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<SEC-DOCUMENT>0000950103-07-000406.txt : 20070215
<SEC-HEADER>0000950103-07-000406.hdr.sgml : 20070215
<ACCEPTANCE-DATETIME>20070215161830
ACCESSION NUMBER:		0000950103-07-000406
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070212
FILED AS OF DATE:		20070215
DATE AS OF CHANGE:		20070215

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:		07627701

	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>dp04734_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
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<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 February, 2007</FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">Commission File Number: 001-14950</FONT><FONT size="3" face="Times New Roman, Times, serif"> </FONT> </P>
<P align="center"></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size="3" face="Times New Roman, Times, serif"><B>ULTRAPAR HOLDINGS INC.<br>
      </B></font><font size=1 face="Times New Roman, Times, serif">(Translation of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif">&nbsp; </FONT></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width=100% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif"><B>Avenida Brigadeiro Luis Antonio, 1343, 9&ordm;</B> <B>Andar<br>
      S&atilde;o Paulo, SP, Brazil
      01317-910<br>
      <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 size=2 face="serif">ULTRAPAR HOLDINGS INC.</FONT></B></P>
<P align="center"> <B><FONT size=2 face="serif">TABLE OF CONTENTS</FONT></B></P>

<div align="center">
  <TABLE width=90% border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=85% align=left><B><FONT size=2 face="serif">ITEM</FONT></B> </TD>
    </TR>
    <TR>
      <TD><HR noshade size=1>
  </TD>
    </TR>
    <TR valign="bottom">
      <TD width=85% align=left><B><FONT size=2 face="serif">1.
            <B><FONT size=2 face="serif">Minutes of a Meeting of the Board of Directors,
      February 12, 2007</FONT></B> </FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=85% align=left><B><FONT size=2 face="serif">2. 2006 Financial Statements</FONT></B> </TD>
    </TR>
  </TABLE>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="right">
<B><FONT size=2 face="serif">Item 1</FONT></B></P>
<P align="right"><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center colspan=3>
<B><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</FONT></B>       </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=3>
<B><FONT size=1 face="serif">Publicly Listed Company</FONT></B> </TD>
</TR>

<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=45% align=right>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">CNPJ n&ordm; 33.256.439/0001- 39</FONT>      </TD>
        <TD  width=10%>&nbsp;   </TD>
        <TD width=45% align=left>
<FONT size=2 face="serif">NIRE 35.300.109.724</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center colspan=3>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=3>
<B><FONT size=2 face="serif">MINUTES OF A MEETING OF THE BOARD OF DIRECTORS (01/2007)</FONT></B>        </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT size=2 face="serif">Date, Time and Location:</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">February 12, 2007, at 2 p.m. at Company Headquarters located at Av. Brigadeiro Luiz Ant&ocirc;nio, n&ordm; 1343 &#150; 9</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP><FONT size=2 face="serif"> floor, in the City and
State of S&atilde;o Paulo.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Presence:</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Members of the Board of Directors, dully signed, and, in compliance with the legal requirements stablished in Paragraph 3 of Article 163 of Brazilian Corporate Law, Members of the Fiscal Council dully signed, and Sr. Altair
Tadeu Rossato of Deloitte Touche Tohmatsu (DTT).</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Deliberated matters:</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Approval of the financial statements, including the asset balance sheet and the management report related to the fiscal year ended on December 31, 2006, as well as the proposed destination of earnings in the period and the
distribution of dividends, supported by a report from the company&#146;s independent auditors.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
        <TD colspan=2>
<FONT size=2 face="serif">Approval of the capital budget for 2007 as attached, that shall be approved by the Annual Shareholders&#146; Meeting in accordance with Article 196, of Law n&ordm; 6.404/76.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT size=2 face="serif">Approval, that shall be approved by the Annual Shareholders Meeting, of the following proposal by the Executive Board for the destination of earnings of the year ended, in the total amount of R&#36; 288,372,961.92 (two
hundred and eighty eight million, three hundred seventy two thousand, nine hundred sixty one reais and ninety two centavos):</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT></TD>
        <TD width="90%">
<FONT size=2 face="serif">R&#36; 14,418,648.10 (fourteen million, four hundred eighteen thousand, six hundred and forty eight reais, and ten centavos), for the Legal Reserve;</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT></TD>
        <TD width="90%">
<FONT size=2 face="serif">R&#36; 61,013,402.07 (sixty-one million, thirteen thousand, four hundred and two reais and seven centavos), to the Reserve of Realizable Profits;</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">c)</FONT></TD>
        <TD width="90%">
<FONT size=2 face="serif">R&#36; 136,977,156.91 (one hundred and thirty six million, nine hundred and seventy-seven thousand, one hundred and fifty-six reais and ninety-one centavos), to the Reserve for Retention of Profits, based on the approved
capital budget;</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD nowrap valign=top>
<FONT size=2 face="serif">d)</FONT></TD>
        <TD>
<FONT size=2 face="serif">R&#36; 75,963,754.84 (seventy five million, nine hundred and sixty three thousand, seven hundred fifty four reais and eighty four centavos) as dividends to common and preferred shareholders, of which R&#36;</FONT> </TD>
</TR>
</TABLE>

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




<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><P align="left"><FONT size=2 face="serif">72,000,008.43 (seventy
          two million and eight reais and forty-three centavos) had been paid
          as interim dividends in accordance with the deliberations of this Board
          on August 17, 2006. The remaining amount of the dividends to be paid,
          R&#36; 3,963,746.41 (three million, nine hundred and sixty three thousand,
          seven hundred and forty-six reais and forty one centavos), added to
          the parcel of realized profits from the Reserve of Realizable Profits
          in the sum of R&#36;
      68,236,283.49 (sixty eight million, two hundred thirty six thousand, two
      hundred and eighty three reais and forty nine centavos), will be paid to
      shareholders from March 2, 2007, without monetary correction or remuneration,
      wich represents the total amount of R&#36; 0.889633 as dividend per common
      and preferred share. According to this deliberation, the total amount of
      dividends distributed in the period totalizes R&#36; 144,200,038.33 (one
      hundred and forty four million, two hundred thousand, and thirty-eight
      reais and thirty three centavos).</FONT></P>
      <P align="left"> <FONT size=2 face="serif">The record date for the receiving
          of the dividends hereby approved will be February 21, 2007 in Brazil
    and February 26, 2007 in the United States of America.</FONT></P></td>
  </tr>
</table>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top"><FONT size=2 face="serif">3.</FONT></td>
    <td width="95%" valign="top"><FONT size=2 face="serif"> The members also
        approved the new text of the Code of Ethics of Ultrapar Participa&ccedil;&otilde;es
    S.A., as attached.</FONT></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="serif">Observation : (i) These deliberations were approved by all presents, except for Board Member Renato Ochman, who abstained from voting.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Once there was no further matters to discuss, the meeting was closed and the minutes of this meeting were transcript, read and approved by all the undersigned Board Members present.</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Paulo Guilherme Aguiar Cunha </FONT></B><FONT size=2 face="serif">&#150; Chairman</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Lucio de Castro Andrade Filho </FONT></B><FONT size=2 face="serif">&#150; Vice Chairman</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Ana Maria Levy Villela Igel </FONT></B><FONT size=2 face="serif">&#150; Board Member</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Paulo Vieira Belotti </FONT></B><FONT size=2 face="serif">&#150; Board Member</FONT>       </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Nildemar Secches </FONT></B><FONT size=2 face="serif">&#150; Board Member</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Olavo Egydio Monteiro de Carvalho </FONT></B><FONT size=2 face="serif">&#150; Board Member</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Renato Ochman </FONT></B><FONT size=2 face="serif">&#150; Board Member</FONT>      </TD>
</TR>
<TR>
        <TD>&nbsp;      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">Members of the Fiscal Council present:</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Flavio Maia Luz </FONT></B><FONT size=2 face="serif">&#150; Fiscal Council 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 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">John Michael Streithorst </FONT></B><FONT size=2 face="serif">&#150; Fiscal Council Member</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Mario Probst </FONT></B><FONT size=2 face="serif">&#150; Fiscal Council Member</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Raul Murgel Braga </FONT></B><FONT size=2 face="serif">&#150; Fiscal Council Member</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<B><FONT size=2 face="serif">Wolfgang Eberhard Rohrbach </FONT></B><FONT size=1 face="serif">&#150; Fiscal Council 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 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=center width=100%>
<B><I><FONT size=2 face="serif">ANNEX A</FONT></I></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center width=100%>
<B><FONT face="serif">CAPITAL BUDGET</FONT></B> </TD>
</TR>
</TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=90% align=center>&nbsp;</TD>
  <TD width=2% align=center>&nbsp;</TD>
  <TD width=8% align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align=center><I><FONT size=2 face="serif">CAPITAL
 BUDGET FOR  2007</FONT></I></TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">(values in R&#36; thousand)</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<B><FONT size=2 face="serif">1 . Source of funding</FONT></B>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<B><FONT size=2 face="serif">1,085,473</FONT></B>       </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">- Own funds (profits retained from previous periods)</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">657,586</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">- Own funds (earnings from the year 2006)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">138,531</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">- Funding from third-parties (financing)</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">289,356</FONT>        </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<B><FONT size=2 face="serif">2 . Investment projects for 2007</FONT></B>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<B><FONT size=2 face="serif">503,227</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">-Investment in expansion</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">474,706</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<FONT size=2 face="serif">-Investment in productivity and quality</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">28,521</FONT> </TD>
</TR>
<TR>
        <TD colspan=3>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=90%>
<B><FONT size=2 face="serif">3 . Resources for acquisitions in 2007</FONT></B>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<B><FONT size=2 face="serif">582,246</FONT></B> </TD>
</TR>
</TABLE>
<BR>

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




<P align="left"><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=5 face="sans-serif">CODE OF ETHICS</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">This Code of Ethics sets out the principles adopted by Ultrapar Participa&ccedil;&otilde;es S.A. (&#147;Ultrapar&#148;) and its subsidiaries (together denominated &#147;Company&#148;) as a reference for behavior standards.
</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Objectives of the Code of Ethics</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">To reduce the subjectivity of personal interpretations of ethical principles.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">To legalize and to institutionalize a reference for the professional behavior of the employees of the Company, including the ethical administration of real or apparent conflicts of interest, becoming a standard for the
internal and external relationship of the Company with its stakeholders, which are: shareholders, clients, employees, partners, suppliers, service providers, labor unions, competitors, society, government and the communities in which the Company
operates.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">To ensure that the daily concerns with efficiency, competitiveness and profitability do not override ethical behavior.</FONT>    </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Scope</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">This Code is applied to all members of the Board of Directors, members of the Fiscal Council, all employees and interns of Ultrapar and its subsidiaries, third&#45;parties hired by the Company, hereinafter referred as
&#147;Professionals&#148;.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Ethical Principles</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In the exercise of his/her position or function, each Professional shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Maintain a posture of honesty, integrity, respect, loyalty, propriety, conscientiousness, efficiency, transparency and impartiality, which shall guide their relations with the Company and its stakeholders.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Avoid involvement in transactions and activities that might compromise his/her professional dignity or harm his/her public image as well as the image of Ultrapar.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<br>
<br>
<hr width="100%" size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Carry out his/her professional activities with competence and diligence, seeking to constantly improve his/her performance from a technical perspective, to remain permanently up to date, and encourage all those involved in
the activity to adopt the same conduct.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iv)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Behave strictly in a professional and impartial manner in the treatment with the public.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(v)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Seek to maximize the value creation for the Company.</FONT>      </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Labor Practices</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In the relationship with colleagues and other Professionals and in the use of resources for the accomplishment of its activities, each Professional shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Use qualifications (for example, educational background, experience, competence, etc.) as a basis for making decisions related to work which affect employees and candidates.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Avoid using his/her professional position to obtain favors from or the personal services of subordinates.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Display leadership, maintaining a culture in which ethical conduct is recognized, valued and taken as an example for all employees.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iv)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Ensure the competent use of the company's assets and resources, avoiding damage, inadequate handling, loss, theft or unauthorized withdrawal.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(v)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">When aware of, to inform the improper use of the resources of the company, being intentional damages to the work environment characterized as serious infraction.</FONT> </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Compliance with Laws, Rules and Regulations</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Comply with the laws, rules and regulations applicable to the Company&#146;s businesses and to generally applicable commercial business practices.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Observe the company policy with regard to unfair trade competition.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Respect the accounting principles, the laws and regulations for booking transactions and issuing precise financial reports that truly reflect the reality of the Company.</FONT> </TD>
</TR></TABLE>
<P align="left">
<FONT size=2 face="sans-serif">Obedience to the principles of the Law Against Unfair Trade Competition:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Law Against Unfair Trade Competition (Law N</FONT><SUP><FONT size=2 face="sans-serif">o</FONT></SUP><FONT size=2 face="sans-serif">. 8.884/94) is aimed at avoiding and restraining violations and infractions against economic order,
particularly cartels, predatory pricing, pricing discrimination, etc.</FONT></P>

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<p style="page-break-before:always"></p>
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<br>
<br>

<P align="left">
<FONT size=2 face="sans-serif">Each professional shall act strictly in observance to Law N</FONT><SUP><FONT size=2 face="sans-serif">o</FONT></SUP><FONT size=2 face="sans-serif">. 8.884/94, being forbidden quarrels related to:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Combination of prices with competitors;</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Division of clients;</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Non&#45;aggression agreements;</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iv)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Commercial policies in general.</FONT>   </TD>
</TR></TABLE>
<P align="left">
<FONT size=2 face="sans-serif">Contracts with competitors and class associations should receive particular attention.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If perchance a professional should become involved in a doubtful situation, or one that is potentially in breach of the law against unfair trade competition, he or she should immediately notify his or her superior, as well as
the legal department.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Guarantee of Quality and of Proper Use of Information</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width=5%> <font size=2 face="sans-serif">(i)</font>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=95%> <font size=2 face="sans-serif">Ensure that all internal processes
        are subject to rigorous controls which shall guarantee the precise accounting
        of the operations of the Company, thus guaranteeing that all management
        decisions are based on solid economic analyses, and that the physical
    and financial assets of the Company are efficiently used;</font> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Maintain the confidentiality of the information and activities relating to the work in the area where he/she is employed, being forbidden the use of such information in benefit of particular or third parties&#146;
interests;</FONT>       </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Ensure the veracity of the information that is disclosed internally or externally by the Company aiming at a relationship of respect and transparency with its stakeholders.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iv)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Ensure that our reports and documents filed with or submitted to the Comiss&atilde;o de Valores Mobili&aacute;rios, the United States Securities and Exchange Commission and other public regulatory authorities and other public
communications shall include full, fair, accurate, timely and understandable disclosure.</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="95%">&nbsp;</TD>
</TR><TR>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(v)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Ensure that all transactions registered in the Company&#146;s books be precise, complete, truthful and detailed, being dully supported by lawful documentation in accordance with the Company&#146;s internal procedures,
applicable laws and generally accepted accounting principles so as to ensure the quality of the Company&#146;s financial statements.</FONT>     </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Use of Non&#45;Public Information and Disclosure</FONT></B></P>

