EX-99.3 14 dex993.htm VALUATION REPORT BY BANCO DE INVESTIMENTO CREDIT SUISSE (BRASIL) S.A.

Valuation Report Ultrapar Participações S.A., Refinaria de Petróleo Ipiranga S.A., Distribuidora de Produtos de Petróleo Ipiranga S.A. and Companhia Brasileira de Petróleo Ipiranga CONFIDENTIAL November 8, 2007 Exhibit 99.3

1 CONFIDENTIAL 1. Executive Summary 2 2. Information on the Appraiser 11 3. Description of the Companies 16 4. General Grounds of Valuation 25 5. Valuation Summary 27 6. Final Considerations 90 Appendix I. Comparable Public Company Analysis II. Comparable Precedent Transaction Analysis III. Share Price Evolution on the BVSP IV. Weighted Average Cost of Capital (WACC) V. Net Debt VI. Overview of the Industries of the Analyzed Companies VII. Description of the Valuation Methodology VIII. Glossary Index

CONFIDENTIAL 2 1. Executive Summary

3 CONFIDENTIAL The following information is important and should be read carefully in its entirety: 1. This Valuation Report was prepared solely for the Board of Directors of Grupo Ipiranga and its shareholders in connection with the proposed Transaction and should not be used for any other purpose. This Valuation Report may not be used by any third party and may not be used for any other purpose without the prior written consent of CS. This Valuation Report, including its analysis and conclusions, does not constitute a recommendation to any shareholder or member of the Board of Directors of Grupo Ipiranga or of Ultrapar on how to vote or act on any matter related to the Transaction. The base date used in this Valuation Report is September 30, 2007. 2. In order to reach the conclusions presented in this Valuation Report, we: (i) reviewed (a) the consolidated financial statements of Grupo Ipiranga, audited by PriceWaterhouseCoopers for the years ended December 31, 2004, 2005 and 2006 and the interim financial statements of Grupo Ipiranga audited by KPMG Auditores Independentes (“KPMG”) for the nine-month period ended September 30, 2007, and (b) the consolidated financial statements of Ultrapar for the years ended December 31, 2004, 2005 and 2006 audited by Deloitte Touche Tohmatsu and the consolidated interim financial statements of Ultrapar audited by KPMG for the nine-month period ended September 30, 2007; (ii) reviewed other information provided by each one of the Companies, including financial and operating projections for the next 4 years provided by Grupo Ipiranga and Ultrapar; (iii) held discussions with the management of Grupo Ipiranga and Ultrapar about the business and perspectives of the Companies; and (iv) took into consideration other relevant information, financial studies and analysis, and financial, economic and market research and criteria (items (i) through (iv) collectively, the “Information”). 3. Within the scope of our review, we do not take any responsibility for any independent investigation of any of the above-mentioned Information and believe that the Information is complete and precise in all of its relevant aspects. In addition, we were not asked to assume and did not assume the independent verification of any such Information, or the independent verification or valuation of any asset or liability (whether contingent or not) of any of the Companies, nor did we receive any valuation of this nature and we did not appraise the solvency or fair value of the Companies for purposes of Brazilian laws related to bankruptcy, insolvency or similar matters. Introduction Banco de Investimentos Credit Suisse (Brasil) S.A. (“CS”) was retained by Companhia Brasileira de Petróleo Ipiranga (“CBPI”), Refinaria de Petróleo Ipiranga S.A. (“RIPI”) and Distribuidora de Produtos de Petróleo Ipiranga S.A. (“DPPI”, and together with CBPI and RIPI, collectively “Ipiranga” or “Grupo Ipiranga”) to prepare a financial Valuation Report (“Valuation Report”) on the value of the shares of Grupo Ipiranga and Ultrapar Participações S.A. (“Ultrapar,” and together with Ipiranga, collectively the “Companies”), which Valuation Report will be used in connection with the exchange of the Grupo Ipiranga shares for Ultrapar shares (“Transaction”) in accordance with Articles 254-A and 137 of Brazilian Law No. 6,404/64 (“Brazilian Corporation Law”) and CVM Instruction No. 319/99. This valuation report is a free translation of the original valuation report prepared in the Portuguese language and filed with the Brazilian Securities Commission (Comissão de Valores Mobiliários). To the extent that any inconsistencies between this free translation and the original valuation report in Portuguese exist, the original valuation report will be deemed to control in all respects.

4 CONFIDENTIAL Introduction (Cont.) 4. No declaration or guarantee, express or implied, has been given by CS with respect to the truth and completeness of the information contained herein and upon which this Valuation Report was based. Nothing in this Valuation Report shall be interpreted or understood as being a representation regarding the present, past or future. 5. We do not provide, nor shall we provide, expressly or implicitly, any representation or declaration related to any information (including financial and operating projections of any of the Companies, or assumptions or estimates upon which such projections were based) used in this Valuation Report. In addition, we do not undertake any obligation to conduct, and we did not conduct, any physical inspection of the properties or installations of the Companies. We are not an accounting firm, and we do not provide accounting or auditing services in connection with this Valuation Report. We are not a law firm, and we do not provide legal or tax services in connection with this Valuation Report. 6. The operating and financial projections of Grupo Ipiranga and Ultrapar were based on information obtained from Grupo Ipiranga and Ultrapar and other public information, and we assumed that such projections reflect the best estimates currently available in connection with the future financial performance of the Companies, which were appraised on a stand-alone basis. 7. The management of the Companies has declared to us that the operating and financial projections of the Companies have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management in connection with the future financial performance of the Companies. In the event that this premise is not valid, the results presented herein may change substantially. 8. The Companies have delivered projections related to market demand and growth. We assume that such projections were prepared reasonably on the basis of the best currently available estimates. 9. This Valuation Report is not and should not be construed as: (i) a fairness opinion on the Transaction; (ii) a recommendation in respect of any aspect of the Transaction; or (iii) a fairness opinion or a determination on the fair and/or accurate value of the shares of the Companies. 10. In cases where our analysis has been prepared based on the discounted cash flow methodology, we assumed a macro-economic scenario based on projections by the Central Bank of Brazil, which projections may differ substantially from future results. Due to the fact that the analysis and the values are based on forecasts of future results, they do not necessarily indicate actual and future financial results of the Companies, which may be significantly more or less favorable than those suggested by our analysis. Due to the fact that this analysis is intrinsically subject to uncertainties, based on several events and factors that are outside of our control and the control of the Companies, we are not responsible in any way if the future results of any of the Companies differ substantially from the results presented in this Valuation Report. There is no guarantee that the future results of the Companies will correspond to the financial projections used as a basis for our analysis, and that the differences between our projections and the financial results of the Companies may not be relevant. Future results of the Companies may also be affected by economic and market conditions.

5 CONFIDENTIAL Introduction (Cont.) 11. The preparation of a financial analysis is a complex procedure that involves selecting the most appropriate and relevant methodology and applying that methodology. To reach the conclusions presented in this Valuation Report, we conducted a qualitative analysis and reached a final conclusion based on the results of the analysis as a whole and not based on, or related to, any single factor of our analysis. Therefore, we believe that our analysis must be considered as a whole and that the selection of parts of our analysis or specific factors, without considering our analysis and conclusions as a whole, may result in an incomplete and incorrect understanding of the procedures used in our analysis and conclusions. 12. This Valuation Report indicates solely the value of the Companies and does not appraise any other aspect or implication of the Transaction or any contract, agreement or understanding entered into in connection with Transaction. We do not express any opinion on the value of the shares to be issued pursuant to the terms of the Transaction or the value at which the shares of the Companies shall be or may be negotiated in the securities market at any time. This Valuation Report does not consider the merits of the Transaction as compared to other commercial strategies that may be available to Grupo Ipiranga and Ultrapar, nor does it consider any commercial decisions required to be made by the same in order to carry out the Transaction. The results presented in this Valuation Report refer exclusively to the Transaction and do not apply to any other issue or transaction, present or future, relating to any of the Companies, the economic group to which they belong or the sector in which they operate. 13. Our Valuation Report is necessarily based on information that was made available to us as of the date hereof and considers existing market, economic and other conditions as of such date. Although future events and other events may affect the conclusions presented in this Valuation Report, we do not have an obligation to update, review, rectify or revoke all or any part of this Valuation Report due to any subsequent event or for any other reason. 14. Our analysis does not distinguish between different classes and types of shares of each of the Companies and considers Grupo Ipiranga and Ultrapar as stand-alone companies and, therefore, does not include operating, tax or other benefits or losses, nor does it include any synergies, incremental value and/or costs, if any, that Grupo Ipiranga or Ultrapar may incur upon the closing of the Transaction or of any other transaction. The valuation also does not take into consideration potential operating and financial gains or losses that may be incurred after the Transaction due to the changes in the current business of Grupo Ipiranga and Ultrapar. 15. Grupo Ipiranga has agreed to reimburse our expenses and to indemnify us and some of our related parties for certain liabilities and expenses. We will receive a fee related to the preparation of this Valuation Report, which is payable to us regardless of whether the Transaction is completed.

6 CONFIDENTIAL Introduction (Cont.) 16. In the past, we have provided, from time to time, investment banking services and other financial services to Grupo Ipiranga and its affiliates, and to Ultrapar and its affiliates, for which we have been compensated, and we may in the future render such services to Grupo Ipiranga and Ultrapar and/or its affiliates, for which we expect to be compensated. We are a financial institution that provides a variety of financial and other services related to securities, brokerage and investment banking. During the normal course of our activities, we may purchase, hold or sell, for our own account or on behalf of our clients, shares, debt instruments and other securities and financial instruments (including bank loans and other obligations) of Grupo Ipiranga and Ultrapar and any other company that is involved in the Transaction, as well as provide investment banking and other financial services to such companies and their controlling or controlled companies. In addition, the professionals in our securities research department and other departments may base their analyses and publications on different operating and market premises and on different methodologies of analysis than those used in the preparation of this Valuation Report, such that the research reports and other publications prepared by them may contain different results and conclusions than those presented herein. We adopt certain policies and procedures to maintain the independence of our security analysts, who may hold different opinions than those of our investment banking department. We also adopt certain policies and procedures to maintain independence between the investment banking department and other CS areas and departments, including, but not limited to, asset management, proprietary trading, debt instruments, securities and other financial instruments. 17. This Valuation Report is the intellectual property of CS. 18. Numerical figures shown as totals in this Valuation Report may not be an arithmetic aggregation of the figures that preceded them due to rounding adjustments. Banco de Investimentos Credit Suisse (Brasil) S.A.

