
<TR>
  <TD><HR noshade size=1>  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">TOTAL</FONT></B>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">63,202,048</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">25,342,886</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">88,544,934</FONT></B> </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
</TR>
<TR>
  <TD colspan=12><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
  <TD><HR noshade size=2></TD>
  <TD><HR noshade size=2>
  </TD>
  <TD><hr noshade size=2></TD>
  <TD><hr noshade size=2></TD>
  <TD><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
</TR>
<TR>
        <TD colspan=19>&nbsp;   </TD>
</TR>
<TR>
        <TD colspan=19>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><hr noshade size=1></TD>
  <TD><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align=left nowrap GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">CHRISTY PARTICIPA&Ccedil;&Otilde;ES LTDA.</FONT></B></TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap><B><FONT size=1 face="sans-serif">Capital Stock</FONT></B></TD>
        <TD  width=2% align="center">&nbsp;</TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap><B><FONT size=1 face="sans-serif">%</FONT></B></TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR>
        <TD width="40%">
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="2%"><hr noshade size=1></TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%"></TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%"></TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%" GUTTER>  </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Maria da Concei&ccedil;&atilde;o Coutinho Beltr&atilde;o</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">3,066</FONT>     </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">34.90</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">H&eacute;lio Marcos Coutinho Beltr&atilde;o</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">1,906</FONT>     </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">21.70</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Cristiana Coutinho Beltr&atilde;o</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">1,906</FONT>     </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">21.70</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<FONT size=1 face="sans-serif">Maria Coutinho Beltr&atilde;o</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">1,906</FONT>     </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="sans-serif">21.70</FONT>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<FONT size=1 face="sans-serif">%</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><hr noshade size=1></TD>
  <TD><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align="center"><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=1></TD>
  <TD align=left nowrap GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=40% align=left nowrap>
<B><FONT size=1 face="sans-serif">TOTAL</FONT></B>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">8,784</FONT></B>      </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<B><FONT size=1 face="sans-serif">100.00</FONT></B>     </TD>
        <TD width=2% align=left nowrap GUTTER>
<B><FONT size=1 face="sans-serif">%</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
        <TD width=2% align=left nowrap GUTTER>&nbsp;    </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><hr noshade size=2></TD>
  <TD><hr noshade size=1></TD>
  <TD align=center nowrap><hr noshade size=2></TD>
  <TD align="center"><hr noshade size=2></TD>
  <TD align="center"><hr noshade size=2></TD>
  <TD align=center nowrap><hr noshade size=2></TD>
  <TD align=left nowrap GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">36</FONT></P>

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

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
      <u><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.
    AND SUBSIDIARIES</FONT></u></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">INVESTMENTS IN SUBSIDIARIES AND/OR AFFILIATES</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>

<BR>
<BR>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom">
  <TD width=5% align="center" nowrap><font size=1 face="serif">1 - Item</font> </TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD nowrap> <font size=1 face="serif">2 - Company name</font> </TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD nowrap> <FONT size=1 face="serif">3 - Corporate<br>
taxpayer number<br>
(CNPJ)</FONT> </TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD nowrap> <FONT size=1 face="serif">4 - Classification</FONT> </TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD width=6% nowrap> <font size=1 face="serif">5 - % of<br>
ownership<br>
interest in<br>
investee</font></TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD nowrap> <FONT size=1 face="serif">6 - % of<br>
investor&#146;s<br>
stockholders&#146;<br>
equity</FONT></TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD width=15% nowrap> <font size=1 face="serif">7 - Type of company</font></TD>
  <TD width="2%" nowrap>&nbsp;</TD>
  <TD width=6% nowrap> <font size=1 face="serif">8 - Number of<br>
shares held in<br>
the current quarter<br>
(in thousands)</font></TD>
  <TD width="2%" nowrap>&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 width=5% align=center><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=center><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width=15% align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">01</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Ultracargo - Opera&ccedil;&otilde;es Log&iacute;sticas e</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">34.266.973/0001-99</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">30.58</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,461</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,461</FONT>  </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>&nbsp; </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Participa&ccedil;&otilde;es
Ltda.</FONT></TD>