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<P align="left">
<FONT size=2 face="sans-serif">Each Professional holding important information about the Company that has not been disclosed to the public shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Maintain the confidentiality of such information, except when disclosure is authorized or legally mandated.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Abstain him/herself from buying or selling securities using important non&#45;public information obtained in the performance of their duties on behalf of the Company and providing any such information so obtained to
others.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Adhere to the policy on Material Information, which establishes the procedure to be followed in relation to the announcement of Material Information or Facts and with respect to the trading of securities issued by Ultrapar,
should the Professional occupy any position exposed to privileged information about the Company.</FONT> </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Conflicts of Interest</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional has the obligation to act in ethical and hones manner, leading his/her professional activities in accordance with the best interest of the Company.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional should endeavor to avoid situations that present a potential or actual conflict between their interest and the interest of the Company.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional shall:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Refuse, in the exercise of his/her professional activities, any type of financial aid, gratification, commissions, donations, or advantages of any kind for him/herself, family members or any other person.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(ii)</FONT>&nbsp; &nbsp; &nbsp;  </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">Avoid the improper use of resources, intellectual property, time and installations of the Company.</FONT>        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(iii)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="sans-serif">When making his/her personal investments, avoid conflicts of interest in relation to the activities in which he/she is engaged.</FONT>   </TD>
</TR></TABLE>
<P align="left">
<B><FONT size=2 face="sans-serif">Compliance with this Code of Ethics and notification of unethical behavior</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In the event that an actual or apparent conflict of interest arises involving the personal or professional relationships or activities of a Professional, the Professional involved is required to handle such conflict of
interest in accordance with the ethical principles defined in this Code of Ethics.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">It is the responsibility of each Professional to consult the Ethics Committee of Ultrapar, defined below, regarding (i) any action that may involve a conflict of interest and (ii) </FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">any case of doubt as to the most appropriate behavior in situations provided for under this Code of Ethics. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Furthermore it is the responsibility of each Professional to immediately notify Ultrapar&#146;s Ethics Committee of any situations, which are unethical, illegal, irregular or questionable, of which they have knowledge, the
information source being assured of confidentiality.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Any notification to the Ethics Committee shall be made either by telephone, through the number 0800 701 7172, or by e&#45;mail &#45; comitedeetica@ultra.com.br.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Company encourages all Professionals to report any suspected violations promptly. The name of the Professional and confidentiality of the case will be guaranteed.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Ethics Committee will thoroughly investigate any good faith reports of violations to this Code of Ethics and will not tolerate any kind of retaliation for reports or complaints regarding misconduct that were made in good
faith.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Each Professional is required to cooperate in internal investigations of misconduct and unethical behavior.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Ethics Committee of Ultrapar will be composed of 4 members, nominated by the Board of Directors, three members being permanent, and a rotating member who shall be the main executive of the business to which the query,
potential unethical, illegal or questionable situation is related.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Accountability for adherence to the Code of Ethics</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">All Professionals are responsible for adhering to this Code. This includes individuals responsible for the failure to exercise proper supervision and to detect and report a violation by their subordinates.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Penalties</FONT></B></P>
<P align="left">
<FONT size="2" face="sans-serif">Any Professional who violate the Company&#146;s ethical principles or this Code of Ethics shall be subject to disciplinary measures that may result in dismissal and legal proceedings in case of any violation of the law. <br>
</FONT></P>
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<P align="right">
<FONT size=2 face="serif"><b>Item 2</b></FONT></P>
<P align="right"><br>
  <br>
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<br>
<P align="right"><B><FONT size=4 face="serif">JPL<br>
</FONT></B><FONT size=2 face="serif">14/02/07 - 3:30 </FONT></P>
<P align="left"> <FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU<br>
  #00002146<br>
  RU0084*.*</FONT></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%" valign="top">&nbsp;</td>
    <td width="60%" valign="top"><p align="left"> <i><font size=2 face="sans-serif">(Convenience
    Translation into English from<br>
    the Original Previously Issued in Portuguese)</font></i></p></td>
  </tr>
  <tr>
    <td width="40%" valign="top">&nbsp;</td>
    <td width="60%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%" valign="top">&nbsp;</td>
    <td width="60%" valign="top"><b><i><font size=6 face="serif">Ultrapar Participa&ccedil;&otilde;es</font></i></b></td>
  </tr>
  <tr>
    <td width="40%" valign="top">&nbsp;</td>
    <td width="60%" valign="top"><p align="left"><b><i><font size=6 face="serif">S.A.
    and Subsidiaries</font></i></b></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><i><font size=2 face="sans-serif">Financial Statements for
    the Years Ended</font></i></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><i><font size=2 face="sans-serif">December 31, 2006 and
    2005 and</font></i></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><p align="left"><i><font size=2 face="sans-serif">Independent
    Auditors&#146; Report </font></i></p></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="40%" valign="top">&nbsp;</td>
    <td width="60%" valign="top"><p align="left"> <font size=1 face="sans-serif">Deloitte
    Touche Tohmatsu Auditores Independentes</font></p></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</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">(Convenience Translation into English from the Original Previously Issued in Portuguese)</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">INDEPENDENT AUDITORS&#146; REPORT</FONT></U><BR>
<BR>
<FONT size=2 face="serif">To the Stockholders and Management of </FONT><BR>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A.</FONT><BR>
<U><FONT size=2 face="serif">S&atilde;o Paulo - SP</FONT></U></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">We have audited the accompanying individual (Company) and consolidated balance sheets of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries as of December 31, 2006 and 2005, and the related statements of income,
changes in stockholders&#146; equity (Company), and changes in financial position for the years then ended, all expressed in Brazilian reais and prepared under the responsibility of the Company&#146;s management. Our responsibility is to express an
opinion on these financial statements.</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Our audits were conducted in accordance with auditing
standards in Brazil and comprised: (a) planning of the work, taking into consideration
the significance of the balances, volume of transactions, and the accounting
and internal control systems of the Companies, (b) checking, on a test basis,
the evidence and records that support the amounts and accounting information
disclosed, and (c) evaluating the significant accounting practices and estimates
adopted by Companies&#146; management, as well as the presentation of the financial
statements taken as a whole.</FONT>     </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">In our opinion, the financial statements referred to in paragraph 1 present fairly, in all material respects, the individual and consolidated financial positions of Ultrapar Participa&ccedil;&otilde;es S.A. and subsidiaries
as of December 31, 2006 and 2005, and the results of their operations, the changes in stockholders&#146; equity (Company), and the changes in their financial positions for the years then ended in conformity with accounting practices adopted in
Brazil.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">Our audits were conducted for the purpose of forming an opinion on the basic financial statements referred to in paragraph 1 taken as a whole. The accompanying statements of cash flows and value added are presented for
purposes of additional analysis and are not a required part of the basic financial statements in conformity with accounting practices adopted in Brazil. Such information has been subjected to the auditing procedures described in paragraph 2 and, in
our opinion, is fairly stated in all material respects in relation to the basic financial statements for the years ended December 31, 2006 and 2005 taken as a whole.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=95%>
<FONT size=2 face="serif">The accompanying financial statements have been translated into English for the convenience of readers outside Brazil.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">S&atilde;o Paulo, January 31, 2007</FONT></P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT size=2 face="serif">DELOITTE TOUCHE TOHMATSU</FONT>       </TD>
        <TD align=left width=40%>
<FONT size=2 face="serif">Altair Tadeu Rossato</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=60%>
<FONT size=2 face="serif">Auditores Independentes</FONT>        </TD>
        <TD align=left width=40%>
<FONT size=2 face="serif">Engagement Partner</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 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1 face="serif">(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%>
<U><FONT size=1 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=1 face="serif">BALANCE SHEETS AS OF DECEMBER 31, 2006 AND 2005</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1 face="serif">(In thousands of Brazilian reais)</FONT>      </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD width=12% align=left>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=center>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT size=1 face="serif">Company</FONT>        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT size=1 face="serif">Consolidated</FONT>   </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=center>&nbsp;        </TD>
        <TD width=4% align=center GUTTER>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=1 face="serif">Company</FONT>                </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=1 face="serif">Consolidated</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="12%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="3" align=center><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="12%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center GUTTER>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=12% align=left>
<FONT size=1 face="serif">ASSETS</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=center>
<FONT size=1 face="serif">Notes</FONT>  </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD width=6% align=center>
<FONT size=1 face="serif">2006</FONT>   </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD width=6% align=center>
<FONT size=1 face="serif">2005</FONT>   </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD width=6% align=center>
 <FONT size=1 face="serif">2006</FONT>  </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD width=6% align=center>
<FONT size=1 face="serif">2005</FONT>   </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left>
<FONT size=1 face="serif">LIABILITIES</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="serif">Notes</FONT>          </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="serif">2006</FONT>           </TD>
        <TD colspan="3" align="center">
      <FONT size=1 face="serif">2005</FONT>             </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="serif">2006</FONT>           </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=1 face="serif">2005</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="12%" align=left><HR align="left" width="50%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="12%" align=left><HR align="left" width="50%" size=1 noshade></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width="12%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="12%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">CURRENT</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=1 face="serif">CURRENT</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Cash and banks</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">122</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">90</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">31,992</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">32,714</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Loans and financing</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=1 face="serif">14</font> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">102,759</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">135,855</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Temporary cash investments</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">4</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">279,264</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">359,626</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1,038,084</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">1,218,210</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Debentures</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=1 face="serif">14</font> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">12,794</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">17,853</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">12,794</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">17,853</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Trade accounts receivable</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">5</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">360,012</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">343,328</FONT>        </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Suppliers</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">364</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">280</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">112,526</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">90,938</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Inventories</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">6</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">217,165</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">191,749</FONT>        </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Salaries and related charges</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">59</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">41</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">81,205</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">66,066</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Recoverable taxes</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">7</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">7,959</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">8,984</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">117,802</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">62,931</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Taxes payable</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">34</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">7</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">16,850</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">11,332</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Deferred income and social contribution taxes</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">9.a</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">82</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">87</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">27,298</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">21,969</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Dividends payable</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">96,657</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">100,108</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">101,376</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">103,854</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Dividends receivable</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">53,845</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">73,302</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Income and social contribution taxes</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">986</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">638</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Other</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">341</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">422</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">6,098</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">8,608</FONT>  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Deferred income and social contribution taxes</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">9</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.a</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">173</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">249</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Prepaid expenses</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">560</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">536</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">8,620</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">8,793</FONT>  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Other</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">4</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,722</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">13,395</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Total current assets</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">342,173</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">443,047</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,807,071</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,888,302</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Total current liabilities</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">109,909</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">118,293</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">431,391</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">440,180</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width="12%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="12%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">NONCURRENT</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">NONCURRENT</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Long-term investments</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Long-term liabilities</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Long-term investments</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">4</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">547,978</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">372,692</FONT>        </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Loans and financing</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=1 face="serif">14</font> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,081,847</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">978,608</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Trade accounts receivable</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">5</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">19,248</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">19,244</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Debentures</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=1 face="serif">14</font> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Related companies</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">8</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">3,540</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">14,409</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">7,360</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">3,706</FONT>  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Related companies</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=1 face="serif">8</font> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">33,456</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">404,230</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">4,738</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">5,049</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Deferred income and social contribution taxes</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">9.a</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">3,087</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,849</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">58,201</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">60,991</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Deferred income and social contribution taxes</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">9</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.a</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">26,029</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">24,120</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Recoverable taxes</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">7</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">18,739</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">11,734</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">65,300</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">46,777</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Other taxes</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">20</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.a</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">9,389</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">8,689</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">36,473</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">54,622</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Escrow deposits</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">193</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">14,332</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">16,384</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Other</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,724</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,747</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Other</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,265</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">571</FONT>    </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Total noncurrent liabilities</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">342,845</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">712,919</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,451,811</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,365,146</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Prepaid expenses</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">187</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">757</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">13,259</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">13,144</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">25,746</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">29,749</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">726,943</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">533,509</FONT>        </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">MINORITY INTEREST</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">33,131</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">29,634</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width="12%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="12%" align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Permanent assets</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<U><FONT size=1 face="serif">STOCKHOLDERS' EQUITY</FONT></U>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Investments:</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Capital</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.a</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">946,034</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">946,034</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">946,034</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">946,034</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Subsidiary</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">10.a</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,025,485</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,153,873</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Capital reserve</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.c</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">3,026</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,046</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">550</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">329</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Affiliated companies</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">10.b</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">5,289</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">4,182</FONT>  </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Revaluation reserve</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.d</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">13,009</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">14,955</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">13,009</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">14,955</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="serif">Other</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">60</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">186</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">25,497</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">28,117</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Profit reserves</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15.e</FONT>   </TD>
        <TD width=4% align=left nowrap GUTTER>
<FONT size=1 face="serif">, 15.f</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">983,230</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">837,502</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">983,230</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">837,502</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Property, plant and equipment</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">11</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp; </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,111,775</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,013,595</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Treasury shares</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.b</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">(4,589</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=1 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">(4,894</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=1 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">(9,312</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=1 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">(8,655</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=1 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Intangible</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">12</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">61,013</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">59,134</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">15</FONT>     </TD>
        <TD GUTTER align=left width=4%>
<FONT size=1 face="serif">.h</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=right nowrap>
<FONT size=1 face="serif">1,940,710</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=right nowrap>
<FONT size=1 face="serif">1,795,643</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=5% align=right nowrap>
<FONT size=1 face="serif">1,933,511</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,790,165</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="serif">Deferred charges</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">13</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">112,256</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">98,286</FONT> </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,025,545</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,154,059</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,315,830</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,203,314</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Total minority interest and stockholders' equity</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,966,642</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">1,819,799</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%" GUTTER>  </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">Total non-current assets</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,051,291</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,183,808</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,042,773</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">1,736,823</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">TOTAL ASSETS</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">2,393,464</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">2,626,855</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=1 face="serif">3,849,844</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=1 face="serif">3,625,125</FONT>      </TD>
        <TD  width=4%>&nbsp;    </TD>
        <TD width=12% align=left nowrap>
<FONT size=1 face="serif">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=5%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,393,464</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">2,626,855</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">3,849,844</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=5%>
<FONT size=1 face="serif">3,625,125</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="4%"> </TD>
        <TD width="12%" align="left" nowrap>    </TD>
        <TD width="1%"> </TD>
        <TD width="5%"> </TD>
        <TD width="4%" align="left" GUTTER>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="5%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="1%"> </TD>
        <TD width="5%">
<HR noshade size=2>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=1 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">2</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(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%>
<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 width=100%>
<FONT size=2 face="serif">STATEMENTS OF INCOME</FONT>   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(In thousands of Brazilian reais, except for earnings per share)</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=left width=48%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=center width=4%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Company</FONT>                </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width=48% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=4% align=center GUTTER>&nbsp;</TD>
  <TD  width=2% align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  <TD  width=2% align="center">&nbsp;</TD>
  <TD colspan="5" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD align=left width=48%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">Notes</FONT>          </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width=48% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=4% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">GROSS SALES AND SERVICES</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=2 face="serif">a</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,229,910</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,158,031</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Taxes on sales and services</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(412,150</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(416,136</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Rebates, discounts and returns</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(23,712</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(48,047</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width=48% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=4% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">NET SALES AND SERVICES</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,794,048</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,693,848</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Cost of sales and services</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=2 face="serif">a</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,859,860</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,783,420</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">GROSS PROFIT</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">934,188</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">910,428</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%" GUTTER>  </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="6%"> </TD>
        <TD width="2%" GUTTER>  </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">EQUITY IN SUBSIDIARY AND AFFILIATED COMPANIES</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10a, 10b</FONT>       </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">291,803</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">298,510</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">965</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,557</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=48% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=4% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">OPERATING (EXPENSES) INCOME</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Selling</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(203,320</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(187,609</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">General and administrative</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(236</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(273,541</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(232,051</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Management compensation</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,246</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,128</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,557</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,763</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Depreciation and amortization</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(122,696</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(126,344</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Other operating income, net</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,277</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,158</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,317</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(331</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width=48% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD width=4% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=2% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">INCOME FROM OPERATIONS BEFORE FINANCIAL ITEMS</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">291,598</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">298,522</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">331,356</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,887</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Financial income (expenses), net</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=2 face="serif">18</font> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,091</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,570</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,620</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,736</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">CPMF/IOF/other financial expenses</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=2 face="serif">18</font> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(486</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,233</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,952</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(25,608</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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=48%>
<FONT size=2 face="serif">INCOME FROM OPERATIONS</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">294,203</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">300,859</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">361,928</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">332,543</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Nonoperating expenses</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=4%><font size=2 face="serif">16</font> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(126</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18,488</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,766</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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=48%>
<FONT size=2 face="serif">INCOME BEFORE TAXES ON INCOME</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">294,077</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">300,859</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">343,440</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">330,777</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER><HR noshade size=1></TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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=48%>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Current</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=2 face="serif">b</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,937</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,930</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(111,779</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(113,083</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Deferred</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9</FONT>      </TD>
        <TD GUTTER align=left width=4%>
<FONT size=2 face="serif">b</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">233</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">249</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,355</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,547</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Benefit of tax holidays</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9b</FONT>     </TD>
        <TD GUTTER align=left width=4%><font size=2 face="serif">, 9c</font> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,332</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">63,787</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </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%"><HR noshade size=1></TD>
        <TD width="2%" GUTTER><HR noshade size=1></TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,704</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,681</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(56,092</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(28,749</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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=48%>
<FONT size=2 face="serif">INCOME BEFORE MINORITY INTEREST</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">287,348</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">302,028</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">Minority interest</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,284</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,850</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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=48%>
<FONT size=2 face="serif">NET INCOME</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">282,064</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="2%" GUTTER><HR noshade size=2></TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="2%" GUTTER><HR noshade size=2></TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">EARNINGS PER SHARE (BASED ON ANNU2AL</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=48%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WEIGHTED AVERAGE) - R&#36;</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=4%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3.55</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3.73</FONT>   </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="48%" align="left">   </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="4%" GUTTER>  </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=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%" GUTTER>  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<p align="right">
  <FONT size=2 face="serif">3</FONT></p>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(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%>
<U><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A.</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">STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (COMPANY)</FONT>        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(In thousands of Brazilian reais, except for dividends amounts)</FONT>        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=24% align=left>&nbsp;</TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD colspan="2" rowspan="4" align=center>
    <FONT size=2 face="serif">Revaluation<br>
reserve of<br>
subsidiary<br>
and affiliated<br>
companies</FONT>                </TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=1% align=center GUTTER>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=1% align=center GUTTER>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=1% align=center GUTTER>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=1% align=center GUTTER>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD width=1% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="7" align=center>
      <FONT size=2 face="serif">Profit reserves</FONT>                                  </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="24%">        </TD>
        <TD width="1%"> </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="1%" align="center">&nbsp; </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="1%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" align="center" GUTTER>   </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" align="center" GUTTER>   </TD>
        <TD width="1%" align="center">  </TD>
        <TD width="6%" align="center">  </TD>
        <TD width="1%" GUTTER>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Notes  </FONT>        </TD>
        <TD align=center width=1%>&nbsp;</TD>
        <TD align=center width=6%><font size=2 face="serif">Capital</font></TD>
        <TD align=center width=1%>&nbsp;</TD>
        <TD align=center width=6%><font size=2 face="serif">Capital<br>
    reserve</font></TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Legal</FONT>  </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">Retention<br>
of profits</FONT>               </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
 &nbsp;<FONT size=2 face="serif">Realizable<br>
 profits</FONT>         </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">Retained<br>
earnings</FONT>         </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">Treasury<br>
shares</FONT>           </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
 &nbsp;<FONT size=2 face="serif">Total</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2004</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">663,952</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,855</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,371</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">61,589</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">749,136</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">118,343</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,635</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,605,611</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Capital increase:</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Secondary public offering</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Reserves</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">234,864</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(234,864</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Sale of treasury shares</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">191</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">741</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">932</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Realization of revaluation reserve</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,416</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,416</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">Income and social contribution taxes on<br>
&nbsp;&nbsp; realization
of revaluation reserve of<br>
&nbsp;&nbsp; subsidiaries</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(211</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(211</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Realization of profit reserve</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(89,199</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">89,199</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Net income</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Appropriation of net income:</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Legal reserve</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,959</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(14,959</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Interim dividends (R&#36;0.703817 per common and preferred share -</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp; &nbsp;<FONT size=2 face="serif">- after reverse stock split - see Note 14)</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(57,085</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(57,085</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Proposed dividends payable <br>
 &nbsp;(R&#36;1.232498 per
 common and preferred<br>
&nbsp;&nbsp; share)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(100,000</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(100,000</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Realizable profits reserve</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">74,224</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(74,224</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Reserve for retention of profits</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">143,314</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(143,314</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="24%">        </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2005</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">946,034</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,046</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,955</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">76,548</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">657,586</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">103,368</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,894</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,795,643</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="24%">        </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Acquisition of treasury shares</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,124</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,124</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Sale of treasury shares</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">980</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,429</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,409</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Realization of revaluation reserve</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15d</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,946</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,946</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Income and social contribution taxes on<br>
&nbsp;&nbsp; realization
of revaluation reserve of<br>
&nbsp;&nbsp; subsidiaries</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15d</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(391</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(391</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
<FONT size=2 face="serif">Retention of realization of profit reserve<br>
&nbsp;&nbsp; net of income
and social contribution<br>
&nbsp;&nbsp; taxes</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,555</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,555</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Net income</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Appropriation of net income:</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Legal reserve</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,419</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(14,419</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
 &nbsp;<FONT size=2 face="serif">Interim dividends (R&#36;0.887398 per<br>
&nbsp;&nbsp; common
 and preferred share</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15g</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,000</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=24% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Proposed dividends payable<br>
&nbsp; &nbsp;&nbsp;(R&#36;0.889633 per