7 CONFIDENTIAL Ultrapar TEV (R$ million) Ultrapar 6,694.6 (-) Net Debt (a) (1,212.9) Ultrapar - Equity Value 5,481.8 total number of shares (million) 80.74 -5% +5% Price per Share (R$ per share) 64.50 67.90 71.29 Note: Valuation as of September, 30 2007. (a) Includes tag along to be paid Ultrapar – Valuation Summary Based on economic value that was calculated by the discounted cash flow methodology (DCF), the price per share of Ultrapar (Ultrapar) ranges between R$ 64.50 and R$ 71.29 Volume Weighted Share Price (1) Economic Value (DCF) Book Value Source: Data from Ultrapar (1) From 03/16/2007 to 10/31/2007 Note: The common shares of Ultrapar have limited liquidity. Accordingly, we have excluded the value and volume of Ultrapar’s common shares from this analysis. Source: Bloomberg Ultrapar PN ON Average Daily Trading Volume (R$ million) 8.08 NA Volume Weighted Average Price (VWAP) 63.30 NA Source: Data from Ultrapar and Credit Suisse Note 1: Company Valuation as of September 30, 2007. Note 2: Valuation of Ultrapar does not contemplate the premium from the purchase of the control of Ipiranga. (a) For details on Net Debt, see page 112. Includes the value of R$163.1 million to be disbursed in the tag-along. Ultrapar 30-Sep-07 Shareholders' Equity (R$ million) 2,008.42 Total number of shares (million) 80.74 Book value per share (R$ per share) 24.88

8 CONFIDENTIAL RIPI – Valuation Summary Based on economic value that was calculated by the discounted cash flow methodology (DCF), the price per share of Refinaria de Petróleo Ipiranga (RIPI) ranges between R$ 50.90 and R$ 56.26 Volume Weighted Share Price (1) Economic Value (DCF) Book Value Source: Data from Ipiranga (1) From 03/16/2007 to 10/31/2007 Source: Bloomberg RIPI PN ON Average Daily Trading Volume (R$ million) 2.64 1.47 Volume Weighted Average Price (VWAP) 46.80 100.67 Source: Data from Ipiranga and Credit Suisse (a) For details on the valuations of IQ, CBPI and DPPI, see pages 10, 49 and 57, respectivey. (b) For details on Net Debt, see page 111. RIPI 30-Sep-07 Shareholders' Equity (R$ million) 769.50 Total number of shares (million) 29.60 Book value per share (R$ per share) 26.00 RIPI 100% TEV (%) TEV (R$ million) IQ S.A. (a) 2,870.3 58.53% 1,680.0 CBPI S.A. (a) 3,858.5 11.42% 440.6 DPPI S.A. (a) 1,470.9 7.65% 112.5 RIPI Opco 4.0 100.00% 4.0 RIPI - Total Enterprise Value 2,237.2 (-) Net Debt(b) (651.2) RIPI - Equity Value 1,586.1 total number of shares (million) 29.60 -5% +5% Price per Share (R$ per share) 50.90 53.58 56.26

9 CONFIDENTIAL DPPI – Valuation Summary Based on economic value that was calculated by the discounted cash flow methodology (DCF), the price per share of Distribuidora de Produtos de Petróleo Ipiranga (DPPI) ranges between R$ 42.00 and R$ 46.42 Volume Weighted Share Price (1) Economic Value (DCF) Book Value Source: Data from Ipiranga (1) From 03/16/2007 to 10/31/2007 Source: Bloomberg DPPI PN ON Average Daily Trading Volume (R$ million) 1.10 0.15 Volume Weighted Average Price (VWAP) 39.61 104.64 Source: Data from Ipiranga and Credit Suisse (a) For details on the valuation of CBPI, see page 49. (b) For details on the valuations of DPPI and Isa Sul, see pages 57 and 89, respectively. (c) For details on Net Debt, see page 111. DPPI 100% TEV (%) TEV (R$ million) CBPI S.A. (a) 3,858.5 21.01% 810.7 DPPI S.A. (b) 660.2 100.00% 660.2 DPPI - Total Enterprise Value 1,470.9 (-) Net Debt (c) (56.1) DPPI - Equity Value 1,414.8 total number of shares (million) 32.00 -5% +5% Price per Share (R$ per share) 42.00 44.21 46.42 DPPI 30-Sep-07 Shareholders' Equity (R$ million) 909.97 Total number of shares (million) 32.00 Book value per share (R$ per share) 28.44

10 CONFIDENTIAL CBPI – Valuation Summary Based on economic value that was calculated by the discounted cash flow methodology (DCF), the price per share of Companhia Brasileira de Petróleo Ipiranga (CBPI) ranges between R$ 27.65 and R$ 30.57 Volume Weighted Share Price (1) Economic Value (DCF) Book Value (1) From 03/16/2007 to 10/31/2007 Source: Bloomberg Source: Data from Ipiranga CBPI PN ON Average Daily Trading Volume (R$ million) 7.39 0.17 Volume Weighted Average Price (VWAP) 25.49 54.87 Source: Data from Ipiranga and Credit Suisse (a) For details on valuations of Copesul, IPQ and IQ, see pages 72, 80 and 89, respectively. (b) Includes AM/PM, IASA and EMCA, as detailed on pages 65 and 89 of this Valuation Report. (c) For details on Net Debt, see page 111. CBPI 100% TEV (%) TEV (R$ million) Copesul (a) 4,755.9 29.46% 1,401.1 IPQ Opco 1,330.0 100.00% 1,330.0 100% IPQ 2,731.1 IPQ S.A. (a) 2,731.1 100.00% 2,731.1 IQ Opco 139.3 100.00% 139.3 100% IQ S.A. 2,870.3 IQ S.A. (a) 2,870.3 41.47% 1,190.3 CBPI Opco (b) 2,668.2 100.00% 2,668.2 CBPI - Total Enterprise Value 3,858.5 (-) Net Debt (c) (774.3) CBPI - Equity Value 3,084.2 total number of shares (million) 105.95 -5% +5% Price per Share (R$ per share) 27.65 29.11 30.57 CBPI 30-Sep-07 Shareholders' Equity (R$ million) 1,839.87 Total number of shares (million) 105.95 Book value per share (R$ per share) 17.37

CONFIDENTIAL 11 2. Information on the Appraiser

12 CONFIDENTIAL Credit Suisse Credentials In compliance with CVM Instructions, the following chart sets forth CS’s credentials. CS has acted as a financial adviser in important merger and acquisition transactions in Brazil: 2003 Advised Telesp Celular in the purchase of Tele Centro Oeste Celular Telesp Celular SA 2003 Advised Mutual Investment Limited in the sale of its shares of Santista Têxtil to Camargo Corrêa Santista Têxtil SA 2003 Advised Brisa Participações e Empreendimentos Ltda., Camargo Corrêa Transportes S.A. and Andrade Gutierrez Construções S.A. in the purchase of shares of CCR from Odebrecht Companhia de Concessões Rodoviárias SA 2003 Advised Solae LLC, a joint venture between Bunge and Dupont, in a combined public offering for the sale of control and for Solae do Brasil Holdings S.A. to become a private company Solae LLC 2003 Advised Rexam in the acquisition of 88.6% of the total capital of Latasa Rexam PLC 2004 Advised Unibanco in the purchase of Hipercard Unibanco - Uniao de Bancos Brasileiros SA 2004 Advised Eni in the sale of Agip do Brasil to Petrobrás Eni B.V. 2004 Advised Seara in the sale of its control to Cargill Seara Alimentos SA 2004 Advised Bunge Ltda. in the purchase of 90.7% of the free-float of Bunge Brasil, increasing its share interest to 98.5% Bunge Brasil SA 2005 Advised Usiminas in the exchange of shares of Siderar and Sidor for 16% of the total capital of Ternium Ternium SA 2005 Advised Previ and Petros in their put option to sell 25% of the voting capital of Acesita Acesita SA 2006 Advised TIM Partipações in the acquisition of shares of TIM Celular TIM Participações SA 2006 Advised Dufry in the purchase of Brasif e Eurotrade Dufry Management LTD 2006 Advised the Schahin Group in the sale of its share interest in 5 companies to Cemig, MDU Brasil and Brascan Brasil Schahin Engenharia Ltda 2006 Advised ALL in the acquisition of shares of Brasil Ferrovias S.A. and Novoeste Ferrovias S.A. America Latina Logística S.A. 2006 Advised IP in the sale of Impacel to Stora Enso International Paper 2006 Advised CVRD in the hostile acquisition of Inco, a Canadian mining company Companhia Vale do Rio Doce S.A. 2006 Advised in the merger of Submarino and Americanas.com Submarino S.A. 2006 Advised Bunge in the sale of Bunge Fertilizantes to Fosfertil Bunge Brasil SA 2007 Advised MMX and Centennial Asset in the sale of 50% of the capital stock of MMX Minas-Rio to Anglo American MMX Mineração e Metálicos S.A. 2007 Advised in the sale of Grupo Dedini Agro to Abengoa Bioenergy Grupo Dedini Agro 2007 Advised in the sale of Magnesita to GP Investimentos Magnesita S.A. Date Transaction Company

13 CONFIDENTIAL Credit Suisse Credentials (Cont.) Business experience of the professionals responsible for this Valuation Report: Mr. José Olympio Pereira is responsible for the investment banking department of Credit Suisse Brasil. From February 2001 to May 2004, Mr. José Olympio worked for Citigroup Global Markets where he was co-responsible for the investment banking department for Latin America and responsible for the investment banking department in Brazil. From February 1998 to December 2000, Mr. Olympio was responsible for the Donaldson, Lufkin & Jenrette office in Brazil. He also worked for Banco de Investimentos Garantia S.A for 13 years, where he held several positions, including head of the corporate finance department. During his professional career, Mr. Olympio was responsible for several mergers and acquisitions, and equity and bond public offerings in the Brazilian and international capital markets. Mr. Olympio holds a bachelor’s in civil engineering from Pontifícia Universidade Católica do Rio de Janeiro and holds a master’s degree in business administration from Harvard Business School. José Olympio Pereira Executive Officer, Director of Investment Banking in Brazil Mr. Marco Gonçalves is responsible for mergers and acquisitions of the investment banking department of Credit Suisse Brasil. Before working for CS, Mr. Marco Gonçalves worked for ABN Amro Bank, Deustche Bank and BNP Paribas in Brazil and in New York. Mr. Gonçalves has more than 10 years of experience in investment banking and has acted as advisor in several merger and acquisition transactions in different industries. Mr. Gonçalves holds a bachelor’s degree in mechanical engineering from Universidade Federal de Santa Catarina and a specialization degree in finance from New York University. Marco Gonçalves Mergers and Acquisition, Investment Bank

14 CONFIDENTIAL Credit Suisse Credentials (Cont.) Business experience of the professionals responsible for this Valuation Report : Claudio Sassaki Vice President, Investment Bank Mr. Eduardo Bontempo is part of the investment banking team of Credit Suisse in Brazil. Before joining CS in May 2006, Mr. Bontempo worked in the corporate finance department of Rio Bravo Investimentos. During his professional career, Mr. Bontempo worked in several mergers and acquisition transactions and capital markets transactions. Mr. Bontempo holds a bachelor’s degree in business administration from Fundação Getulio Vargas in São Paulo. Eduardo Bontempo Analyst, Investment Bank Mr. Claudio Sassaki is part of the investment banking team of Credit Suisse in Brazil. Before working for CS, Mr. Sassaki worked for Sagent Advisors and Citigroup Global Markets in New York. During his professional career, Mr. Sassaki worked in several merger and acquisition transactions and capital markets transactions. Mr. Sassaki holds a bachelor’s degree in architecture from Universidade de São Paulo and a master’s degree in business administration from Stanford Graduate School of Business.

15 CONFIDENTIAL Additional Considerations Pursuant to CVM Instruction No. 319/99, CS declares that: 1. It has no direct or indirect interest in the Companies or in the Transaction, and there is no other significant circumstance that can constitute a conflict of interest. 2. The controlling shareholder and the management of the Companies did not direct, limit, encumber or perform any act that compromised or could compromise the access, use or communication of information, assets, documents or work methods that are relevant to the quality of the conclusions. 3. There is no current or future conflict or pooling of interests with the controlling shareholder of Grupo Ipiranga, or its minority shareholders, or in connection with Ultrapar and its partners, or in connection with the Transaction. This Valuation Report is the intellectual property of CS. In preparing this Valuation Report, CS did not assume any difference between different classes of shares of the Companies. Numerical figures shown as totals in this Valuation Report may not be an arithmetic aggregation of the figures that preceded them due to rounding adjustments.