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

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>&nbsp;  </TD>

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

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

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>&nbsp;  </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">02</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">57.651.960/0001-39</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">17.94</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">4,336</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">4,336</FONT>  </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">03</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Imaven Im&oacute;veis e Agropecu&aacute;ria Ltda.</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">61.604.112/0001-46</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2.52</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">27,734</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">27,734</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">04</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">62.545.686/0001-53</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Closely-held subsidiary</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">70.31</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">35,102</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">35,102</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">05</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Oxiteno Nordeste S.A. - Ind&#250;stria e</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">14.109.664/0001-06</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary</FONT><FONT size=1 face="serif">/affiliated</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">99.36</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">56.71</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">6,232</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">6,232</FONT>  </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>&nbsp; </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Com&eacute;rcio</FONT></TD>

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

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap><FONT size=1 face="serif"> company</FONT>       </TD>

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

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

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>&nbsp;  </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">06</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Terminal Qu&iacute;mico de Aratu S.A. -</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">14.688.220/0001-64</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated </FONT></TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">99.43</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">6.21</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">12,539</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">12,539</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>&nbsp; </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Tequimar</FONT>       </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap><FONT size=1 face="serif">company</FONT>        </TD>

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

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

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>&nbsp;  </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">07</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Transultra - Armazenamento e Transporte</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">60.959.889/0001-60</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated </FONT></TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">3.58</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">34,999</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">34,999</FONT> </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>&nbsp; </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;Especializado Ltda.</FONT>    </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap><FONT size=1 face="serif">company</FONT>        </TD>

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

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

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>&nbsp;  </TD>

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

        <td width="2%" nowrap></TD>
        <TD width=6% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">08</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Companhia Ultragaz S.A.</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">61.602.199/0001-12</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">98.55</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">22.63</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">799,820</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">799,784</FONT>        </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">09</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">65.828.550/0001-49</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">4.31</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1,314</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1,314</FONT>  </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">10</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">46.395.687/0001-02</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">6.76</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">24</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">24</FONT>     </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">11</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Uting&aacute;s Armazenadora S.A.</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">61.916.920/0001-49</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">55.99</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1.47</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,751</FONT>  </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,751</FONT>  </TD>
</TR>
<TR valign="top">
        <TD width=5% align=center nowrap>
<FONT size=1 face="serif">12</FONT>     </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=8% align=center nowrap>
<FONT size=1 face="serif">-</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=16% align=left nowrap>
<FONT size=1 face="serif">Investee of subsidiary/affiliated company</FONT>      </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">100.00</FONT> </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1.56</FONT>   </TD>

        <td width="2%" nowrap></TD>
        <TD width=15% align=left nowrap>
<FONT size=1 face="serif">Commercial, industrial and other</FONT>       </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">122,048</FONT>        </TD>

        <td width="2%" nowrap></TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">122,048</FONT>        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1 face="serif">Note: This information is an integral part of the interim financial statements as required by the CVM.</FONT></P>
<P align="right">
<FONT size=2 face="serif">37</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
      <u><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.
      AND SUBSIDIARIES</FONT>
          </u></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">CHARACTERISTICS OF DEBENTURES</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">1</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ITEM</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">01</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ORDER NUMBER</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">3</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- REGISTRATION NUMBER IN THE CVM</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">CVM/SRE/DEB/2005/015</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">4</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- REGISTRATION DATE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">04/06/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- SERIES ISSUED</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">UN</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">6</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ISSUE TYPE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">SINGLE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ISSUE NATURE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">PUBLIC</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ISSUE DATE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">03/01/2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- MATURITY DATE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">03/01/2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- DEBENTURE TYPE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">NO PREFERENCE</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- YIELD</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">102.5% of the CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">12</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- PREMIUM/DISCOUNT</FONT>
        </TD>

        </TD>
        <TD align=left width=33%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- PAR VALUE (REAIS)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ISSUED AMOUNT (IN THOUSANDS OF REAIS)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">303,075</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">15</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- ISSUED SECURITIES (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">16</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- OUTSTANDING SECURITIES (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">30,000</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- SECURITIES HELD IN TREASURY (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">18</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- REDEEMED SECURITIES (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">19</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- CONVERTED SECURITIES (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">20</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- UNPLACED SECURITIES (UNIT)</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">0</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- LAST RESET DATE</FONT>
        </TD>

        </TD>
        <TD align=left width=33%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right width=3%>
<FONT size=2 face="serif">22</FONT>
        </TD>
        <TD align=right width=1%>&nbsp;</TD>
        <TD align=left width=60%>
<FONT size=2 face="serif">- NEXT EVENT DATE</FONT>
        </TD>