 common and preferred<br>
&nbsp;&nbsp;&nbsp; share)</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15g</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(68,236</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,964</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,200</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Realizable profits reserve</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15f</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">61,013</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(61,013</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">Reserve for retention of profits</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15e</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">136,977</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(136,977</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="24%">        </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=24%>
<FONT size=2 face="serif">BALANCES AT DECEMBER 31, 2006</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">946,034</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,026</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,009</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">90,967</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">796,118</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">96,145</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,589</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,940,710</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
  <TD></TD>
  <TD><HR noshade size=2></TD>
  <TD GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">4</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(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%>
<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">STATEMENTS OF CHANGES IN FINANCIAL POSITION</FONT>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(In thousands of Brazilian reais)</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=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Company</FONT>                </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
 <FONT size=2 face="serif">Consolidated</FONT>          </TD>
  </TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><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 GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Notes</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">SOURCES OF FUNDS</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">From operations:</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Net income</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">282,064</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Items not affecting working capital:</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Equity in subsidiary and affiliated companies</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(291,803</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(298,510</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(965</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,557</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">185,829</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">187,691</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Credits of PIS and COFINS (taxes on revenue) on depreciation</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,117</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,437</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Long-term interest and monetary variations</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">703</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">846</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(95,250</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(44,037</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(238</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(288</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,291</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(32,328</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Minority interest</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,284</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,850</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Net book value of permanent assets written off</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">126</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">34,196</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,595</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other long-term taxes</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">291</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,254</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Provision (reversal of provision) for probable <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; losses on permanent assets</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,198</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(20</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left>
 &nbsp; &nbsp;<FONT size=2 face="serif">Reversal of provision for factory maintenance <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shutdowns net of income tax effect</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">6,309</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">807</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">741</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,839</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,226</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">427,171</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">435,804</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">From stockholders:</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Capital increase due to secondary public offering</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Disposal of treasury shares</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,409</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">932</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,409</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">48,150</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">From third parties:</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Decrease in subsidiary capital</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10a</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">390,947</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Decrease in long-term assets</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,241</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">40,688</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Proposed dividends and interest on capital (gross)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">68,205</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">89,168</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Long-term loans and financing</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">143,725</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,164,876</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">463,393</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">429,856</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">143,725</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,164,876</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Total sources</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">462,963</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">479,232</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">570,896</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,647,898</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">USES OF FUNDS</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Permanent assets:</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Investments</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">10a, 10b</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">39,352</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">142</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">253,040</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">169,212</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Intangible assets</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">11,661</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,237</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Deferred charges</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">74,907</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">51,270</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">39,352</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">339,750</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">230,719</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Dividends and interest on capital</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">144,200</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">157,085</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">146,087</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">158,677</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Transfer from long-term to current liabilities</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">103,602</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">134,199</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Decrease in long-term liabilities</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">370,777</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,480</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">24,594</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,817</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Increase in long-term assets</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27,728</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">331,425</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Acquisition of treasury shares</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,124</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,124</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Acquisition of shares from minority stockholders</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">62</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Taxes on realization of revaluation reserve</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">391</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">211</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">371,901</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,480</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">157,501</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">469,672</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Total uses</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">555,453</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">173,565</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">643,338</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">859,068</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(92,490</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">305,667</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,442</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">788,830</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">REPRESENTED BY</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Current assets:</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">At end of year</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">342,173</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">443,047</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,807,071</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,888,302</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">At beginning of year</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">443,047</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">91,563</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,888,302</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,256,291</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(100,874</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">351,484</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(81,231</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">632,011</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
  <TD></TD>
  <TD><HR noshade size=1>  </TD>
  <TD GUTTER><HR noshade size=1>  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Current liabilities:</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">At end of year</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">109,909</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">118,293</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">431,391</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">440,180</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">At beginning of year</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">118,293</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">72,476</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">440,180</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">596,999</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,384</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">45,817</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,789</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(156,819</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">INCREASE (DECREASE) IN WORKING CAPITAL</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(92,490</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">305,667</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,442</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">788,830</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
  <TD></TD>
  <TD><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
  <TD></TD>
  <TD><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
  <TD></TD>
  <TD><HR noshade size=2>
  </TD>
  <TD GUTTER><HR noshade size=2>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="right"><FONT size=2 face="serif">5</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(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%>
<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">SUPPLEMENTARY STATEMENT OF CASH FLOW - INDIRECT METHOD</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">(In thousands of Brazilian reais)</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=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Company</FONT>                </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=center>&nbsp;</TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><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 GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Notes</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2006</FONT>           </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">CASH FLOWS FROM OPERATING ACTIVITIES</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Net income</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">282,064</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD width=52% align=left nowrap>
<FONT size=2 face="serif">Adjustments to reconcile net income to cash provided by <br>
&nbsp;&nbsp; operating activities:</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Equity in losses of affiliated companies</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(291,803</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(298,510</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(965</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,557</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">185,829</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">187,691</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">PIS and COFINS credit on depreciation</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,117</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,437</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Foreign exchange and indexation gains (losses)</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">44,826</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,208</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27,105</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,538</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(233</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(249</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,355</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(27,442</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Minority interest</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,284</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,850</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Loss on disposals of permanent assets</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">126</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,520</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,591</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Provision (reversal of provision) for probable losses on <br>
&nbsp;&nbsp; permanent assets</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,198</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(20</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">425</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">530</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Reversal of provision for factory maintenance shutdowns</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,559</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Dividends receivable from subsidiaries</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">87,662</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">104,108</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">(Increase) decrease in current assets:</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(16,684</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,974</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Inventories</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(25,416</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18,601</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,025</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,063</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(54,871</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,068</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">81</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(401</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,510</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,180</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(24</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(536</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">173</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,255</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Increase (decrease) in current liabilities:</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Suppliers</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">84</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">117</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,588</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(11,114</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Salaries and related charges</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(415</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,139</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(28,071</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Taxes</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,518</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(501</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Income and social contribution taxes</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">348</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,340</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(10,673</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,536</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">(Increase) decrease in long-term assets:</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Trade accounts receivable</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(7,299</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Recoverable taxes</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(7,005</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,240</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18,523</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(10,225</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Escrow deposits</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(193</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,052</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,429</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">570</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(757</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(694</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">263</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Prepaid expenses</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(115</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(11,408</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Increase (decrease) in long-term liabilities:</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Taxes</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">700</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">846</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18,149</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8,701</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(23</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">450</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">NET CASH PROVIDED BY OPERATING ACTIVITIES</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">124,231</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">141,291</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">424,957</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">463,855</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">CASH FLOWS FROM INVESTING ACTIVITIES</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Long-term investments, net of redeem</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(7,193</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(294,597</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Additions to investments</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(142</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Additions to property, plant and equipment</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(253,040</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(169,212</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Additions to intangible asset</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(11,661</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(10,237</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Additions to deferred charges</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(74,907</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(51,270</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Proceeds from sales of property, plant and equipment</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,677</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">12,004</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Acquisition of minority interests</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(62</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(20</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Acquisition of treasury shares</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,124</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,124</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Sale of treasury shares</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,409</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">932</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">NET CASH PROVIDED BY (USED IN) INVESTING <br>
ACTIVITIES</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,285</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">932</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(327,452</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(513,332</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">CASH FLOWS FROM FINANCING ACTIVITIES</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Loans, financing and debentures:</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Issuances</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">300,000</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">459,788</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,484,531</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
 &nbsp;<FONT size=2 face="serif">Repayments</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(49,885</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(29,355</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(585,350</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(655,500</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Dividends paid</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(147,651</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(128,828</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(148,565</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(129,523</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Related companies</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,310</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,205</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,226</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,704</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Capital increase due to shares issuance</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,218</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">NET CASH PROVIDED BY (USED IN) FINANCING<br>
ACTIVITIES</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(205,846</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">215,240</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(278,353</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">742,022</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </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%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">NET INCREASE (DECREASE) IN CASH AND <br>
CASH EQUIVALENTS</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(80,330</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">357,463</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(180,848</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">692,545</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
        <TD width="52%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=2>     </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">CASH AND CASH EQUIVALENTS AT THE <br>
BEGINNING OF THE
YEAR</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,716</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,253</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,250,924</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">558,379</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">CASH AND CASH EQUIVALENTS AT THE<br>
END OF THE YEAR</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">279,386</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,716</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,070,076</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,250,924</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="52%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">SUPPLEMENTAL DISCLOSURE OF CASH FLOW <br>
INFORMATION</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Interest paid from financing activities</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">49,885</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">29,355</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">92,501</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">57,261</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=52%>
<FONT size=2 face="serif">Income and social contribution taxes paid in the year</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">30,923</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,429</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="left"><FONT size=2 face="serif">6</FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=99%>
<FONT size=2 face="serif">(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=99%>
<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=99%>
<FONT size=2 face="serif">SUPPLEMENTARY STATEMENT OF VALUE ADDED</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=99%>
<FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005</FONT> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=99%>
<FONT size=2 face="serif">(In thousands of Brazilian reais, except percentages)</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=left width=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Note</FONT>   </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Company</FONT>        </TD>
        <TD align=center width=1%>&nbsp;</TD>
        <TD align=center width=6%>&nbsp;</TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Consolidated</FONT>   </TD>
        <TD align=center width=1%>&nbsp;</TD>
        <TD align=center width=6%>&nbsp;</TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
</TR>
<TR valign="bottom">
  <TD width=33% align=left>&nbsp;</TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD width=1% align=center GUTTER><HR noshade size=1></TD>
  <TD  width=1% align="center"><HR noshade size=1></TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD  width=1% align="center"><HR noshade size=1></TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD width=1% align=center GUTTER><HR noshade size=1></TD>
  <TD  width=1% align="center"><HR noshade size=1></TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD  width=1% align="center">&nbsp;</TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD width=1% align=center GUTTER><HR noshade size=1></TD>
  <TD  width=1% align="center"><HR noshade size=1></TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD  width=1% align="center"><HR noshade size=1></TD>
  <TD width=6% align=center><HR noshade size=1></TD>
  <TD width=1% align=center GUTTER><HR noshade size=1></TD>
  <TD  width=1% 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=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">%</FONT>      </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">%</FONT>      </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 &nbsp;<FONT size=2 face="serif">%</FONT>       </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=1%>&nbsp; </TD>
        <TD  width=1% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">%</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width=33% align=left>&nbsp;</TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left>&nbsp;</TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD width=1% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD width=1% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD width=1% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD width=1% align=left GUTTER><HR noshade size=1></TD>
  <TD  width=1%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">REVENUE</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Gross sales and services</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,229,910</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,158,031</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Rebates, discounts and returns</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(23,712</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(48,047</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Reversal of allowance for doubtful accounts</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,148</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,066</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Nonoperating expenses</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(126</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18,488</FONT>        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,766</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(126</FONT>   </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,192,858</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,110,284</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">INPUTS PURCHASED FROM THIRD PARTIES</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Raw materials consumed</FONT>  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,344,890</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,284,697</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Cost of sales and services</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,160,340</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,139,465</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Materials, energy, outside services and other</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,305</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,159</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(608,230</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(597,285</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Recovery (loss) of assets</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,960</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,274</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,917</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(6,385</FONT> </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,655</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,115</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,105,543</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,027,832</FONT>     </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">GROSS VALUE ADDED</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,529</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,115</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,087,315</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,082,452</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">RETENTIONS</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Depreciation and amortization</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(187,946</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(189,128</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
  <TD align="left"></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD GUTTER><HR noshade size=1></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(187,946</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(189,128</FONT>       </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">NET VALUE ADDED</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,529</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,115</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">899,369</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">893,324</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">VALUE ADDED RECEIVED FROM THIRD PARTIES</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Equity in subsidiary and affiliated companies</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">291,803</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">298,510</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">965</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,557</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Dividends and interest on capital of investment</FONT> </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">stated at cost</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31</FONT>     </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,049</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,887</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Financial income</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,163</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46,365</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">155,931</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">118,650</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>&nbsp; </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">341,997</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">344,906</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">157,945</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">122,094</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">TOTAL VALUE ADDED FOR <br>
DISTRIBUTION</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">343,526</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">346,021</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,057,314</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,015,418</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="1%" GUTTER><HR noshade size=1></TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">DISTRIBUTION OF VALUE ADDED</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Payroll and related charges</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,555</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">873</FONT>    </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">444,789</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">42</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">386,558</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">38</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Taxes</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">6,526</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,176</FONT>  </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1</FONT>      </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">142,808</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">181,820</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Financial expenses and rental</FONT>   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">47,072</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">42,794</FONT> </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">12</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">182,369</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">145,013</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Dividends and interest on capital</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">144,200</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">42</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">157,085</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">45</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">146,087</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">158,677</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16</FONT>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
 &nbsp;<FONT size=2 face="serif">Retained earnings</FONT>       </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">144,173</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">42</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">142,093</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">41</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">141,261</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13</FONT>     </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">143,350</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14</FONT>     </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="1%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="1%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=33%>
<FONT size=2 face="serif">VALUE ADDED DISTRIBUTED</FONT>        </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">343,526</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">346,021</FONT>        </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,057,314</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,015,418</FONT>      </TD>
        <TD GUTTER align=left width=1%>&nbsp;   </TD>
        <TD  width=1%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR>
        <TD width="33%" align="left">   </TD>
        <TD width="1%"> </TD>
        <TD width="6%"> </TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%">&nbsp; </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="1%" GUTTER><HR noshade size=2></TD>
        <TD width="1%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=100%>
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT>
        </TD>
</TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
</TABLE><BR>
<P align="right">
<FONT size=2 face="serif">7</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=100%><FONT size=2 face="serif">(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%><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">NOTES TO THE FINANCIAL
    STATEMENTS</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=100%><FONT size=2 face="serif">FOR THE YEARS ENDED DECEMBER
        31, 2006 AND 2005</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=100%><FONT size=2 face="serif">(In thousands of Brazilian
        reais, except for earnings per share)</FONT> </TD>
  </TR>
  <TR>
    <TD><HR noshade size=1>    </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT>     </TD>
        <TD colspan=2>
<FONT size=2 face="serif">OPERATIONS</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT size=2 face="serif">Ultrapar Participa&ccedil;&otilde;es S.A. (the &#147;Company&#148;), with headquarters in the city of S&atilde;o Paulo, invests in commercial and industrial activities, including subscription or purchase of shares of other
companies with similar activities.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT size=2 face="serif">Through its subsidiaries, the Company is engaged in the distribution of liquefied petroleum gas - LPG (Ultragaz), production and sale of chemicals (Oxiteno), and logistic services for chemicals and fuels
(Ultracargo).</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT>     </TD>
        <TD colspan=2>
<FONT size=2 face="serif">PRESENTATION OF FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING PRACTICES</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD colspan=2>
<FONT size=2 face="serif">The accounting practices adopted to record transactions and prepare the financial statements are those established by accounting practices adopted in Brazil and the Brazilian Securities Commission (CVM).</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Results of operations</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Determined on the accrual basis of accounting. Revenues from sales and respective costs are recognized when the products are delivered to the customers or services are performed, and the transfer of risks, rights and
obligations associated with the ownership of products takes place.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Current and long-term assets</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Temporary cash and long-term investments are stated at cost, plus accrued income (on a &#147;pro rata temporis&#148; basis), which approximate their market value. Temporary cash investments include the results from hedges,
as described in Notes 4 and 19, that management intends to hold to maturity.</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The allowance for doubtful accounts is based on estimated losses and is considered by management to be sufficient to cover potential losses on accounts receivable.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Inventories are stated at the lower of average cost of acquisition or production, market or net realizable value.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Other assets are stated at the lower of cost or realizable values, including, when applicable, accrued income and monetary variations or net of allowances for losses.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">8</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<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 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Investments</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Significant investments in subsidiary and affiliated companies are recorded under the equity method, as shown in Note 10.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Other investments are stated at acquisition cost, net of allowances for losses, should the losses not be considered temporary.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Property, plant and equipment</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width=90%>
<FONT size=2 face="serif">Stated at cost of acquisition, process or construction,
including financial charges incurred on constructions in progress and include
revaluation write-ups based on appraisal reports issued by independent appraisers,
in  accordance with item 68, letter b), of CVM Resolution No. 183/95, as well
as costs related to the maintenance of significant assets during scheduled factory
maintenance operations. Depreciation is calculated on a straight-line basis at
the annual  rates described in Note 11, and is based on the economic useful lives
of the assets.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Intangible</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Stated at acquisition cost, less an allowance for losses, should the losses not be considered temporary, as shown in Note 12.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Deferred charges</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Deferred charges comprise costs incurred in the installation of Company equipment at customers&#146; facilities amortized over the terms of the LPG supply contracts with these customers, project expenses and goodwill on
acquisition of subsidiaries, as stated in Note 13.</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Current and noncurrent liabilities</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Stated at known or estimated amounts including, when applicable, accrued charges, monetary and exchange variations incurred until the end of the year.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">h)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Income and social contribution taxes on income</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">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 as mentioned in Note 9 b).</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">i)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Basis for translation of the financial statements of foreign subsidiaries</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The financial statements of foreign subsidiaries are translated into Brazilian reais at the current exchange rate in effect at the balance sheet date. The criteria for preparation of the financial statements have been
adapted to conform to Brazilian accounting practices.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">j)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Cash flow statement</FONT>    </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=2 face="serif">The Company is presenting the statement of cash
      flow as supplementary information, prepared in accordance with Accounting
      Standards and Procedures No. 20 (NPC) issued by IBRACON - Brazilian Institute
    of Independent Auditors.</font></TD>
</TR></TABLE>
<br>
<P align="right">
<FONT size=2 face="serif">9</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<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 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">k)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Statement of value added</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The Company is presenting, as supplementary information, the statement of value added prepared in accordance with Brazilian Accounting Standard No. T3.7 - Statement of value added, issued by the Federal Accounting Council,
which presents the statement of income from the viewpoint of generation and distribution of wealth.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">l)</FONT>     </TD>
        <TD width=90%>
<FONT size=2 face="serif">Reclassification</FONT>       </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Due the adoption of CVM Resolution No. 489/05, the balances of escrow deposits for 2005, for which the Company and its subsidiaries have recognized allowances, were offset against them under the heading &#147;Other
taxes&#148; in noncurrent liabilities.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT>     </TD>
        <TD width=95%>
<FONT size=2 face="serif">CONSOLIDATION PRINCIPLES</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT size=2 face="serif">The consolidated financial statements have been prepared in accordance with the basic consolidation principles established by accounting practices adopted in Brazil and by the Brazilian Securities Commission (CVM), and
include the following direct and indirect subsidiaries:</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="7" align=center>
<FONT size=2 face="serif">Ownership interest</FONT>     <font size=2 face="serif">-
%</font>        </TD>
  </TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD colspan="7" align=center><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp; </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">2006</FONT>                   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">2005</FONT>   </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">        </TD>
        <TD width="2%">&nbsp; </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>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Direct   </FONT>      </TD>
    <TD width=2% align=center nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><font size=2 face="serif">Indirect</font></TD>
    <TD width=2% align=center nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><font size=2 face="serif">Direct</font></TD>
    <TD width=2% align=center nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><font size=2 face="serif">Indirect</font></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=63% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Ultragaz Participa&ccedil;&otilde;es Ltda.</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">SPG&aacute;s Distribuidora de G&aacute;s Ltda.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Companhia Ultragaz S.A.</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Uting&aacute;s Armazenadora S.A.</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">56</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">56</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">LPG International Inc.</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
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        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
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        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
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</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ltda.</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
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<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
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</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Melamina Ultra S.A. Ind&#250;stria Qu&iacute;mica</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
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<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
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<FONT size=2 face="serif">99</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