CONFIDENTIAL 16 3. Overview of the Companies

CONFIDENTIAL 17 3.1. Overview of Ultrapar Participações S.A.

18 CONFIDENTIAL Overview of Ultrapar Participações S.A. Corporate Structure VS: 66.0% TS: 40.1% Ultra S.A. VS: 30.4% TS: 21.1% Others VS: 3.6% TS: 38.8% Free Float Oxiteno Ultragaz Ultracargo Ultrapar Participações VS: 100.00% TS: 100.00% VS: 100.00% TS: 100.00% VS: 100.00% TS: 100.00% Principal Shareholders Companies of the Group Note 1: VS– Voting Shares; TS – Total Shares Note 2: Interests in the companies of the Ipiranga Group considers % purchased from controlling shareholders and % acquired by tag-along. Overview Ultrapar Participações S.A., or Ultrapar, has been in operation for over 70 years. It is a holding company and one of the largest corporate groups in Brazil, with operations in Mexico and Argentina. Currently, Ultrapar has more than 9,500 employees. In April 18, 2007, Ultrapar had three main subsidiaries: Ultragaz; Oxiteno; and Ultracargo. Main Subsidiaries Ultragaz is the leading company in the distribution of liquified petroleum gas (“LPG”) in Brazil and: supplies over 10 million homes in Brazil; has a strong presence in the production and commercial industries, supplying over 30 thousand companies; and recorded net sales revenue of R$2.3 billion during the nine months ended September 30, 2007. Oxiteno is the largest producer of ethylene oxide and its byproducts in South America, as well as a large producer of other chemicals. It has five plants in Brazil and three in Mexico, exporting to over 40 countries; and It recorded net sales revenue of R$1.2 billion during the nine months ended September 30, 2007. Ultracargo is one of the largest suppliers of integrated logistics in Brazil. It: provides storage, distribution and transportation services of bulk products that require special handling; provides multimodal terminals that are strategically located in the main ports and petrochemical complexes in Brazil, such as Santos (SP), Suape (PE) and Aratu (BA), with access to rail, road and river transportation; and recorded net sales revenue of R$170.6 million during the nine months ended September 30, 2007. RIPI DPPI CBPI VS: 82.11% TS: 34.47% VS: 96.62% TS: 40.28% VS: 8.31% TS: 2.78%

CONFIDENTIAL 19 3.2. Overview of Refinaria Petróleo Ipiranga S.A. (RIPI)

20 CONFIDENTIAL Overview of Refinaria Petróleo Ipiranga S.A. (RIPI) Overview Refinaria de Petróleo Ipiranga (RIPI) is a holding company that controls some companies in the Ipiranga Group and an oil refinery. The oil refinery processes crude oil into several petroleum products, such as gas, diesel fuel, kerosene, LPG, solvents and other byproducts. Main Subsidiaries Ipiranga Química (IQ): distributes chemical products and controls IPQ; and recorded net sales revenue of R$366.7 million and EBITDA of R$12.7 million during the nine months ended September 30, 2007. Ipiranga Petroquímica (IPQ): controls Copesul together with Braskem; is a second-generation petrochemical company; and recorded net sales revenue of R$1.5 billion and EBITDA of R$228.1 million during the nine months ended September 30, 2007. Distribuidora de Produtos de Petroleo Ipiranga (DPPI): distributes fuel in the South of Brazil; controls CBPI and, through this interest, DPPI holds indirect interests in IQ, IPQ and Copesul; and recorded net sales revenue of R$2.5 billion and EBITDA of R$50.0 million during the nine months ended September 30, 2007. Companhia Brasileira de Petróleo Ipiranga (CBPI): is present in almost all of Brazil; at the end of the first half of 2007, CBPI owned 2,374 gas stations in operation; and recorded net sales revenue of R$16.5 billion and EBITDA of R$297 million during the nine months ended September 30, 2007. Copesul: first-generation petrochemical company; and recorded net sales revenue of R$5.4 billion and EBITDA of R$818.0 million during the nine months ended September 30, 2007. Principal Shareholders Companies of the Group Source: information disclosed by RIPI (1) On behalf of and in place of Petrobras and Braskem Note: Shares of Grupo Ipiranga consider % purchased from controlling shareholders and % acquired by tag-along. Controlling Company Corporate Structure Copesul IPQ IQ CBPI DPPI Minority Shareholders Ultrapar (1) RIPI VS: 29.46% TS: 29.46% VS: 100.00% TS: 100.00% VS: 41.47% TS: 41.47% VS: 62.88% TS: 21.01% VS: 58.53% TS: 58.53% VS: 24.81% TS: 11.42% VS: 15.25% TS: 7.65% VS: 3.38% TS: 59.72% VS: 96.62% TS: 40.28%

CONFIDENTIAL 21 3.3. Overview of Distribuidora de Produtos de Petróleo Ipiranga (DPPI)

22 CONFIDENTIAL Overview of Distribuidora de Produtos de Petróleo Ipiranga (DPPI) Overview Distribuidora de Produtos de Petróleo Ipiranga, or DPPI, distributes fuel such as gasoline, ethanol, diesel fuel and natural gas for automobiles, in the state of Rio Grande do Sul and in parts of the state of Santa Catarina. DPPI also operates AM/PM, a network of convenience stores in the southern states of Rio Grande do Sul and Santa Catarina. By the end of the first quarter of 2007, DPPI owned 925 gas stations in its area of operation. During the nine months ended September 30, 2007, the Company distributed a total of 1.3 billion cubic meters of products. Main Subsidiaries Companhia Brasileira de Petróleo Ipiranga, or CBPI: CBPI is present in almost all Brazil; At the end of the first half of 2007, CBPI owned 2,374 gas stations in its area of operation; and CBPI recorded net sales revenue of R$16.5 billion and EBITDA of R$297.0 million during the nine months ended September 30, 2007. Isa-Sul Administração e Participações, or Isa-Sul: owns 147 gas stations in DPPI’s area of operation; and recorded net sales revenue of R$16.0 million and EBITDA of R$14.3 million during the nine months ended September 30, 2007. Ipiranga Química, or IQ: distributes chemical products and controls IPQ; and recorded net sales revenue of R$366.7 million and EBITDA of R$12.7 million during the nine months ended September 30, 2007. Ipiranga Petroquímica, or IPQ: controls Copesul together with Braskem; is a second generation petrochemical company; and recorded net sales revenue of R$1.5 billion and EBITDA of R$228.1 million during the nine months ended September 30, 2007. Copesul: first generation petrochemical company; and recorded net sales revenue of R$5.4 billion and EBITDA of R$818 million during the nine months ended September 30, 2007. Corporate Structure Principal Shareholders Companies of the Group Note: VS – Voting Shares, TS –Total Shares Controlling Company VS: 15.25% TS: 7.65% VS: 2.64% TS: 57.88% VS: 82.11% TS: 34.47% DPPI Minority Shareholders Ultrapar (1) RIPI CBPI Isa-Sul IQ Copesul IPQ VS: 62.88% TS: 21.01% VS: 100.00% TS: 100.00% VS: 41.47% TS: 41.47% VS: 100.00% TS: 100.00% VS: 29.46% TS: 29.46% Source: Information disclosed by RIPI (1) On behalf of and in place of Petrobras and Braskem Note: Shares of Grupo Ipiranga consider % purchased from the controlling shareholders and % acquired by tag-along.

CONFIDENTIAL 23 3.4. Overview of Companhia Brasileira de Petróleo Ipiranga (CBPI)

24 CONFIDENTIAL Overview of Companhia Brasileira de Petróleo Ipiranga (CBPI) Overview Companhia Brasileira de Petróleo Ipiranga, or CBPI, distributes fuel and petroleum byproducts throughout Brazil, except for the states of Roraima and Rio Grande do Sul. Products offered by the company include, among others, gasoline, ethanol, natural gas for automobiles, alcohol, diesel fuel, tar and lubricating oils. CBPI also operates AM/PM, a network of convenience stores present in the Brazilian states mentioned above. In the nine months ended September 30, 2007, CBPI distributed a total volume of 9.6 billion cubic meters of products. Main Subsidiaries Ipiranga Química, or IQ: distributes chemical products and controls IPQ; and recorded net sales revenue of R$366.7 million and EBITDA of R$12.7 million during the nine months ended September 30, 2007. Ipiranga Petroquímica, or IPQ: controls Copesul together with Braskem; is a second-generation petrochemical company; and recorded net sales revenue of R$1.5 billion and EBITDA of R$228.1 million during the nine months ended September 30, 2007. Copesul: first-generation petrochemical company; and recorded net sales revenue of R$5.4 billion and EBITDA of R$818.0 million during the nine months ended September 30, 2007. AM/PM Comestíveis: network of convenience stores located in gas stations; and recorded net sales revenue of R$16 million (1) and EBITDA of R$24.0 million during the nine months ended September 30, 2007. Ipiranga Asfaltos, or IASA: produces tar and tar additives and offers paving services; and recorded net sales revenue of R$208.4 million and EBITDA of R$(2.6) million during the nine months ended September 30, 2007. Empresa Carioca de Produtos Químicos, or EMCA: produces special oils for use in pharmaceutical, food, cosmetics and plastic industries; and recorded net sales revenue of R$61.2 million and EBITDA of R$2.7 million during the nine months ended September 30, 2007. Corporate Structure Principal Shareholders Companies of the Group Note: VS – Voting Shares, TS – Total Shares Controlling Company Minority Shareholders Ultrapar (1) RIPI DPPI AM/PM IASA EMCA CBPI VS : 24.81% TS : 11.42% VS : 4.00% TS : 64.79% VS: 8.31% TS: 2.78% VS: 62.88% TS: 21.01% VS: 100.00% TS: 100.00% Copesul IPQ IQ VS : 100.00% TS : 100.00% VS : 29.46% TS : 29.46% VS : 41.47% TS : 41.47% Source: Information disclosed by CBPI (1) On behalf of and in place of Petrobras and Braskem. Note: Shares of Grupo Ipiranga consider % purchased from the controlling shareholders and % acquired by tag-along. (1) Only includes revenue from royalties. VS: 100.00% TS: 100.00% VS: 100.00% TS: 100.00%

CONFIDENTIAL 25 4. General Premises of the Valuation

26 CONFIDENTIAL Macroeconomic Premises The macroeconomic premises set forth below are based on estimates made by the department of macroeconomic research of the Central Bank of Brazil. From 2011 on, projected exchange rates show the maintenance of the purchasing power between the U.S. dollar and the real. 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp FX Rate R$ / US$ (EoP) (1) 1.81 1.88 1.99 2.04 2.09 2.12 2.15 2.19 2.22 2.25 2.29 R$ / US$ (avg.) (1) 1.95 1.87 1.95 2.01 2.05 2.08 2.11 2.15 2.18 2.21 2.24 Interest Rates SELIC (EoP) (1) 11.1% 10.3% 9.6% 9.1% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% 8.8% SELIC (avg.) (1) 11.9% 10.6% 9.8% 9.4% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% 8.9% Inflation IGP - M (1) 5.5% 4.1% 4.2% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% IPCA (1) 3.9% 4.1% 4.1% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% US Inflation (CPI) (2) 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Population Brazilian Population (3) 189.3 191.9 194.4 196.8 199.3 201.6 204.0 206.2 208.5 210.7 212.9 Growth (%) 1.4% 1.3% 1.3% 1.3% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1% 1.1% GDP Real Growth (%) (1) 4.8% 4.4% 4.1% 4.2% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Source: (1) Central Bank of Brazil (2) CS Economic Research (3) IBGE