        </TD>
        <TD align=right width=33%>
<FONT size=2 face="serif">03/01/2007</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=right><HR noshade size=1></TD>
  </TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">38</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<p><br>
  <img src="logo.jpg">
</p>
<p align="center"><B><I><FONT color="#000080" size=5 face="sans-serif">ULTRAPAR
PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></I></B></p>
<P align="center">
<B><FONT size=3 face="serif">MD&amp;A &#150; ANALYSIS OF CONSOLIDATED EARNINGS<br>
Third
Quarter 2006</FONT></B></P>
<P align="left">
<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 align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="23" align=right><HR noshade size=1></TD>
  </TR>
<TR valign="top">
  <TD align=left nowrap> <FONT size=2 face="serif">(R&#36; million)</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap> <FONT size=2 face="serif">3Q06</FONT> </TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap> <FONT size=2 face="serif">3Q05</FONT></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap> <FONT size=2 face="serif">2Q06</FONT> </TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">Change<br>
3Q06<br>
vs.<br>
3Q05</font></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">Change<br>
3Q06<br>
vs.<br>
2Q06</FONT></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap> <FONT size=2 face="serif">9M06</FONT></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">9M05</FONT></TD>
  <TD align=center nowrap GUTTER>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align=center nowrap><FONT size=2 face="serif">Change<br>
9M06
    vs.<br>
9M05</font></TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="25" align=left nowrap><HR noshade size=1></TD>
  </TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT size=2 face="serif">Net sales and services</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,295.2</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,229.3</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,197.4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">5</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">8</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">3,590.3</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">3,568.3</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Cost of sales and services</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,029.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,009.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(960.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,889.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,838.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT size=2 face="serif">Gross Profit</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">265.3</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">219.6</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">236.7</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">21</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">12</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">701.0</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">729.4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Selling, general and administrative</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(154.1</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(141.0</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(147.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(441.8</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(409.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">expenses</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Other operating income (expense), net</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.5</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">40</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">40</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1.8</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

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

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">80</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">Income from operations before</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">111.9</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">79.1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">89.9</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">41</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">24</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">261.0</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">320.5</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">(19</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">financial items</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Financial (expense) income, net</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">22.4</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(113</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(28.2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">213</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Equity in subsidiaries and affiliated</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.1</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(0.1</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.6</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">200</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(83</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(46</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">companies</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=left width=6%><font size="2">&nbsp;</font>

        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Nonoperating income (expense), net</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(7.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(0.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(11.1</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1.000</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(31</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(20.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3.2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">553</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">Income before taxes and social</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">contribution</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">101.4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">75.6</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">101.8</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">34</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">0</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">272.7</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">290.4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">(6</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(26.6</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(22.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(31.9</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(17</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(81.5</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(85.2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Benefit of tax holidays</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">19.4</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">0</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(21</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46.1</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">54.7</FONT>
        </TD>
        <TD GUTTER align=left width=1%><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(16</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=36% align=left nowrap>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1.3</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1.0</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1.2</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">30</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3.6</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2.4</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">Net income</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">88.8</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">67.2</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">88.1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">32</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">233.7</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">257.5</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">(9</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT color="#000080" size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">158.2</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">126.8</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">136.0</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">25</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">16</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">400.8</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">459.5</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT color="#000080" size=2 face="serif">(13</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT color="#000080" size=2 face="serif">%)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT size=2 face="serif">Volume &#150; LPG sales</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">408</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">409</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">393</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">(1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%)</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">4</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,156</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1,153</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">0</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
</TR>
<TR valign="bottom" bgcolor="#e0e0e0">
        <TD width=36% align=left nowrap>
<B><FONT size=2 face="serif">Volume &#150; Chemicals sales</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">149</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">148</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">134</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">1</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">11</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">413</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">404</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER><font size="2">&nbsp;</font>

