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<SEC-DOCUMENT>0000950103-07-001216.txt : 20070514
<SEC-HEADER>0000950103-07-001216.hdr.sgml : 20070514
<ACCEPTANCE-DATETIME>20070514172316
ACCESSION NUMBER:		0000950103-07-001216
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070514
FILED AS OF DATE:		20070514
DATE AS OF CHANGE:		20070514

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:		07847723

	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>dp05640e_6k.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
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      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>Form
      6-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      Of Foreign Private Issuer</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>Pursuant
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      Securities Exchange Act Of 1934</strong></font></div>
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      month of May, 2007</font></div>
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      Brigadeiro Luis Antonio, 1343, 9&#186;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Andar</strong></font></div>
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&#8220;Yes&#8221;
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      OF CONTENTS</strong></font></div>
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    <div>
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          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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                  Minutes of a meeting of the Board of Directors
                  (05/2007)</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>2.
                  Interim Financial Information for the period Ended March 31, 2007
                  and
                  Independent Accountants&#8217; Review
                  Report</strong></font></strong></font></div>
              </div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      1</font></div>
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      <div><strong><br>&#160;</strong></div>
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        PARTICIPA&#199;&#213;ES S.A.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Publicly</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>-Traded
        Company</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CNPJ
        n&#186;
33.256.439/0001- 39</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NIRE
        35.300.109.724</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>MINUTES
        OF A
        MEETING OF THE BOARD OF DIRECTORS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>
        (05/2007)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Date,
        Time
        and Location :</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">May
        9, 2007, at 2.30
        p.m., at Company Headquarters, located at Av. Brigadeiro Luiz Ant&#244;nio, n&#186; 1343
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
        9</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
        floor, in the City
        and State of S&#227;o Paulo.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Presence:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Members
        of the Board
        of Directors, </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">duly
        signed, and
        member of the Fiscal Council, Fl&#225;vio C&#233;sar Maia Luz.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Matters
        discussed and deliberated upon:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
                  performance of the Company in the first quarter of the current
                  year was
                  examined and discussed, and the respective financial statements
                  approved.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
                  nomination, as foreseen in &#167; 1&#186;, of Article 17 of the Company bylaws, as
                  </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>President
                  </strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">of
                  the Board
                  of Directors, of the board member </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>PAULO
                  GUILHERME AGUIAR CUNHA</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
                  Brazilian,
                  married, engineer, holder of identity card n&#186; 4.554.607/ SSP-SP and
                  inscribed under CPF n&#186; 008.255.498-68 and as </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Vice-President</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
                  of board
                  member </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>LUCIO
                  DE CASTRO ANDRADE FILHO</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
                  Brazilian,
                  married, engineer, holder of identity card RG n&#186; 3.045.977/SSP-SP and
                  inscribed under CPF n&#186;061.094.708-72, both with business address at Av.
                  Brigadeiro Luiz Antonio, n&#186; 1343 - 9th floor, in the City and State of S&#227;o
                  Paulo (CEP 01317-910).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(Minutes
        of a
        meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A. of
        09.05.2007)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To
                  elect the
                  persons qualified below, as Officers of the company, with a mandate
                  up to
                  the Ordinary Shareholders&#8217; Meeting of 2008, that examine the documents
                  referred to in art. 133 of Law n&#186; 6.404/76, related to the current
                  financial year:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Chief
        Executive Officer</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>PEDRO
        WONGTSCHOWSKI, </strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Brazilian,
        divorced,
        chemical engineer, holder of identity card RG n&#186; 3.091.522/ SSP-SP and inscribed
        under CPF n&#186; 385.585.058-53;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Investor
        Relations Officer:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>ANDR&#201;
        COVRE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
        Brazilian,
        married, administrator, holder of identity card n&#186; 17.841.059/SSP-SP and
        inscribed under CPF/MF n&#186; 130.335.108-09;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Officers</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>PEDRO
        JORGE
        FILHO</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
        Brazilian,
        married, engineer, holder of identity card RG n&#186; 6.031.456/ SSP-SP and inscribed
        under CPF n&#186; 822.913.308-53;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>EDUARDO
        DE
        TOLEDO</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
        Brazilian,
        married, engineer, holder of identity card n&#186; 4.358.259/ SSP-SP and inscribed
        under CPF n&#186; 103.264.958-51; e</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>JO&#195;O
        BENJAMIN PAROLIN</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">,
        Brazilian,
        married, chemical engineer, holder of identity card n&#186; 8.658.508-3, issued by
        SSP/SP, and inscribed under CPF/MF sob o n&#186; 029.320.368-74.</font></div>
      <div><br></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(Minutes
        of a
        meeting of the Board of Directors of Ultrapar Participa&#231;&#245;es S.A. of
        09.05.2007)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Observation:
        (i) The
        deliberations were approved by all the Board Members present, except for
        Board
        Member Renato Ochman, who abstain from voting;(ii) the business address of
        all
        the officers elected is at Av. Brigadeiro Luiz Antonio, n&#186; 1343 - 9&#186; andar, in
        the City and State of S&#227;o Paulo (CEP 01317-910); (iii) The elected Officers,
        hereby assumes their offices and, previously consulted, declare that, (a)
        there
        is no penalty or ongoing impediment which could prevent any of them from
        exercising the activities they have been designated to; (b) do not occupy
        any
        positions in companies which can be considered market competitors to the
        Company
        and (c) do not have conflicting interest with the Company, in accordance
        with
        Article 147 of Law N&#186; 6,404/76.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">There
        being no <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">further
        business
</font>to discuss, the meeting was closed and the minutes</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
        were transcript,
        read and approved by all the undersigned members present, as well as the
        representative of the Fiscal Council: </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Paulo
        Guilherme Aguiar Cunha</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
        - President;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Lucio
        de
        Castro Andrade Filho</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
        - Vice
        President;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>
        Paulo
        Vieira Belotti; Renato Ochman;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Nildemar
        Secches; Olavo Egydio Monteiro de Carvalho </strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
        Board Members;
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Fl&#225;vio
        C&#233;sar
        Maia Luz </strong></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
        Representative of
        the Fiscal Council.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="100%">
        </div>
      </div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">I
        hereby
        declare that this is a true and faithful copy of the minutes of the meeting,
        as
        entered in the Company Registry.<br></font></div>
      <div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
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            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><strong>Paulo
        Guilherme Aguiar Cunha</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chairman
        of the
        Board</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Item
            2</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div>
          <div>&#160;</div>
          <div><font size="2">Ultrapar Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td align="left" valign="top" width="40%" style="border-bottom: black;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 22pt; FONT-FAMILY: Times New Roman, serif"><strong><em>Ultrapar
                      Participa&#231;&#245;es S.A.</em></strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>Interim
                      Financial Information for the period Ended March 31, 2007 and
                      Independent
                      Accountants&#8217; Review Report</em></font></div>
                    <div>&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(A
                      free translation of the original report in Portuguese as published
                      in
                      Brazil containing interim financial information prepared in
                      accordance
                      with accounting practices adopted in Brazil)</font></div>
                  </td>
                  <td width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>

            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
              <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><a name="Start"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">Independent
            accountant&#8217;s review report</font></a></div>
          <div><br></div>
          <div><br></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">To
            the
            Board of Directors and Shareholders</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultrapar
            Participa&#231;&#245;es S.A.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">S&#227;o
            Paulo
            - SP</font></div>
          <div><br></div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="width: 13.5pt;">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>1</strong></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">We
                      have reviewed the interim financial information (ITR) of Ultrapar
                      Participa&#231;&#245;es S.A. and the interim financial information of this Company
                      and its subsidiaries (consolidated interim financial information)
                      for the
                      three-month period ended March 31, 2007, which comprises the
                      balance
                      sheet, the statement of income, management report and other
                      relevant
                      information, prepared in accordance with accounting practices
                      adopted in
                      Brazil and rules issued by the Brazilian Securities and Exchange
                      Commission (CVM).</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="width: 13.5pt;">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>2</strong></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Our
                      review was performed in accordance with review standards established
                      by
                      IBRACON - The Brazilian Institute of Independent Auditors and
                      the Federal
                      Council of Accounting, which comprised mainly: (a) inquiry
                      and discussion
                      with management responsible for the accounting, financial and
                      operational
                      areas of the Company and its subsidiaries, regarding the main
                      criteria
                      adopted in the preparation of the interim financial information;
                      and (b)
                      review of post-balance sheet information and events which may
                      have a
                      material effect on the financial position and the operations
                      of the
                      Company and its subsidiaries.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="width: 13.5pt;">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>3</strong></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Based
                      on our review, we are not aware of any material changes which
                      should be
                      made to the interim financial information described above,
                      for them to be
                      in accordance with the accounting practices adopted in Brazil
                      and the
                      regulations issued by the Brazilian Securities and Exchange
                      Commission
                      (CVM), specifically applicable to the preparation of interim
                      financial
                      information.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="width: 13.5pt;">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>4</strong></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Our
                      review was performed with the objective of issuing a review
                      report on the
                      interim financial information, as described in the first paragraph.
                      The
                      individual and consolidated statements of cash flows of Ultrapar
                      Participa&#231;&#245;es S.A. and its subsidiaries for the three-months period ended
                      March 31, 2007 are supplementary information to the ITR, which
                      are not
                      required by the accounting practices adopted in Brazil, and
                      have been
                      included to facilitate additional analysis. These supplementary
                      information were subject to the same review procedures applied
                      to the
                      aforementioned ITR and, in our opinion, is presented fairly,
                      in all
                      material respects, in relation to the ITR taken as a
                      whole.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
              <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
            </div>
          </div>
          <div>&#160;</div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="width: 13.5pt;">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>5</strong></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
                      interim financial information for the three-month period ended
                      March 31,
                      2006 was reviewed by other independent accountant&#8217;s, who issued an
                      unqualified report dated April 28, 2006. In addition, the financial
                      statements for the year-ended December 31, 2006 were audited
                      by those
                      auditors, whose unqualified opinion was issued on January 31,
                      2007.</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">April
            30,
            2007</font></div>
          <div><br></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">KPMG
            Auditores Independentes</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">CRC
            2SP014428/O-6</font></div>
          <div><br></div>
          <div><br></div>
          <div>&#160;</div>
          <div align="center">
            <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                <tr bgcolor="white">
                  <td width="50%">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Pedro
                      Augusto de Melo</font></div>
                    <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Accountant
                      CRC 1SP113939/O-8</font></div>
                  </td>
                  <td width="50%">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Alexandre
                      Heinermann</font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Accountant
                      CRC 1SP228175/O-0</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br></div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
              <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>ULTRAPAR
            PARTICIPA&#199;&#213;ES S.A.</u></font></div>
          <div><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="#ffffff">
                      <td width="100%" style="border-top: black 1pt solid; border-bottom: black 1pt solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">IDENTIFICATION</font></td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div><br></div>
          </div>
          <div align="left">
            <table cellpadding="2" cellspacing="0" width="100%">