CONFIDENTIAL 27 5. Valuation Summary

CONFIDENTIAL 28 5.1. Consolidated Ultrapar

29 CONFIDENTIAL 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 143 176 217 314 353 365 370 406 429 450 395 (-) Taxes (29) (35) (43) (62) (69) (72) (75) (85) (92) (97) (80) Effective Tax Rate (20.4%) (19.7%) (19.9%) (19.6%) (19.5%) (19.8%) (20.2%) (21.0%) (21.4%) (21.5%) (20.3%) Operating Profit After Taxes 113 141 174 252 284 293 295 321 337 353 315 (+) Depreciation and Amortization 103 137 148 143 152 159 166 149 139 148 148 (-) Investments (328) (326) (218) (116) (119) (120) (122) (126) (129) (132) (148) (-) Working Capital Variation (13) (52) (68) (47) (30) (19) (19) (27) (21) (22) (23) Free Cash Flow to Firm (125) (100) 36 233 287 313 320 317 327 347 292 0 3.2% 3.7% 4.2% 4.7% 5.2% 10.7% 8.1x 8.5x 8.9x 9.3x 9.9x 10.2% 8.8x 9.2x 9.7x 10.3x 11.0x 9.7% 9.6x 10.1x 10.7x 11.4x 12.3x 9.2% 10.5x 11.1x 11.8x 12.7x 13.9x 8.7% 11.5x 12.3x 13.2x 14.4x 16.0x Results of Discounted Cash Flow (in millions of U.S.$) Discounted Cash Flow Source: According to information disclosed by and/or discussed with Ultrapar Total Value of the Company (1) Implied Multiple (EBITDA 2008) W A C C Perpetuity Growth (U.S.$ Nominal) (in millions of reais) Source: Information disclosed by and/or discussed with Ultrapar (1) Amounts translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00. Source: Information disclosed by and/or discussed with Ultrapar W A C C Perpetuity Growth (U.S.$ Nominal) 0 3.2% 3.7% 4.2% 4.7% 5.2% 10.7% 4,733 4,934 5,166 5,437 5,757 10.2% 5,121 5,363 5,645 5,978 6,379 9.7% 5,568 5,862 6,210 6,627 7,138 9.2% 6,089 6,451 6,887 7,420 8,086 8.7% 6,704 7,159 7,715 8,410 9,304

CONFIDENTIAL 30 5.1.1 Ultragaz

31 CONFIDENTIAL Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Estimate of volume of bottled gas calculated based on population growth. Estimate of volume of bulk gas calculated based on GDP growth. Volume Estimate of average price of bottled gas based on the current price adjusted for inflation. Estimate of average price of bulk gas based on the current price adjusted for inflation. Prices Calculated based on the depreciation schedule of property, plant and equipment. Depreciation and Amortization Net Revenue calculated based on volume sold and average sales price. Net Revenue Calculated based on current expenses and adjusted for inflation. General and Administrative Expenses Expenses calculated based on the increase of volume sold. Selling Expenses Source: Information disclosed by and/or discussed with Ultrapar

32 CONFIDENTIAL Principal Premises Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ultrapar. Working Capital Investments of R$20 per ton of gas sold to the residential market, adjusted for inflation, according to information disclosed by and/or discussed with Ultrapar. Investments of R$100 per ton of gas sold to companies, adjusted for inflation, according to information disclosed by and/or discussed with Ultrapar. Additional investments, according to information disclosed by and/or discussed with Ultrapar. Projects that are not yet approved by the board of directors of Ultrapar or that are uncertain were not considered in the preparation of projections. Capital Expenditures Gordon Perpetuity growth model. Terminal Value: based on normalized cash flow for 2017. It considers a growth rate of 2.5% in actual perpetuity terms. Terminal Value Calculated based on different tax rates projected by Ultrapar and consistent with historical rates and with the future expectations of the company. Taxes Source: Information disclosed by and/or discussed with Ultrapar

33 CONFIDENTIAL 2,151 2,244 2,340 2,440 2,545 2,658 2,777 2,902 2,230 2,278 2,325 2,415 2,508 2,604 2,704 2,808 2,917 3,029 2,040 1,945 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Avg. Price (bottled) Avg. Price (bulk) Principal Revenue Premises Volume Source: Information disclosed by and/or discussed with Ultrapar Average Prices Source: Information disclosed by and/or discussed with Ultrapar (in reais per ton) (in thousands of tons) 1,133 1,154 1,174 1,191 1,206 1,220 1,233 1,246 681 710 1,073 1,103 627 601 576 541 508 740 771 654 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Bottled (residential) Bulk (industrial and commercial)

34 CONFIDENTIAL 503 547 594 643 460 418 379 341 296 271 10.2% 10.4% 10.0% 10.8% 10.6% 8.4% 8.5% 9.0% 9.4% 9.7% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 3,785 4,051 4,330 4,620 4,925 5,249 5,596 5,967 3,230 3,492 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Net Revenue Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais)

35 CONFIDENTIAL 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 133 144 156 167 178 190 203 216 231 246 (+) Current Assets 214 232 251 269 287 306 327 348 371 396 (-) Current Liabilities 81 88 95 102 109 116 124 132 140 150 Net Working Capital Variation (Increase) / Decrease in Working Capital (6) (11) (12) (11) (12) (12) (13) (13) (14) (15) 148 130 145 155 165 127 130 142 119 143 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 112 114 120 124 130 138 146 156 135 102 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais)

CONFIDENTIAL 36 5.1.2 Oxiteno

37 CONFIDENTIAL Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Projected average price of specialty chemical denominated in U.S. dollars; assumes that prices in the domestic and international markets converge in the long term. Projected average price of commodities is based on data projected by PCI and CMAI, in U.S. dollars. Prices Net Revenue is calculated based on volume sold and average sales price. Net revenue Estimated increase in production capacity of ethylene oxide forecast for 2008 and 2009. Projected volume of specialty chemical based on Ultrapar’s growth plan to meet projected demand. Projected volume of commodities is the result of the production capacity minus volume used for production of specialty chemical. Volume Calculated based on current expenses and adjusted for inflation. General and Administrative Expenses Expenses calculated based on the increase of volume sold. Selling Expenses Source: Information disclosed by and/or discussed with Ultrapar

38 CONFIDENTIAL Principal Premises Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ultrapar. Working Capital Investment in maintenance of approximately R$25 per ton of installed production capacity. Considers investments for expansion of production capacity, according to information disclosed by and/or discussed with Ultrapar. Projects that are not yet approved by Ultrapar’s board of directors or that are uncertain were not considered in the preparation of the projections. Capital Expenditures Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 0.5% in actual perpetuity terms. Terminal Value Calculated based on different tax rates projected by Ultrapar and consistent with historical rates and with the future expectations of the company. Taxes Calculated based on the depreciation schedule of property, plant and equipment, considering an average amortization period of approximately 15 years. Depreciation and Amortization Source: Information disclosed by and/or discussed with Ultrapar

39 CONFIDENTIAL 1,610 1,444 1,463 1,538 1,678 1,846 1,988 2,007 2,862 3,034 3,228 3,543 3,634 3,741 3,851 3,948 4,061 4,174 2,113 1,959 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Avg. Price (Commodities) Avg. Price (Specialty Chemicals) 150 100 70 70 70 70 70 70 816 841 147 115 805 760 707 586 465 848 855 810 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Volume (Commodities) Volume (Specialty Chemicals) Principal Revenue Premises Volume Source: Information disclosed by and/or discussed with Ultrapar Average Prices Source: Information disclosed by and/or discussed with Ultrapar (in reais per ton) (in thousands of tons)

40 CONFIDENTIAL 518 523 515 542 527 519 450 304 226 161 15.9% 15.2% 16.8% 14.6% 14.4% 9.8% 11.3% 12.0% 15.9% 17.1% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 2,524 2,835 3,028 3,139 3,260 3,449 3,582 3,710 1,641 2,003 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Net Revenue Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais)

41 CONFIDENTIAL 92 105 111 117 123 130 136 143 58 71 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 216 90 92 93 95 96 98 99 398 501 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ultrapar (in millions of reais) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 380 463 583 662 709 735 761 803 832 863 (+) Current Assets 496 605 762 856 915 948 985 1,042 1,082 1,120 (-) Current Liabilities 116 141 180 195 205 213 224 238 250 258 Net Working Capital Variation (Increase) / Decrease in Working Capital (18) (84) (119) (79) (48) (25) (26) (42) (29) (30)

CONFIDENTIAL 42 5.1.3 Ultracargo

43 CONFIDENTIAL Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Projection of average price per cubic meter and per square meter based on current price adjusted for inflation. Projection of average price per kilometer transported based on current price adjusted for inflation. Prices Net Revenue is calculated based on sales volume and average prices. Net Revenue Increase in installed capacity and storage usage rate in cubic meters, according to estimates made by Ultrapar. Increase in installed capacity and storage usage rate in square meters, according to estimates made by Ultrapar. Storage Projection of transportation distance covered based on GDP growth. Transportation Calculated based on current expenses adjusted for inflation and the increase in revenue. General and Administrative Expenses Expenses calculated based on the increase in volume, according to information disclosed by and/or discussed with Ultrapar. Selling Expenses Source: Information disclosed by and/or discussed with Ultrapar.

44 CONFIDENTIAL Principal Premises Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ultrapar. Working Capital Investments in maintenance of approximately R$20 per ton of installed capacity in cubic meters, plus approximately R$16 million per year adjusted for inflation. Capital expenditures projected according to information disclosed by and/or discussed with Ultrapar. Projects that are not yet approved by Ultrapar’s board of directors or that are uncertain were not considered in the preparation of the projections. Capital Expenditures Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 2.5% in actual perpetuity terms. Terminal Value Calculated based on different tax rates projected by Ultrapar and consistent with historical rates and with the future expectations of the company. Taxes Calculated based on the depreciation schedule of property, plant and equipment, considering an average amortization period of approximately 10 years. Depreciation and Amortization Source: Information disclosed by and/or discussed with Ultrapar.