        </TD>
        <TD  width=1%><font size="2">&nbsp;</font>
        </TD>
        <TD width=6% align=right>
<B><FONT size=2 face="serif">2</FONT></B>
        </TD>
        <TD width=1% align=left GUTTER>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
</TR>
</TABLE>
<P align="left">
<B><I><FONT size=2 face="serif">(2) Performance Analysis:</FONT></I></B></P>
<P align="left">
<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 3Q06 amounted to R&#36; 1,295.2 million, up 5% and 8%, on the net sales in 3Q05 and 2Q06, respectively. In
the first nine months of this year, Ultrapar's net sales and services amounted to R&#36; 3,590.3 million, up 1% on the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultragaz: The Brazilian LPG market in 3Q06 was practically unchanged compared to the same period in 2005, with the continuing improvement in the Brazilian population disposable income being offset by the anticipation of
demand buildup in 2Q06, as a result of the uncertainties related to the natural gas supply from Bolivia. Compared to 2Q06, the market experienced a 3% growth, due to the seasonally stronger sales in 3Q06. For the first nine months</FONT></P>
<P align="right">
<FONT size=2 face="serif">39</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=2 face="serif">of this year, market growth amounted to 1%. Ultragaz's sales volume in the bottled gas segment amounted to 281,000 tons, flat compared to 3Q05 and in line with market performance. In the bulk segment, there was a drop of
1,500 tons in the volume sold, due to the loss of a large industrial client in 2Q06. Ultragaz&#146;s total sales volume in 3Q06 amounted to 408,000 tons, down 0.5% on 3Q05 &#150; slightly lower than the performance of the market, as a result of the
loss of the above mentioned industrial client. Compared to 2Q06, Ultragaz's sales volume was up 4%, basically due to the seasonal difference between the two periods. In the first nine months of this year, Ultragaz&#146;s sales volume totaled
1,156,000 tons, stable compared to the same period in 2005. Net sales and services at Ultragaz amounted to R&#36; 817.0 million in 3Q06, up 6% on the figure in 3Q05, principally as a result of the benefits arising from the company's distribution
structure review and the improved sales mix in the bulk segment. Compared to 2Q06, there was a 5% increase, basically as a result of the seasonal increase in sales volume. In 9M06 Ultragaz&#146;s net sales amounted to R&#36; 2,292.3 million, up 5%
on the same period in 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Oxiteno: Total sales volume in 3Q06 amounted to 149,000 tons, up 1% on 3Q05. Despite the modest growth in total sales volume, specific market initiatives taken by Oxiteno and the improved performance in certain segments of
the economy resulted in expansion of 8% in the domestic market, generating a better geographical sales mix as well as an improved product mix. Sales volume in the domestic market totaled 109,000 tons, with the improvements spread across the various
segments served by Oxiteno, however with particular emphasis on the building and agrochemical sectors. In the international market, the volume sold was 14% lower than in 3Q05, due to the reduced availability of products as a result of the increased
sales in the domestic market. Compared to 2Q06, Oxiteno recorded an 11% increase in total volume, due to the seasonally stronger sales and the market initiatives, which resulted in sales growth in 3Q06 in the domestic market. In the first nine
months of this year, accumulated sales volume amounted to 413,000 tons, up 2% on the volume sold in 9M05, with volume expanding by 7% in the domestic market and retracting by 8% in the international market. Oxiteno reported net sales and services of
R&#36; 434.6 million in 3Q06, up 6% compared to 3Q05, due principally to (i) a better sales mix, with an increased proportion of specialty chemicals and sales to the domestic market, as a percentage of the total volume, (ii) the improvement in the
international price of glycols, resulting from delays in the startup of new plants in the Middle-East and (iii) extraordinary revenues of R&#36; 3.3 million. In comparison with 2Q06, net sales and services were up 17%, basically as a result of a
seasonal increase in sales volume. In the first nine months of this year, net sales and services amounted to R&#36; 1,162.4 million, down 7% on 9M05, basically as a result of the appreciation in the Brazilian Real between the two periods.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultracargo: Average storage volumes at Ultracargo in 3Q06, measured in cubic meters, were 9% higher than in 3Q05, and up 5% on 2Q06, basically due to the expansion in operations at the Santos Terminal, inaugurated in July
2005. In the transport segment, total kilometrage traveled was down 26% and 12% compared to 3Q05 and 2Q06, respectively, as a result of the decision to discontinue certain operations that had a lower aggregate value. In the first nine months of this
year, Ultracargo's average storage volume measured in cubic meters was up 10% compared to the same period in 2005, while average kilometrage traveled was down 14%. Ultracargo reported net sales and services of R&#36; 55.3 million in 3Q06, down 10%
and 6% compared to 3Q05 and 2Q06, respectively. Despite the increase in sales due to the increased volume handled at the Santos Terminal, there was a reduction in transport sales, due to the lower kilometrage traveled in 3Q06. In the first nine