                <tr>
                  <td align="justify" colspan="4" valign="top" width="100%" style="border-right: black 2px solid; border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 1pt solid;">
                    <div>&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>01.01-
                      CAPITAL COMPOSITION</strong></font></div>
                    <div>&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Number
                      of shares</strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(Thousands)</font></div>
                    </div>
                  </td>
                  <td valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Current
                      quarter</strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </div>
                  </td>
                  <td valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Prior
                      quarter</strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </div>
                  </td>
                  <td valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Same
                      quarter in prior year</strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2006</font></div>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td align="left" colspan="4" valign="top" width="100%" style="border-right: black 2px solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Paid-up
                      Capital</strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1
                      -
                      Common</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">49,430</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">49,430</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">49,430</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2
                      -
                      Preferred</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,895</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,895</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,895</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3
                      -
                      Total</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">81,325</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">81,325</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">81,325</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" colspan="4" valign="top" width="100%" style="border-right: black 2px solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Treasury
                      Stock</strong></font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4
                      -
                      Common</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">7</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">7</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">7</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">5
                      -
                      Preferred</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">206</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">161</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">182</font></div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="40%" style="border-right: black 1pt solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">6
&#8211;
                      Total</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">213</font></div>
                  </td>
                  <td align="right" valign="top" width="18%" style="border-right: black 1pt solid; border-left: black; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">168</font></div>
                  </td>
                  <td align="right" valign="top" width="24%" style="border-right: black 2px solid; border-bottom: black 2px solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">189</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div>
            <div><br></div>
            <div align="left">
              <table cellpadding="2" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" colspan="5" rowspan="2" valign="middle" width="70%" style="border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>01.02
                        - DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE
                        QUARTER</strong></font></div>
                    </td>
                    <td colspan="2" valign="top" width="30%" style="border-right: black 2px solid; border-top: black 2px solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td colspan="2" valign="top" width="25%" style="border-right: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="middle" width="10%" style="border-left: black 2px solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1
&#8211;
                        ITEM</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2
                        -
                        EVENT</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3
                        -
                        APPROVAL</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4
                        -
                        REVENUE</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">5
                        -
                        BEGINNING OF PAYMENT</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">7
                        -
                        TYPE OF SHARE</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8
                        -
                        AMOUNT PER SHARE</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="top" width="10%" style="border-left: black 2px solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">01</font></div>
                    </td>
                    <td align="left" nowrap valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 4px;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Board
                        of Director&#8217;s Meeting</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">02/12/2007</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Dividends</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/02/2007</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Common</font></div>
                    </td>
                    <td align="right" valign="top" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0.8896330000</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="top" width="10%" style="border-left: black 2px solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">02</font></div>
                    </td>
                    <td align="left" valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Board
                        of Director&#8217;s Meeting</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">02/12/2007</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Dividends</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/02/2007</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Preferred</font></div>
                    </td>
                    <td align="right" valign="top" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0.8896330000</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div><br></div>
            <div align="left">
              <table cellpadding="2" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" colspan="5" rowspan="2" valign="middle" width="70%" style="border-top: black 2px solid; border-left: black 2px solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>01.03
                        - SUBSCRIBED CAPITAL AND ALTERATIONS IN THE CURRENT
                        YEAR</strong></font></div>
                    </td>
                    <td colspan="2" valign="top" width="30%" style="border-right: black 2px solid; border-top: black 2px solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td colspan="2" valign="top" width="25%" style="border-right: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="middle" width="10%" style="border-left: black 2px solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1
&#8211;
                        ITEM</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2
                        -
                        DATE OF ALTERATION</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3
                        -
                        AMOUNT OF THE CAPITAL</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(IN
                        THOUSANDS OF REAIS)</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4
                        -
                        AMOUNT OF THE ALTERATION</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(IN
                        THOUSANDS OF REAIS)</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">5
                        -
                        NATURE OF ALTERATION</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">7
                        -
                        NUMBER OF SHARES ISSUED</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(THOUSAND)</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8
                        -
                        SHARE PRICE ON ISSUE DATE</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(IN
                        REAIS)</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="top" width="10%" style="border-left: black 2px solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="10%" style="border-left: black 2px solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="top" width="15%" style="border-right: black 2px solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div>
              <div>
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" valign="top" width="27%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(A
                          free translation of the
                          original report in Portuguese as published in
                          Brazil)</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="27%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="27%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000"><u>ULTRAPAR
                          PARTICIPA&#199;&#213;ES S.A. AND
                          SUBSIDIARIES</u></font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="27%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="27%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">BALANCE
                          SHEETS AS OF MARCH 31,
                          2007 AND DECEMBER 31, 2006</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="27%" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(In
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                      </td>
                    </tr>

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              </div>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div align="left">
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="6" valign="bottom" width="12%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Parent
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="6" valign="bottom" width="12%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Consolidated</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="6" valign="bottom" width="12%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Parent
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="6" valign="bottom" width="12%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Consolidated</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">ASSETS</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Notes</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">03/31/2007</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12/31/2006</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">03/31/2007</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12/31/2006</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">LIABILITIES</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Notes</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">03/31/2007</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12/31/2006</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">03/31/2007</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12/31/2006</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">CURRENT
                            ASSETS</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">CURRENT
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Loans
                            and
                            financing</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">102,759</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Temporary
                            cash
                            investments</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">4</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">103,880</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">279,264</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">838,142</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,038,084</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Debentures</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">14</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">303,078</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12,794</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">303,078</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12,794</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Trade
                            accounts
                            receivable</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">5</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">383,714</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">360,012</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">364</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Inventories</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">228,013</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">217,165</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Salaries
                            and related
                            charges</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">45</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">59</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">66,037</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">81,205</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Recoverable
                            taxes</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,770</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,959</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">110,671</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">117,802</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Taxes
                            payable</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">34</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">21,966</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">16,850</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deferred
                            income and social
                            contribution taxes</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9a.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Dividends
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">39,288</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">101,376</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Dividends
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">43,211</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">53,845</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Income
                            and social contribution
                            taxes</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,096</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">986</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">309</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">341</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,442</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,098</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deferred
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9a</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">154</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">173</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Prepaid
                            expenses</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">560</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">560</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11,113</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">8,620</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,529</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,722</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            current
                            assets</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">151,061</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">342,173</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,647,913</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,807,071</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            current
                            liabilities</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">338,836</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">109,909</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">663,977</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">431,391</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Loans
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Related
                            companies</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,540</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">8,945</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,360</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Debentures</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">14</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">300,000</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">300,000</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deferred
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9a.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,191</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,087</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">55,432</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">58,201</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Related
                            companies</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,456</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">4,687</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Recoverable
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">25,171</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">18,739</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">73,244</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">65,300</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deferred
                            income and social
                            contribution taxes</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9a.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">26,163</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">26,029</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Escrow
                            deposits</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">193</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">193</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">17,164</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">14,332</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other
                            taxes</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">20a.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9,389</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">31,337</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">36,473</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Prepaid
                            expenses</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">47</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">187</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12,196</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">13,259</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,724</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,724</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Others</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,136</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,265</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            noncurrent
                            liabilities</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,456</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">342,845</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,105,163</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,451,811</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            long-term
                            assets</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">136,957</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">25,746</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">738,211</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">726,943</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Investments:</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">SHAREHOLDERS'
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Subsidiary</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,025,485</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">5,185</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Capital</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">946,034</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">946,034</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">946,034</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Affiliated
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">10b.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Capital
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">15c.</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,026</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">626</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">550</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">60</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">60</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">25,475</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">25,497</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Revaluation
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">15d.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12,644</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">13,009</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Property,
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,178,536</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Profit
                            reserves</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">15e.,15f.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
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                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">983,230</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">983,230</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">983,230</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Intangible</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">59,917</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">61,013</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Treasury
                            shares</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">15b.</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">(6,979</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">(4,589</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">(11,556</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">(9,312</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deferred
                            charges</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="5%">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">13</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">377</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">116,219</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">112,256</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Retained
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                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">37,543</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">37,543</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            permanent
                            assets</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,059,772</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,025,545</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,385,332</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,315,830</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 2px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            shareholders'
                            equity</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,975,498</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,940,710</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,968,521</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,933,511</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: #ffffff solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            noncurrent
                            assets</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,196,729</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,051,291</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,123,543</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,042,773</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="15%" style="border-bottom: #ffffff solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            minority interest and
                            stockholders' equity</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,975,498</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,940,710</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,002,316</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,966,642</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="4" valign="bottom" width="21%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">TOTAL
                            LIABILITIES AND
                            STOCKHOLDERS'</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="padding-bottom: 4px; border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">TOTAL
                            ASSETS</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 4px double;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,347,790</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 4px double;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,393,464</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%" style="border-bottom: black 4px double;">
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                        <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                            </font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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                        <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
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              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" valign="top" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(Convenience
                          Translation into
                          English from the Original Previously Issued in
                          Portuguese)</font></font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000"><u>ULTRAPAR
                          PARTICIPA&#199;&#213;ES S.A. AND
                          SUBSIDIARIES</u></font></font></div>
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                    </tr>
                    <tr>
                      <td valign="top" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">STATEMENTS
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                          INCOME</font></font></div>
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                    <tr>
                      <td align="left" valign="top" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">FOR
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                          MARCH 31, 2007 AND 2006</font></font></div>
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                    </tr>
                    <tr>
                      <td align="left" valign="top" width="40%" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(In
                          thousands of Brazilian reais -
                          R$, except for earnings per
                          share)</font></font></div>
                      </td>
                    </tr>

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            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td valign="bottom" width="455" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                          Company</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="6" valign="bottom" width="248" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Consolidated</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" width="455" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
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                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" width="455" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" width="114"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">GROSS
                          SALES AND
                          SERVICES</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2a.</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,293,037</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,198,980</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Deductions</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(118,924</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(101,239</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">NET
                          SALES AND
                          SERVICES</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,174,113</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,097,741</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Cost
                          of sales and
                          services</font></font></div>
                      </td>
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                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">GROSS
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">EQUITY
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(103</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">59</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">OPERATING
                          (EXPENSES)
                          INCOME</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Selling</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">General
                          and
                          administrative</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(11</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(1</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(69,680</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(62,559</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Management
                          compensation</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(1,153</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(1,244</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Depreciation
                          and
                          amortization</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(31,814</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(30,578</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Other
                          operating income,
                          net</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(68</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Financial
                          income (expenses),
                          net</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(7,846</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Financial
                          income</font></font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">18</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,598</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">14,674</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">31,767</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,674</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: #ffffff solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Financial
                          expenses</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(39,613</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">(21,260</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">INCOME
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; border-bottom: black;">
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                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <tr>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" colspan="2" valign="bottom" width="10%">
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%">
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                          INTEREST</font></font></div>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="border-bottom: #ffffff solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Minority
                          interest</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">)</font></td>
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                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px; border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">NET
                          INCOME</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">63,097</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">37,235</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <tr>
                      <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px; border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">EARNINGS
                          PER SHARE -
                          R$</font></font></div>
                      </td>
                      <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                      <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="12" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="102" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="102" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="102" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="102" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <div>&#160;</div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                  <div id="GLFTR" style="WIDTH: 100%" align="left">
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                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  </div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
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                  <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                    Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1.</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">OPERATIONS</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultrapar
              Participa&#231;&#245;es S.A. (the &#8220;Company&#8221;), with headquarters in the city of S&#227;o Paulo,
              invests in commercial and industrial activities, including subscription
              or
              purchase of shares of other companies with similar activities.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Through
              its subsidiaries, the Company is engaged in the distribution of liquefied
              petroleum gas - LPG (Ultragaz), production and sale of chemicals (Oxiteno),
              and
              services in integrated logistics solution for special bulk
              (Ultracargo).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">PRESENTATION
                            OF INTERIM FINANCIAL INFORMATION AND <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SIGNIFICANT
                            ACCOUNTING PRACTICES</font></font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              accounting practices adopted to record transactions and for the preparation
              of
              the interim financial information &#8211; ITR are those established by accounting
              practices derived from the Brazilian Corporation Law&#160;&#160;and the
              Brazilian Securities Commission (CVM).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td align="left" style="width: 27pt;">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)</font></div>
                    </td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Results
                        of operations</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                    <tr valign="top">
                      <td style="width: 27pt;">
                      </td>
                      <td align="left" style="width: 27pt;">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)</font></div>
                      </td>
                      <td align="left">
                        <div align="left">
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Current
                            and noncurrent&#160;assets</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Temporary
              cash and long-term investments are stated at cost, plus accrued income
              (on a
&#8220;pro rata temporis&#8221; 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              allowance for doubtful accounts is recorded based on estimated losses
              and is
              considered sufficient by management to cover potential losses on accounts
              receivable.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Inventories
              are stated at the lower of average cost of acquisition or production,
              that do
              not overcome the market value.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Other
              assets are stated at the lower of cost or realizable values, including,
              when
              applicable, accrued income and monetary and exchange variation incurred
              or net
              of allowances for losses.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">c)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify">
                              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Investments</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Significant
              investments in subsidiary and affiliated companies are recorded under
              the equity
              method, as shown in Note 10.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Other
              investments are stated at acquisition cost, net of allowances for losses,
              should
              the losses not be considered temporary.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">d)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify">
                              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Property,
                                plant and equipment</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Stated
              at
              acquisition or construction cost, 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.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Depreciation
              is calculated on a straight-line basis at the annual rates described
              in Note 11,
              and is based on the economic useful live of the assets.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                    <tr valign="top">
                      <td style="width: 27pt;">
                      </td>
                      <td align="left" style="width: 27pt;">
                        <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">e)</font></div>
                      </td>
                      <td align="left">
                        <div align="left">
                          <div align="justify">
                            <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Intangible</font></div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Stated
              at
              acquisition cost, less allowance for losses, should the losses not
              be considered
              temporary, as shown in Note 12.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">f)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify">
                              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Deferred
                                charges</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Deferred
              charges comprises costs incurred in the installation of Company
              equipment&#160;&#160;at customers&#8217; 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">g)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify">
                              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Current
                                and noncurrent
                                liabilities</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Stated
              at
              known or estimated amounts including, when applicable, accrued charges,
              monetary
              and exchange rate variations incurred until the interim financial information
              date.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">h)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Income
                              and social contribution taxes on
                              income</font></div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">i)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Basis
                              for translation of the interim financial information
                              of foreign
                              subsidiaries</font></div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              interim financial information of foreign subsidiaries are translated
              into
              Brazilian reais at the current exchange rate in effect at the date
              of the
              interim financial information &#8211; ITR. The criteria for preparation of the interim
              financial information have been adapted to conform to accounting practices
              derived from the Brazilian Corporation Law.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">j)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Cash
                              flow statement</font></div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                      <tr valign="top">
                        <td style="width: 27pt;">
                        </td>
                        <td align="left" style="width: 27pt;">
                          <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">k)</font></div>
                        </td>
                        <td align="left">
                          <div align="left">
                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Use
                              of estimates</font></div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              preparation of interim financial information in accordance with accounting
              practices derived from the Brazilian Corporation Law requires management
              to make
              estimates and assumptions that affect the reported amounts of assets
              and
              liabilities at the balance sheet dates and the reported amounts of
              revenues,
              costs and expenses for the years presented. Although these estimates
              are based
              on management&#8217;s best available knowledge of current and expected <font style="DISPLAY: inline; COLOR: #000000">future events, actual
              results could
              differ from those estimates.</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">3.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">CONSOLIDATION
                            PRINCIPLES</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              consolidated interim financial information 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="14" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ownership
                        interest&#160;- %</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 0.3pt"></font>03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Direct</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Indirect</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Direct</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Indirect</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ultragaz
                        Participa&#231;&#245;es Ltda.</font></div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TEMPORARY
                                CASH AND LONG-TERM
                                INVESTMENTS</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">These
              investments, contracted with leading banks, are substantially composed
              of:
              (i)&#160;private securities issued by leading banks and fixed-income funds,
              all
              linked to the interbank deposit rate (CDI); (ii)&#160;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;
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              accrued income on a &#8220;pro rata temporis&#8221; basis.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Austrian
                        notes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">430,326</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">419,818</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Dual
                        Currency Deposits (a)</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">540,247</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">553,100</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Foreign
                        investments (b) (d)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">215,455</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">223,354</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Securities
                        and fixed-income funds in Brazil</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">103,880</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">265,404</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">442,060</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        expenses on hedge transaction (c)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(61,979</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(52,270</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">103,880</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">279,264</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,389,453</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,586,062</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Current
                        portion</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">103,880</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">279,264</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">838,142</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,038,084</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Noncurrent
                        portion</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">551,311</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">547,978</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>
            </div>
            <div>&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(a)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 until March 31, 2007 was represented by the
                        US dollar. Up to
                        March 31, 2007 the exchange rate has always remained below
                        the strike
                        rate.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(b)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Investments
                        made by the subsidiaries Oxiteno Overseas Corp., Oxiteno
                        International
                        Corp., LPG International Inc. and Canamex Qu&#237;micos S.A. de C.V. in
                        fixed-income funds, certificates of deposit&#160;&#160;and investment
                        grade corporate securities.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                    <tr valign="top">
                      <td style="width: 27pt;">
                      </td>
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(c)</font></div>
                      </td>
                      <td>
                        <div align="justify">
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Accumulated
                            gain or loss (see Note 19).</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(d)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
                        April 2006, subsidiary Oxiteno Overseas Corp., owner of notes
                        in the
                        amount of US$60 million issued by Companhia Ultragaz S.A.
                        in the
                        international market in 1997 (Original Notes), sold these
                        Original Notes
                        to a foreign financial institution. 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></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TRADE
                                  ACCOUNTS RECEIVABLE
                                  (CONSOLIDATED)</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Domestic
                        customers</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">398,137</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">375,464</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Foreign
                        customers</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">65,964</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">76,465</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(-)
                        Advances on foreign exchange contracts</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(39,126</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(50,918</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(-)
                        Allowance for doubtful accounts</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(22,479</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(21,751</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">402,496</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">379,260</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Current
                        portion</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">383,713</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">360,012</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Noncurrent
                        portion</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">18,783</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">19,248</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              changes in the allowance for doubtful accounts are shown below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at December 31, 2006</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">21,751</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Addition
                        recorded as selling expenses</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,719</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Utilization</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(991</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at March 31, 2007</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">22,479</font></div>
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                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">6.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">INVENTORIES
                                  (CONSOLIDATED)</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cost</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Provision</font></div>
                      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;for
                        losses</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div>
                      </div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cost</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Provision</font></div>
                      <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;for
                        losses</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div>
                      </div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Finished
                        products</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">114,302</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2,132</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">112,170</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">98,761</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1,528</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">97,233</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Work
                        in process</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">783</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">783</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">594</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">594</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Raw
                        materials</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">50,262</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(40</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">50,222</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Advances
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="28%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="28%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at December 31, 2006</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Additions</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(8</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at March 31, 2007</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2,759</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">7.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">RECOVERABLE
                                  TAXES</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Parent
                        Company</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">27,879</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,636</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">73,706</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">75,299</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">ICMS</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">112,983</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">101,034</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Provision
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">PIS
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">VAT
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8,474</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">41</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">41</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,673</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,337</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">27,941</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,698</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25,171</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">18,739</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">73,244</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">65,300</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div align="left">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(*)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
                        provision refers to credit balances that the subsidiaries
                        estimate they
                        will not be able to offset in the
                        future.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              changes in the provision for losses on ICMS are shown below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at December 31, 2006</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,438</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Addition</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4,050</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Reversal</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1,055</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at March 31, 2007</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">34,433</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              increase in the balance of ICMS is mainly due to the increase in ICMS
              credits of
              the Cama&#231;ari (Bahia State) plant of the subsidiary Oxiteno Nordeste S.A -
              Ind&#250;stria e Com&#233;rcio,&#160;&#160;due to measures taken by the 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 this plant corresponds
              to R$
              60,419 as of March 31, 2007 (R$ 50,241 as of December 31, 2006), of
              which R$
              28,606 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&#8217;s management is working on a series of
              additional measures for consumption of the plant&#8217;s ICMS balance. The allowance
              for loss of the plant&#8217;s credits was recognized on the basis of the maximum
              discount expected on their commercialization. The PIS and COFINS credits
              of the
              subsidiary Oxiteno Nordeste S.A. - Ind&#250;stria e Com&#233;rcio, arose from the
              favorable outcome of a lawsuit in 2006 and are being utilized to offset
              other
              federal taxes, mainly income and social contribution taxes on
              income.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">8.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
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              </div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Parent
                          Company</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Loan</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Asset</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Liability</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Oxiteno
                        S.A. - Ind&#250;stria e Com&#233;rcio</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">85,440</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Oxiteno
                        Nordeste S.A. - Ind&#250;stria e Com&#233;rcio</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">13,615</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">33,000</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Bahiana
                        Distribuidora de G&#225;s Ltda</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,500</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ultragaz
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Melamina
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
                        at December 31, 2006</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </table>
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            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