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        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Especializado Ltda.</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<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=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Argentina Sociedad de Responsabilidad</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Ltda.</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">99</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oleoqu&iacute;mica Ind&#250;stria e Com&eacute;rcio de Produtos</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Qu&iacute;micos Ltda.</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Barrington S.L.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Qu&iacute;micos S.A. de C.V.</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Servicios Corporativos S.A. de C.V.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Canamex Servicios Industriales S.A. de C.V.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno International Corp.</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Overseas Corp.</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<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=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">10</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<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 cellpadding=0 cellspacing=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD><font size=2 face="serif">Upon consolidation, intercompany investments,
      accounts, transactions and profits were eliminated. Minority interest in
    subsidiaries is presented separately in the financial statements.</font></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD><font size=2 face="serif">On August 03, 2006, the subsidiaries Oxiteno
      S.A. - Ind&#250;stria e Com&eacute;rcio and Oxiteno Nordeste S.A. - Ind&#250;stria
      e Com&eacute;rcio formed the subsidiary Oxiteno Argentina Sociedad de Responsabilidad
      Ltda., which operates as a commercial representation office, and as of
    December 31, 2006 had four employees.</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">4.</FONT>     </TD>
        <TD width=95%>
<FONT size=2 face="serif">TEMPORARY CASH AND LONG-TERM INVESTMENTS</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT size=2 face="serif">These investments, contracted with leading banks, are substantially composed of: (i) public securities and private securities issued by leading banks and fixed-income funds, all linked to the interbank deposit rate (CDI);
(ii) abroad, in cash investments, in notes issued by the Austrian Government in Brazilian reais and linked to the interbank deposit rate (CDI), and in Dual Currency Deposits; and (iii) currency hedge transaction. Such investments are stated at cost
plus accrued income on a &#147;pro rata temporis&#148; basis.</FONT>    </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</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">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Austrian notes</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">419,818</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">344,603</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=59%>
<FONT size=2 face="serif">Dual Currency Deposits (a)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">553,100</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=59%>
<FONT size=2 face="serif">Foreign investments (b) (d)</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">223,354</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">722,565</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=59%>
<FONT size=2 face="serif">Securities and fixed-income funds in Brazil</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">279,264</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,626</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">442,060</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">571,817</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=59%>
<FONT size=2 face="serif">Net expenses on hedge transaction (c)</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(52,270</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(48,083</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Total</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">279,264</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,626</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,586,062</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,590,902</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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD GUTTER align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Current portion</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">279,264</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">359,626</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,038,084</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,218,210</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=59%>
<FONT size=2 face="serif">Noncurrent portion</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">547,978</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">372.692</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="59%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="6%">
<HR noshade size=2>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="2%" GUTTER><HR noshade size=2></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=2></TD>
        <TD width="2%" GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT>    </TD>
        <TD width=90%>
<FONT size=2 face="serif">Dual Currency Deposits are investments of the subsidiary Oxiteno Overseas Corp., whose yield can be in US dollars or Brazilian reais, depending on the US dollar rate as of the maturity date. If the US dollar rate is lower
than the strike rate on the maturity date, the yield of this operation will be in US dollars plus interest of 7.5% per year; otherwise, it will be in Brazilian reais plus average interest of 26% per year. The subsidiary records the investment at the
lower of the two alternative yields, which in 2006 was represented by the US dollar. In 2006 the exchange rate remained always below the strike rate.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT>    </TD>
        <TD width=90%>
<FONT size=2 face="serif">Investments made by the subsidiaries Oxiteno Overseas Corp., Oxiteno International Corp., LPG International Inc. and Canamex Qu&iacute;micos S.A. de C.V. in fixed-income funds, certificates of deposit and investment grade
corporate securities.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(c)</FONT>    </TD>
        <TD width=90%>
<FONT size=2 face="serif">Accumulated gain or loss (see Note 19).</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="right">
<FONT size=2 face="serif">11</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(d)</FONT>    </TD>
        <TD width=90%>
<FONT size=2 face="serif">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.
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 14.b).</FONT> </TD>
</TR>
<TR>
  <TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%"><font size=2 face="serif">5.</font></TD>
  <TD colspan=2><p align="left"><font size=2 face="serif">TRADE ACCOUNTS RECEIVABLE
    (CONSOLIDATED)</font></p></TD>
</TR></TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">Domestic customers</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">375,464</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">367,499</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=75%>
<FONT size=2 face="serif">Foreign customers</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">76,465</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">60,943</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=75%>
<FONT size=2 face="serif">(-) Advances on foreign exchange contracts</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(50,918</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(38,971</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">(-) Allowance for doubtful accounts</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(21,751</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(26,899</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">379,260</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">362,572</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">Current portion</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">360,012</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">343,328</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>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=left GUTTER><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">Noncurrent portion</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">19,248</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">19,244</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=right GUTTER><HR noshade size=2></TD>
  <TD width="2%" align="right">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=right GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">The changes in the allowance for doubtful accounts are shown below:</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&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=75%>
<FONT size=2 face="serif">Balance in 2005</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,899</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=75%>
<FONT size=2 face="serif">Addition recorded in selling expenses</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,769</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=75%>
<FONT size=2 face="serif">Utilization</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(15,917</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=75%>
<FONT size=2 face="serif">Balance in 2006</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,751</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="75%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">6.</font></TD>
  <TD align=left><font size=2 face="serif">INVENTORIES (CONSOLIDATED)</font></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&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%>&nbsp;        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>&nbsp;        </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </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" GUTTER>
<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">&nbsp; </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" GUTTER>
<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=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Cost</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Provision<br>
for losses</FONT>               </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Net</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Cost</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center nowrap>
<FONT size=2 face="serif">Provision<br>
for losses</FONT>               </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Net</FONT>    </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
        <TD width=43% height="23" align=left>
<FONT size=2 face="serif">Finished products</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">98,761</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,528</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">97,233</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">103,316</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,750</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">101,566</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Work in process</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">594</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">594</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,109</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,109</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Raw materials</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">65,502</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(114</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">65,388</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">43,294</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(89</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">43,205</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Liquefied petroleum gas</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">(LPG)</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">23,410</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">23,410</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">23,113</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">23,113</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Supplies and cylinders for</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">resale</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,913</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(492</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,421</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18,213</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(924</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17,289</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Advances to suppliers -</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">mainly LPG</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,119</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,119</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,467</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,467</FONT>  </TD>
</TR>
<TR>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD><HR noshade size=1></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD>&nbsp;</TD>
  <TD><HR noshade size=1></TD>
  <TD></TD>
  <TD><HR noshade size=1></TD>
  <TD></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD GUTTER><HR noshade size=1>
  </TD>
  <TD></TD>
  <TD><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">219,299</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,134</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">217,165</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">194,512</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">2,763</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">191,749</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="43%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<hr noshade size=1>
<BR>
<P align="right">
<FONT size=2 face="serif">12</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P 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>&nbsp;</TD>
  <TD align=left><p align="left"> <font size=2 face="serif">The changes in the
    provision for losses on inventories are shown below:</font></p></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&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=85%>
<FONT size=2 face="serif">Balance in 2005</FONT>        </TD>
        <TD align=right width=2%>&nbsp;</TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,763</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=85%>
<FONT size=2 face="serif">Additions</FONT>      </TD>
        <TD align=right width=2%>&nbsp;</TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">326</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=85%>
<FONT size=2 face="serif">Reversal</FONT>       </TD>
        <TD align=right width=2%>&nbsp;</TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(955</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="85%" align=left>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</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=5%>&nbsp;</TD>
        <TD align=left width=85%>
<FONT size=2 face="serif">Balance in 2006</FONT>        </TD>
        <TD align=right width=2%>&nbsp;</TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,134</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="85%" align=left>&nbsp;</TD>
  <TD width="2%" align=right>&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">7.</font></TD>
  <TD align=left><font size=2 face="serif">RECOVERABLE TAXES</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Represented substantially by credit
      balances of ICMS (state Value Added Tax - VAT), PIS and COFINS (taxes on
    revenue), and income and social contribution taxes.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
</TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</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">&nbsp;</TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
  <TD width="2%" align="center"><HR noshade size=1></TD>
  <TD width="6%" align=center><HR noshade size=1></TD>
  <TD width="2%" align=center GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,636</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,655</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">75,299</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">68,022</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=59%>
<FONT size=2 face="serif">ICMS</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">101,034</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">70,908</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=59%>
<FONT size=2 face="serif">Provision for losses - ICMS (*)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(31,438</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(35,959</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">PIS and COFINS</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">22</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,396</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,018</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=59%>
<FONT size=2 face="serif">VAT of subsidiary Canamex Qu&iacute;micos S.A. de C.V.</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8,474</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,505</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=59%>
<FONT size=2 face="serif">Other</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">41</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">41</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,337</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">214</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Total</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,698</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,718</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">183,102</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">109,708</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&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 align=left width=5%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">Current portion</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,959</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">8,984</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">117,802</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">62,931</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=59%>
<FONT size=2 face="serif">Noncurrent portion</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18,739</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">11,734</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">65,300</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46,777</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>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left GUTTER><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD align=left GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>    </TD>
        <TD width=90%>
<FONT size=2 face="serif">The provision refers to credit balances that the subsidiaries estimate they will not be able to offset in the future.</FONT>  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="2"><font size=2 face="serif">The changes in the provision for
    losses on ICMS are shown below:</font></TD>
</TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=85%>
<FONT size=2 face="serif">Balance in 2005</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">35,959</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=85%>
<FONT size=2 face="serif">Addition</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,527</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=85%>
<FONT size=2 face="serif">Reversal</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(9,048</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=85% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD width=2% align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=85%>
<FONT size=2 face="serif">Balance in 2006</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31,438</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=85% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
  <TD width=2% align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="4" align=left><font size=2 face="serif">The increase in the balance
      of recoverable taxes is mainly due to the increase in ICMS credits of the
      Cama&ccedil;ari (Bahia State) plant of the subsidiary Oxiteno Nordeste
      S.A .-Ind&#250;stria e Com&eacute;rcio and the taking of PIS and COFINS
      credit of this same subsidiary. The increase in this plant&#146;s ICMS
      balance occurred mainly in the second half of 2006, due to measures by
      Bahia State, which made it difficult to utilize credits for import payment
      or to transfer them to third parties. The total balance of credits from
      the Cama&ccedil;ari plant corresponds to R&#36;50,241 as of December 31,
      2006 (2005 - R&#36;22,005) of which R&#36;22,766 have already been reviewed
      by the tax authorities and are awaiting release by the state finance department
      of Bahia for commercialization. In addition to these credits, the subsidiary&#146;s
      management is working on a series of additional measures for consumption
      of the plant&#146;s ICMS balance. The allowance for loss of the plant&#146;s
      credits was recognized on the basis of the maximum discount expected on
      their commercialization. The PIS and COFINS credits arose from the favorable
      outcome of a lawsuit and can be utilized to offset other federal taxes,
    as mentioned in Note 20.a).</font></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">13</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">8.</font></TD>
  <TD align=left><p align="left"><font size=2 face="serif">RELATED COMPANIES</font></p></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT>        </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD colspan="3" align="center">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Loan</FONT>   </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%"> </TD>
        <TD width="6%"> </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD colspan="3" align="center">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center>
<FONT size=2 face="serif">Asset </FONT> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center><FONT size=2 face="serif">Liability</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD align=right>&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=63%>
<FONT size=2 face="serif">Melamina Ultra S.A. - Ind&#250;stria Qu&iacute;mica</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">456</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,540</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">33,000</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Total at December 31, 2006</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,540</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">33,456</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Total at December 31, 2005</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,409</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">404,230</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="7" align=center>
      <FONT size=2 face="serif">Consolidated</FONT>                     </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center"><HR noshade size=1></TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
 <FONT size=2 face="serif">Loans</FONT> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Trade accounts</FONT> </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">        </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">&nbsp;    </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=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Asset </FONT> </TD>
        <TD align=center width=2%>&nbsp;</TD>
        <TD align=center width=6%><font size=2 face="serif">Liability</font></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Receivable</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Payable</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio S.A.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,630</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Serma Associa&ccedil;&atilde;o dos Usu&aacute;rios de Equipamentos de</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Processamentos de Dados e Servi&ccedil;os Correlatos</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,260</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,810</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Oxicap Ind&#250;stria de Gases Ltda.</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,035</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Liquig&aacute;s Distribuidora S.A</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">213</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. Petrobras</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,192</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">36</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Braskem S.A.</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,731</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">SHV G&aacute;s Brasil Ltda.</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">112</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Other</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,108</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">38</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="63%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Total at December 31, 2006</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,360</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,738</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">399</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,768</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="63%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Total at December 31, 2005</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,706</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,049</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,335</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,764</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="6" align=center>
      <FONT size=2 face="serif">Consolidated</FONT>             </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="69%">        </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" GUTTER>
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Operations</FONT>     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" rowspan="3" align=center>
      <FONT size=2 face="serif">Financial<br>
expenses</FONT>                         </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
        <TD width="69%">        </TD>
        <TD width="2%">&nbsp; </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>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Sales</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Purchases</FONT>      </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
  </TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="69%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>
<FONT size=2 face="serif">Petroqu&iacute;mica Uni&atilde;o S.A.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">141,288</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Oxicap Ind&#250;stria de Gases Ltda.</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,752</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Liquig&aacute;s Distribuidora S.A</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,430</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia Ind&#250;stria e Com&eacute;rcio S.A.</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(295</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>
<FONT size=2 face="serif">Petr&oacute;leo Brasileiro S.A. Petrobras</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">30</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,023,956</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Copagaz Distribuidora de G&aacute;s S.A.</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,173</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Braskem S.A.</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,392</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">621,533</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">SHV G&aacute;s Brasil Ltda.</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,221</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=69%>
<FONT size=2 face="serif">Other</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">887</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="69%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=1></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>
<FONT size=2 face="serif">Total at December 31, 2006</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">57,133</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,796,529</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(295</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="69%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=69%>
<FONT size=2 face="serif">Total at December 31, 2005</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">82,691</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">2,777,620</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(597</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="69%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><HR noshade size=2></TD>
  <TD width="2%" align=left GUTTER><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">14</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan=2><font size=2 face="serif">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></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan=2><p align="left"> <font size=2 face="serif">The decrease in the
        Company&#146;s loans payable balance is due to settlement of a loan with
        subsidiary Ultracargo Opera&ccedil;&otilde;es Log&iacute;sticas e Participa&ccedil;&otilde;es
    Ltda, conducted through capital reduction.</font></p></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">9.</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD colspan=2>
<FONT size=2 face="serif">INCOME AND SOCIAL CONTRIBUTION TAXES</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp;         </TD>
        <TD width=90%>
<FONT size=2 face="serif">Deferred income and social contribution taxes</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The Company and its subsidiaries recognize tax assets and liabilities, which do not expire, arising from tax loss carryforwards, temporary add-backs, revaluation of property, plant and equipment, and other procedures. The
tax credits are based on continuing profitability from operations. Deferred income and social contribution taxes are presented in the following principal categories:</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Company</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">Consolidated</FONT>   </TD>
  </TR>
<TR>
  <TD width="5%" align="left"></TD>
  <TD width="5%" align="left"></TD>
        <TD width="58%" align="left">   </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">&nbsp;    </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=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT></U>       </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT></U>       </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT></U>       </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT></U>       </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=58% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Assets:</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income and social contribution taxes on:</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Provision for loss of assets</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,401</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">22,783</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Provision for contingencies</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,087</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,849</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,334</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17,131</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other provisions</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">82</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">87</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,825</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">18,765</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income and social contribution tax loss</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; carryforwards</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,939</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">24,281</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="58%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Total</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,169</FONT></U>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,936</FONT></U>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">85,499</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">82,960</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=58% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Current portion</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">82</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">87</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27,298</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,969</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Noncurrent portion</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,087</FONT></U>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,849</FONT></U>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">58,201</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">60,991</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=58% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=left><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Liabilities:</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Deferred income and social contribution taxes on:</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Revaluation of property, plant and equipment</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">865</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,245</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Income earned abroad</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,337</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">23,124</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="58%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Total</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,202</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">24,369</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="58%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Current portion</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">173</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">249</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=58%>
<FONT size=2 face="serif">Noncurrent portion</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT></U>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,029</FONT></U>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">24,120</FONT></U>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="58%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">15</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="left">
<FONT size=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">The estimated recovery of deferred
    income and social contribution tax assets is shown below:</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Company</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Consolidated</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=74% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">Through 2007</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">82</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27,298</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">2008</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">27,367</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">2009</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,087</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,867</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=74% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">2010</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,967</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=74% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,169</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">85,499</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=74% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right><HR noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap><font size=2 face="serif">b)</font>&nbsp;</TD>
  <TD width=90%><font size=2 face="serif">Conciliation of income and social contribution
    taxes in the statements of income </font></TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>&nbsp; &nbsp;  </TD>
        <TD width=90%>
<FONT size=2 face="serif">Income and social contribution taxes are reconciled
to official tax rates as follows:</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Company</FONT>                </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="5" align=center>
<FONT size=2 face="serif">Consolidated</FONT>           </TD>
  </TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD width="48%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=center><hr noshade size=1></TD>
  <TD width="2%" align=center GUTTER><hr noshade size=1></TD>
  <TD width="2%" align="center"><hr noshade size=1></TD>
  <TD width="6%" align=center><hr noshade size=1></TD>
  <TD width="2%" align=center GUTTER><hr noshade size=1></TD>
  <TD width="2%" align="center">&nbsp;</TD>
  <TD width="6%" align=center><hr noshade size=1></TD>
  <TD width="2%" align=center GUTTER><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 GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD width="48%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Income before taxes, equity in subsidiary</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">and affiliated companies and minority</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">interest</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,274</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,349</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">342,475</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">329,220</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Official tax rates - %</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">34</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">34</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">34</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">34</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>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Income and social contribution taxes at</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">official rates</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(773</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(799</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(116,442</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">111,935</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Adjustments to the effective tax rate:</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">Operating provisions and nondeductible</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;expenses/nontaxable income</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(38</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,676</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17,878</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">Adjustments to estimated income</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,792</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,115</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">Interest on capital received</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,893</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(918</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">Workers&#146; meal program (PAT)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">410</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">466</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">Other</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">11</FONT>     </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">140</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(60</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Income and social contribution taxes before</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">benefit of tax holidays</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,704</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,681</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">(106,424</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(92,536</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD width="48%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Benefit of tax holidays - ADENE</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,332</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">63,787</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Income and social contribution taxes in the</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
 &nbsp;<FONT size=2 face="serif">statements of income</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,704</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,681</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(56,092</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(28,749</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Current</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,937</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,930</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(111,779</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(113,083</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Deferred</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">233</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">249</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,355</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,547</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=48%>
<FONT size=2 face="serif">Benefit of tax holidays - ADENE</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,332</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">63,787</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </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><BR>
</P>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">c)</font></TD>
  <TD align=left><font size=2 face="serif">Tax exemption</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="7" align=left><font size=2 face="serif">The following subsidiaries
      have partial or total exemption from income tax in connection with a government
    program for the development of the Northeast Region of Brazil:</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
<U><FONT size=2 face="serif">Subsidiary</FONT></U>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=12%>
<FONT size=2 face="serif">Plants</FONT> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">Incentive<br>
- - %</FONT>      </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">Expiration<br>
date</FONT>     </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=56% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=12% align=left><hr noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=right><hr noshade size=1></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=8% align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
<FONT size=2 face="serif">Oxiteno Nordeste S.A. - Ind&#250;stria e Com&eacute;rcio (*)</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Cama&ccedil;ari plant</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2006</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
<FONT size=2 face="serif">Bahiana Distribuidora de G&aacute;s Ltda.</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Mataripe plant</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">75</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2013</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Suape plant</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">100</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2007</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Ilh&eacute;us plant</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">25</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Aracaju plant</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">25</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Caucaia plant</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">75</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2012</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
<FONT size=2 face="serif">Terminal Qu&iacute;mico de Aratu S.A. - Tequimar</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Aratu Terminal</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">75</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2012</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=12%>
<FONT size=2 face="serif">Suape Terminal</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">75</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2015</FONT>   </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=90%>
<FONT size=2 face="serif">In December 2006, this plant&#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
2016. The subsidiary expects to have a response to this request by April 2007. Should this 75% reduction not be approved, the subsidiary will file a new request with ADENE, for 25% income tax reduction until 2008 and 12.5% from 2009 to 2013, to
which it is entitled for being located in a development region and exercising an economic activity that is considered as priority for the area.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top"><font size=2 face="serif">10.</font></td>
    <td colspan="2" valign="top"><font size=2 face="serif">INVESTMENTS</font></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="serif">a)</font></td>
    <td width="90%" valign="top"><font size=2 face="serif">Subsidiaries of the
    Company</font></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%" valign="top">&nbsp;</td>
  </tr>
</table>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=58%>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD colspan="7" align=center><FONT size=2 face="serif">2006</FONT> </TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD width="58%"></TD>
    <TD width="2%"></TD>
    <TD width="6%" align="center"><HR noshade size=1>    </TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="6%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="6%" align="center"><HR noshade size=1></TD>
    <TD width="2%" align="center"><HR noshade size=1></TD>
    <TD width="6%" align="center"><HR noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=58%>&nbsp;</TD>
    <TD  width=2%>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Ultragaz<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (i)</FONT></TD>
    <TD  width=2% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Ultracargo -<br>
      Opera&ccedil;&otilde;es<br>
      Log&iacute;sticas e<br>
      Participa&ccedil;&otilde;es<br>
    Ltda. (i)</FONT></TD>
    <TD  width=2% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Imaven<br>
      Im&oacute;veis e<br>
      Agropecu&aacute;ria<br>
    Ltda. (i)</FONT></TD>
    <TD  width=2% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Oxiteno S.A.<br>
      Ind&#250;stria e<br>
    Com&eacute;rcio (i)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="58%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=58%><FONT size=2 face="serif">Number of shares or quotas
        held</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">4,336,062</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">2,461,346</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">27,733,974</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">35,102,127</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=58%><FONT size=2 face="serif">Net equity adjusted for
        unrealized profit between subsidiaries - R&#36;</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">374,032</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">206,292</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">46,072</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">1,399,089</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=58%><FONT size=2 face="serif">Net income for the year
        R&#36;</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">98,130</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">6,138</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">4,465</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">182,274</FONT> </TD>
  </TR>
</TABLE>
<br>
<br>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD colspan="20" align=center><FONT size=2 face="serif">2006</FONT> </TD>
    <TD  width=1% align="center">&nbsp;</TD>
    <TD align=center width=6%><FONT size=2 face="serif">2005</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD colspan="20" align="center"><HR noshade size=1>    </TD>
    <TD width="1%" align="center"></TD>
    <TD width="6%" align="center"><hr noshade size=1></TD>
    <TD width="1%" GUTTER><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Ultragaz<br>
      Participa&ccedil;&otilde;es<br>
      Ltda. (i)</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Ultracargo -<br>
      Opera&ccedil;&otilde;es<br>
      Log&iacute;sticas e<br>
      Participa&ccedil;&otilde;es<br>
      Ltda. (i)</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Imaven<br>
      Im&oacute;veis e<br>
      Agropecu&aacute;ria<br>
      Ltda. (i)</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Oxiteno S.A<br>
      - Ind&#250;stria e<br>
      Com&eacute;rcio (i)</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Subtotal</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Other</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Total</FONT> </TD>
    <TD width=1% align=center nowrap GUTTER>&nbsp;</TD>
    <TD  width=1% align="center" nowrap>&nbsp;</TD>
    <TD width=6% align=center nowrap><FONT size=2 face="serif">Total</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=left>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=left><hr noshade size=1></TD>
    <TD width=1% align=left GUTTER><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%><FONT size=2 face="serif">Changes in investments:</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=left width=6%>&nbsp;</TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Balance at
        beginning of year</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">280,733</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">597,239</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">46,072</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">1,229,829</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">2,153,873</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">186</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">2,154,059</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">1,944,928</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Write-off</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(126</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(126</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Income taxes