months of this year, Ultracargo's net sales and services amounted to R&#36; 172.1 million, almost unchanged on the same period a year earlier. </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>Cost of Sales and Services: </u></FONT><FONT size=2 face="serif">Ultrapar&#146;s cost of sales and services amounted to R&#36; 1,029.9 million in 3Q06, up 2% and 7% on 3Q05 and 2Q06, respectively. For 9M06, Ultrapar's
cost of sales and services amounted to R&#36; 2,889.3 million, a 2% increase compared to the same period in 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultragaz: Ultragaz&#146;s cost of sales and services amounted to R&#36; 673.3 million in 3Q06. Despite the salary increase as a result of the annual collective wage agreements, this figure remained practically unchanged as
a result of the slight drop in volume and cost reduction initiatives associated with the company's distribution structure review, so minimizing the effects of the increased personnel costs. Compared to 2Q06, the cost of sales and services was up by
3%, due basically to the 4% increase in volume sold. In the first nine months of this year, the company's cost of sales and services amounted to R&#36; 1,919.2 million, up 2% on the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Oxiteno: The cost of sales and services at Oxiteno amounted to R&#36; 332.7 million, up 8% on 3Q05, basically as a function of (i) a 21% increase in the unit cost of ethylene in dollar terms and (ii) the increased volume of
specialty chemicals, raising the cost of other raw materials, partially offset by the 7% appreciation in the Real. Compared to 2Q06, there was an increase of 17% in the company's cost of sales and services due to an 11% rise in volume sold, added to
the 14% increase in the unit cost of ethylene in dollar terms. The cost of sales and services at Oxiteno over the first nine months of this year amounted to R&#36; 896.7 million, 2% higher than in the same period in 2005.</FONT></P>
<P align="right">
<FONT size=2 face="serif">40</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=2 face="serif">Ultracargo: The cost of services provided by Ultracargo amounted to R&#36; 35.6 million in 3Q06, down 11% and 2% compared to 3Q05 and 2Q06, respectively, due to a drop in costs in the transport segment because of the lower
kilometrage traveled, partially offset by the cost increase related to the expansion in storage operations. In the first nine months of this year, the company's total cost of services provided was down 3% on the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>Gross Profit: </u></FONT><FONT size=2 face="serif">Ultrapar reported gross profit of 265.3 million in 3Q06, 21% and 12% above the figures reported in 3Q05 and 2Q06, respectively. The year-to-date gross profit totaled
R&#36; 701.0 million, a 4% decrease in relation to the same period in 2005. </FONT></P>
<P align="left">
<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; 154.1 million, up 9% and 5% compared to 3Q05 and 2Q06,
respectively. For the first nine months of this year, sales, general and administrative expenses amounted to R&#36; 441.8 million, an increase of 8% compared to the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultragaz &#150; Sales, general and administrative expenses at Ultragaz totaled R&#36; 82.7 million in 3Q06, up 13% on 3Q05, basically as a result of (i) salary increases arising from annual collective wage agreements and
(ii) a higher level of variable remuneration, in line with the improvement in earnings. Compared to 2Q06, sales, general and administrative expenses were up 4%, basically because of higher sales expenses due to the 4% increase in volume sold, as
well as higher variable remuneration expenses. For the first nine months of this year, sales, general administrative expenses totaled 236.3 million, 9% higher than in the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Oxiteno &#150; Sales, general and administrative expenses at Oxiteno totaled R&#36; 55.1 million in 3Q06, up 5% and 7% on 3Q05 and 2Q06, respectively. Administrative expenses amounted to R&#36; 30.9 million, up 14% and 7%
on 3Q05 and 2Q06, respectively, basically due to: (i) R&#36; 1.8 million in extraordinary expenses and (ii) increased personnel expenses compared to 3Q05, as a result of salary adjustments arising from the annual collective wage agreement. Sales
expenses were down 6% on 3Q05, due to the reduction seen in international freight expenses, because of the lower exports. In relation to 2Q06, there was an 8% increase in sales expenses, basically due to the 11% rise in volume sold - partially
offset by the lower proportion of exports, as a percentage of total volume. For the first nine months of the year, sales, general and administrative expenses were 1% higher than in the same period in 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultracargo &#150; Ultracargo's sales, general and administrative expenses totaled R&#36; 17.5 million in 3Q06, up 5% compared to 3Q05, as a result of the rise in administrative expenses, due to (i) the increase in personnel
expenses, largely because of the salary adjustments arising from the annual collective wage agreements; and (ii) the extraordinary expenses of discontinuing certain less profitable operations. Compared to 2Q06, SG&amp;A expenses saw a slight drop of
1%. For the nine months ended in September 2006, Ultracargo's sales, general and administrative expenses amounted to R&#36; 53.6 million, 22% up on the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>Income from Operations before Financial Items:</u></FONT><FONT size=2 face="serif"> Ultrapar reported income from operations before financial items of R&#36; 111.9 million in 3Q06, 41% higher than the operating income