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                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Trade
                          accounts</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Receivable</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Qu&#237;mica
                        da Bahia Ind&#250;stria e Com&#233;rcio S.A.</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Serma
                        Associa&#231;&#227;o dos Usu&#225;rios de Equipamentos de Processamentos de Dados e
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8,783</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Plenog&#225;s
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">871</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">162</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">231</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">36</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
                        at March 31, 2007</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4,687</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8,199</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
                        at December 31, 2006</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">399</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </table>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Operations</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="padding-bottom: 2px;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">expenses</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="64%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Petroqu&#237;mica
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Copagaz
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Braskem
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">15,126</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">SHV
                        G&#225;s Brasil Ltda.</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">306</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">217</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                  <tr>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">16,729</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">708,340</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(55</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="64%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="64%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
                        at March 31, 2006</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11,836</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">643,637</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(85</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="64%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              loan
              balance with Qu&#237;mica da Bahia Ind&#250;stria e Com&#233;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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">9.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">INCOME
                                  AND SOCIAL CONTRIBUTION
                                  TAXES</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Deferred
                        income and social contribution
                        taxes</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Parent
                          Company</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Assets:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Deferred
                        income and social contribution taxes on:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">22,124</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Provision
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">264</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">27,250</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution tax loss</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">carryforwards</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,191</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,669</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25,939</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,455</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3,169</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">93,312</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">85,499</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Current
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">264</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">82</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">58,201</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Liabilities:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Deferred
                        income and social contribution taxes on:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Revaluation
                        of property, plant and equipment</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">773</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">865</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        earned abroad</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25,544</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25,337</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,317</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,202</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Current
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">154</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">173</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Noncurrent
                        portion</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,163</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,029</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              estimated recovery of deferred income and social contribution tax assets
              is
              shown below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Parent
                        Company</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">264</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">37,880</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        1 to 2 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">994</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">21,393</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        2 to 3 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">197</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12,695</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        3 to 4 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">21,344</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,455</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">93,312</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>
            </div>
            <div><br></div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Conciliation
                        of income and social contribution taxes in the statements
                        of
                        income</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Income
              and
              social contribution taxes are reconciled to official tax rates as
              follows:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Parent&#160;Company</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        before taxes, equity in subsidiary and affiliated companies
                        and minority
                        interest</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">5,042</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,509</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">58,667</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">69,520</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Official
                        tax rates - %</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">34</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">34</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">34</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">34</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes at official rates</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1,714</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(513</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(19,947</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(23,637</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Adjustments
                        to the effective tax rate:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Adjustments
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Workers&#8217;
                        meal program (PAT)</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">114</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">250</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(346</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes before benefit of tax
                        holidays</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Benefit
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11,369</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes in the statements of income</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(11,653</font></td>
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                  </tr>
                  <tr>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div>&#160;</div>
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              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
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                    </td>
                    <td>
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                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              following subsidiaries have partial or total exemption from income
              tax in
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              Region
              of Brazil:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="15%" style="border-bottom: black;">
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                  <tr>
                    <td align="left" valign="bottom" width="56%" style="border-bottom: black 2px solid;">
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-%</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;">&#160;</td>
                    <td valign="bottom" width="15%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;date&#160;&#160;&#160;&#160;</font></div>
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                  </tr>
                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="56%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Oxiteno
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                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cama&#231;ari
                        plant</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">100</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2006</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Suape
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                  <tr>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
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                        plant</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
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                  <tr>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Aracaju
                        plant</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Caucaia
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">75</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2012</font></div>
                    </td>
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                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="56%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Terminal
                        Qu&#237;mico de Aratu S.A. - Tequimar</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Aratu
                        Terminal</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">75</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2012</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Suape
                        Terminal</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">75</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2015</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="56%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="15%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div align="left">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 25pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(*)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
                        December 2006, this plant&#8217;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
                        May 2007, having
                        been successful in previous similar requests. 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. Should the
                        income tax reduction be approved, the subsidiary will have
                        to wait the
                        manifestation of the Federal Revenue Service, which has a
                        period of 120
                        days to endorse it. After this period the subsidiary will
                        recorded the
                        value of this reduction in its statements, with retroactive
                        effect to
                        January&#160;&#160;01, 2007.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">INVESTMENTS</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td align="left" style="width: 27pt;">
                      <div>a)</div>
                    </td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiaries
                        of the Company</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Investiments</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Equity
                        method</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Oxicap
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
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                </div>
                <div>&#160;</div>
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                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">11.</font></div>
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                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">PROPERTY,
                                    PLANT AND EQUIPMENT
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                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" width="319" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Annual</font></div>
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                    <td align="left" nowrap valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
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                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="319" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">depreciation
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                    <td align="left" nowrap valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black;">
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                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
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                    </td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="319" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">rates
                        - % </font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">cost</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(b)&#160;depreciation</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">for&#160;realization</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="319" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="11"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Land</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">47,448</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(374</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">47,074</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">46,676</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Buildings</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(144,621</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">202,134</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">112,415</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </table>
            </div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
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              are shown
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at December 31, 2006</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Addition</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at March 31, 2007</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
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              subsidiaries recorded, in previous years, revaluation of property,
              plant and
              equipment items. The revaluation balances are shown below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Accumulated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Revaluation</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">depreciation</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Land</font></div>
                    </td>
                    <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">15,469</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">15,469</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">15,503</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Buildings</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">43,866</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(34,545</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9,321</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9,771</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Machinery
                        and equipment</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Vehicles</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">784</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">140,767</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(114,951</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              depreciation of theses revaluations in the amount of R$ 438 as of March
              31, 2007
              (R$ 484 as of March 31, 2006) was recorded in the statements of income.
              The
              amount of deferred taxes on revaluations totals R$ 7,275 as of March
              31, 2007
              (R$ 7,491 as of December 31, 2006), of which R$ 773 as of March 31,
              2007 (R$ 865
              as of December 31, 2006) is recorded as noncurrent liabilities, as
              shown in Note
              9.a), and R$ 6,502 as of March 31, 2007 (R$ 6,626 as of December 31,
              2006) 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Construction
              in progress refers substantially to construction of the fatty alcohols
              plant
              of&#160;&#160;subsidiary Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos
              Ltda. in the amount of&#160;&#160;R$ 74,909, and the new alkoxylation plant of
              subsidiary Oxiteno S.A. - Ind&#250;stria e Com&#233;rcio in the amount of R$ 35,573, as
              well as expansions and renovations of the subsidiaries&#8217; plants.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Advances
              to suppliers refer basically to purchase of equipment for the fatty
              alcohols
              plant of subsidiary Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos
              Ltda.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">12.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">INTANGIBLE
                                    (CONSOLIDATED)</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" width="319" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: #ffffff solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Annual</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="14" valign="bottom" width="520" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="319" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">amortization
                        &#160;average</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="12"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="115"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="11" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="28%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(59,208</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="28%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              changes in the provision for losses on intangibles are shown below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at December 31, 2006</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">836</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Addition</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance
                        at March 31, 2007</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">836</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Commercial
              property rights, mainly those described below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
                        July 11, 2002, subsidiary Terminal Qu&#237;mico de Aratu S.A. -
                        Tequimar&#160;&#160;signed a contract with CODEBA - Companhia Docas do
                        Estado da Bahia for use of the site where the Aratu Terminal
                        is located
                        for another 20 years, renewable for the same period. The
                        price paid by
                        Tequimar amounted to R$ 12,000 and is being amortized from
                        August 2002 to
                        July 2042.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Further,
                        subsidiary Terminal Qu&#237;mico de Aratu S.A. - Tequimar has a lease agreement
                        for an area adjacent to the Port of Santos for 20 years,
                        effective
                        December 2002 and renewable for another 20 years, for building
                        and
                        operating a terminal for receiving, tanking, handling and
                        distribution of
                        bulk liquids. The price paid by Tequimar was R$ 4,334 and
                        is being
                        amortized from August 2005 until December
                        2022.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">13.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">DEFERRED
                                    CHARGES
                                    (CONSOLIDATED)</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: #ffffff solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Annual</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                      </div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">amortization
                        &#160; average</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Accumulated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net&#160;book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net&#160;book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">rates
                        - % </font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cost</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">amortization</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Expenses
                        with studies and projects</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">20</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">57,781</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(12,790</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">44,991</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">39,744</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Pre-operating
                        expenses</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">6,683</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2,733</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3,950</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4,596</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Installation
                        of Ultrasystem equipment at customers&#8217; facilities</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">33</font></div>
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                    <td valign="bottom" width="40%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">14.</font></div>
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                      <td>
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">LOANS,
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                              </div>
                            </div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Composition</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table border="0" cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td nowrap valign="top" width="35%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Annual</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td nowrap valign="top" width="35%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Index/</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td nowrap valign="top" width="35%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Description</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">03/31/2007</font></div>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black 2px solid;">
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black 2px solid;">
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td nowrap valign="bottom" width="11%" style="border-bottom: black 2px solid;">
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                        2007 - %</font></div>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black 2px solid;">
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                    </td>
                  </tr>
                  <tr>
                    <td nowrap valign="top" width="35%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Foreign
                        currency:</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Syndicated
                        loan</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
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                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5.05</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Notes
                        in the foreign market (b)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">522,923</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">535,576&#160;</font></div>
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                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">7.25</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2015</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Notes
                        in the foreign market (c)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">126,161</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">128,665&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">9.0</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2020</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Working
                        capital loan</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4,077</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,375&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">MX$
                        + TIIE (i)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1.0</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Foreign
                        financing</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">24,625</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">26,155&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$
                        + LIBOR</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2.0</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2009</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Inventories
                        and property, plant and equipment financing</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">13,891</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">14,445&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">MX$
                        + TIIE (i)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        1.25 to 2.0</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2009 to 2011</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Advances
                        on foreign exchange contracts</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4,043</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,295&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        5.20 to 5.63</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Maximum
                        of 59 days</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">National
                        Bank for Economic and Social Development (BNDES)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10,693</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">12,890&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">UMBNDES
                        (ii)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        8.63 to 10.38</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2007 to 2011</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">National
                        Bank for Economic and Social Development (BNDES)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10,154</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="11%" style="border-bottom: black;">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">10,120&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div>&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        7.68 to 10.83</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2010 to 2013</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Export
                        prepayments, net of linked operations</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;10,383</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;11,100&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">US$</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">6.2</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subtotal</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">851,700</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;870,081&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td nowrap valign="top" width="35%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Local
                        currency:</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">National
                        Bank for Economic and Social Development (BNDES)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">196,726</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">199,890&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TJLP<font style="DISPLAY: inline; FONT-SIZE: 9pt"><sup>&#160;</sup></font>(iii)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        1.50 to 4.85</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2007 to 2013</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">National
                        Bank for Economic and Social Development (BNDES)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4,645</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">7,005&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">IGP-M
                        (iv)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">6.5</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Government
                        Agency for Machinery and Equipment Financing (FINAME)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">36,901</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">40,742&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TJLP
                        (iii)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2.5 to 4.85</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2007 to 2011</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Research
                        and projects financing (FINEP)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">55,398</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">46,881&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TJLP
                        (iii)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        (2.0) to 5.0</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        2009 to 2014</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Debentures
                        (d)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">303,078</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">312,794&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">CDI</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">102.5</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Banco
                        do Nordeste do Brasil</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">19,790</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">19,790&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">From
                        9.78 to 11.5</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2018</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Other</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;483</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;217&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subtotal</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;617,021</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;627,319&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Total
                        financing and debentures</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,468,721</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,497,400&#160;</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Current
                        liabilities</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="35%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Long-term
                        liabilities</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(428,469)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(115,553)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="top" width="35%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,040,252</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1,381,847</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="width: 42.55pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(i)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">MX$
                        = Mexican peso; TIIE = Mexican break-even interbank interest
                        rate.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 42pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">UMBNDES
                        = BNDES monetary unit. This is a &#8220;basket&#8221; of currencies representing the
                        composition of the BNDES debt in foreign currency, 93%, of
                        which is linked
                        to the U.S. dollar.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 42pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TJLP
                        = fixed by the CMN (National Monetary Council); TJLP is the
                        basic cost of
                        BNDES financing.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 42pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(iv)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">IGP-M
                        = General Market Price Index, is a measure of Brazilian inflation
                        calculated by the Get&#250;lio Vargas
                        Foundation.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              long-term portion matures as follows:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        1 to 2 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">220,163</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        2 to 3 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">92,872</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">101,468</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        3 to 4 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">36,996</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">37,404</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">From
                        4 to 5 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">24,288</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">21,686</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Over
                        5 years</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">665,933</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">691,958</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,040,252</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,381,847</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>
            </div>
            <div>&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Notes
                        in the foreign market</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
              June
              1997, the subsidiary Companhia Ultragaz S.A. issued US$60 million in
              notes,
              (Original Notes), maturing in 2005. In June 2005, maturity was extended
              to June
              2020, with put/call options in June 2008.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
              June
              2005, the subsidiary Oxiteno Overseas Corp. acquired the full amount
              of Original
              Notes issued by Companhia Ultragaz S.A., with funds from a syndicated
              loan in
              the amount of US$60 million with maturity in June 2008 and interest
              rate of
              5.05% per year. The syndicated loan was guaranteed by the Company and
              the
              subsidiary Oxiteno S.A. - Ind&#250;stria e Com&#233;rcio.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 the creditor
              of the
              credit linked note. Thus, the Company stopped eliminating the Original
              Notes in
              its interim financial information.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                  <tr valign="top">
                    <td style="width: 54pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">c)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Notes
                        in the foreign market</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
              December 2005, the subsidiary LPG International Inc. issued notes in
              the amount
              of US$250 million, maturing in December 2015, with annual interest
              rate of 7.25%
              paid semiannually, with the first payment scheduled for June 2006.
              The issue
              price was 98.75% of the notes&#8217; 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&#233;rcio.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Limitation
                        of transactions with shareholders that hold&#160;&#160;amounts of 5% or
                        more of any class of Capital Stock of the Company, except
                        upon fair and
                        reasonable terms no less favorable to the Company than could
                        be obtained
                        in a comparable arm&#8217;s-length transaction with a third
                        party;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Obligation
                        of having Board of Directors resolution for transactions
                        with related
                        parties higher than US$15 million (excepting transactions
                        by the Company
                        with subsidiaries and between
                        subsidiaries);</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Restriction
                        of disposal of the totality or near totality of the assets
                        of Company and
                        subsidiaries;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Restriction
                        of encumbrances on assets in excess of US$150 million or
                        15% of the value
                        of consolidated tangible assets;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Maintenance
                        of financial ratio, between consolidated net debt and consolidated
                        EBITDA
                        (Earning Before Interest, Taxes, Depreciation and Amortization),
                        less than
                        or equal to 3.5; and</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 52pt;">
                      <div>&#160;</div>
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Maintenance
                        of financial ratio, between consolidated EBITDA and consolidated
                        net
                        financial expenses higher than or equal to
                        1.5.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">d)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Debentures</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
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              1, 2005, the Company issued a single series of 30,000 nonconvertible
              debentures,
              whose main features are:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" valign="top" width="20%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Nominal
                          unit value:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">R$
                          10,000.00</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Final
                          maturity:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">March
                          1, 2008</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" nowrap valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" nowrap valign="top" width="20%" style="border-bottom: black 4px;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Nominal
                          value payment:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Lump
                          sum at final maturity</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Yield:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">102.5%
                          of CDI</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Yield
                          payment:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Semiannually,
                          beginning March 1, 2005</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="top" width="20%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Repricing:</font></div>
                      </td>
                      <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="top" width="78%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">None</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td align="left" style="width: 27pt;">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">e)</font></div>
                    </td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Collateral</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Amount
                        of financing secured by:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Property,
                        plant and equipment</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">38,134</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">42,667</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Shares
                        of affiliated companies and minority stockholders&#8217;
                        guarantees</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div>
                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4,645</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,005</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">42,779</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">49,672</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Other
              loans are collateralized by guarantees issued by the Company and by
              the future
              flow of exports. The Company is responsible for sureties and guarantees
              offered
              on behalf of its subsidiaries, amounting to R$ 1,041,278 as of March
              31,
              2007&#160;&#160;(R$ 1,073,134 as of December 31, 2006).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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$ 29,936 as of March 31, 2007 (R$ 34,879 as of December
              31, 2006),
              with terms of up to 210 days. As of March 31, 2007, the Company and
              its
              subsidiaries have not incurred any loss nor recorded any liability
              related to
              these guarantees.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">15.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SHAREHOLDERS&#8217;
                                    EQUITY</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Capital</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              Company is a listed corporation with shares traded on the S&#227;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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">As
              of
              March 31, 2007, 12,600,661<font style="DISPLAY: inline; FONT-SIZE: 9pt">&#160;</font>preferred shares
              were
              outstanding abroad, in the form of American Depositary Receipts -
              ADRs.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">At
              the
              beginning of 2000, the Company granted, through a shareholders 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              Company is authorized to increase its capital, regardless of amendment
              to the
              bylaws, through a resolution of the Board of Directors, until it reaches
              R$
              1,500,000, 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Treasury
                        shares</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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.&#160;10, of February 14, 1980, and No. 268, of November 13,
              1997.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">During
              the
              first quarter of 2007, 45,000 preferred shares were acquired at the
              average cost
              of R$ 53.12 per share regarding to the share repurchase program approved
              in the
              Board of Director&#8217;s Meeting of August 02, 2006.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">As
              of
              March 31, 2007, the Company&#8217;s interim financial information&#160;&#160;record
              206,697 preferred shares and 6,617 common shares in treasury, which
              were
              acquired at the average cost of R$ 33.15 and R$ 19.30 per share, respectively.
              The consolidated financial information record 453,647 preferred shares
              and 6,617
              common shares in treasury, which were acquired at the average cost
              of R$ 28.03
              and R$ 19.30 per share, respectively.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              market
              price of preferred shares issued by the Company as of March 31, 2007
              on the S&#227;o
              Paulo Stock Exchange (BOVESPA) was R$ 60.90.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">c)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Capital
                        reserve</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              capital reserve in the amount of R$ 3,026 reflects the goodwill on
              the disposal
              of shares at market price to be held in treasury in the Company&#8217;s subsidiaries,
              at the average price of R$ 36.00 per share. Executives of these subsidiaries
              were given the usufruct opportunity to have such shares, as described
              in Note
              21.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">d)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Revaluation
                        reserve</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">e)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Retention
                        of profits reserve</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">f)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Realizable
                        profits reserve</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">g)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Conciliation
                        of shareholders&#8217; equity - Company and
                        consolidated</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                        shares held by subsidiaries, net of realization</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(4,723</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                        reserve arising from sale of treasury shares to subsidiaries,
                        net of
                        realization</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Shareholders&#8217;
                        equity - consolidated</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td align="left" style="width: 27pt;">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">h)</font></div>
                    </td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Reconciliation
                        of net income &#8211; Parent Company and
                        consolidated</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              reconciliation of net income, Parent 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.&#160;01/06 by IBRACON, as follows:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        income &#8211; Parent Company</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">63,097</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Reversal
                        of allowance for factory maintenance by the subsidiary Oxiteno
                        S.A.
                        Ind&#250;stria e Com&#233;rcio</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(796</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Reversal
                        of allowance for factory maintenance by the subsidiary Oxiteno
                        Nordeste
                        S.A. Ind&#250;stria e Com&#233;rcio</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(5,513</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="88%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        income &#8211; consolidated</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">56,788</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="88%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>
            </div>
            <div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">16.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">NONOPERATING
                                    EXPENSES, NET
                                    (CONSOLIDATED)</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Composed
              mainly of R$ 1,175 as of March 31, 2007 (R$ 41 as of March 31, 2006)
              in
              write-off of deferred assets related to studies and projects, and R$
              357 as of
              March 31, 2007 (R$ 2,050 as of March 31, 2006) of result on the sale
              of
              property, plant and equipment, mainly gas cylinders and vehicles.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">17.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SEGMENT
                                  INFORMATION</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 by products, 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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              main
              financial information about each of the Company&#8217;s reportable segments is
              presented as follows:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