        on revaluation reserves in subsidiaries</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(391</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(391</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(391</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(211</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Dividends
        and interest on capital</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(14,391</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(6,138</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(4,465</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(43,211</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(68,205</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(68,205</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(89,168</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Equity pick-up</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">98,130</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">6,138</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">4,465</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">183,070</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">291,803</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">291,803</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">298,510</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Capital increase
        (decrease)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">9,951</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(390,947</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">29,401</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(351,595</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">(351,595</FONT> </TD>
    <TD GUTTER align=left width=1%><FONT size=2 face="serif">)</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">-</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align=left><hr noshade size=1></TD>
    <TD align=left GUTTER><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=36%>&nbsp; &nbsp;<FONT size=2 face="serif">Balance at
        end of year</FONT> </TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">374,032</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">206,292</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">46,072</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">1,399,089</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">2,025,485</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">60</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">2,025,545</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right nowrap><FONT size=2 face="serif">2,154,059</FONT> </TD>
    <TD GUTTER align=left width=1%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=36% align=left>&nbsp;</TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
    <TD  width=1%>&nbsp;</TD>
    <TD width=6% align=right><hr noshade size=2></TD>
    <TD width=1% align=left GUTTER><hr noshade size=2></TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top"><font size=2 face="serif">i)</font></td>
    <td width="90%" valign="top"><font size=2 face="serif">Financial statements
        audited or reviewed by our independent auditors</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><p align="left"> <font size=2 face="serif">The
          capital reduction of subsidiary Ultracargo - Opera&ccedil;&otilde;es
          Log&iacute;sticas e Participa&ccedil;&otilde;es Ltda. was conducted
    for settlement of a loan, as mentioned in Note 8.</font></p></td>
  </tr>
</table>
<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>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">b)</font></TD>
  <TD align=left><p align="left"><font size=2 face="serif">Affiliated companies
    (consolidated)</font></p></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="3" align=center>
<FONT size=2 face="serif">2006</FONT>   </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
  <TD width="5%"></TD>
        <TD width="74%">        </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD colspan="3" align="center">
<HR noshade size=1>     </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Qu&iacute;mica da Bahia<br>
Ind&#250;stria e<br>
Com&eacute;rcio S.A. (ii)</FONT></TD>
        <TD  width=2% align="center" nowrap>&nbsp;&nbsp; </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Oxicap Ind&#250;stria<br>
de Gases Ltda. (ii)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&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=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">Number of shares or quotas held</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,493,120</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">156</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">Net equity - R&#36;</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">6,950</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,256</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">Net income for the year - R&#36;</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,422</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,015</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=74%>
<FONT size=2 face="serif">Ownership interest - %</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25</FONT>     </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="5" align=center>
      <FONT size=2 face="serif">2006</FONT>                     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">2005</FONT>           </TD>
  </TR>
<TR>
  <TD width="5%"></TD>
  <TD width="5%"></TD>
        <TD width="56%">        </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">&nbsp; </TD>
        <TD width="6%" align="center"><HR noshade size=1></TD>
        <TD width="2%" align="center" GUTTER><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Qu&iacute;mica da<br>
Bahia<br>
Ind&#250;stria e<br>
Com&eacute;rcio S.A. (ii)</FONT></TD>
        <TD  width=2% align="center" nowrap>&nbsp;      </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">Oxicap<br>
Ind&#250;stria de<br>
Gases<br>
Ltda. (ii)</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Total</FONT></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="2" align=center>
<FONT size=2 face="serif">Total</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>&nbsp;</TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%><HR noshade size=1></TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%><HR noshade size=1></TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%><HR noshade size=1></TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%><HR noshade size=1></TD>
        <TD GUTTER align=left width=2%><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">Changes in investments:</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;<FONT size=2 face="serif">Balance at beginning of year</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,764</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,418</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,182</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,944</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=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;<FONT size=2 face="serif">Equity pick-up</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">711</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">254</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">965</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,557</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=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;<FONT size=2 face="serif">Advance for future capital</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&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=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">increase</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">142</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">142</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</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=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;<FONT size=2 face="serif">Stock redemption received</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,319</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=5% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><HR noshade size=1></TD>
  <TD GUTTER align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=56%>
 &nbsp;<FONT size=2 face="serif">Balance at end of year</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,475</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,814</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,289</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">4,182</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="56%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="5%" align=left>&nbsp;</TD>
  <TD align=left><p align="left"> <font size=2 face="serif">(ii) Financial statements
    audited by other independent auditors.</font></p></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD colspan="11" align=left><font size=2 face="serif">In the consolidated financial
      statements, 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. is carried under the equity method based on the affiliate&#146;s
      financial statements as of November 30, 2006 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. is
      carried under equity method based on the affiliate&#146;s financial statements
    as of December 31, 2006. </font></TD>
  </TR>
</TABLE>
<br>
<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>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD align=left><font size=2 face="serif">11.</font></TD>
      <TD colspan="15" align=left><p align="left"><font size=2 face="serif">PROPERTY, PLANT
      AND EQUIPMENT (CONSOLIDATED)</font></p></TD>
    </TR>
  <TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=6% align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD GUTTER 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=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% rowspan="3" align=center><font size=2 face="serif">Annual<br>
depreciation<br>
rates - %</font></TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="9" align=center>
      <FONT size=2 face="serif">2006</FONT>                             </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">2005</FONT>  </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </TD>
        <TD width="2%">&nbsp; </TD>
        <TD width="2%" align="center">  </TD>
        <TD colspan="9" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Revalued<br>
 cost</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Accumulated<br>
depreciation</FONT>     </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Allowance<br>
for realization</FONT>  </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Net book<br>
 value</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Net book<br>
 value</FONT>   </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
        <TD width="2%">&nbsp;   </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%"><hr noshade size=1></TD>
        <TD width="2%" GUTTER><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Land</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46,676</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46,676</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">48,147</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Buildings</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">4 to 5</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">345,812</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(141,575</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">204,237</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">218,177</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Leasehold</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">improvements</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">4</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">91,445</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(22,385</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(604</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">68,456</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">61,514</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Machinery and</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">equipment</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">5 to 10</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">926,242</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(467,322</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(655</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">458,265</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">450,413</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Gas tanks and</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">cylinders</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">275,476</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(161,029</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">114,447</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">127,295</FONT>        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Vehicles</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20 to 25</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">156,822</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(121,200</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">35,622</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">48,127</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Furniture and fixtures</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,346</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(10,434</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,912</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,661</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Construction in</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
 &nbsp;<FONT size=2 face="serif">progress</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">107,034</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">107,034</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,811</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Advances to suppliers</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">49,231</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">49,231</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,724</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Imports in transit</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">523</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">523</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">763</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">IT equipment</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20 to 30</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">46,760</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(34,388</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">12,372</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,963</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="43%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,071,367</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(958,333</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,259</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,111,775</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,013,595</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="43%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size=2 face="serif">The changes in the provision for losses
    on property, plant and equipment are shown below:</font></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=85%>
<FONT size=2 face="serif">Balance in 2005</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">412</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=85%>
<FONT size=2 face="serif">Addition</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">851</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=85%>
<FONT size=2 face="serif">Reversal</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4</FONT>     </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="85%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</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=5%>&nbsp;</TD>
        <TD align=left width=85%>
<FONT size=2 face="serif">Balance in 2006</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,259</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="85%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="4" 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></TD>
  </TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD colspan="6" align=center>
      <FONT size=2 face="serif">2006</FONT>                             </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>   </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="61%">        </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" GUTTER>
<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">&nbsp; </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Revaluation</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Accumulated<br>
depreciation</FONT>     </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Net<br>
book<br>
value</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Net book<br>
value</FONT>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>
<FONT size=2 face="serif">Land</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,503</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,503</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,571</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>
<FONT size=2 face="serif">Buildings</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">44,570</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(34,799</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,771</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">11,933</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>
<FONT size=2 face="serif">Machinery and equipment</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31,738</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(30,652</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,086</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,362</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>
<FONT size=2 face="serif">Gas tanks and cylinders</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">48,910</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(48,910</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=61%>
<FONT size=2 face="serif">Vehicles</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">826</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(826</FONT>   </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD GUTTER align=left><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&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=61%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">141,547</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(115,187</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">26,360</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,866</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD GUTTER align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD GUTTER align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="10" align=left><font size=2 face="serif">The depreciation of theses
      revaluations in the amount of R&#36;1,874 (R&#36;1,961 in 2005) was recorded
      in the statements of income. The amount of deferred taxes on revaluations
      totals R&#36;7,491 (R&#36;8,533 in 2005), of which R&#36;865 (R&#36;1,245
      in 2005) is recorded as noncurrent liabilities, as shown in Note 9.a),
      and R&#36;6,626 (R&#36;7,288 in 2005) 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></TD>
  </TR>
</TABLE>
<BR>
<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>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="95%" valign="top"><font size=2 face="serif">Construction in progress
        refers substantially to construction of the fatty alcohols plant of subsidiary
        Oleoqu&iacute;mica Ind&#250;stria e Com&eacute;rcio de Produtos Qu&iacute;micos
        Ltda. in the amount of R&#36;40,777, and the new alkoxylation plant of
        subsidiary Oxiteno S.A. - Ind&#250;stria e Com&eacute;rcio in the amount
    of R&#36;27,526, as well as expansions and renovations of the subsidiaries&#146; plants.</font></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="95%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="95%" valign="top"><p align="left"> <font size=2 face="serif">Advances
          to suppliers refer basically to purchase of equipment for the fatty
          alcohols plant of subsidiary Oleoqu&iacute;mica Ind&#250;stria e Com&eacute;rcio
    de Produtos Qu&iacute;micos Ltda. </font></p></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="95%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top"><font size=2 face="serif">12.</font></td>
    <td width="95%" valign="top"><p align="left"><font size=2 face="serif">INTANGIBLES
    (CONSOLIDATED)</font></p></td>
  </tr>
</table>
<br>
<P align="left">&nbsp;</P>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% rowspan="3" align=center>
      <FONT size=2 face="serif">Annual<br>
amortization<br>
rate - %</FONT> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="9" align=center>
      <FONT size=2 face="serif">2006</FONT>                                                     </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 &nbsp; &nbsp;<FONT size=2 face="serif">2005</FONT>     </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </TD>
        <TD width="2%"> </TD>
        <TD width="2%" align="center">&nbsp;    </TD>
        <TD colspan="9" align="center">
<HR noshade size=1>             </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Cost</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Accumulated<br>
amortization</FONT>     </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Provision<br>
for losses</FONT>       </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Net book<br>
 value</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Net book<br>
value</FONT>    </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="43%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%">
<HR noshade size=1>     </TD>
        <TD width="2%" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%">&nbsp;   </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%"><hr noshade size=1></TD>
        <TD width="2%"> </TD>
        <TD width="6%"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Software</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">64,134</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(39,559</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">24,575</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,914</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Commercial property rights</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2 to 6</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,334</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,671</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,663</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,698</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Goodwill</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,440</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(9,302</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">6,138</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,108</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Technology</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">20,404</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,207</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,197</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,679</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>
<FONT size=2 face="serif">Other</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,372</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(96</FONT>    </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">836</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">440</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">735</FONT>    </TD>
</TR>
<TR>
  <TD width="5%"></TD>
  <TD width="43%"></TD>
  <TD width="2%"></TD>
  <TD width="6%">&nbsp;</TD>
  <TD width="2%"></TD>
  <TD width="6%"><hr noshade size=1></TD>
  <TD width="2%"></TD>
  <TD width="6%"><HR noshade size=1>  </TD>
  <TD width="2%" GUTTER><HR noshade size=1>  </TD>
  <TD width="2%">&nbsp;</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%"><hr noshade size=1></TD>
  <TD width="2%"></TD>
  <TD width="6%"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=43%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">117,684</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">55,835</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">836</FONT>  </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">61,013</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">59,134</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="43%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD width="87%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD width="87%" align=left><FONT size=2 face="serif">The changes in the provision for
    losses on intangibles are shown below:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD width="87%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=87%><FONT size=2 face="serif">Balance in 2005</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">631</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=87%><FONT size=2 face="serif">Addition</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">205</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="87%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=1></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=5%>&nbsp;</TD>
    <TD align=left width=87%><FONT size=2 face="serif">Balance in 2006</FONT> </TD>
    <TD  width=2%>&nbsp;</TD>
    <TD align=right width=6%><FONT size=2 face="serif">836</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="87%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%" align=right><hr noshade size=2></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD width="87%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><p align="left"> <font size=2 face="serif">Commercial
    property rights, mainly those described below:</font></p></td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="90%" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149; </td>
    <td width="90%" valign="top"><font size=2 face="serif">On July 11, 2002,
        subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar signed a</font> <font size=2 face="serif">contract
        with CODEBA - Companhia Docas do Estado da Bahia for use of the site
        where</font> <font size=2
face="serif">the Aratu Terminal is located for another 20 years, renewable for
        the same period. The</font> <font size=2 face="serif">price paid by Tequimar
    amounted to R&#36;12,000 and is being amortized from August 2002</font> <font size=2
face="serif">to July 2042.</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">&#149; </td>
    <td width="90%" valign="top"><font size=2 face="serif">Further, subsidiary
        Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has a lease agreement</font> <font size=2 face="serif">for
        an area adjacent to the Port of Santos for 20 years, effective December
        2002 and</font> <font
size=2 face="serif">renewable for another 20 years, for building and operating
        a terminal for receiving,</font> <font size=2 face="serif">tanking, handling
        and distribution of bulk liquids. The price paid by Tequimar was</font> <font size=2
face="serif">R&#36;4,334 and is being amortized from August 2005 until December
    2022.</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>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">13.</font></TD>
  <TD align=left><font size=2 face="serif">DEFERRED CHARGES (CONSOLIDATED)</font></TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD colspan="6" align=center>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% rowspan="3" align=center>
      <FONT size=2 face="serif">Annual<br>
amortization<br>
rates - %</FONT>        </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD colspan="6" align=center>
      <FONT size=2 face="serif">2006</FONT>                             </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 &nbsp; &nbsp;<FONT size=2 face="serif">2005</FONT>     </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="53%">        </TD>
        <TD width="2%"> </TD>
        <TD width="2%" align="center">&nbsp;    </TD>
        <TD colspan="6" align="center">
      <HR noshade size=1>               </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Cost</FONT>  </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Accumulated<br>
amortization</FONT>     </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Net book<br>
 value</FONT>   </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">Net book<br>
 value</FONT>   </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="53%">        </TD>
        <TD width="2%"> </TD>
        <TD width="6%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center">&nbsp;    </TD>
        <TD width="6%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center">
<HR noshade size=1>     </TD>
        <TD width="2%" align="center" GUTTER>
<HR noshade size=1>     </TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center"><hr noshade size=1></TD>
        <TD width="2%" align="center">  </TD>
        <TD width="6%" align="center"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">Expenses with studies and projects</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10 to 20</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">50,947</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(11,203</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">39,744</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,024</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">Pre-operating expenses</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10 to 33</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,155</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,559</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,596</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">4,801</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">Installation of Ultrasystem equipment at</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; customers&#146; facilities</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">33</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">154,138</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(93,133</FONT>        </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">61,005</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">60,300</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">Goodwill</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">10 to 50</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,670</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,720</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,950</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10,850</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>
<FONT size=2 face="serif">Other</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">20</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,152</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,191</FONT> </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">961</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,311</FONT>  </TD>
</TR>
<TR align="left">
  <TD nowrap></TD>
  <TD nowrap></TD>
  <TD nowrap></TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD nowrap><hr noshade size=1></TD>
  <TD nowrap></TD>
  <TD nowrap><HR noshade size=1>  </TD>
  <TD nowrap GUTTER><HR noshade size=1>  </TD>
  <TD nowrap></TD>
  <TD nowrap><hr noshade size=1></TD>
  <TD nowrap></TD>
  <TD nowrap><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=53%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=6%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">222,062</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">109,806</FONT>      </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=6% align=right nowrap>
<FONT size=2 face="serif">112,256</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">98,286</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="53%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="6%" align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width=95%>
<FONT size=2 face="serif">Expenses on studies and projects include, mainly, the LPG distribution structure review project and expenses for the Rio de Janeiro Petrochemical Complex (COMPERJ) project. These projects were mainly responsible for the
increase in the deferred charges balance from 2005 to 2006.</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">14.</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD width=95%>
<FONT size=2 face="serif">LOANS, FINANCING AND DEBENTURES (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">a) Composition</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=center width=5%>&nbsp;</TD>
        <TD align=center width=41%>
<FONT size=2 face="serif">Description</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2006</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2005</FONT>   </TD>
        <TD GUTTER align=center width=2%>&nbsp; </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">Index/<br>
currency</FONT> </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">Annual<br>
interest<br>
rate 2006 - %</FONT>    </TD>
        <TD  width=2% align="center">&nbsp;     </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">Maturity</FONT>       </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="41%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Foreign currency:</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Syndicated loan</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">128,460</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">140,639</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">5.05</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Notes in the foreign market (b)</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">535,576</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">586,471</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">7.25</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2015</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Notes in the foreign market (b)</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">128,665</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">9.0</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2020</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Working capital loan</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,375</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">443</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">MX&#36; + TIIE (i)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">1.0</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2007</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign financing</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">26,155</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">28,542</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36; + LIBOR</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2.0</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2009</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Inventories and property, plant and</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 1.0 to</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">equipment financing</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">14,445</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">10,957</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">MX&#36; + TIIE (i)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">2.0</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">From 2007 to 2011</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Advances on foreign exchange contracts</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,295</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">9,771</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 5.20 to</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">Maximum of 56</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">5.65</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">days</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">National Bank for Economic and Social</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 8.3 to</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Development (BNDES)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">12,890</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">22,330</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">UMBNDES (ii)</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">10.05</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">From 2007 to 2011</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">National Bank for Economic and Social</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 7.35 to</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Development (BNDES)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">10,120</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">261</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">10.5</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">From 2009 to 2013</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Export prepayments, net of linked</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 6.2 to</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">operations</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">11,100</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">44,852</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">US&#36;</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">6.41</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="41%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=right><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=center nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Subtotal</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">870,081</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">844,266</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left>&nbsp;</TD>
  <TD width="41%" align=left>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD width="8%" align=left><hr noshade size=1></TD>
  <TD width="2%" align=left GUTTER><hr noshade size=1></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=center nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="8%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Local currency:</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">National Bank for Economic and Social</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 1.5 to</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Development (BNDES)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">199,890</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">173,055</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">TJLP (iii)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">4.85</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 2007 to 2012</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">National Bank for Economic and Social</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Development (BNDES)</FONT>        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">7,005</FONT>  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">11,244</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">IGP-M (iv)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">6.5</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Government Agency for Machinery and</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 2.5 to</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Equipment Financing (FINAME)</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">40,742</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">47,676</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">TJLP (iii)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">4.85</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 2007 to 2011</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Research and projects financing (FINEP)</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">46,881</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">38,059</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">TJLP (iii)</FONT>     </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From (2.0) to</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">5.0</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 2009 to 2013</FONT>      </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Debentures (c)</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">312,794</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">317,853</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">CDI</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">102.5</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">2008</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Banco do Nordeste do Brasil</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">19,790</FONT> </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">-</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">From 11.9 to</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=left nowrap>&nbsp;   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>&nbsp; </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">14.0</FONT>   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD width=8% align=center nowrap>
<FONT size=2 face="serif">2018</FONT>   </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Other</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">217</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">163</FONT>    </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Subtotal</FONT>       </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">627,319</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">588,050</FONT>        </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Total financing and debentures</FONT> </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,497,400</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,432,316</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Current liabilities</FONT>    </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">(115,553</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">(153,708</FONT>       </TD>
        <TD GUTTER align=left width=2%>
<FONT size=2 face="serif">)</FONT>      </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=center width=8%>&nbsp;        </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=41%>
<FONT size=2 face="serif">Long-term liabilities</FONT>  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,381,847</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">1,278,608</FONT>      </TD>
        <TD GUTTER align=left width=2%>&nbsp;   </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
        <TD  width=2%>&nbsp;    </TD>
        <TD align=left width=8%>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD align=left GUTTER><hr noshade size=2></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>&nbsp;</TD>
</TR>
</TABLE>
<blockquote>
  <p><font size=2 face="serif">(i) MX&#36; = Mexican peso; TIIE = Mexican break-even
    interbank interest rate.</font><BR>
  </p>
</blockquote>
<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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(ii)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">UMBNDES = BNDES monetary unit. This is a &#147;basket&#148; of currencies representing the composition of the BNDES debt in foreign currency, 93%, of which is linked to the U.S. dollar.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(iii)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">TJLP = fixed by the CMN (National Monetary Council); TJLP is the basic cost of BNDES financing.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(iv)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">IGP-M = General Market Price Index, is a measure of Brazilian inflation calculated by the Get&#250;lio Vargas Foundation.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">The long-term portion matures as follows:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;</TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6%>
 <FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD>&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=77%>
<FONT size=2 face="serif">2007</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">93,958</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">2008</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">529,331</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">515,458</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">2009</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">101,468</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">74,954</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">2010</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">37,404</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,064</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">2011</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,686</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">Thereafter</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">691,968</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">585,174</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD>&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=77%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,381,847</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,278,608</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2>    </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Notes in the foreign market</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">In 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=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<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=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<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, although the subsidiary has 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=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<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>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">23</font></TD>
</TR>
</TABLE>
<P align="left">&nbsp;</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 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td colspan="2"><font size=2 face="serif">As a result of the issuance of
        notes and the syndicated loan, the Company and its subsidiaries mentioned
    above are subject to covenants that limit, among other things:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="5%">&#149;</td>
    <td width="85%"> <font size=2 face="serif">Limitation of transactions with
        shareholders that hold amounts of 5% or more of</font> <font size=2 face="serif">any
        class of Capital Stock of the Company, except upon fair and reasonable
        terms</font> <font size=2
face="serif">no less favorable to the Company than could be obtained in a comparable
        arm&#146;s-</font><font size=2 face="serif">length transaction with
    a third party;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td width="85%"><font size=2 face="serif">Obligation of having Board of Directors resolution
        for transactions with related</font> <font size=2 face="serif">parties
        higher than US&#36;15 million (excepting transactions by the Company
    with</font> <font size=2
face="serif">subsidiaries and between subsidiaries);</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td width="85%"><font size=2 face="serif">Restriction of disposal of the totality or
    near totality of the assets of Company and</font> <font size=2 face="serif">subsidiaries;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td width="85%"> <font size=2 face="serif">Restriction of encumbrances on assets in excess
        of US&#36;150 million or 15% of the</font> <font size=2 face="serif">value
    of consolidated tangible assets;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td width="85%"><font size=2 face="serif">Maintenance of financial ratio, between consolidated
        net debt and consolidated</font> <font size=2 face="serif">EBITDA (Earning
    Before Interest, Taxes, Depreciation and Amortization), less</font> <font size=2
face="serif">than or equal to 3.5; and</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td width="85%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&#149;</td>
    <td width="85%"> <font size=2 face="serif">Maintenance of financial ratio, between consolidated
        EBITDA and consolidated net</font> <font size=2 face="serif">financial
    expenses higher than or equal to 1.5.</font></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" valign=top>&nbsp;</TD>
  <TD width="90%" valign=top><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 businesses to date.</font></TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Debentures</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">On March 1, 2005, the Company issued a single series of 30,000 nonconvertible debentures, whose main features are:</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Nominal unit value:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">R&#36;10,000.00</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Final maturity:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">March 1, 2008</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Nominal value payment:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">Lump sum at final maturity</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Yield:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">102.5% of CDI</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Yield payment:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">Semiannually, beginning March 1, 2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=25%>
<FONT size=2 face="serif">Repricing:</FONT>
        </TD>
        <TD align=left width=65%>
<FONT size=2 face="serif">None</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD colspan="2" 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 consolidated EBITDA ratio less than
      or equal to 3.5. Thus far, none of these commitments have restricted the
    ability of the Company and its subsidiaries to conduct business.</font></TD>
  </TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="10%" align=left>&nbsp;</TD>
  <TD colspan="2" align=right><font size=2 face="serif">24</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Collateral</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">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=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=10%>&nbsp;</TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Amount of financing secured by:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%><hr noshade size=1>