reported in 3Q05. Compared to 2Q06, Ultrapar&#146;s income from operations before financial items increased by 24%. Income from operations before financial items totaled R&#36; 261.0 million in 9M06, down 19% 9M05. </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>Financial Income (Expenses), Net:</u></FONT><FONT size=2 face="serif"> Ultrapar's financial result in 3Q06 amounted to expenses of R&#36; 2.9 million, practically unchanged on 3Q05.</FONT></P>
<P align="u">
<FONT size=2 face="serif"><u>Nonoperating Income (Expenses), Net:</u></FONT><FONT size=2 face="serif"> In 3Q06 Ultrapar reported nonoperating expenses, net, of R&#36; 7.7 million. The year-to-date nonoperating expenses, net, totaled R&#36; 20.9
million, basically composed by R&#36; 13.1 million of project analyses and R&#36; 12.0 million (R&#36; 4.0 million in 9M05) from the sale of permanent assets and provision for losses on sale of real state property.</FONT></p>
<P align="right">
<FONT size=2 face="serif">41</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=2 face="serif"><u>Income and Social Contribution:</u></FONT><FONT size=2 face="serif"> Ultrapar&#146;s 3Q06 income and social contribution taxes expenses amounted to R&#36; 26.6 million, a 17% increase compared to 3Q05, due to the
recovery in the company&#146;s earnings, partially offset by the reduction in undeductable expenses. Compared to 2Q06, Ultrapar&#146;s income and social contribution taxes expenses were 17% lower, also as a result of the reduction in undeductable
expenses. The income and social contribution taxes expenses in 9M06 were 4% lower than the figure in 9M05.</FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>Benefit of Tax Holidays:</u></FONT><FONT size=2 face="serif"> Ultrapar is entitle to federal tax benefits for its activities in the Northeast Region of Brazil, due to the federal program for development of that 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; 15.3 million in benefits of tax holidays in 3Q06, practically unchanged compared to the figure in
3Q05. The benefits of tax holidays totaled to R&#36; 46.1 million in 9M06, 16% lower than the amount in 9M05. </FONT></P>
<P align="u">
<FONT size=2 face="serif"><u>Net Income:</u></FONT><FONT size=2 face="serif"> The Company's consolidated net income in 3Q06 amounted to R&#36; 88.8 million, up 32% on 3Q05 and flat in relation to 2Q06. Despite the improvement in the operational
results, in 2Q06 there was a positive non-recurring item of R&#36; 27 million in the financial result, related to the winning of a lawsuit against the federal tax authorities related to the payment of PIS and COFINS taxes. Excluding this
non-recurring item, Ultrapar&#146;s net income was 45% higher compared to 2Q06. For the first nine months of the year, net income amounted to R&#36; 233.7 million, down 9% on the net income reported in the same period in 2005. </FONT></p>
<P align="left">
<FONT size=2 face="serif"><u>EBITDA:</u> Ultrapar reported consolidated Earnings
Before Interest, Depreciation and Amortization (EBITDA) of R&#36; 158.2 million in 3Q06, up 25% and 16% on 3Q05 and 2Q06, respectively.
EBITDA accumulated in the first nine months of 2006 amounted to R&#36; 400.8
million, 13% down on the same period in 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultragaz &#150; Ultragaz reported EBITDA of R&#36; 89.2 million in 3Q06, up 68% on 3Q05 - as a result of the benefits arising from the company's distribution structure review. Compared to 2Q06, EBITDA was up 15%, also
reflecting seasonally stronger sales in 3Q06. In the first nine months of this year, Ultragaz's EBITDA amounted to R&#36; 222.1 million, 38% higher than in the same period in 2005. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Oxiteno &#150; EBITDA at Oxiteno totaled R&#36; 58.8 million in 3Q06, practically unchanged on 3Q05. Market initiatives and a better performance in some segments of the market resulted in gains in market share and an
improved sales mix - both in geographical as well as product terms, neutralizing the negative effects of the appreciation in the Brazilian Real and the behavior in the price of ethylene. Compared to 2Q06, EBITDA was up 27%, principally due to the
higher seasonal sales in the domestic market and the improved price of glycol in the international market. EBITDA for the first nine months of this year totaled R&#36; 145.5 million, down 44% compared to the same period in 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ultracargo &#150; Ultracargo reported EBITDA of R&#36; 8.7 million, down 30% and 20%, compared to 3Q05 and 2Q06, respectively. Despite increased operations at TIS, extraordinary expenses arising from the discontinuation of
some transport operations negatively impacted Ultracargo's EBITDA in 3Q06. In the first nine months of this year Ultracargo's EBTIDA amounted to R&#36; 28.9 million, 20% lower than the EBITDA for the same period in 2005.</FONT></P>
<P align="center">
  <FONT size=2 face="serif"><u>EBITDA</u></FONT><BR>
</P>
<div align="center">
  <TABLE border=1 width=80% cellspacing=0 cellpadding=0>
    <TR valign="top">
      <TD align=left> <B><I><FONT size=2 face="serif">R&#36; million</FONT></I></B> </TD>
      <TD align=center><B><FONT size=2 face="serif">3Q06</FONT></B></TD>
      <TD align=center><B><FONT size=2 face="serif">3Q05</FONT></B></TD>
      <TD align=center><B><FONT size=2 face="serif">2Q06</FONT></B></TD>
      <TD align=center> <strong><FONT size=2 face="serif">Change<br>
</FONT></strong><FONT size=2 face="serif">3Q06 X<br>
3Q05</FONT> </TD>
      <TD align=center> <B><FONT size=2 face="serif">Change<br>
3Q06 X<br>
2Q06</FONT></B></TD>