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                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td colspan="2" valign="bottom" width="8%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2006</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
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                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Consolidated</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        sales, net of related-party transactions</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">735,061</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">396,225</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">42,803</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">24</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,174,113</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,097,741</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        from operations before financial income (expenses) and equity
                        in
                        subsidiary and affiliated companies</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">31,027</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">30,031</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,393</font></font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">59,197</font></font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
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                    </td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="7%">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="40%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
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              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              <div id="HDR">
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
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                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">18.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">FINANCIAL
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                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
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                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Interest
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Monetary
                        and exchange variation income</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(5.899</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(11,882</font></td>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other
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                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">173</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                        results from currency hedge transactions</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">CPMF/IOF/other
                        financial expenses (see Note 20 a))</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(4.953</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other
                        expenses</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2.573</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1,634</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(21,260</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
                        (expenses) income, net</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(7,846</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  </div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                  <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                    Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                </div>
              </div>
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">19.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">RISKS
                                  AND FINANCIAL INSTRUMENTS
                                  (CONSOLIDATED)</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#8217;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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Customer
                        default - These risks are managed by specific policies for
                        accepting
                        customers and analyzing credit, and are mitigated by diversification
                        of
                        sales. As of March 31, 2007, Oxiteno S.A. - Ind&#250;stria e Com&#233;rcio and its
                        subsidiaries maintained R$ 1,547 (R$ 1,558 as of December
                        31, 2006) and
                        the subsidiaries of Ultragaz Participa&#231;&#245;es Ltda. maintained R$ 20,739 (R$
                        20,020 as of December 31, 2006) as an allowance for doubtful
                        accounts.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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
                        mainly&#160;&#160;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></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Exchange
                        rate - The Company&#8217;s subsidiaries use hedge instruments (mainly CDI and
                        US$) 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 March 31, 2007
                        and December
                        31, 2006:</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Assets:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Investments
                        abroad and hedges</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">80,395</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">94,417</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Foreign
                        cash and cash equivalents</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">830</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">861</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Temporary
                        cash and long-term investments in foreign currency</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">755,702</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">776,454</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Receivables
                        from foreign customers, net of advances on exchange contracts
                        and
                        allowance for loss</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">26,655</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">25,352</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">863,582</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">897,084</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Liabilities:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Foreign
                        currency financing</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">851,700</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">870,081</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Import
                        payables</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">19,322</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 financial information of income
              for
              March 31, 2007, in the amount of R$ 5,993 (financial expense of R$
              11,545 as of
              March 31, 2006).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 18pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Symbol, serif">&#183;</font></font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Market
                        value of financial instruments</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Market
              value of financial instruments as of March 31, 2007 and December 31,
              2006&#160;&#160;are as follows:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Market</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Book</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Market</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">value</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
                        assets:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cash
                        and banks</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">30,938</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Noncurrent
                        investments</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">551,311</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">566,791</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">547,978</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">564,379</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,420,391</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,436,946</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,618,054</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,630,515</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
                        liabilities:</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Current
                        and long-term debentures</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
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                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Investment-</font></div>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        in affiliated companies</font></div>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">28,978</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="52%" style="border-bottom: black;">
                      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt">&#160;</div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              market
              value of financial instruments was obtained through the commonly used
              marking to
              market methodology, which consists of carrying the balances of the
              instruments
              until the maturity at the respective contracted rates, discounting
              them to
              present value at market rates as of March 31, 2007 and December 31,
              2006. The
              market value of investment in affiliated company is based on the share
              price
              trading on the S&#227;o Paulo Stock Exchange (BOVESPA).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">20.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">CONTINGENCIES
                                  AND COMMITMENTS
                                  (CONSOLIDATED)</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Labor,
                        civil and tax lawsuits</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              Petrochemical Industry Labor Union, of which the employees of Oxiteno
              Nordeste
              S.A. - Ind&#250;stria e Com&#233;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&#8217; association proposed a collective bargaining for the
              interpretation and clarification of the fourth clause of the agreement.
              Based on
              the opinion of its legal counsel, who analyzed the last decision of
              the Federal
              Supreme Court (STF) on the collective bargaining, as well as the status
              of the
              individual lawsuit of the subsidiary, management believes that a reserve
              is not
              necessary as of March 31, 2007.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              subsidiaries Companhia Ultragaz S.A. and SPG&#225;s Distribuidora de G&#225;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&#8217; arguments, among others, are
              that: (i)&#160;under the terms of the notice issued by the Company&#8217;s chief
              executive officer on July 4, 2000, the subsidiaries&#8217; employees were forbidden to
              discuss with third parties matters related to prices; and (ii) no consistent
              evidence was attached to the proceeding&#8217;s records. In view of the arguments
              presented, the fact that the technical notice has no binding effect
              on CADE&#8217;s
              decision, and their legal counsel&#8217;s opinion, the subsidiaries did not record a
              provision for this issue. Should CADE&#8217;s decision be unfavorable, the
              subsidiaries can still discuss the issue at the judicial level.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#227;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&#8217;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 18 have already been
              dismissed;&#160;&#160;only 1 had an unfavorable decision, which is still subject
              to appeal, and whose amount, should the decision be upheld, is R$ 17.
              Three
              lawsuits have not yet been judged. The subsidiary has insurance coverage
              for
              these lawsuits, and the uninsured contingent amount is R$ 23,595. The
              Company
              has not recorded any provision for this amount, since it believes the
              probability of loss is remote.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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. 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. As of March 31, 2007, final decisions were rendered for
              the
              Company and its subsidiaries which reversed the accrual previously
              recorded, in
              the amount of R$ 12,759 (R$ 15,886 as of March 31, 2006), net of attorney&#8217;s
              fees. 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 still not judged, the Company estimates that the total
              positive
              effect in income before income and social contribution taxes should
              reach R$
              2,141, net of attorney&#8217;s fees.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiary
              Oxiteno S.A. - Ind&#250;stria e Com&#233;rcio accrued R$ 9,045 as of March 31, 2007 (R$
              8,897 as of December 31, 2006) for ICMS tax assessments being judged
              at
              lower-level and appeal-level administrative courts. The subsidiary
              is currently
              awaiting decision on the appeal.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              <div id="HDR">
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiary
              Uting&#225;s Armazenadora S.A. has challenged in court ISS (Service Tax) tax
              assessments issued by the municipal government of Santo Andr&#233;. Legal counsel of
              the subsidiary classifies the risk as low, since a significant portion
              of the
              lower-court decisions was favorable to the subsidiary. The thesis defended
              by
              the subsidiary is supported by the opinion of a renowned tax specialist.
              The
              unprovisioned updated amount of the contingency as of March 31, 2007
              is R$
              38,263 (R$ 33,351 as of December 31, 2006).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
              October
              7, 2005, the subsidiaries of Ultragaz Participa&#231;&#245;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 judicial deposits for these
              debits
              in the amount of R$ 41,814 as of March 31, 2007 (R$ 32,346 as of December
              31,
              2006) and recognizing the corresponding liability for this purpose.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiaries
              Ultragaz Participa&#231;&#245;es Ltda, Cia. Ultragaz S.A., Uting&#225;s Armazenadora S.A.,
              Terminal Qu&#237;mico de Aratu S.A. &#8211; Tequimar,&#160;&#160;Transultra - Armazenamento
              e Transporte Especializado Ltda. and Ultracargo Opera&#231;&#245;es Log&#237;sticas e
              Participa&#231;&#245;es Ltda., hold judicial measures 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),
              and
              accrued R$ 12,530 as of March 31, 2007 as a possible contingency, in
              case of
              unfavorable outcome of such lawsuits.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
              December 29, 2006, the subsidiaries Oxiteno S.A Ind&#250;stria e Com&#233;rcio, Oxiteno
              Nordeste S.A Ind&#250;stria e Com&#233;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. Oxiteno Nordeste
              S.A
              Ind&#250;stria e Com&#233;rcio received an injunction and is paying the amounts into
              judicial deposits, as well as recording the respective accrual as of
              March 31,
              2007 in the amount of R$ 930; the others subsidiaries did not receive
              similar
              injunction and are waiting the judgment of an appeal to Regional Federal
              Court &#8211;
TRF.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#160;&#160;(CSLL) tax loss carryforwards computed
              through December 31, 1994 to 30% of income for the year. 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&#8217;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$ 6,419.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Judicial
              deposits and provisions are summarized below:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><u>Provisions</u></font></div>
                    </td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;12/31/2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Interest</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Balance&#160;in</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/31/2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">36,030</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">22,518</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">952</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">59,500</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">PIS
                        and COFINS on other revenues</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">14,469</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(12,759</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">156</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,866</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(6,768</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">231</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">INSS</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2,172</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2,172</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">PIS
                        on rendering of services</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">284</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">286</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(-)
                        Judicial deposits</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(32,346</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(9,478</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(920</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(42,744</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="bottom" width="40%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Total
                        of other taxes and contributions</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">36,473</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">13,970</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(19,527</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">421</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">31,337</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)</font></div>
                    </td>
                    <td>
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Contracts</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiary
              Terminal Qu&#237;mico de Aratu S.A. - Tequimar has contracts with
              CODEBA&#160;&#160;and Complexo Industrial Portu&#225;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 March 31, 2007, such rates were R$ 4.59 and R$ 3.97
              per ton for
              Aratu and Suape, respectively. The subsidiary has met the minimum cargo
              movement
              limits since inception of the contracts.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Subsidiary
              Oxiteno Nordeste S.A. - Ind&#250;stria e Com&#233;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 period ended
              March 31,
              2007 and 2006, expressed in tons of ethylene, are summarized below.
              Should the
              minimum purchase commitment not be met, the subsidiary would be liable
              for a
              fine of 40% of the current ethylene price for the quantity not
              purchased.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Minimum&#160;purchase</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2007</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2006</font></div>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2006</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="52%" style="padding-bottom: 4px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">In
                        tons</font></div>
                    </td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">180.000</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">137.900</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">51.221</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">44.995</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
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            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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 is having access to an additional volume
              of
              ethylene, with the minimum quantity in tons increasing to 180 thousand
              and 190
              thousand, respectively.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top">
                    <td style="width: 27pt;">
                    </td>
                    <td style="width: 27pt;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">c)</font></div>
                    </td>
                    <td>
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Insurance
                        coverage for subsidiaries</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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$404 million.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">For
              the
              plants of Oxiteno S.A. - Ind&#250;stria e Com&#233;rcio, Oxiteno Nordeste S.A. - Ind&#250;stria
              e Com&#233;rcio and Canamex Qu&#237;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$242 million.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">A
              civil
              liability insurance program covers the Company and its subsidiaries,
              with global
              coverage of US$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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Group
              life
              insurance, personal accident insurance, health insurance, and domestic
              and
              international transportation insurance are also contracted.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div>&#160;</div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                    <tr valign="top">
                      <td style="width: 27pt;">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">21.</font></div>
                      </td>
                      <td>
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SHARE
                                  COMPENSATION PLAN
                                  (CONSOLIDATED)</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div>&#160;</div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              Extraordinary Shareholders&#8217; Meeting held on November 26, 2003 approved a
              compensation plan for management of the Company and its subsidiaries,
              which
              provides for: (i) the initial grant of usufruct of shares issued by
              the Company
              and held in treasury by the subsidiaries in which the beneficiaries
              are
              employed; and (ii) the transfer of the beneficial ownership of the
              shares after
              ten years from the initial grant, provided that the professional relationship
              between the beneficiary and the Company and its subsidiaries is not
              interrupted.
              The total amount granted to executives until March 31, 2007, including
              taxes,
              was R$ 12.263 (R$ 12,263 as of December 31, 2006). This amount is being
              amortized over a period of ten years and the amortization related as
              of March
              31, 2007&#160;&#160;in the amount of R$ 307 (R$ 223 as of March
              31,&#160;&#160;2006), was recorded as an operating expense for the
              period.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">22.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">EMPLOYEE
                                    BENEFITS AND PRIVATE PENSION PLAN
                                    (CONSOLIDATED)</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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&#231;&#227;o
              de Previd&#234;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 have the option to receive monthly: (i)&#160;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&#8217;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. As of March
              31,
              2007, the Company and its subsidiaries contributed R$ 873 (R$ 800 as
              of March
              31, 2006) to Ultraprev, which was charged to income for the period<font style="DISPLAY: inline; COLOR: #000000">. The total number of
              participating
              employees as of</font><font style="DISPLAY: inline; COLOR: #000000">
              March&#160;&#160;31, 2007 was 5,654, </font><font style="DISPLAY: inline; COLOR: #000000">with 6 participants
              retired to date.
              Additionally, Ultraprev </font>has 1 active participant and 31 former employees
              receiving defined benefits according to the policies of a previous
              plan.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">23.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SUBSEQUENT
                                    EVENT</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
              April
              18, 2007 Ultrapar (for itself), and acting as a commission agent of
              Braskem S.A.
              and Petr&#243;leo Brasileiro S.A. - Petrobras, acquired for R$ 2,113,107 from the
              controlling shareholders of Grupo Ipiranga, 66.2% of common shares
              and 13.9% of
              preferred shares issued by Refinaria de Petr&#243;leo Ipiranga S.A. (&#8220;RPI&#8221;), 69.2% of
              common shares and 13.5% of preferred shares issued by Distribuidora
              de Produtos
              de Petr&#243;leo Ipiranga S.A. (&#8220;DPPI&#8221;), and 3.8% of common shares and 0.4% of
              preferred shares issued by Companhia Brasileira de Petr&#243;leo Ipiranga (&#8220;CBPI&#8221;).
              Of the total amount, Braskem and Petrobras paid R$ 1,394,675 to Ultrapar,
              under
              the terms of the commission established between the parties.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Under
              the
              terms of the agreement entered into among Ultrapar, Braskem and Petrobras,
              Ultrapar holds the control of the fuel distribution and lubricant businesses
              located in the South and Southeastern regions (&#8220;Assets of South Distribution&#8221;),
              Petrobras holds the control of fuel distribution and lubricant business
              located
              in the North, Northeast and Center-West regions (&#8220;Assets of North
              Distribution&#8221;), and Braskem holds control of the petrochemical assets,
              represented by Ipiranga Qu&#237;mica S.A., Ipiranga Petroqu&#237;mica S.A. (IPQ) and the
              ownership in Copesul &#8211; Companhia Petroqu&#237;mica do Sul (Copesul). The assets
              related to the oil refining operations withheld by RPI are equally
              shared among
              Petrobras, Ultrapar and Braskem.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
              the
              same agreement, the parties established that Ultrapar is responsible
              for
              executing a corporate restructuring of the acquired companies, with
              the
              objective of separating the assets attributed to each one of the acquirors,
              whose stages are:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">a)
              Tag
              Along Share Offering for the purchase of common shares issued by RPI,
              DPPI, CBPI
              and IPQ;</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">b)
              Merger
              of shares issued by RPI, DPPI and CBPI into Ultrapar;</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">c)
              Segregation of the assets through: (i) capital reduction of RPI and
              CBPI, in
              order to directly transfer the Petrochemical Assets to Ultrapar, and
              subsequent
              transfer to Braskem and Petrobras, and (ii) split of CBPI to transfer
              the North
              Distribution Assets to a Petrobras subsidiary.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">For
              this
              acquisition, Ultrapar issued, on April 11, 2007, debentures in the
              amount of R$
              889,000, of which the first series was received on April 18, 2007,
              in the total
              amount of R$ 675,000 with maturity on April 11, 2008 and semiannual
              interest
              payment of 102.5% of CDI, and the second series in the amount of R$
              214,000
              remains to be issued.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On
              April
              17, 2007, the CADE (Administrative Council for Economic Defense) issued
              a writ
              of prevention aiming to keep the reversibility of the asset acquisition
              by
              Braskem and Petrobras, as described in the press release of April 18,
              2007. The
              determination with regard to the Petrochemical Assets effectively were
              reviewed
              on April 25, 2007, in a decision homologated by CADE&#8217;s Plenary assembly, with
              celebration, for Braskem, of a protection agreement for the operation
              reversibility (APRO). CADE recognized maintenance of the minority participation
              maintenance by Petrobr&#225;s in Copesul after the acquisition. With regard to the
              fuel distribution, Petrobr&#225;s and Ultrapar were requested to present to CADE an
              alternative model of corporate governance, which preserves the competition
              in
              the sector. Such measures do not affect the Offers conclusion.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              results of this transaction will be accounted by the buyers from April,
              2007
              on.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div>&#160;</div>
                <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div id="FTR">
                    <div id="GLFTR" style="WIDTH: 100%" align="left">
                    </div>
                  </div>
                  <div id="PN" style="PAGE-BREAK-AFTER: always">
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    </div>
                    <div style="WIDTH: 100%; TEXT-ALIGN: center">
                      <hr style="COLOR: black" noshade size="2">
                    </div>
                  </div>
                  <div id="HDR">
                    <div id="GLHDR" style="WIDTH: 100%" align="right">
                    </div>
                    <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                      Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
                  </div>
                </div>
                <div>&#160;</div>
                <div>
                  <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                      <tr valign="top">
                        <td style="width: 27pt;">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">24.</font></div>
                        </td>
                        <td>
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SUPPLEMENTARY
                                    STATEMENT OF CASH FLOW - INDIRECT
                                    METHOD</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>&#160;</div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Prepared
              in accordance with Accounting Standard and Procedure (NPC) No. 20 issued
              by
              IBRACON (Brazilian Institute of Independent Auditors).</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>PARENT
                        COMPANY</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>03/31/2007</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>03/31/2006</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>CASH
                        FLOWS FROM OPERATING ACTIVITIES</strong></font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Net
                        income</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">37,235</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">63,097</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Adjustments
                        to reconcile net income to cash provided by</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;operating
                        activities:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Equity
                        in subsidiaries and affiliated companies</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(33,907</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(62,095</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Foreign
                        exchange and indexation gains</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9,516</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12,807</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Deferred
                        income and social contribution taxes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,714</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(71</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Minority
                        interest</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Suppliers</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                        and related charges</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(14</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Taxes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(22</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Other</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(Increase)
                        decrease in long-term assets:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Recoverable
                        taxes</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(6,432</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(98</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Judicial
                        deposits</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Prepaid
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Increase
                        (decrease) in long-term liabilities:</font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
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            <div><br></div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