45 13,065 19,680 19,680 19,680 19,680 19,680 19,680 19,680 11,658 10,250 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 307,500 385,100 395,100 405,100 415,100 425,100 425,100 425,100 277,000 295,500 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises Storage – Cubic Meters Source: Information disclosed by and/or discussed with Ultrapar. Storage – Square Meters Source: Information disclosed by and/or discussed with Ultrapar. (in m³) (in m²) CONFIDENTIAL

46 37,223 38,775 40,342 41,972 43,667 45,432 47,267 49,177 34,237 35,737 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises Transportation Source: Information disclosed by and/or discussed with Ultrapar. (in thousands of kilometers) CONFIDENTIAL

47 112 120 128 137 48 59 67 90 97 104 28.0% 28.2% 27.5% 27.3% 23.7% 22.8% 20.9% 28.3% 28.4% 27.7% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 284 331 353 376 401 427 453 481 261 231 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Net Revenues (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin (in millions of reais) Source: Information disclosed by and/or discussed with Ultrapar. Source: Information disclosed by and/or discussed with Ultrapar. CONFIDENTIAL

48 50 53 56 59 63 62 38 42 24 40 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 97 30 31 32 33 35 36 38 73 40 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX (in millions of reais) Depreciation and Amortization (in millions of reais) Variation of Net Working Capital (in millions of reais) Source: Information disclosed by and/or discussed with Ultrapar. Source: Information disclosed by and/or discussed with Ultrapar. Source: Information disclosed by and/or discussed with Ultrapar. 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 17 19 21 25 27 28 30 32 34 36 (+) Current Assets 35 40 43 51 54 58 61 65 69 74 (-) Current Liabilities 18 21 22 26 27 29 31 33 35 37 Net Working Capital Variation (Increase) / Decrease in Working Capital (2) (1) (2) (2) (4) (2) (2) (2) (2) (2) CONFIDENTIAL

49 5.2. Companhia Brasileira de Petróleo Ipiranga (CBPI) CONFIDENTIAL

50 Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Population estimated based on a study of Instituto Brasileiro de Geografia e Estat í stica, or IBGE. Population Number of vehicles estimated based on regression analysis of historical data between the number of vehicles and GDP per capita, according to information disclosed by and/or discussed with Ipiranga. No. of Vehicles Volume of gasoline and ethanol estimated based on the number of vehicles resulting from the regression analysis and estimate of consumption per vehicle, according to information disclosed by and/or discussed with Ipiranga. Volume of diesel fuel estimated based on regression analysis of historical data between number of vehicles and GDP. Volume Contribution margin by product estimated based on historical margins of the company. Maintenance of the compound margin of gasoline and ethanol in actual terms, according to information disclosed by and/or discussed with Ipiranga. Other products consider the constant margin in actual terms, according to information disclosed by and/or discussed with Ipiranga. Contribution Margin by Product Straight-line gain of 200bps of market share during 5 years starting in 2008, according to information disclosed by and/or discussed with Ipiranga. Market Share Net Revenue increase is driven by market growth, increase in market share and contribution margin by product. Net Revenue Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

51 CONFIDENTIAL Principal Premises Calculated based on tax rates projected by CBPI and consistent with historical rates and with the future expectations of the company. Income Tax and Social Contribution Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ipiranga. Working Capital Investment of R$14.8 per m for the years in which the company maintains its market share and of R$18.0 per m in th e years in which there is an increase in market share, according to information disclosed by and/or discussed with Ipiranga. Capital Expenditures Discount rate calculated based on: (i) unleveraged beta of comparable companies; (ii) optimum capital structure based on comparable companies in the industry and discussions held with Ipiranga’s management; (iii) country risk; and (iv) estimated cost of debt net of income tax and social contribution benefits. Discount Rate Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 3.0% in actual perpetuity terms. Terminal Value Calculated based on the depreciation schedule of property, plant and equipment, considering an average amortization period of approximately 10 years for fixed assets and of 5 years for goodwill, according to information disclosed by and/or discussed with Ipiranga. Depreciation and Amortization Some fixed expenses are adjusted for inflation and some are based on volumes, according to information disclosed by and/or discussed with Ipiranga. General and Administrative Expenses Expenses calculated based on volume sold, according to information disclosed by and/or discussed with Ipiranga. Selling Expenses Source: Information disclosed by and/or discussed with Ipiranga. 3 3

52 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 164 194 200 212 228 247 275 313 378 437 404 (-) Taxes (43) (51) (52) (56) (60) (65) (72) (82) (99) (115) (106) Effective Tax Rate (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) Operating Profit After Taxes 121 143 147 156 168 182 203 231 279 322 298 (+) Depreciation and Amortization 43 60 79 101 125 152 173 188 179 182 199 (-) Investments (102) (140) (152) (167) (186) (207) (151) (164) (179) (194) (199) (-) Working Capital Variation (93) (75) (87) (101) (108) (119) (105) (113) (122) (131) (136) Free Cash Flow to Firm (31) (12) (13) (12) (1) 9 120 141 157 179 162 Results of Discounted Cash Flow Total Value of the Company (1) Implied Multiple (EBITDA 2008) W A C C Perpetuity Growth (U.S.$ Nominal) (in millions of reais) Source: Information disclosed by and/or discussed with Ipiranga. (1) Amounts translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00. Source: Information disclosed by and/or discussed with Ipiranga. W A C C Perpetuity Growth (U.S.$ Nominal) (in millions of U.S. dollars ) Discounted Cash Flow Source: Information disclosed by and/or discussed with Ipiranga. 0 4.5% 5.0% 5.5% 6.0% 6.5% 12.3% 3.6x 3.8x 4.0x 4.2x 4.5x 11.8% 3.9x 4.1x 4.4x 4.7x 5.1x 11.3% 4.3x 4.6x 4.9x 5.3x 5.7x 10.8% 4.8x 5.1x 5.5x 6.0x 6.6x 10.3% 5.3x 5.7x 6.2x 6.9x 7.6x CONFIDENTIAL 0 4.5% 5.0% 5.5% 6.0% 6.5% 12.3% 1,693 1,782 1,885 2,005 2,145 11.8% 1,857 1,964 2,088 2,234 2,408 11.3% 2,046 2,176 2,328 2,509 2,728 10.8% 2,267 2,426 2,614 2,843 3,124 10.3% 2,528 2,725 2,963 3,256 3,627

53 81,897 87,563 93,208 99,094 105,225 111,610 118,256 125,171 71,850 76,942 18.9% 18.9% 18.5% 18.1% 17.7% 17.3% 16.9% 19.0% 19.0% 18.9% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Market Volume CBPI's Market Share 30.4 32.5 34.5 36.7 38.9 41.2 43.6 46.2 28.5 26.4 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises Number of Vehicles in Brazil Source: Information disclosed by and/or discussed with Ipiranga. Sales Volumes of Principal Products (1) and Market Share of CBPI Source: Information disclosed by and/or discussed with Ipiranga. (1) Gasoline, Ethanol, Diesel Fuel (in millions) (in million of m³, except market share in %) CONFIDENTIAL

54 28,307 32,385 36,831 41,807 46,259 51,122 56,431 62,223 22,061 24,881 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 0 50 100 150 200 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises (Cont.) (R$ / m³) Compound Gross Margin (1) Source: Information disclosed by and/or discussed with Ipiranga. (1) Compound gross margin accounts for gasoline, ethanol and diesel fuel. 126 Net Revenues Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

55 947 1,074 1,214 1,367 396 475 544 628 723 831 2.0% 2.1% 2.0% 1.9% 1.9% 1.9% 1.8% 2.2% 2.2% 2.0% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 1,366 1,563 1,777 2,017 2,232 2,467 2,723 3,003 1,201 1,065 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Gross Profit Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

56 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 1,100 1,240 1,411 1,614 1,835 2,083 2,305 2,548 2,813 3,103 (+) Current Assets 1,563 1,763 2,006 2,295 2,610 2,963 3,278 3,623 3,999 4,410 (-) Current Liabilities 464 523 595 681 775 880 973 1,075 1,186 1,307 (Increase) / Decrease in Working Capital (181) (141) (171) (203) (221) (248) (222) (243) (266) (290) 154 202 257 317 366 402 391 402 84 112 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 296 337 381 430 319 353 389 429 261 199 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

57 5.3. Distribuidora de Produtos de Petróleo Ipiranga (DPPI) CONFIDENTIAL

58 Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Population estimated based on a study by Instituto Brasileiro de Geografia e Estat í stica, or IBGE. Population Number of vehicles estimated based on regression analysis of historical data between the number of vehicles and GDP per capita, according to information disclosed by and/or discussed with Ipiranga. No. of Vehicles Volume of gasoline and ethanol estimated based on the number of vehicles resulting from the regression analysis and estimate of consumption per vehicle, according to information disclosed by and/or discussed with Ipiranga. Volume of diesel fuel estimated based on regression analysis of historical data between number of vehicles and GDP. Volume Contribution margin per product estimated based on historical margins of the company. Maintenance of the compound margin of gasoline and ethanol in actual terms, according to information disclosed by and/or discussed with Ipiranga. Other products consider the constant margin in actual terms, according to information disclosed by and/or discussed with Ipiranga. Contribution Margin per Product Sustaining current market share, according to information disclosed by and/or discussed with Ipiranga. Market Share Net Revenue is driven by market growth, market share and contribution margin by product. Net Revenue Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

59 Principal Premises Calculated based on tax rates projected by DPPI and consistent with historical rates and future expectations of the company. Income Tax and Social Contribution Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ipiranga. Working Capital Investment of R$15.7 per m 3 throughout projection period, according to information disclosed by and/or discussed with Ipiranga. Capital Expenditures Discount rate calculated based on: (i) unleveraged beta of comparable companies; (ii) optimum capital structure based on comparable companies in the industry and discussions held with Ipiranga’s management; (iii) country risk; and (iv) estimated cost of debt net of income tax and social contribution benefits. Discount Rate Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 3.0% in actual perpetuity terms for cash flow. Terminal Value Calculated based on the depreciation schedule of property, plant and equipment and new investments, considering an average amortization period of approximately 10 years for fixed assets and of 5 years for goodwill, according to information disclosed by and/or discussed with Ipiranga. Depreciation and Amortization Some fixed expenses are indexed for inflation and some are indexed to volumes, according to information disclosed by and/or discussed with Ipiranga. General and Administrative Expenses Expenses calculated based on volumes sold, according to information disclosed by and/or discussed with Ipiranga. Selling Expenses Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

60 0 4.5% 5.0% 5.5% 6.0% 6.5% 12.3% 390 407 427 450 477 11.8% 422 443 467 495 528 11.3% 460 485 514 549 591 10.8% 503 533 570 614 667 10.3% 554 592 637 694 765 Results of Discounted Cash Flow (in millions of U.S. dollars) Discounted Cash Flow Source: Information disclosed by and/or discussed with Ipiranga. Total Value of the Company (1) Implied Multiple (EBITDA 2008) W A C C Perpetuity Growth (US$ Nominal) (in millions of reais) Source: Information disclosed by and/or discussed with Ipiranga. (1) Amounts translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00. Source: Information disclosed by and/or discussed with Ipiranga. W A C C Perpetuity Growth (US$ Nominal) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 26 33 35 39 43 48 54 60 70 82 69 (-) Taxes (7) (8) (9) (10) (11) (12) (14) (15) (18) (21) (18) Effective Tax Rate (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) (25.4%) Operating Profit After Taxes 19 25 26 29 32 36 40 44 52 61 51 (+) Depreciation and Amortization 8 10 12 13 15 18 20 22 21 19 21 (-) Investments (15) (17) (18) (20) (21) (23) (25) (27) (29) (32) (21) (-) Working Capital Variation (12) (11) (15) (17) (18) (19) (21) (22) (24) (25) (17) Free Cash Flow to Firm 1 6 5 5 9 11 14 17 20 22 35 0 4.5% 5.0% 5.5% 6.0% 6.5% 12.3% 4.7x 4.9x 5.1x 5.4x 5.7x 11.8% 5.0x 5.3x 5.6x 5.9x 6.3x 11.3% 5.5x 5.8x 6.1x 6.5x 7.0x 10.8% 6.0x 6.4x 6.8x 7.3x 8.0x 10.3% 6.6x 7.1x 7.6x 8.3x 9.1x CONFIDENTIAL