      <TD align=center> <B><FONT size=2 face="serif">9M06</FONT></B> </TD>
      <TD align=center><B><FONT size=2 face="serif">9M05</FONT></B></TD>
      <TD align=center> <strong><FONT size=2 face="serif">Change</FONT> </strong><FONT size=2 face="serif">9M06
      X</FONT> <FONT size=2 face="serif">9M05</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=10%>
    <B><FONT size=2 face="serif">Ultrapar</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">158.2</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">126.8</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">136.0</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">25%</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">16%</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">400.8</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">459.5</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">(13
    <B><FONT size=2 face="serif">%)</FONT></B> </FONT></B>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=10%>
    <B><FONT size=2 face="serif">Ultragaz</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">89.2</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">53.1</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">77.6</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">68%</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">15%</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">222.1</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">160.7</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">38%</FONT></B>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=10%>
    <B><FONT size=2 face="serif">Oxiteno</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">58.8</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">59.6</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">46.2</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">(1%)</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">27%</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">145.5</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">258.0</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">(44
    <B><FONT size=2 face="serif">%)</FONT></B> </FONT></B>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left width=10%>
    <B><FONT size=2 face="serif">Ultracargo</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">8.7</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">12.5</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">10.9</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">(30%)</FONT></B>
      </TD>
      <TD align=center width=9%>
    <B><FONT size=2 face="serif">(20<B><FONT size=2 face="serif">%)</FONT></B> </FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">28.9</FONT></B>
      </TD>
      <TD align=center width=8%>
    <B><FONT size=2 face="serif">36.3</FONT></B>
      </TD>
      <TD align=center width=7%>
    <B><FONT size=2 face="serif">(20<B><FONT size=2 face="serif">%)</FONT></B> </FONT></B>
      </TD>
    </TR>
  </TABLE>
  <div align="left"><BR>
      <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 nine 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></div>
</div>
<P align="right">
<FONT size=2 face="serif">42</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="right">
<FONT size=2>Item 2</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT size=2>ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT size=2>Publicly Listed Company</FONT></B>      </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD align=center width=40%>
<FONT size=2>CNPJ n&ordm; 33.256.439/0001- 39</FONT>    </TD>
        <TD  width=20%>&nbsp;   </TD>
        <TD align=center width=40%>
<FONT size=2>NIRE 35.300.109.724</FONT> </TD>
</TR>
</TABLE><BR>
<P align="center">
<B><FONT size=2>MINUTES OF A MEETING OF THE BOARD OF DIRECTORS (08/2006)</FONT></B></P>
<P align="left">
<B><FONT size=2>Date, Time and Place:</FONT></B></P>
<P align="left">
<FONT size=2>November 8, 2006 at 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 size=2>Present:</FONT></B></P>
<P align="left">
<FONT size=2>Members of the Board of Directors, whose signatures appear below and member of the Fiscal Council, Fl&aacute;vio C&eacute;sar Maia Luz.</FONT></P>
<P align="left">
<B><FONT size=2>Matters discussed:</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR>
        <TD width="8%" align="center" valign=top nowrap>
<FONT size=2>1.</FONT></TD>
        <TD width=92% align="left" valign="top">
<FONT size=2>The performance of the Company in the third quarter of the current year was examined and discussed, and the respective financial statements approved.</FONT>       </TD>
</TR>
<TR><TD width="8%" align="center" valign="top">&nbsp;</TD>
  <TD width="92%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
        <TD width="8%" align="center" valign=top nowrap>
<FONT size=2>2.</FONT></TD>
        <TD width=92% align="left" valign="top">
<FONT size=2>The Members of the Board approved the calendar for meetings of the Board of Directors for 2007, as listed in the attached annex.</FONT>    </TD>
</TR>
<TR><TD width="8%" align="center" valign="top">&nbsp;</TD>
  <TD width="92%" align="left" valign="top">&nbsp;</TD>
</TR><TR>
        <TD width="8%" align="center" valign=top nowrap>
<FONT size=2>3.</FONT></TD>
        <TD width=92% align="left" valign="top">
<FONT size=2>In accordance with the recommendation of the Company&#146;s Fiscal Council/Audit Committee, the Members of the Board approved the nomination of KPMG Auditores Independentes (KPMG independent auditors), for the providing of external
auditing services for the year 2007.</FONT>     </TD>
</TR>
</TABLE>