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                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>CASH
                        FLOWS FROM INVESTING ACTIVITIES</strong></font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Additions
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(377</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Acquisition
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                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2,390</font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>NET
                        CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES</strong></font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>(2,767</strong></font></td>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>-</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>CASH
                        FLOWS FROM FINANCING ACTIVITIES</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Loans,
                        financing and debentures:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Issuances</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;">
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">359,716</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">CASH
                        AND CASH EQUIVALENTS AT THE END OF THE</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Equity
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(59</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Depreciation
                        and amortization</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;PIS
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">557</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Foreign
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(5,380</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(33,081</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Deferred
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(7,907</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(580</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Minority
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2,091</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
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                  <tr>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Other</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;Prepaid
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Increase
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Other
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(5,136</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;Other</font></div>
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>42,747</strong></font></div>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              <div id="HDR">
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
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            <div>&#160;</div>
            <div align="left">
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                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="padding-bottom: 2px; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>03/31/2007</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>03/31/2006</strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
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                  <tr>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(4</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                    </td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">)</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>CASH
                        FLOWS FROM FINANCING ACTIVITIES</strong></font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    </td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
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                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="padding-bottom: 4px; border-bottom: black;">
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px double;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>(165,794</strong></font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="padding-bottom: 4px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>)</strong></font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">CASH
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;PERIOD</font></div>
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                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,250,924</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">CASH
                        AND CASH EQUIVALENTS AT THE END OF THE</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;PERIOD</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">869,080</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                      </div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1,085,130</font></div>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>SUPPLEMENTAL
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Interest
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="76%" style="border-bottom: black;">
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                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%">
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom" width="76%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">OTHER
              INFORMATION CONSIDERED MATERIAL BY THE COMPANY</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Shares
              directly or indirectly owned by the controlling shareholders, members
              of the
              Board of Directors, Executive Officers and members of the Fiscal Council
              as of
              March 31, 2007</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="right" colspan="2" valign="bottom" style="border-bottom: #ffffff solid;"><font size="+0">&#160;</font></td>
                      <td align="right" colspan="10" valign="bottom" width="0" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Mar-31-07</font></strong></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                      </td>
                      <td align="right" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                      </td>
                      <td align="right" valign="bottom" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                      </td>
                      <td align="right" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Controlling
                          Shareholders</font></font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,748,059</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">293,732</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">34,041,791</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Board
                          of
                          Directors&#185;</font></font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">46</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">52</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Officers&#178;</font></font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">173,350</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">173,350</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="64%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Fiscal
                          Council</font></font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,071</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,071</font></font></div>
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                      <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" nowrap valign="top" width="6%" style="border-bottom: black 4px;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Note:&#160;
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#185;Shares
                          owned by members of the Board of Directors which were not
                          included in
                          Controlling Shareholders' position.</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="6%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="justify" valign="top" width="94%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;Should
                          the member not be part of the controlling group, only its
                          direct ownership
                          is included.</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td valign="top" width="6%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      <td align="left" valign="middle" width="94%" style="border-bottom: black;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#178;Shares
                          owned by Officers which were not included in Controlling
                          Shareholders' and
                          Board of Directors' positions</font></div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Shares
              directly or indirectly owned by the controlling shareholders, members
              of the
              Board of Directors, Executive Officers and members of the Fiscal Council
              - Last
              12 Months</font></div>
            <div>&#160;</div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td colspan="2" valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" width="0" style="border-bottom: black 2px solid;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Mar-31-07</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="10" valign="bottom" width="0" style="border-bottom: black 2px solid;">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Mar-31-06</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="right" colspan="2" valign="bottom" style="border-bottom: black thin solid;">&#160;
</td>
                    <td align="right" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Controlling
                        Shareholders</font></font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,748,059</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">293,732</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">34,041,791</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,748,059</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">885,979</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">34,634,038</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,071</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,071</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,071</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>