61 30.5 32.5 34.6 36.7 39.0 41.3 43.7 46.2 28.5 26.4 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises Number of Vehicles in Brazil Source: Information disclosed by and/or discussed with Ipiranga. Sales Volumes of Principal Products (1) and Market Share of DPPI (in millions) CONFIDENTIAL 81,897 87,563 93,208 99,094 105,225 111,610 118,256 125,171 71,850 77,052 2.3% 2.3% 2.3% 2.3% 2.3% 2.4% 2.4% 2.3% 2.3% 2.3% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Market Volume DPPI’s Market Share Source: Information disclosed by and/or discussed with Ipiranga. (1) Gasoline, Ethanol, Diesel Fuel (in millions of m², except market share in %)

62 3,994 4,416 4,861 5,346 5,875 6,452 7,081 7,766 3,360 3,644 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 0 40 80 120 160 200 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises (Cont.) (R$ / m³) Compound Gross Margin Source: Information disclosed by and/or discussed with Ipiranga. 160 Net Revenues Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

63 217 192 169 148 129 112 96 84 67 244 3.0% 2.9% 2.8% 3.1% 3.1% 2.0% 2.3% 2.4% 2.5% 2.7% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 235 259 285 314 345 379 416 214 197 456 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Gross Profit Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

64 22 27 31 36 41 46 44 39 16 19 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 34 38 42 46 51 56 61 67 31 28 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 280 304 333 368 405 446 490 538 591 649 (+) Current Assets 309 336 368 407 448 492 541 594 652 715 (-) Current Liabilities 30 32 35 39 42 46 51 56 61 66 (Increase) / Decrease in Working Capital (23) (24) (29) (35) (37) (41) (44) (48) (53) (58) CONFIDENTIAL

65 5.4. AM/PM CONFIDENTIAL

66 Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Considers increase in number of stores, according to information disclosed by and/or discussed with Ipiranga. No. of Stores Revenue per store considering existing and new stores, according to information disclosed by and/or discussed with Ipiranga. This premise was not independently confirmed. Revenue per Store Calculated based on historical percentage of royalties, revenue from rent of owned gas stations and additional revenue from amounts paid by suppliers for the use of promotional space in the stores. Net Revenue Some fixed expenses indexed to inflation, and some are indexed to volume, according to information disclosed by and/or discussed with Ipiranga. Selling Expenses Calculated based on the depreciation schedule of property, plant and equipment and new investments, according to information disclosed by and/or discussed with Ipiranga. Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

67 Principal Premises Investment in expansion and maintenance of R$45 thousand per store (new + existing), according to information disclosed by and/or discussed with Ipiranga. Capital Expenditures Discount rate calculated based on: (i) unleveraged beta of comparable companies; (ii) optimum capital structure based on comparable companies in the industry and discussions held with Ipiranga’s management; (iii) country risk; and (iv) estimated cost of debt net of income tax and social contribution benefits. Discount Rate Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 1.0% in actual perpetuity terms for cash flow. Terminal Value Projection based on the maintenance of average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ipiranga. Working Capital Assumes taxable income will be calculated based on the presumed method until 2009 and income tax and social contribution at a rate of 34% of taxable income from then on, according to standard financial statements of the Company, consistent with historical rates and expectations of the Company. Income Tax and Social Contribution Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

68 Results of Discounted Cash Flow (in millions of U.S. dollars) Discounted Cash Flow Source: Information disclosed by and/or discussed with Ipiranga. Total Value of the Company (1) Implied Multiple (EBITDA 2008) W A C C Perpetuity Growth (US$ Nominal) (in millions of reais) Source: Information disclosed by and/or discussed with Ipiranga. (1) Amounts translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00 Source: Information disclosed by and/or discussed with Ipiranga. W A C C Perpetuity Growth (US$ Nominal) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 15 17 18 19 20 21 21 22 23 24 24 (-) Taxes (2) (3) (3) (6) (7) (7) (7) (8) (8) (8) (8) Effective Tax Rate (15.6%) (15.6%) (15.6%) (34.0%) (34.0%) (34.0%) (34.0%) (34.0%) (34.0%) (34.0%) (34.0%) Operating Profit After Taxes 13 14 15 12 13 14 14 15 15 16 16 (+) Depreciation and Amortization 1 1 2 2 2 2 2 3 3 3 3 (-) Investments (2) (3) (3) (3) (3) (4) (4) (4) (4) (4) (3) (-) Working Capital Variation 1 (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) Free Cash Flow to Firm 13 13 13 11 11 12 13 13 14 14 16 0 2.5% 3.0% 3.5% 4.0% 4.5% 12.2% 235 241 248 256 265 11.7% 249 256 264 273 284 11.2% 264 272 282 293 306 10.7% 281 291 303 316 331 10.2% 301 313 326 342 361 0 2.5% 3.0% 3.5% 4.0% 4.5% 12.2% 6.9x 7.1x 7.3x 7.6x 7.8x 11.7% 7.3x 7.6x 7.8x 8.1x 8.4x 11.2% 7.8x 8.0x 8.3x 8.7x 9.0x 10.7% 8.3x 8.6x 8.9x 9.3x 9.8x 10.2% 8.9x 9.2x 9.6x 10.1x 10.7x CONFIDENTIAL

69 46 50 54 58 61 65 68 72 40 41 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Principal Revenue Premises Number of Franchises Source: Information disclosed by and/or discussed with Ipiranga. Net Revenues Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL 1,269 1,339 1,389 1,429 1,459 1,489 1,519 1,549 1,189 1,099 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E

70 50 53 56 59 32 34 38 41 44 47 82.1% 82.1% 82.0% 81.9% 81.9% 81.7% 81.5% 82.1% 82.1% 82.0% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 43 47 50 54 57 60 63 66 39 37 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Gross Profit Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

71 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 3 4 4 4 4 4 5 5 5 5 (+) Current Assets 11 12 13 14 15 16 17 18 19 20 (-) Current Liabilities 8 8 9 10 11 12 13 14 14 15 (Increase) / Decrease in Working Capital 3 (0) (0) (0) (0) (0) (0) (0) (0) (0) 3 3 4 4 5 6 6 7 2 3 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 6 6 7 8 8 9 9 10 5 4 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: information disclosed by and/or discussed with Ipiranga. (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) CONFIDENTIAL

72 5.5. Copesul CONFIDENTIAL

73 Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Does not consider increase in production capacity. Capacity utilization of 97.7% in the years without a work stoppage and 93.0% in years with a work stoppage (2008, 2011 and 2014). Capacity and Volume Price per product (ethylene, propylene, benzene, butadiene, toluene, mixed xylenes, ETBE / MTBE and gasoline), according to data estimated by CMAI, adjusted for historical prices of Copesul. Price of ethylene and propylene calculated based on margin sharing. Margin sharing reflects an agreement between Copesul and second-generation companies in the petrochemical complex in Triunfo, Rio Grande do Sul designed to share the margin on sales of second generation petrochemicals among first and second generation petrochemical companies. Price Net Revenue calculated based on price curve and volume by product sold. Net Revenue Some fixed expenses indexed to inflation, and some are indexed to volume, according to information disclosed by and/or discussed with Ipiranga. Selling Expenses Cost calculated based on naphtha's price curve, according to data estimated by CMAI and the historical consumption rate of the company, as well as other historical costs. CMV Calculated based on current expenses and adjusted for projected inflation. General and Administrative Expenses Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

74 Principal Premises Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ipiranga. Working Capital Investment for maintenance estimated based on the company’s investment plan, according to information disclosed by and/or discussed with Ipiranga. Does not consider investments to increase production capacity. Capital Expenditures Discount rate calculated based on: (i) unleveraged beta of comparable companies; (ii) optimum capital structure based on comparable companies in the industry and discussions held with Ipiranga’s management; (iii) country risk; and (iv) estimated cost of debt net of income tax and social contribution benefits. Discount Rate Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 2.0% in actual perpetuity terms for cash flow. Terminal Value Calculated based on tax rates projected by the Company and consistent with historical rates and future expectations of the company. Income Tax and Social Contribution Calculated based on the depreciation schedule of property, plant and equipment and new investments, according to information disclosed by and/or discussed with Ipiranga. Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. CONFIDENTIAL

75 CONFIDENTIAL Results of Discounted Cash Flow (in millions of U.S.$) Discounted Cash Flow Source: Information disclosed by and/or discussed with Ipiranga. Total Value of the Company (1) Implied Multiple (Normalized EBITDA) W A C C Perpetuity Growth (US$ Nominal) (in millions of reais) Source: Information disclosed by and/or discussed with Ipiranga. (1) Amounts translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00 Source: Information disclosed by and/or discussed with Ipiranga. W A C C Perpetuity Growth (US$ Nominal) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 428 332 165 83 63 232 328 410 514 449 400 (-) Taxes (140) (109) (54) (27) (21) (76) (107) (134) (168) (147) (131) Effective Tax Rate (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) (32.8%) Operating Profit After Taxes 288 223 111 56 42 156 220 275 346 302 269 (+) Depreciation and Amortization 118 139 139 139 140 35 39 45 50 52 57 (-) Investments (83) (90) (43) (43) (89) (43) (43) (89) (43) (43) (57) (-) Working Capital Variation 21 76 8 8 8 (10) (11) (4) (19) (3) 6 Free Cash Flow to Firm 344 349 216 161 101 138 206 227 334 308 275 0 1.5% 2.0% 2.5% 3.0% 3.5% 11.8% 4,055 4,144 4,243 4,354 4,477 11.3% 4,267 4,370 4,485 4,614 4,759 10.8% 4,502 4,622 4,756 4,907 5,080 10.3% 4,764 4,904 5,062 5,242 5,448 9.8% 5,059 5,224 5,411 5,626 5,876 0 1.5% 2.0% 2.5% 3.0% 3.5% 11.8% 4.0x 4.0x 4.1x 4.2x 4.4x 11.3% 4.2x 4.3x 4.4x 4.5x 4.6x 10.8% 4.4x 4.5x 4.6x 4.8x 5.0x 10.3% 4.7x 4.8x 4.9x 5.1x 5.3x 9.8% 4.9x 5.1x 5.3x 5.5x 5.7x

76 CONFIDENTIAL 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Ethylene Propylene Benzene Butadiene Toluene Other 400 600 800 1,000 1,200 1,400 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Ethylene Propylene Benzene Butadiene Toluene Mixed Xylenes ETBE / MTBE Gasoline Principal Revenue Premises (Cont.) Volume Source: Information disclosed by and/or discussed with Ipiranga. (in US$ per ton) Price Curve by Product Source: Information disclosed by and/or discussed with Ipiranga. (in millions of tons)

77 CONFIDENTIAL 4,344 4,256 4,083 4,132 4,304 4,297 4,697 4,907 6,031 4,326 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 4,786 4,548 4,339 4,748 5,137 5,322 5,972 6,060 7,013 5,061 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Net Revenues Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Cost of Goods Sold Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais)

78 CONFIDENTIAL 593 774 974 1,229 1,107 1,080 876 447 416 555 15.1% 18.3% 15.4% 17.3% 12.4% 9.8% 9.6% 11.7% 20.6% 18.3% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 443 292 256 616 833 1,025 1,275 1,153 981 735 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Gross Profit Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais)

79 CONFIDENTIAL 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital 473 332 316 299 283 304 326 334 375 383 (+) Current Assets 896 631 618 599 573 598 633 642 710 732 (-) Current Liabilities 423 299 303 299 290 295 307 308 335 350 (Increase) / Decrease in Working Capital 42 141 16 16 16 (21) (23) (8) (41) (8) 271 280 286 73 82 96 110 115 231 259 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 83 86 183 89 90 192 93 94 163 167 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais)

CONFIDENTIAL 80 5.6. Ipiranga Petroquímica

81 CONFIDENTIAL Principal Premises Estimates published by the Central Bank of Brazil. Macroeconomic Does not consider an increase in production capacity. Maintains volume sold and average of sales mix for 2006 and 2007. Capacity and Volume Price per product (HDPE, LDPE and polypropylene) based on estimates by CMAI, adjusted for historical prices of the Company. Sales price in the domestic market is adjusted based on costs to import the product and a safety margin. Price Net Revenue calculated based on the price curve of volumes sold by product. Net Revenue Cost calculated based on the price curve of ethylene and propylene, according to estimates by CMAI and the historical consumption rate of the Company, as well as other historical costs. CMV Some fixed expenses are indexed to inflation, and some are indexed to volume, according to information disclosed by and/or discussed with Ipiranga. Selling Expenses Calculated based on current expenses adjusted for inflation. General and Administrative Expenses Source: according to information disclosed by and/or discussed with Ipiranga.