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Property, plant and equipment</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">42,667</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">53,734</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Shares of affiliated companies and minority stockholders&#146; guarantees</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">7,005</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">11,244</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">49,672</FONT>
        </TD>
        <TD  width=2%>&nbsp;</TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">64,978</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=100% colspan=2>
<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;1,073,134 (R&#36;1,017,858 in 2005).</FONT>       </TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=100% colspan=2>
<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;34,879 (R&#36;33,208 in 2005), with terms of up to 210
days. As of December 31, 2006, the Company and its subsidiaries have not incurred any loss nor recorded any liability related to these guarantees.</FONT>       </TD>
</TR>
</table><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0><TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">15.</FONT> </TD>
        <TD width=100% colspan=2>
<FONT size=2 face="serif">STOCKHOLDERS&#146; EQUITY</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>    <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Capital</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width=90%>
<FONT size=2 face="serif">The Company is a listed corporation with shares traded on the S&atilde;o Paulo and New York Stock Exchanges. Subscribed and paid-up capital is represented by 81,325,409 shares without par value, comprised of 49,429,897
common and 31,895,512 preferred shares.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width=90%>
<FONT size=2 face="serif">As of December 31, 2006, 12,534,161 preferred shares were outstanding abroad, in the form of American Depositary Receipts - ADRs.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width=90%>
<FONT 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=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>
  <TD width=90%>
<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.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD><TD width="5%">&nbsp;</TD>  <TD width=90%>
<FONT size=2 face="serif">The Company is 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, by means of issuance of common or preferred shares,
without keeping the existing ratio, observed the limit of 2/3 of preferred shares to the total shares issued.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR align="right">
  <TD colspan=3><font size=2 face="serif">25</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Treasury shares</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The Company acquired its own shares at market prices, without capital reduction, for holding in treasury and subsequent disposal or cancellation, in accordance with the provisions of Brazilian Securities Commission (CVM)
Instructions No. 10, of February 14, 1980, and No. 268, of November 13, 1997.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">As of December 31, 2006, the Company&#146;s financial statements record 161,697 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=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The market price of preferred shares issued by the Company as of December 31, 2006 on the S&atilde;o Paulo Stock Exchange (BOVESPA) was R&#36;48.99.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Capital reserve</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The capital reserve in the amount of R&#36;3,026 reflects the goodwill on the disposal of shares at market price to be held in treasury in the Company&#146;s subsidiaries, at the average price of R&#36;36.00 per share.
Executives of these subsidiaries were given the usufruct of such shares, as described in Note 21.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">d)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Revaluation reserve</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">This reserve reflects the revaluation write-up of assets of subsidiaries and is realized based upon depreciation, write-off or disposal of revalued assets, including the related tax effects.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width=90%>
<FONT size=2 face="serif">In some cases, taxes on the revaluation reserve of
certain subsidiaries are recognized only upon the realization of this reserve,
since the revaluations occurred prior to the publication of CVM Resolution No.
183/95, as  mentioned in Note 11.</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">e)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Retention of profits reserve</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">This reserve is 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=3>&nbsp;</TD></TR><TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">f)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Realizable profits reserve</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">This reserve is established in conformity with article 197 of Brazilian corporate law, based on the equity in subsidiaries and affiliated companies. Realization of the reserve usually occurs upon receipt of dividends,
disposal and write-off of investments.</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>
<TR align="right">
  <TD colspan=3><font size=2 face="serif">26</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">g)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Dividends and appropriation of net income (Company)</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">According to the Company&#146;s bylaws, the stockholders are entitled to a minimum annual dividend of 50% of adjusted net income, calculated according to the terms of accounting practices adopted in Brazil.</FONT> </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=2 face="serif">Proposed dividends as stated in the Company&#146;s
      financial statements, subject to approval at the Annual Stockholders&#146; Meeting,
    are as follows:</font></TD>
</TR>
</TABLE>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>&nbsp;