              </table>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="6%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Note:</font></font></div>
                    </td>
                    <td align="left" valign="top" width="94%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">&#185;</font><font style="DISPLAY: inline; COLOR: #000000">Shares
                        which were not included in
                        Controlling Shareholders' position</font></font></div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="top" width="6%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="middle" width="94%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">&#178;</font><font style="DISPLAY: inline; COLOR: #000000">Shares
                        which were not included in
                        Controlling Shareholders' and Board of Directors'
                        positions</font></font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Total
              free
              float and its percentage of total shares as of March 31, 2007</font></div>
            <div>&#160;</div>
            <div>
              <div>
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="right" colspan="3" valign="bottom" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" style="border-bottom: black thin solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Total
                            Shares</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">49,429,897</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">31,895,512</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">81,325,409</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(
                            - ) Shares held in
                            treasury</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,617</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">206,697</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">213,314</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(
                            - ) Shares owned by Controlling
                            Shareholders</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">33,748,059</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">293,732</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">34,041,791</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(
                            - ) Shares owned by
                            Management</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">46</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">173,356</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">173,402</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">(
                            - ) Shares owned by
                            affiliates*</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">73,600</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Free-float</font></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></div>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">31,148,127</font></font></div>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">46,823,302</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" colspan="3" valign="bottom" width="64%" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%
                            Free-float <font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">/
<font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>31.71</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>97.66</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>57.58</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                      </tr>

                  </table>
                </div>
              </div>
            </div>
            <div><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
              Company&#8217;s shareholders that holds more than 5% of voting or non-voting capital,
              up to the individual level, and breakdown of their shareholdings as
              of March 31,
              2007</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" valign="bottom" width="317" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="10" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="111" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="10" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="10" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="112" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="317" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">ULTRAPAR
                            PARTICIPA&#199;&#213;</font><font style="DISPLAY: inline; COLOR: #000000">ES
                            S.A</font></strong></font></div>
                        </td>
                        <td valign="bottom" width="10" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="111" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="10" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="10" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="112" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" colspan="2" valign="bottom" width="113" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="11" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="113" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="16" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Ultra
                            S.A. Participa&#231;&#245;</font><font style="DISPLAY: inline; COLOR: #000000">es</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">32,646,696</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">66.05</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.00</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">32,646,708</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">40.14</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Parth
                            Investments
                            Company&#185;</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9,311,730</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">18.84</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,396,759</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">4.38</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">10,708,489</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">13.17</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Monteiro
                            Aranha
                            S.A.&#178;</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">5,212,637</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">10.55</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">232,788</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.73</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">5,917,350</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">7.28</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Shares
                            held in
                            treasury</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,617</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.01</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">206,697</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.65</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">168,314</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.21</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Dodge
&amp;
Cox,
                            Inc.&#179;</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,819,785</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">21.38</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,819,785</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">8.39</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Lazard
                            Asset Management
                            LLC&#179;</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,780,717</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">8.72</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,780,717</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">3.42</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Others</font></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,252,217.00</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">0.05</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">20,458,754</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">64.14</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">22,710,971</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">27.93</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="28%" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">TOTAL</font></strong></font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">49,429,897</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">31,895,512</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                        <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">81,325,409</font></strong></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                        <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                      </tr>

                  </table>
                </div>
              </div>
              <div>
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr>
                        <td align="left" valign="top" width="23%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>1</sup>Company
                            headquartered outside of Brazil</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="23%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>2</sup>Brazilian
                            public listed company</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="top" width="23%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>3</sup>Institutions
                            headquartered outside of Brazil</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
                <div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td align="left" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">ULTRA
                              S.A. PARTICIPA&#199;&#213;</font><font style="DISPLAY: inline; COLOR: #000000">E</font><font style="DISPLAY: inline; COLOR: #000000">S</font></strong></font></div>
                          </td>
                          <td align="right" valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Common</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Total</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Paulo
                              Guilherme Aguiar
                              Cunha</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">12,065,160</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">19.09</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">4,954,685.00</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">0.20</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">17,019,845</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">19.22</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Ana
                              Maria Villela
                              Igel</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11,974,109</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">18.95</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">0</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11,974,109</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">13.52</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Christy
                              Participa&#231;&#245;</font><font style="DISPLAY: inline; COLOR: #000000">es
                              Ltda.</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,570,136</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">4.07</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9,208,690</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">0.36</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11,778,826</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">13.30</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Rog&#233;</font><font style="DISPLAY: inline; COLOR: #000000">rio
                              Igel</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">6,425,199</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">10.17</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">4,990,444</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">19.69</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">11,415,643</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">12.89</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Joyce
                              Igel de Castro
                              Andrade</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,758,967</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">12.28</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,062,989</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">8.14</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9,821,956</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">11.09</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">M&#225;</font><font style="DISPLAY: inline; COLOR: #000000">rcia
                              Igel
                              Joppert</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,758,967</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">12.28</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">2,062,988</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">8.14</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">9,821,955</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">11.09</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">F&#225;</font><font style="DISPLAY: inline; COLOR: #000000">bio
                              Igel</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">7,311,004</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">11.57</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,615,027</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">6.37</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">8,926,031</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">10.08</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Lucio
                              de Castro Andrade
                              Filho</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,775,470</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">5.97</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">0.00</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,775,470</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">4.26</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Others</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,563,036</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">5.64</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">448,063</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">1.77</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">4,011,099</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">4.53</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">TOTAL</font></strong></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">63,202,048</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">25,342,886</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">88,544,934</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                        </tr>