82 CONFIDENTIAL Principal Premises Projection based on the maintenance of the average maturity of current assets and liabilities as of September 30, 2007, according to information disclosed by and/or discussed with Ipiranga. Working Capital Investments for maintenance estimated according to information disclosed by and/or discussed with Ipiranga. Does not consider investments to increase production capacity. Capital Expenditures Discount rate calculated based on: (i) unleveraged beta of comparable companies; (ii) optimum capital structure based on comparable companies in the industry and discussions held with Ipiranga’s management; (iii) country risk; and (iv) estimated cost of debt net of income tax and social contribution benefits. Discount Rate Gordon Perpetuity growth model. Terminal value: based on normalized cash flow for 2017. It considers a growth rate of 0% in actual perpetuity terms for cash flow. Terminal Value Calculated based on tax rates projected by the Company and consistent with historical rates and future expectations of the Company. Income Tax and Social Contribution Calculated based on the depreciation schedule of property, plant and equipment and new investments, according to information disclosed by and/or discussed with Ipiranga. Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga.

83 CONFIDENTIAL Results of Discounted Cash Flow (in millions of U.S$) Discounted Cash Flow Source: Information disclosed by and/or discussed with Ipiranga. Total Value of the Company (1) Implied Multiple (Normalized EBITDA) W A C C Perpetuity Growth (Nominal US$) (in millions of reais) Source: Information disclosed by and/or discussed with Ipiranga. (1) Amount translated into U.S. dollars at the selling rate on September 30, 2007 of R$1.84 to U.S.$1.00. Source: Information disclosed by and/or discussed with Ipiranga. W A C C Perpetuity Growth (Nominal US$) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Perp. EBIT 143 29 66 52 49 52 97 155 159 137 91 (-) Taxes (36) (7) (17) (13) (12) (13) (24) (39) (40) (34) (23) Effective Tax Rate (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) (25.0%) Operating Profit After Taxes 107 22 50 39 37 39 73 116 119 103 68 (+) Depreciation and Amortization 17 19 18 19 19 19 20 20 20 21 21 (-) Investments (6) (6) (6) (7) (7) (7) (7) (7) (7) (7) (21) (-) Working Capital Variation (16) 24 (12) 1 1 1 (6) (8) 2 4 (1) Free Cash Flow to Firm 103 58 50 52 50 53 80 121 134 121 67 0 1.5% 2.0% 2.5% 3.0% 3.5% 11.9% 1,152 1,173 1,196 1,222 1,251 11.4% 1,208 1,233 1,260 1,290 1,324 10.9% 1,271 1,299 1,330 1,366 1,406 10.4% 1,339 1,372 1,409 1,451 1,499 9.9% 1,416 1,455 1,498 1,548 1,606 0 1.5% 2.0% 2.5% 3.0% 3.5% 11.9% 4.6x 4.7x 4.8x 4.9x 5.0x 11.4% 4.8x 4.9x 5.0x 5.1x 5.3x 10.9% 5.1x 5.2x 5.3x 5.4x 5.6x 10.4% 5.3x 5.5x 5.6x 5.8x 6.0x 9.9% 5.6x 5.8x 6.0x 6.2x 6.4x

84 CONFIDENTIAL 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Polyethylene Polypropylene 617 617 617 617 617 617 617 617 617 617 500 700 900 1,100 1,300 1,500 1,700 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E High Density Polyethylene Polypropylene Low Density Polyethylene Principal Revenue Premises Volume Source: Information disclosed by and/or discussed with Ipiranga. (in US$ per ton) Price Curve by Product Source: Information disclosed by and/or discussed with Ipiranga. (in thousands of tons)

85 CONFIDENTIAL 1,435 1,371 1,381 1,448 1,575 1,723 1,846 1,868 1,658 1,572 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 1,673 1,586 1,594 1,675 1,907 2,191 2,336 2,318 1,731 2,050 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Net Revenues Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Cost of Goods Sold Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais)

86 CONFIDENTIAL 166 143 247 374 391 349 149 139 89 309 12.9% 17.1% 8.9% 15.1% 16.7% 15.1% 5.1% 9.9% 9.0% 8.7% 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E EBITDA EBITDA Margin 238 215 214 227 332 468 490 450 159 392 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Financial Statements Gross Profit Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais, except EBITDA margin in %) EBITDA and EBITDA Margin Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais)

87 CONFIDENTIAL 36 37 39 40 42 43 45 45 34 35 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 13 13 14 14 15 15 16 17 12 12 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Balance Sheet CAPEX Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Depreciation and Amortization Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) Variation of Net Working Capital Source: Information disclosed by and/or discussed with Ipiranga. (in millions of reais) 2007E 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E Total Working Capital (34) (79) (56) (58) (59) (61) (49) (33) (37) (47) (+) Current Assets 594 521 494 469 472 496 556 629 672 671 (-) Current Liabilities 628 600 550 527 531 557 605 662 708 717 Net Working Capital Variation (Increase/Decrease in Working Capital) (31) 45 (23) 1 1 2 (12) (17) 4 10

CONFIDENTIAL 88 5.7. Other Companies

89 CONFIDENTIAL Valuation Summary – Other Companies Valuation of the company based on market multiples. Normalized EBITDA based on historical results of the Company. 4 5.6x Refinaria de Petróleo Ipiranga (RIPI) Company Overview TEV (in millions of reais) TEV EBITDA 2007 Valuation of the company based on historical multiples of comparable transactions. Normalized EBITDA based on historical results of the Company. 139 8.2x Ipiranga Química (IQ) Valuation of the company based on market multiples for companies that produce chemicals and commodities. Normalized EBITDA based on historical results of the Company. 25 7.0x Empresa Carioca de Produtos Químicos (EMCA) Valuation of the company based on historical multiples of comparable transactions. Normalized EBITDA based on historical results of the Company. 33 6.9x Ipiranga Asfaltos S.A. (IASA) Valuation of the company based on implied multiple of 2007 generated by discounted cash flow from DPPI. Normalized EBITDA based on historical results of the Company. 146 7.7x Isa Sul Administração e Participação Ltda. Source: Information disclosed by and/or discussed with Ipiranga.

90 6. Conclusions CONFIDENTIAL

91 CONFIDENTIAL Conclusions Price range per share based on economic value (in reais per share) -5% Mid-Point +5% CBPI 27.65 29.11 30.57 DPPI 42.00 44.21 46.42 RIPI 50.90 53.58 56.26 Ultrapar 64.50 67.90 71.29

CONFIDENTIAL 92 Annex I. Comparable Public Company Analysis

93 CONFIDENTIAL Comparable Public Company Analysis (US$ millions, except per share info) Price per Share Equity Net Firm FV/EBITDA P/E Company Country as of 5-Nov-07 Value Debt Value 2006A 2007E 2008E 2006A 2007E 2008E Commodities Nova Chemicals Canada 35.06 2,908 1,700 4,608 7.6x 5.4x 5.7x nm 9.3x 10.8x Basf Germany 134.36 65,901 13,351 79,252 5.7x 5.3x 5.3x 14.2x 11.5x 12.4x Westlake US 22.45 1,467 218 1,685 4.4x 5.2x 5.4x 7.5x 10.9x 11.2x Dow US 43.57 41,784 7,772 49,556 6.7x 7.0x 6.9x 11.2x 11.5x 11.7x Lyondell US 47.24 11,973 6,002 17,975 8.7x 6.8x 6.9x 64.4x 16.4x 12.9x Braskem Brazil 9.09 3,230 3,397 6,627 8.6x 4.6x 6.9x 55.7x 25.7x 19.8x Suzano Petroquímica Brazil 5.50 1,247 751 1,998 18.8x 9.7x 8.9x 131.0x 14.2x 26.2x Petroquímica União Brazil 8.80 882 275 1,157 7.3x NA NA 10.5x 9.9x 8.9x Mean 8.5x 6.3x 6.6x 42.1x 13.7x 14.2x Median 7.4x 5.4x 6.9x 14.2x 11.5x 12.0x Max. 18.8x 9.7x 8.9x 131.0x 25.7x 26.2x Min. 4.4x 4.6x 5.3x 7.5x 9.3x 8.9x Specialty Chemicals Croda England 13.32 1,814 801 2,615 15.5x 10.2x 9.0x 23.9x 16.8x 14.8x Clariant Switzerland 12.41 2,856 1,502 4,358 6.0x 6.2x 5.8x 25.1x 12.2x 9.9x Rhodia France 37.23 3,736 2,285 6,021 6.3x 5.3x 4.6x 23.3x 13.3x 7.0x Lubrizol US 64.17 4,428 928 5,356 15.6x 8.6x 8.0x 41.9x 16.1x 14.8x Huntsman US 26.14 5,774 3,616 9,390 7.6x 9.1x 8.3x 25.1x 19.1x 14.1x Celanese US 41.60 6,209 2,920 9,129 7.4x 7.4x 7.0x 15.3x 11.5x 10.6x Mean 9.7x 7.8x 7.1x 25.8x 14.8x 11.9x Median 7.5x 8.0x 7.5x 24.5x 14.7x 12.3x Max. 15.6x 10.2x 9.0x 41.9x 19.1x 14.8x Min. 6.0x 5.3x 4.6x 15.3x 11.5x 7.0x Refineries Alon US 35.84 1,678 401 2,078 8.0x 5.4x 5.2x 10.7x 10.0x 9.1x Delek US 22.95 1,177 276 1,454 8.2x 6.0x 6.8x 12.7x 8.7x 10.4x Frontier US 45.60 4,886 (380) 4,505 7.2x 5.5x 7.5x 12.9x 10.2x 13.5x Mean 7.8x 5.6x 6.5x 12.1x 9.6x 11.0x Median 8.0x 5.5x 6.8x 12.7x 10.0x 10.4x Max. 8.2x 6.0x 7.5x 12.9x 10.2x 13.5x Min. 7.2x 5.4x 5.2x 10.7x 8.7x 9.1x Source: Company reports and Bloomberg (market consensus) Share prices as of 5 November 2007 Note: FV/EBITDA and P/E multiples calculated in local currency