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Net income</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Legal reserve</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(14,419</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Retention of profits reserve</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(136,977</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Realizable profits reserve</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(61,013</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Dividends balance</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">75,964</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Realization of realizable profits reserve</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">68,236</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Interim dividends (R&#36;0.887398 per common and preferred share)</FONT>
        </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=left width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,000</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Proposed dividends payable (R&#36;0.889633 per common and preferred share)</FONT>
        </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=left width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(72,200</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;
</TD>
        <TD  width=5%><font size=2 face="serif">h)</font>
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Conciliation of stockholders&#146; equity - Company and consolidated</FONT>
        </TD>
        <TD align=left width=2%>&nbsp;</TD>
        <TD align=left width=6%>&nbsp;</TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

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

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD GUTTER align=center width=1%>&nbsp;

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Stockholders&#146; equity - Company</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,940,710</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,795,643</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Treasury shares held by subsidiaries, net of realization</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(4,723</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,761</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Capital reserve arising from sale of treasury shares to</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

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

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;subsidiaries, net of realization</FONT>        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,476</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(1,717</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
        <TD align=left width=5%>&nbsp;

        </TD>
        <TD  width=5%>&nbsp;
        </TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Stockholders&#146; equity - consolidated</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,933,511</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,790,165</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">i)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Reconciliation of net income - Company and consolidated</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The reconciliation of net income, Company and consolidated, shows the effect of the reversal of the allowance for scheduled factory maintenance 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. 01/06 by IBRACON, as follows:</FONT>   </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD GUTTER align=center width=1%>&nbsp;

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
    <TD align=center width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Net income - Company</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">288,373</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>
        </TD>
    <TD align=right width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance by the subsidiary</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
    <TD align=left width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
 &nbsp; &nbsp;<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=6%>
<FONT size=2 face="serif">(796</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
    <TD align=right width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Reversal of allowance for factory maintenance by the subsidiary</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
    <TD align=left width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Oxiteno Nordeste S.A. Ind&#250;stria e Com&eacute;rcio</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(5,513</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
    <TD align=right width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=72%>
<FONT size=2 face="serif">Net income - consolidated</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">282,064</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">299,178</FONT>
        </TD>
    <TD align=right width=1%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="72%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="1%" align=right>&nbsp;</TD>
</TR>
</TABLE>
<div align="right"><font size=2 face="serif">27</font><BR>
</div>
<P align="left">&nbsp;</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%" valign=top nowrap>
<FONT size=2 face="serif">16.</FONT> </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;13,670 (R&#36;391 in 2005) in write-off of deferred assets related to studies and projects, and R&#36;4,818 (R&#36;1,375 in 2005) of result on the sale of property, plant and equipment, mainly gas
cylinders and vehicles and allowance for losses of investments.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">17.</FONT> </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 and byproducts, which are raw materials for the textiles, foods, cosmetics, detergents, agricultural chemicals, paints and varnishes industries, among other. 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 could be obtained with third parties.</FONT>       </TD>
</TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD><font size=2 face="serif">The principal financial information about each
    of the Company&#146;s reportable segments is as follows:</font></TD>
</TR>
</TABLE>
<br>

<table border=0 width=95% cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=center width=8%>&nbsp; </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%>&nbsp; </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">2006</font> </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%>&nbsp; </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%>&nbsp; </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">2005</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="9" align=center><hr noshade size=1></td>
    <td align=center>&nbsp;</td>
    <td align=center><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">Ultragaz</font> </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">Oxiteno</font> </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">Ultracargo</font> </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">Other</font> </td>
    <td  width=2% align="center">&nbsp; </td>
    <td align=center width=8%> <font size=2 face="serif">Consolidated </font> </td>
    <td align=center width=2%>&nbsp;</td>
    <td align=center width=8%><font size=2 face="serif">Consolidated</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
    <td>&nbsp;</td>
    <td align=right><hr noshade size=1>    </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%> <font size=2 face="serif">Net sales, net of related-party
        transactions</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">3,065,849</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">1,549,470</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">178,640</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">89</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">4,794,048</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">4,693,848</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%> <font size=2 face="serif">Income from operations
        before financial income</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%> &nbsp;<font size=2 face="serif">(expenses) and
        equity in subsidiary and</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
    <td  width=2%>&nbsp; </td>
    <td align=left width=8%>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%> &nbsp;<font size=2 face="serif">affiliated companies</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">167,345</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">146,296</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">11,441</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">5,309</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">330,391</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">358,330</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=5%>&nbsp;</td>
    <td align=left width=35%> <font size=2 face="serif">Total assets, net of
        related parties</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">918,598</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">2,298,395</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">310,082</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">322,769</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">3,849,844</font> </td>
    <td  width=2%>&nbsp; </td>
    <td align=right width=8%> <font size=2 face="serif">3,625,125</font> </td>
  </tr>
</table>

<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left><font size=2 face="serif">18.</font></TD>
  <TD width=77% align=left><font size=2 face="serif">FINANCIAL INCOME AND EXPENSES,
    NET (CONSOLIDATED)</font></TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width=77% align=left>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1% align=left GUTTER>&nbsp;</TD>
  <TD  width=2%>&nbsp;</TD>
  <TD width=6% align=right>&nbsp;</TD>
  <TD width=1% align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD GUTTER align=center width=1%>&nbsp;

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">Financial income:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on temporary cash investments and noncurrent investments</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">163,223</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">128,845</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on trade accounts receivable</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,295</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">5,125</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Monetary and exchange variation income</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(14,408</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(17,809</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Other income</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,821</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,489</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">155,931</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">118,650</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">Financial expenses:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on loans and financing</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(85,477</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(42,869</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Interest on debentures</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(44,827</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(41,436</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Bank charges</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(14,677</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(17,125</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Monetary and exchange variations expenses</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17,660</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">32,343</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Financial results from currency hedge transactions</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(18,977</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(48,801</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">CPMF/IOF/other financial expenses(*)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,952</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(25,608</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
 &nbsp;&nbsp;<FONT size=2 face="serif">Other expenses</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(8,013</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(2,498</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">125,359</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">145,994</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=77%>
<FONT size=2 face="serif">Financial income (expenses), net</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">30,572</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(27,344</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="77%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(*)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">In 2006, includes R&#36;23,524 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 20a).</FONT>  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align="right"><font size=2 face="serif">28</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">19.</FONT> </TD>
        <TD colspan=2><font size=2 face="serif">RISKS AND FINANCIAL INSTRUMENTS (CONSOLIDATED)</font></TD>
  </TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2><font size=2 face="serif">The main risk factors to which the Company
    and its subsidiaries are exposed reflect strategic/operating and economic/financial
    aspects. Strategic/operating risks (such as behavior of demand, competition,
    technological innovation, and significant structural changes in industry,
    among others) are addressed by the Company&#146;s management model. Economic/financial
    risks mainly reflect customer default, macroeconomic variables, such as exchange
    and interest rates, as well as the characteristics of the financial instruments
    used by the Company. These risks are managed through control policies, specific
    strategies and the determination of limits, as follows:</font></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
&#149;       </TD>
        <TD width=90%>
<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 December 31, 2006, Oxiteno S.A. - Ind&#250;stria e
Com&eacute;rcio and its subsidiaries maintained R&#36;1,558 (R&#36;848 in 2005) and the subsidiaries of Ultragaz Participa&ccedil;&otilde;es Ltda. maintained R&#36;20,020 (R&#36;25,191 in 2005) as an allowance for doubtful accounts.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
&#149;       </TD>
        <TD width=90%>
<FONT size=2 face="serif">Interest rates - The Company and its subsidiaries adopt conservative policies to obtain and invest funds and to minimize the cost of capital. Temporary cash investments of the Company and its subsidiaries are comprised
substantially of transactions linked to the CDI, as described in Note 4. A portion of the financial assets is intended for foreign currency hedges, as mentioned below. Borrowings are mainly originated from the BNDES, debentures and foreign currency
financing, as mentioned in Note 14.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
&#149;       </TD>
        <TD width=90%>
<FONT size=2 face="serif">Exchange rate - The Company&#146;s subsidiaries use hedge instruments (mainly CDI and US&#36;) 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 December 31, 2006 and 2005:</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD GUTTER align=center width=1%>&nbsp;