                    </table>
                  </div>
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">

                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">CHRISTY
                              PARTICIPA&#199;&#213;</font><font style="DISPLAY: inline; COLOR: #000000">ES
                              LTDA.</font></strong></font></div>
                          </td>
                          <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">Capital
                              Stock</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td colspan="2" valign="bottom" width="10%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">%</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Maria
                              da Concei&#231;&#227;</font><font style="DISPLAY: inline; COLOR: #000000">o
                              Coutinho Beltr&#227;</font><font style="DISPLAY: inline; COLOR: #000000">o</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">3,066</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">34.90</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">H&#233;</font><font style="DISPLAY: inline; COLOR: #000000">lio
                              Marcos Coutinho
                              Beltr&#227;</font><font style="DISPLAY: inline; COLOR: #000000">o</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,906</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">21.70</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Cristiana
                              Coutinho
                              Beltr&#227;</font><font style="DISPLAY: inline; COLOR: #000000">o</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,906</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">21.70</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Maria
                              Coutinho Beltr&#227;</font><font style="DISPLAY: inline; COLOR: #000000">o</font></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">1,906</font></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">21.70</font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 2px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">%</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="bottom" width="28%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">TOTAL</font></strong></font></div>
                          </td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;">
                            <div style="DISPLAY: block; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000000">8,784</font></strong></font></div>
                          </td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>&#160;</strong></font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>100.00</strong></font></td>
                          <td align="left" nowrap valign="bottom" width="1%" style="border-bottom: black 4px solid;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman"><strong>%</strong></font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>
                        <tr>
                          <td valign="bottom" width="28%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" valign="bottom" width="1%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="right" valign="bottom" width="9%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td width="48%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                        </tr>

                    </table>
                  </div>
                </div>
              </div>
            </div>
            <div><br></div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>ULTRAPAR
              PARTICIPA&#199;&#213;ES S.A. AND SUBSIDIARIES</u></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div>&#160;</div>
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="white">
                      <td width="100%" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">INVESTMENTS
                          IN SUBSIDIARIES AND/OR AFFILIATES</font></div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">

                      <tr style="line-height: 1;">
                        <td valign="bottom" width="5%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1
                            -
                            Item</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td valign="bottom" width="18%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2
                            -
                            Company name&#160;&#160;</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                        </td>
                        <td valign="bottom" width="9%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3
                            -
                            Corporate</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">taxpayer
                            number</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;(CNPJ)</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td valign="bottom" width="20%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4
                            -
                            Classification</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                        </td>
                        <td valign="bottom" width="6%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5
                            -
                            % of ownership</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">interest
                            in</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;investee</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td valign="bottom" width="7%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6
                            -
                            % of</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">investor&#8217;s</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">stockholders&#8217;</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;equity</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="18%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7
                            - Type of
                            company&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                        </td>
                        <td valign="bottom" width="6%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">8
                            -
                            Number of</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">shares
                            held in</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">the
                            current quarter</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;(in
                            thousands)</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td valign="bottom" width="6%" style="border-bottom: black 2px solid;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">9
                            -
                            Number of</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">shares
                            held in</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">the
                            prior quarter</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
                            (in thousands)</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="bottom" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">01</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Ultracargo
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                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
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                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">34.266.973/0001-99</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
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                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
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                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">10.48</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2,461</font></div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">02</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Ultragaz
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" nowrap valign="top" width="9%" style="border-bottom: black 4px;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">57.651.960/0001-39</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Closely-held
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                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">19.38</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4,336</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4,336</font></div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">03</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Imaven
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">61.604.112/0001-46</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Closely-held
                            subsidiary</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2.39</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">27,734</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">27,734</font></div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">04</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Oxiteno
                            S.A. - Ind&#250;stria e Com&#233;rcio</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">62.545.686/0001-53</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Closely-held
                            subsidiary</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">71.99</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" nowrap valign="top" width="18%" style="border-bottom: black 4px;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">35,102</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">35,102</font></div>
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                      </tr>
                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">05</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Oxiteno
                            Nordeste S.A. - Ind&#250;stria e Com&#233;rcio</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">14.109.664/0001-06</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" nowrap valign="top" width="20%" style="border-bottom: black 4px;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">99.36</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
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                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6,232</font></div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">06</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Terminal
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                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
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                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">14.688.220/0001-64</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">99.43</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5.56</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">12,539</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">12,539</font></div>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">07</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Transultra
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">60.959.889/0001-60</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
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                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3.68</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">34,999</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">34,999</font></div>
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                      </tr>
                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">08</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Companhia
                            Ultragaz S.A.</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">61.602.199/0001-12</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">98.55</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">6.01</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">799,890</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">799,885</font></div>
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                      </tr>
                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">09</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">SPG&#225;s
                            Distribuidora de G&#225;s Ltda.</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">65.828.550/0001-49</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">27.10</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1,314</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1,314</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">10</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Bahiana
                            Distribuidora de G&#225;s Ltda.</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">46.395.687/0001-02</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1.51</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
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                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">24</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">24</font></div>
                        </td>
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                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">11</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Uting&#225;s
                            Armazenadora S.A.</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">61.916.920/0001-49</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">55.99</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">27.10</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2,800</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2,800</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="right" valign="top" width="5%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">12</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Canamex
                            Qu&#237;micos S.A. de C.V.</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="9%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">-</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="20%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Investee
                            of subsidiary/affiliated company</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">100.00</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="7%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1.42</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="left" valign="top" width="18%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Commercial,
                            industrial and other</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">122,048</font></div>
                        </td>
                        <td align="left" valign="bottom" width="1%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                        </td>
                        <td align="right" valign="top" width="6%" style="border-bottom: black;">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">122,048</font></div>
                        </td>
                      </tr>

                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Note:
                This
                information is an integral part of the interim financial information
                as required
                by the CVM.</font></div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>ULTRAPAR
              PARTICIPA&#199;&#213;ES S.A. AND SUBSIDIARIES</u></font></div>
            <div>
              <div>&#160;</div>
              <div align="center">
                <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                    <tr bgcolor="white">
                      <td width="100%" style="border-bottom: black 2px solid;">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">CHARACTERISTICS
                            OF DEBENTURES</font></div>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </div>
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;1
                        - ITEM</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">01</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;2
                        - ORDER NUMBER</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">SINGLE</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;3
                        - REGISTRATION NUMBER IN THE CVM</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" nowrap valign="bottom" width="30%" style="border-bottom: black 4px;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">CVM/SRE/DEB/2005/015</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;4
                        - REGISTRATION DATE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">04/06/2005</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;5
                        - SERIES ISSUED</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;UN</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;6
                        - ISSUE TYPE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">SINGLE</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;7
                        - ISSUE NATURE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">PUBLIC</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;8
                        - ISSUE DATE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/01/2005</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;9
                        - MATURITY DATE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">03/01/2008</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">10
                        -
                        DEBENTURE TYPE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">NO
                        PREFERENCE</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11
                        -
                        YIELD</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">102.5%
                        of the CDI</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12
                        -
                        PREMIUM/DISCOUNT</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="30%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="justify" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">13
                        -
                        PAR VALUE (REAIS)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">10,000.00</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" nowrap valign="top" width="68%" style="border-bottom: black 4px;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">14
                        -
                        ISSUED AMOUNT (IN THOUSANDS OF REAIS)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">303,078</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">15
                        -
                        ISSUED SECURITIES (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">30,000</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">16
                        -
                        OUTSTANDING SECURITIES (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">30,000</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">17
                        -
                        SECURITIES HELD IN TREASURY (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">18
                        -
                        REDEEMED SECURITIES (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">19
                        -
                        CONVERTED SECURITIES (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">20
                        -
                        UNPLACED SECURITIES (UNIT)</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">21
                        -
                        LAST RESET DATE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td valign="top" width="30%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="68%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">22
                        -
                        NEXT EVENT DATE</font></div>
                    </td>
                    <td width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                    <td align="right" valign="top" width="30%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">09/01/2007</font></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div align="center">
              <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

                  <tr bgcolor="white">
                    <td align="left" nowrap valign="middle" width="10%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman" size="3"><img src="logo.jpg" alt=""></font></div>
                    </td>
                    <td align="left" nowrap valign="middle" width="90%">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><strong><em><font color="#000080" size="6">ULTRAPAR
                        PARTICIPA&#199;&#213;ES
                        S.A.</font></em></strong></div>
                    </td>
                  </tr>

              </table>
            </div>
            <div>&#160;</div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>MD&amp;A
              &#8211; ANALYSIS OF CONSOLIDATED EARNINGS</strong></font></div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>First
              Quarter 2007</strong></font></div>
            <div><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong><em>(1)
              Key Indicators - Consolidated:</em></strong></font></div>
            <div><br></div>
            <div align="left">
              <table cellpadding="3" cellspacing="0" width="100%">

                  <tr bgcolor="#ffffff">
                    <td align="left" valign="top" width="45%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(R$
                        million)</font></div>
                    </td>
                    <td valign="top" width="11%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07</font></div>
                    </td>
                    <td valign="top" width="11%" style="border-top: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q06</font></div>
                    </td>
                    <td valign="top" width="11%" style="border-top: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4Q06</font></div>
                    </td>
                    <td valign="top" width="11%" style="border-top: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Change</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07
                        vs. 1Q06</font></div>
                    </td>
                    <td valign="top" width="11%" style="border-right: black 0.5pt solid; border-top: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Change</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07
                        vs. 4Q06</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Net
                        sales and services</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>1,174.1</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>1,097.7</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>1,203.8</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>7%</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>(2%)</strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Cost
                        of sales and services</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(950.9)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(898.7)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(970.6)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">6%</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Gross
                        Profit</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>223.2</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>199.0</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>233.2</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>12%</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>(4%)</strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Selling,
                        general and administrative expenses</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(155.8)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(140.4)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(163.3)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11%</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(5%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Other
                        operating income (expense), net</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(0.1)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0.6</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(0.5)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(117%)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(80%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" nowrap valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black 4px;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">Income
                        from operations before
                        financial items</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">67.3</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">59.2</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">69.4</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">14%</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">(3%)</font></strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
                        (expense) income, net</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(7.9)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">12.4</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1.3)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(164%)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">508%</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Equity
                        in subsidiaries and affiliated companies</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(0.1)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">-</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0.3</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0%</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">133%</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Nonoperating
                        income (expense), net</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(0.8)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(2.1)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2.4</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(62%)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(133%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">Income
                        before taxes and social
                        contribution</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">58.5</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">69.5</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">70.8</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">(16%)</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">(17%)</font></strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Income
                        and social contribution taxes</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(23.4)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(23.0)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(24.9)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2%</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(6%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Benefit
                        of tax holidays</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">2.8</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11.4</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4.2</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(75%)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(33%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Minority
                        interest</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(0.7)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1.1)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(1.7)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(36%)</font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(59%)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">Net
                        income</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">37.2</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">56.8</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">48.4</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">(35%)</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">(23%)</font></strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">EBITDA</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">115.1</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">106.6</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">115.4</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">8%</font></strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000080; FONT-FAMILY: times new roman"><strong><font style="DISPLAY: inline; COLOR: #000080">0%</font></strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Volume
                        &#8211; LPG sales</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>368</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>355</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>388</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>3%</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>(5%)</strong></font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#d9d9d9">
                    <td align="left" valign="middle" width="45%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>Volume
                        &#8211; Chemicals sales</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>144</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>129</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>131</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>12%</strong></font></div>
                    </td>
                    <td valign="middle" width="11%" style="border-right: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><strong>10%</strong></font></div>
                    </td>
                  </tr>