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

<P align="left">
<FONT size=2>(Minutes of the meeting of the Board of Directors of Ultrapar Participa&ccedil;&otilde;es S.A., of November 8, 2006)</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR>
        <TD width="5%" align="left" valign=top nowrap>
<FONT size=2>4.</FONT></TD>
        <TD width=95% align="left" valign="top">
<FONT size=2>To approve the nomination of the executives to be included in the Company's Restricted Stock Plan, which grants the benefit of shares issued by the Company.</FONT>        </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2>Observation:  (i) these deliberations were approved by all those members present, except for Board Member Renato Ochman, who abstained from voting.</FONT></P>
<P align="left">
<FONT size=2>There being no further business to discuss, the meeting was closed and the minutes of this meeting being hereby set out, read and approved by all the undersigned members present. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD align=left width=50%>
<B><FONT size=2>Paulo Guilherme Aguiar Cunha</FONT></B> </TD>
        <TD align=left width=50%>
<B><FONT size=2>Lucio de Castro Andrade Filho</FONT></B>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=50%>
 &nbsp;<FONT size=2>Chairman</FONT>     </TD>
        <TD align=left width=50%>
<FONT size=2>Vice chairman</FONT>       </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2>Ana Maria Levy Villela Igel &#150; </FONT></B><FONT size=2>Board Member</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2>Paulo Vieira Belotti &#150; </FONT></B><FONT size=2>Board Member</FONT> </TD>
</TR>
</TABLE>
<BR>

<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 width=100%>
<TR valign="bottom">
        <TD align=left width=99%>
<B><FONT size=2>Renato Ochman &#150; </FONT></B><FONT size=2>Board Member</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=99%>
      <FONT size=2>(Minutes of the meeting of the Board of Directors of Ultrapar
      Participa&ccedil;&otilde;es S.A., of</FONT>
          <font size=2>November 8, 2006)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=center width=99%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=99%>
<B><FONT size=2>Nildemar Secches &#150; </FONT></B><FONT size=2>Board Member</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=99%>
<B><FONT size=2>Flavio C&eacute;sar Maia Luz &#150; </FONT></B><FONT size=2>Member of the Fiscal Council</FONT> </TD>
</TR>
</TABLE>
<BR>

<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">November
        9, 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">/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>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="5"><i><FONT SIZE=2 FACE="serif">(3<SUP>rd</SUP> quarter 2006
          Financials, November 8, 2006 / Minutes of a meeting of the Board of
          Directors, November 8, 2006)</FONT></i></td>
  </tr>
</table>
<br>
<br>
<hr size=3 color=GRAY noshade>

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</SEC-DOCUMENT>
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