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
<FONT size=2 face="serif">Assets:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Investments abroad and hedges</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">94,417</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">126,236</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign cash and cash equivalents</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">861</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,129</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Temporary cash and long-term investments in foreign currency</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">776,454</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">722,565</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Receivables from foreign customers, net of advances on exchange</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">contracts and allowance for loss</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,352</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">21,949</FONT>
        </TD>
</TR>
<TR>
  <TD width="5%"></TD>
  <TD width="5%"></TD>
        <TD width="73%">
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="1%" GUTTER><hr noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="6%"><hr noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">897,084</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">873,879</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
<FONT size=2 face="serif">Liabilities:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Foreign currency financing</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">870,081</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">844,266</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=73%>
 &nbsp; &nbsp;<FONT size=2 face="serif">Import payables</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">30,872</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">16,054</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1></TD>
  <TD>&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=5%>&nbsp;</TD>
        <TD align=left width=73%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">900,953</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">860,320</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&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=5%>&nbsp;</TD>
        <TD align=left width=73%>
<FONT size=2 face="serif">Net asset position</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(3,869</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">13,559</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="73%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<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=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td colspan="2"><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 the year ended December 31,
        2006, in the amount of R&#36;15,927 (financial expense of R&#36;9,434
    in 2005).</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&#149;</td>
    <td width="90%"><font size=2 face="serif">Market value of financial instruments</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Market value of financial instruments as of
    December 31, 2006 and 2005 are as follows:</font></td>
  </tr>
</table>
<br>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD colspan=3 align=center>
<FONT size=2 face="serif">2005</FONT>
        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1>    </TD>
  <TD><hr noshade size=1>    </TD>
  <TD align=center><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1>    </TD>
  <TD  width=2%><hr noshade size=1>    </TD>
  <TD align=center><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Book</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Market</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Book</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">Market</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">value</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=6%>
<FONT size=2 face="serif">value</FONT>
        </TD>
</TR>
<TR>
  <TD width="5%"></TD>
        <TD width="63%">
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="6%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Financial assets:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Cash and banks</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31,992</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">31,992</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">32,714</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">32,714</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Temporary cash investments</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,038,084</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,034,144</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,218,210</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,215,638</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Noncurrent investments</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">547,978</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">564,379</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">372,692</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">372,692</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,618,054</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,630,515</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,623,616</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,621,044</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Financial liabilities:</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Current and long-term loans</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,184,606</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,211,849</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,114,463</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,113,665</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Current and long-term debentures</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">312,794</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">312,748</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">317,853</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">318,495</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,497,400</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,524,597</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,432,316</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,432,160</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=left><hr noshade size=2></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
<FONT size=2 face="serif">Investment-</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=left width=6%>&nbsp;

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5%>&nbsp;</TD>
        <TD align=left width=63%>
 &nbsp;<FONT size=2 face="serif">Investments in affiliated companies</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,497</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,978</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">28,117</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">33,126</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
<TD width="5%">&nbsp;</TD>
<TD colspan=2><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 December 31, 2006 and 2005. The market value of investment in
    affiliated company is based on the share price trading on the S&atilde;o
    Paulo Stock Exchange (BOVESPA).</font></TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">20.</FONT> </TD>
        <TD colspan=2>   <font size=2 face="serif">CONTINGENCIES AND COMMITMENTS (CONSOLIDATED)</font></TD>
    </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">a)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Labor, civil and tax lawsuits</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width=90%>
<FONT size=2 face="serif">The 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 December 31, 2006.</FONT>        </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;</TD>
</TR>
<TR align="right"><TD colspan=3><font size=2 face="serif">30</font></TD></TR></TABLE>
<P align="left">&nbsp;</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 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><p align="left"><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 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. In view of the arguments presented, the fact that the technical
          notice has no binding effect on CADE&#146;s decision, and their legal
          counsel&#146;s opinion, the subsidiaries did not record a provision
          for this issue. Should CADE&#146;s decision be unfavorable, the subsidiaries
          can still discuss the issue at the judicial level.</font></p>
      <p align="left"> <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 58 lawsuits judged thus far, a favorable judgment
          was obtained for 57, and of these 16 have already been dismissed; only
          1 had an unfavorable decision, which is still subject to appeal, and
          whose amount, should the decision be upheld, is R&#36;17. Two lawsuits
          have not yet been judged. The subsidiary has insurance coverage for
          these lawsuits, and the uninsured contingent amount is R&#36;23,595.
          The Company has not recorded any provision for this amount, since it
          believes the probability of loss is remote.</font></p>
      <p align="left"> <font 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;14,469
          (R&#36;36,966 in 2005). Recently the 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. In 2006 final decisions were rendered
          on the lawsuits of subsidiaries Companhia Ultragaz S.A. , Transultra
          - Armazenagem e Transporte Especializado Ltda., Oxiteno S.A Ind&#250;stria
          e Com&eacute;rcio and Ultraqu&iacute;mica Florestal Ltda. (company
          merged into Ultracargo Opera&ccedil;&otilde;es Log&iacute;sticas e
          Participa&ccedil;&otilde;es Ltda.), and the subsidiaries reversed the
          existing provisions in the amount of R&#36;15,886, R&#36;1,331, R&#36;5,736
          and R&#36;571, respectively, net of attorney&#146;s fees, as financial
          income in the statement of income for the year. Likewise, a final 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 it
    is being used for offset of federal taxes.</font></p></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">31</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><p align="left"><font size=2 face="serif">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;14,107, net of attorney&#146;s fees.</font></p>
      <p align="left"> <font size=2 face="serif">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;15,590 (R&#36;14,532 in 2005) for ICMS
          tax assessments being judged at lower-level and appeal-level administrative
          courts. The subsidiaries are currently awaiting decisions on the appeals. </font></p>
      <p align="left"> <font size=2 face="serif">Subsidiary Uting&aacute;s Armazenadora
          S.A. has challenged 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 December 31, 2006 is R&#36;33,351 (R&#36;29,995 in 2005).</font></p>
      <p align="left"> <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 corporate income tax and social contribution taxes. According
          to the injunction obtained, the subsidiaries have been making escrow
          deposits for these debits and recognizing the corresponding liability
          for this purpose.</font></p>
      <p align="left"> <font size=2 face="serif">On September 29, 2006 the subsidiaries
          Oxiteno S.A Ind&#250;stria e Com&eacute;rcio, Oxiteno Nordeste S.A
          Ind&#250;stria e Com&eacute;rcio, Companhia Ultragaz S.A. and Transultra
          Armazenamento e Transporte Especializado Ltda filed for an injunction
          seeking the deduction of ICMS from the PIS and COFINS tax basis.</font></p>
      <p align="left"> <font size=2 face="serif">The Company and its subsidiaries
          filed a request for an injunction seeking not to be subject to the
          legislation that restricted the offset of corporate income tax (IRPJ)
          and social contribution (CSLL) tax loss carryforwards computed through
          December 31, 1994 to 30% of income for the year, as well as petitioning
          the full and immediate utilization of supplementary monetary adjustment
          based on the Consumer Price Index (IPC) / National Treasury Bonds (BTN)
          for 1990 (Law No. 8.200/91) . There are good precedents for these discussions
          when it is proven that there was only a postponement of payment of
          IRPJ and CSLL to the following years, as is the case of the Company&#146;s
          subsidiaries, and legal counsel understands that the chances of success
          of the challenge in the judicial sphere is possible. The contingency
    is estimated at R&#36;21,449.</font></p></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">32</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=1 face="sans-serif">Ultrapar Participa&ccedil;&otilde;es S.A. and Subsidiaries</FONT></P>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><p align="left"><font size=2 face="serif">The Company and
          its subsidiaries have other ongoing administrative and judicial proceedings;
          legal counsel classified the risks on these proceedings as possible
          and/or remote and, therefore, no reserves for potential losses on these
          proceedings have been recorded.</font></p>
      <p align="left"> <font size=2 face="serif">Escrow deposits and provisions
    are summarized below:</font></p></td>
  </tr>
</table>
<br>
<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>&nbsp;

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

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

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

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

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

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

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

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

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">Provisions</FONT></TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">2005</FONT>
        </TD>
        <TD width=1% align=center nowrap GUTTER>&nbsp;

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

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

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

        </TD>
        <TD  width=2% align="center" nowrap>&nbsp;
        </TD>
        <TD width=6% align=center nowrap>
<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD width=1% align=center nowrap GUTTER>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD width="45%" align=left><hr noshade size=1></TD>
  <TD></TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD></TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD></TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD></TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD></TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">Income and social contribution taxes</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">9,272</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">25,088</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(314</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,984</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">36,030</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">PIS and COFINS on other revenues</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">36,966</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">10</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(24,453</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,946</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,469</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">ICMS</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">14,532</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">266</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">1,066</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">15,864</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">INSS</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,172</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">2,172</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">PIS on </FONT><FONT color="#333333" size=2 face="serif">rendering of </FONT><FONT size=2 face="serif">services</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">267</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

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

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">17</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">284</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">(-) Escrow deposits</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(6,148</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">24,436</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">1,762</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">32,346</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="45%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=1>    </TD>
  <TD width="1%" align=left GUTTER>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=45%>
<FONT size=2 face="serif">Total of other taxes and contributions</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">54,622</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,367</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">24,767</FONT>
        </TD>
        <TD GUTTER align=left width=1%>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">3,251</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=6%>
<FONT size=2 face="serif">36,473</FONT>
        </TD>
        <TD GUTTER align=left width=1%>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="45%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2>    </TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=right><hr noshade size=2></TD>
  <TD width="1%" align=left GUTTER><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">b)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Contracts</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Subsidiary Terminal Qu&iacute;mico de Aratu S.A. - Tequimar has contracts with CODEBA 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 December 31, 2006, such rates were R&#36;3.67 and R&#36;3.44 per
ton for Aratu and Suape, respectively. The subsidiary has met the minimum cargo movement limits since inception of the contracts.</FONT>        </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size=2 face="serif">Subsidiary Oxiteno Nordeste S.A. - Ind&#250;stria
      e Com&eacute;rcio has a supply contract with Braskem S.A, that establishes
      a minimum consumption level of ethylene per year. The minimum purchase
      commitment and the actual demand for the years ended December 31, 2006
      and 2005, expressed in tons of ethylene, are summarized below. Should the
      minimum purchase commitment not be met, the subsidiary would be liable
    for a fine of 40% of the current ethylene price for the quantity not purchased.</font></TD>
</TR></TABLE>
<br>

<TABLE border=0 width=95% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp;

        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=center width=9%>
<FONT size=2 face="serif">Minimum<br>
purchase<br>
commitment</FONT>       </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD colspan="3" align=center> <FONT size=2 face="serif">Actual demand</FONT>
        </TD>
  </TR>
<TR>
  <TD width="10%"></TD>
        <TD width="59%">
        </TD>
        <TD>
        </TD>
        <TD width="9%"><hr noshade size=1>      </TD>
        <TD>
        </TD>
        <TD width="8%"><hr noshade size=1>
        </TD>
    <TD><hr noshade size=1></TD>
    <TD width="8%"><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=59%>&nbsp;

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

        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=8%>
 &nbsp; &nbsp;<FONT size=2 face="serif">2006</FONT>
        </TD>
        <TD  width=2% align="center">&nbsp;
        </TD>
        <TD align=center width=8%>
<FONT size=2 face="serif">2005</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="59%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="9%" align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=10%>&nbsp;</TD>
        <TD align=left width=59%>
<FONT size=2 face="serif">In tons</FONT>
        </TD>
        <TD  width=2%>&nbsp;
        </TD>
        <TD align=right width=9%>
<FONT size=2 face="serif">137,900</FONT>
        </TD>
        <TD  width=2% align="right">&nbsp;
        </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">181,496</FONT>
        </TD>
        <TD  width=2% align="right">&nbsp;
        </TD>
        <TD align=right width=8%>
<FONT size=2 face="serif">192,190</FONT>
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
  <TD align=center><hr noshade size=2></TD>
</TR>
</TABLE>
<BR>

<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%"><font size=2 face="serif">On August 16, 2006 the subsidiary
        signed a memorandum of understanding, altering the ethylene supply contract
        with Braskem S.A. described above. The memorandum of understanding regulates
        new conditions of ethylene supply through 2021, and in 2007 and 2008
        the subsidiary will have an additional volume of ethylene, with the minimum
    quantity in tons increasing to 180 thousand and 190 thousand, respectively.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">33</font></td>
  </tr>
</table>

<P align="left">&nbsp;</P>
<P align="left">&nbsp;</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%" valign=top nowrap>&nbsp;</TD>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">c)</FONT> </TD>
        <TD width=90%>
<FONT size=2 face="serif">Insurance coverage for subsidiaries</FONT>    </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">The Company has 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 plants and other
branches of all subsidiaries, with coverage amounting to US&#36;396 million.</FONT>     </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">For the plants 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;233 million.</FONT> </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">A civil liability insurance program covers the Company and its subsidiaries, with global coverage of US&#36;200 million, for losses and damage from accidents caused to third parties, related to the commercial and industrial
operations and/or distribution and sale of products and services.</FONT>        </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>      <TD width=90%>
<FONT size=2 face="serif">Group life insurance, personal accident insurance, health insurance, and domestic and international transportation insurance are also contracted.</FONT>      </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
<TABLE width=100% border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">21.</FONT> </TD>
        <TD width=95%>
<FONT size=2 face="serif">STOCK COMPENSATION PLAN (CONSOLIDATED)</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT 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 December 31, 2006, including taxes, was R&#36;12,263 (R&#36;8,940 in 2005). This amount is being amortized over a period of
ten years and the amortization related to the year ended December 31, 2006, in the amount of R&#36;949 (R&#36;776 in 2005), was recorded as an operating expense for the period.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
        <TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">22.</FONT> </TD>
        <TD width=95%>
<FONT size=2 face="serif">EMPLOYEE BENEFITS AND PRIVATE PENSION PLAN (CONSOLIDATED)</FONT>      </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=95%>
<FONT size=2 face="serif">The Company and its subsidiaries offer benefits to their employees, such as life insurance, health care and pension plan. In addition, loans for the acquisition of vehicles and personal computers are available to employees
of certain subsidiaries. These benefits are recorded on the accrual basis and terminate at the end of the employment relationship.</FONT>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR align="right">
  <TD colspan=2><font size=2 face="serif">34</font></TD>
</TR>
</TABLE>
<P align="left">&nbsp;</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 cellpadding=0 cellspacing=0>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%"><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;3,337
        (R&#36;2,982 in 2005) to Ultraprev, which was charged to income for the
        period. The total number of participating employees as of December 31,
        2005 was 5,632, with no participants retired to date. Additionally, Ultraprev
        has 1 active participant and 31 former employees receiving defined benefits
    according to the policies of a previous plan.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">35</font></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="right">&nbsp;</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></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 size=2 face="serif">ULTRAPAR HOLDINGS INC.</font></b></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="5%"><font size=2 face="Times New Roman, Times, serif">Date:</font></td>
    <td width="45%"><FONT size=2 face="serif">February 15, 2007</FONT></td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
    <td colspan="2"><font size=2 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 size=2 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 size=2 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>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</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>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</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>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</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">(Minutes of a Meeting of the
    Board of Directors, February 12, 2007 / 2006 Financial Statements)</FONT></I></td>
  </tr>
</table>

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<hr size=3 color=GRAY noshade>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