              </table>
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong><em>(2)
              Performance Analysis:</em></strong></font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Net
              Sales and Services</u>&#8211; Ultrapar's net consolidated sales and services in 1Q07
              amounted to R$ 1,174.1 million, 7% up on the net sales in 1Q06 and
              2% lower than
              in 4Q06.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultragaz
              -
              The Brazilian LPG market expanded by 3% in 1Q07, compared to 1Q06,
              basically
              reflecting the improvement in income among the Brazilian population.
              In the same
              period, the volume sold by Ultragaz amounted to 368,000 tons, 3.5%
              higher than
              the volume sold in 1Q06 and exceeding the market's expansion rate,
              basically due
              to an increase of 4% in the bulk segment, result of the higher consumption
              by
              certain clients. In the bottled segment, sales volume was up by 3%,
              in line with
              the expansion in the market as a whole. Compared to 4Q06, Ultragaz's
              sales
              volume was down 5%, basically due to the seasonal drop in volume between
              the two
              periods. Net sales and services at Ultragaz amounted to R$ 735.4 million
              in
              1Q07, 6% higher than the figure in 1Q06, basically due to an increase
              of 3.5% in
              volume sold and the benefits generated by the company's distribution
              structure
              review. Compared to 4Q06, there was a reduction of 5%, in line with
              the seasonal
              drop in sales volume.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Oxiteno
              -
              Total sales volume at Oxiteno in 1Q07 amounted to 144,000 tons, up
              12% on 1Q06,
              as a result of better economy and the higher availability of ethylene,
              the
              highest growth being seen in the domestic market, where sales volume
              was up by
              29% resulting in a better geographical sales mix. Growth in the domestic
              market
              took place in a widely spread manner in the various segments served
              by Oxiteno &#8211;
sales of specialty chemicals saw an increase of 11,000 tons, the result
              of
              commercial initiatives and gains in market share, while commodities
              sales rose
              by 14,000 tons, due to the increase in local demand. In the export
              market, sales
              dropped back by 25% compared to 1Q06, consequence of higher sales in
              the
              domestic market. Canamex's sales volume was up 49% in the quarter,
              amounting to
              8,500 tons. Compared to 4Q06, Oxiteno's total sales volume was up 10%,
              expanding
              by 16% in the domestic market. Oxiteno reported net sales and services
              of R$
              396.2 million in 1Q07, up 11% compared to 1Q06, basically due to an
              increase in
              sales volume of 12% &#8211; the 4% appreciation in the Brazilian Real against the US
              Dollar offset the better geographical sales mix and higher prices in
              the
              international market. Compared to 4Q06 there was an increase of 2%
              as a result
              of growth in sales on, offset by (i) a higher proportion of commodities
              in the
              volume sold, and (ii) the appreciation of the Brazilian Real against
              the US
              Dollar.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultracargo
              - Average storage volume at Ultracargo, measured in cubic metres, in
              1Q07 was
              17% higher than in 1Q06, basically due to the expansion in operations
              at the
              Santos Intermodal Terminal and the Suape Terminal, whose expansion
              was completed
              in 4Q06. Compared to 4Q06 the average storage volume increased by 5%
              as a result
              of the expansion at the Suape Terminal. In the transport segment, the
              total
              kilometres travelled was down 29% compared to 1Q06, as a result of
              the decision
              to focus its operations in rendering services with higher aggregate
              value. In
              comparison to 4Q06, kilometrage travelled remained stable. Net revenues
              from
              services at Ultracargo amounted to R$ 54.3 million in 1Q07, down 7%
              compared to
              1Q06 as a result of the reduction in transport operations, partly offset
              by an
              increase in average storage. Compared to 4Q06, net revenues were practically
              stable.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Cost
              of
              Sales and Services</u>:&#160;&#160;Ultrapar's cost of sales and services
              amounted to R$ 950.9 million in 1Q07, 6% higher than in 1Q06, and down
              2% on
              4Q06.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultragaz
&#8211;
              The cost of sales and services at Ultragaz amounted to R$ 618.3 million
              in 1Q07,
              up 4% on 1Q06, due to an increase of 3.5% in volume sold and higher
              personnel
              expenses as a result of collective wage agreements implemented. Compared
              with
              4Q06, there was a reduction of 5%, due to a seasonal drop in sales
              volume and
              non-recurring costs booked in 4Q06.</font></div>
            <div>&#160;</div>
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              </div>
              <div id="HDR">
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                </div>
                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Oxiteno
&#8211;
              Oxiteno's cost of sales and services in 1Q07 amounted to R$ 311.4 million,
              up
              12% on 1Q06, compatible with the volume sold. The increase in the cost
              of
              ethylene in dollar terms was compensated for by the appreciation of
              4% in the
              Brazilian Real against the US dollar. Compared to 4Q06, there was an
              increase of
              5% in the cost of sales and services, less than the increase of 10%
              in sales
              volume, as a result of the appreciation in the Real and the change
              in product
              mix, with a lower proportion of specialty chemicals.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultracargo
              &#8211; The cost of services provided by Ultracargo amounted to R$ 33.1 million
              in
              1Q07, down 13% and 1% compared to 1Q06 and 4Q06, respectively, principally
              related to the drop in costs in the transport division.</font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Gross
              Profit:</u> Ultrapar reported gross profit of R$ 223.2 million, a 12% increase
              over 1Q06. Compared to 4Q06, the company&#8217;s gross profit was 4%
              lower.</font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Selling,
              General and Administrative Expenses:</u> Ultrapar's sales, general and
              administrative expenses amounted to R$ 155.8 million, up 11% on 1Q06
              and down 5%
              on 4Q06, respectively.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultragaz
&#8211;
              Sales, general and administrative expenses at Ultragaz totalled R$
              86.1 million
              in 1Q07, up 16% compared to 1Q06, basically due to: (i) an increase
              in personnel
              expenses as a result of annual collective wage agreements and expansion
              in the
              size of the workforce &#8211; compatible with the company's new commercial structure;
              and (ii) higher expenses on advertising and marketing, the result of
              sales
              campaigns. Compared to 4Q06, there was a drop of 5%, basically due
              to a
              reduction in sales volume and extraordinary expenses booked in
              4Q06.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Oxiteno
&#8211;
              Sales, general and administrative expenses at Oxiteno amounted to R$
              54.7
              million in 1Q07, 11% higher than in 1Q06, due to (i) an increase in
              sales
              volume, (ii) higher sales expenses at Canamex, as a result of increased
              sales
              volume, including exports and (iii) higher personnel expenses as a
              result of
              annual collective wage agreements. Compared to 4Q06, there was a reduction
              of
              4%, basically as a result of a reduction in international freight expenses
              and
              lower personnel expenses.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ultracargo
              &#8211; Ultracargo's sales, general and administrative expenses totalled R$
              16.3
              million in 1Q07, down 11% on 1Q06, due to downsizing in the workforce
              as a
              result of the reduction in transport operations, partially offset by
              higher
              expenses from the expansion into storage operations. Compared to 4Q06,
              there was
              a drop of 6% as a result of adjustments in the size of the
              workforce.</font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Income
              from Operations before Financial Items:</u> Ultrapar reported income from
              operations before financial items of R$ 67.3 million in 1Q07, 14% higher
              than
              the operating income reported in 1Q06. Compared to 4Q06, Ultrapar&#8217;s income from
              operations before financial items decreased by 3%<font style="DISPLAY: inline; COLOR: #000000">.</font></font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Financial
              Income (Expenses), Net:</u><font style="DISPLAY: inline; FONT-FAMILY: Arial, sans-serif">&#160;</font>Ultrapar
              reported net financial expenses of R$ 7.9 million in 1Q07, compared
              to net
              financial revenues of R$ 12.4 million in 1Q06. The financial result
              in 1Q06
              benefited from the extraordinary gain of R$ 16 million as a result
              of the
              winning of lawsuits related to the levy of PIS and COFINS on financial
              revenues.
              Additionally, this result reflects a drop in the company's net cash
              position,
              which was R$ 127.4 million at the end of 1Q06, compared to a net debt
              of R$ 48.3
              million in 1Q07.</font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Nonoperating
              Income (Expenses), Net</u>: In 1Q07 Ultrapar reported nonoperating expenses,
              net, of R$ 0.8 million, basically composed by R$ 1.2 million of project
              analyses, partially offset by R$ 0.4 million from the sale of permanent
              assets,
              mainly gas cylinders and vehicles.</font></div>
            <div>&#160;</div>
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                <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial">Ultrapar
                  Participa&#231;&#245;es S.A.and Subsidiaries</font></div>
              </div>
            </div>
            <div>&#160;</div>
            <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Income
              and Social Contribution / Benefit of Tax Holidays:</u> Ultrapar&#8217;s 1Q07 income
              and social contribution taxes expenses amounted to R$ 23.4 million,
              a 2%
              increase compared to 1Q06. Compared to 4Q06, Ultrapar&#8217;s income and social
              contribution taxes expenses were 6% lower, as a result of the reduction
              in
              income before taxes and social contribution. In December 2006, the
              income tax
              exemption enjoyed by Oxiteno's unit at Cama&#231;ari expired, and a request was filed
              with ADENE (Northeast Development Agency), responsible to manage this
              incentive
              program, asking for a 75% reduction in income tax until 2016. Ultrapar
              expects
              to have a response to this request in the next few weeks. If the income
              tax
              reduction is approved, Oxiteno should wait for the Federal Tax Authorities
              to
              issue its opinion, which has a time limit of 120 days to occur. Only
              after this
              period will Oxiteno book the amount of the tax benefit in its results,
              retrospectively to January 1, 2007. Should the fiscal benefit had already
              been
              obtained since January 1, 2007, the total expense with income tax and
              social
              contribution would have been reduced in R$ 6.2 million.</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>Net
              Income</u>: Ultrapar's consolidated net earnings in 1Q07 amounted to R$ 37.2
              million, 35% and 23% lower than the net earnings in 1Q06 and 4Q06,
              respectively,
              basically due to basically due to the effects mentioned in the financial
              result
              and benefit of tax holidays .</font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><u>EBITDA:</u><font style="DISPLAY: inline; COLOR: #000000">Ultrapar
              reported consolidated earnings
              before interest, taxes, depreciation and amortization (EBITDA) of R$
              115.1
              million in 1Q07, up 8% compared to 1Q06, and stable compared to
              4Q06.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Ultragaz
&#8211;
EBITDA
              at Ultragaz amounted
              to R$ 60.4 million in 1Q07, up 9% on 1Q06, due to growth in sales volume
              as well
              as the benefits generated by the company&#8217;s distribution structure review.
              Compared to 4Q06, there was an improvement of 3%.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Oxiteno
&#8211;
EBITDA
              at Oxiteno totalled R$
              42.1 million in 1Q07, 4% up on 1Q06, basically due to an increase in
              sales
              volume, partially offset by appreciation of 4% in the Brazilian Real
              and an
              increase in the dollar-denominated cost of ethylene. Compared to 4Q06,
              there was
              a reduction of 9% due basically to the higher portion of commodities
              as a
              percentage of overall sales volume and the appreciation of the Brazilian
              Real
              against the US dollar.</font></font></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Ultracargo
&#8211;
Ultracargo
              presented EBITDA
              of R$ 11.1 million in 1Q07, up 19% and 22%, respectively on 1Q06 and
              4Q06, as a
              result of expansion in storage operations and the restructuring of
              operations in
              the transport segment, prioritizing operations with a higher aggregate
              value.</font></font><br></div>
            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong><u>EBITDA</u></strong></font><br></div>
            <div><br></div>
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                    <td valign="top" width="19%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><em>R$
                        million</em></font></div>
                    </td>
                    <td valign="top" width="15%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q06</font></div>
                    </td>
                    <td valign="top" width="15%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4Q06</font></div>
                    </td>
                    <td valign="top" width="18%" style="border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Change</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07
                        X 1Q06</font></div>
                    </td>
                    <td valign="top" width="18%" style="border-right: black 0.5pt solid; border-top: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Change</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1Q07
                        X&#160;&#160;4Q06</font></div>
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                  <tr>
                    <td align="left" valign="top" width="19%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ultrapar</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">115.1</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">106.6</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">115.4</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">8%</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-right: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">0%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="19%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ultragaz</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">60.4</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">55.3</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">58.4</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9%</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-right: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">3%</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="19%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Oxiteno</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">42.1</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">40.5</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">46.1</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">4%</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-right: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">(9%)</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="19%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Ultracargo</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">11.1</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9.3</font></div>
                    </td>
                    <td valign="middle" width="15%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">9.1</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">19%</font></div>
                    </td>
                    <td valign="middle" width="18%" style="border-right: black 0.5pt solid; border-left: black 0.5pt solid; border-bottom: black 2px solid;">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">22%</font></div>
                    </td>
                  </tr>

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            </div>
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            <div><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>We
              hereby inform that, in accordance with the requirements of CVM Resolution
              381/03, our independent auditors KPMG Auditores Independentes have
              not performed
              during this first three months of 2007 any service other than the external
              audit
              of the financial statements of Ultrapar and affiliated companies and
              subsidiaries. We also inform that there is no expectation, for the
              current year,
              for KPMG to perform any other service amounting to more than 5% of
              the auditing
              cost.</em></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
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                </div>
              </div>
            </div>
            <div>&#160;</div>
          </div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>ULTRAPAR
                HOLDINGS INC.</strong></font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="2">Date:
              May 14, 2007</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">/s/&#160;Andr&#233;
              Covre</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:
              Andr&#233; Covre</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Title:
              Chief Financial and Investor Relations
              Officer</font></td>
          </tr>

      </table><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><br></font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><em>(
        Minutes of a meeting of the Board of Directors (05/2007) / Interim Financial
        Information for the period Ended March 31, 2007 and Independent Accountants&#8217;
Review Report)</em></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      <div>
        <hr style="COLOR: black" align="left" noshade size="2" width="100%">
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