CONFIDENTIAL 94 Annex II. Comparable Precedent Transaction Analysis

95 CONFIDENTIAL 6.9x 4.4x 9.3x 9.7x 6.4x 8.7x 5.4x 12.5x 9.1x 15.2x 6.7x 6.2x 7.4x 8.1x 7.6x 8.4x 5.7x 5.8x 5.8x 8.0x 9.4x 6.3x (2) SABIC / DSM MatlinPatterson / Huntsman Bain / Celanese – Trespaphan Business Superior / Sterling (Pulp Chemicals) LBO France / Materis Bain / Brenntag Koch / Invista Blackstone / Celanese Lyondell / Millennium Lion / PolyOne (Elastomers & Additives) Oxy / Vulcan Celanese / Acetex Access / Basell Ineos / Innovene TPC / Huntsman (Butadiene) Georgia Gulf / Royal Group SABIC / Huntsman European Commodities Business Advent / Celanese Oxo Huntsman US Products Koch / Commodities Business National Titanium Dioxide Co / Lyondell TiO2 Business Olin / Pioneer Companies Basell / Lyondell Comparable Precedent Transaction Analysis Commodities Multiples of Value / LTM EBITDA (local currency in millions) Note: Yellow bars show acquisitions made by financial investors. Average multiples of strategic investors were calculated considering a multiple of 6.0x for the SABIC / Huntsman transaction. (1) Date of announcement; transaction still pending. (2) Multiple 6.0x based on normalized LTM EBITDA. (3) Based on combined EBITDA of €100 million (considering absence of debt of E-Oxo). Average Multiple - Strategic: 8.5x Average Multiple - Financial: 7.2x Acquisition Value: €2,075 $3,876 €200 $375 €1,100 €1,394 $4,400 €3,100 $2,300 $120 $214 $492 €4,400 $9,000 $275 $1,556 $700 $630 $761 $1,200 $93 $19,880 Date: 3-Apr 18-Jun 31-Oct 13-Nov 23-Sep 12-Nov 17-Nov 16-Dec 30-Mar 29-Jun 12-Oct 27-Oct 5-May 7-Oct 24-Feb 9-Jun 28-Sep 31-Dec (1) 15-Feb (1) 26-Feb (1) 21-Apr (1) 17Jul (1) 2002 2003 2004 2005 2006 2007 (3) Source: Factset and Bloomberg.

96 9.6x 11.5x 9.0x 9.0x 16.0x 16.2x 9.2x 8.4x 10.4x 12.1x 10.0x 8.0x 10.5x 10.3x 8.8x 9.9x 11.7x 9.3x 8.9x 11.0x 8.8x 7.8x 7.0x 8.3x 10.9x 9.3x GE Specialty Materials/ Betz Dearborn DSM/ Roche Vitamins and F.C. UCB/ Solutia Additives and Resins Lubrizol/ Noveon GE/ Crompton OSI Albemarle/ Akzo Catalysts Cytec/ UCB Resins Henkel/ Sovereign DSM/ Avecia NeoResins Crompton/ Macquarie/ Great Lakes Dyno Nobel BASF/ Degussa Const. Chem Ashland/ Degussa Water Treat. BASF/ Johnson Polymer BASF/ Engelhard Linde/ BOC Croda/ Uniqema Kemira/ Cytec Water Treatment/ Acrylamide Monsanto/ Delta & Pine Lonza/ Cambrex Research Bioproducts & Microbial Givaudan/ Quest Int'l Airgas/ Linde US Bulk Gas Business Dow Chemical/ Wolff Walsrode Sabic/ GE Plastics ICL/ Supresta Hexion/ Huntsman (1) Date of announcement; transaction still pending. Average: 10.1x 2002 2003 2004 2005 2006 2007 Comparable Precedent Transaction Analysis Chemical Specialties Multiples of Value / LTM EBITDA (local currency in millions) Source: Factset and Bloomberg CONFIDENTIAL Acquisitions Amount: $1,800 CHF3,500 $510 $1,840 $1,050 $625 $1,361 $575 $515 $1,800 $1,700 $2,800 $144 $470 $5,212 £9,608 $410 $240 $1,500 € 367 £1,200 $495 $585 $11,600 $352 $10,600 Date: 2/12 9/3 12/5 4/16 4/28 4/20 10/1 10/6 12/14 3/9 9/19 3/1 3/30 5/2 5/30 6/3 6/29 6/17 8/15 (1) 10/26 (1) 11/20 (1) 11/22 (1) 12/19 5/21 (1) 6/24 (1) 7/9 (1)

97 CONFIDENTIAL Comparable Precedent Transaction Analysis Distributors of Chemical Products Multiples of Value / LTM EBITDA (local currency in millions) 2000 2001 2007 Average: 8.2x Source: Factset and Bloomberg 9.3x 6.1x 8.8x 8.5x ChemCentral - Univar Ellis & Evirard - Vopak Distribution INT Muellor Chemical - NIB Capital HCI - Brenntag $306 $228 $480 $650

98 CONFIDENTIAL Comparable Precedent Transaction Analysis Producers of Tar Multiples of Value / LTM EBITDA (local currency in millions) $146 Average: 6.9x Source: Factset and Bloomberg 1999 2000 2001 2002 2003 $422 $362 $172 $138 $648 $177 $155 5.6x 8.0x 5.7x 5.9x 7.3x 8.8x 6.3x 7.3x Dell Contractors and Millington Quarry / CRH Thompson- McCully / CR%H The Shelly Company / CRH Northern Ohio Paving and Dolomite Group / CRH Mount Hope Rock Products / CRH Kiewit Materials / CSR SE Johnson / CRH Better Materials Corp. / Hanson Building Materials

CONFIDENTIAL 99 Annex III. Share Price Evolution on the BVSP

100 CONFIDENTIAL Ultrapar Weighted Average Price of the Shares on the BVSP Price of Ultrapar’s preferred shares (UGPA4) on the BVSP (past 12 months) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 0 5 10 15 20 25 30 35 40 Volume (BRL) Price (BRL) Ultrapar PN Max. 75.40 Min. 40.90 VWAP 59.39

101 CONFIDENTIAL CBPI Weighted Average Price of the Shares on the BVSP Price of common and preferred shares of Companhia Brasileira de Petróleo Ipiranga (PTIP4) on the BVSP (past 12 months – from October 31, 2006 to October 31, 2007)

102 CONFIDENTIAL RIPI Weighted Average Price of the Shares on the BVSP Price of common and preferred shares of Refinaria de Petróleo Ipiranga (RIPI4) on the BVSP (past 12 months – from October 31, 2006 to October 31, 2007)

103 CONFIDENTIAL DPPI Weighted Average Price of the Shares on the BVSP Price of common and preferred shares of Distribuidora de Produtos de Petróleo Ipiranga (DPPI4) on the BVSP (past 12 months – from October 31, 2006 to October 31, 2007)

CONFIDENTIAL 104 Annex IV. Weighted Average Cost of Capital (WACC)

105 CONFIDENTIAL Weighted Average Cost of Capital - Ultrapar WACC calculated in nominal U.S. dollars of 9.56% to 9.80% per annum Assumptions Effective tax rate 20.3% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value Ultrapar (4) Rate Beta (5) (Nominal Terms) (6) Premium 30.0% 42.9% 0.732 1.342 0.982 11.3% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 6.25% 6.75% 7.25% 7.75% 8.25% Kd after taxes 4.98% 5.38% 5.78% 6.18% 6.58% WACC 9.44% 9.56% 9.68% 9.80% 9.92%

106 CONFIDENTIAL Weighted Average Cost of Capital - CBPI WACC calculated in nominal U.S. dollars of 11.17% to 11.39% per annum Assumptions Effective tax rate 26.2% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value CBPI (4) Rate Beta (5) (Nominal Terms) (6) Premium 30.0% 42.9% 0.995 1.316 1.309 13.0% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 8.79% 9.29% 9.79% 10.29% 10.79% Kd after taxes 6.48% 6.85% 7.22% 7.59% 7.96% WACC 11.06% 11.17% 11.28% 11.39% 11.50%

107 CONFIDENTIAL Weighted Average Cost of Capital - DPPI WACC calculated in nominal U.S. dollars of 11.21% to 11.43% per annum Assumptions Effective tax rate 25.4% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value DPPI (4) Rate Beta (5) (Nominal Terms) (6) Premium 30.0% 42.9% 0.995 1.320 1.313 13.0% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 8.79% 9.29% 9.79% 10.29% 10.79% Kd after taxes 6.55% 6.93% 7.30% 7.67% 8.04% WACC 11.10% 11.21% 11.32% 11.43% 11.54%

108 CONFIDENTIAL Weighted Average Cost of Capital – AM/PM WACC calculated in nominal U.S. dollars of 10.84% to 11.04% per annum Assumptions Effective tax rate 34.0% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value AM/PM (4) Rate Beta (5) (Nominal Terms) (6) Premium 30.0% 42.9% 0.995 1.283 1.276 12.9% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 8.79% 9.29% 9.79% 10.29% 10.79% Kd after taxes 5.80% 6.13% 6.46% 6.79% 7.12% WACC 10.74% 10.84% 10.94% 11.04% 11.13%

109 CONFIDENTIAL Weighted Average Cost of Capital - Copesul WACC calculated in nominal U.S. dollars of 10.73% to 10.83% per annum Assumptions Effective tax rate 32.8% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value Copesul (4) Rate Beta (5) (Nominal Terms) (6) Premium 15.0% 17.6% 0.924 1.119 1.034 11.6% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 8.00% 8.50% 9.00% 9.50% 10.00% Kd after taxes 5.38% 5.72% 6.05% 6.39% 6.72% WACC 10.68% 10.73% 10.78% 10.83% 10.88%

110 CONFIDENTIAL Weighted Average Cost of Capital - IPQ WACC calculated in nominal U.S. dollars of 10.88% to 11.00% per annum Assumptions Effective tax rate 25.0% Risk free rate (1) 4.92% Equity risk premium (2) 5.12% Country risk (3) 1.40% Capital Structure Net Debt / Net Debt / Unleveraged Beta Leverage Leveraged Cost of Equity Equity Risk Total Capital Equity Value IPQ (4) Rate Beta (5) (Nominal Terms) (6) Premium 15.0% 17.6% 0.924 1.132 1.047 11.7% 5.12% (2) Source: Ibbotson. (3) Projected market risk premium. Source: Credit Suisse. (4) Source: Barra Beta. (5) Leveraged Beta: (Unleveraged Beta * Leverage Rate). (6) Cost of Equity: Rf + B * ( Rm - Rf ) + Sp. (7) WACC: (Kd * (1 - taxes) * (D / (D + E) ) ) + (Ke * (E / (D + E) ) [Kd = Cost of Debt; Ke = Cost of Equity]. (1) US Treasury Bond of 30 years. Average of last 3 months ended in 11/01/07. Source: Bloomberg WACC Calculation Kd before taxes 8.00% 8.50% 9.00% 9.50% 10.00% Kd after taxes 6.00% 6.38% 6.75% 7.13% 7.50% WACC 10.83% 10.88% 10.94% 11.00% 11.05%

CONFIDENTIAL 111 Annex V: Net Debt

112 CONFIDENTIAL Ultrapar – Calculation of Net Debt / (Net Cash) Ultrapar ( in millions of reais) Financial Debt 2,261.8 Pension Fund 0.0 Payable / Receivable Dividends 40.2 Credit with Related Parties 0.0 Debt with Related Parties (5.2) Export Prepayment Disbursement 0.0 Provision for Contingencies 30.6 Cash and Cash Equivalents (1,277.6) Net Debt / (Net Cash) 1,049.73

113 CONFIDENTIAL Financial Debt 101.1 Ipiranga - Calculation of Net Debt / (Net Cash) Copesul IPQ IQ (in millions of reais) (in millions of reais) (in millions of reais) Financial Debt 241.8 Financial Debt 616.5 Pension Fund 8.9 Pension Fund 5.9 Pension Fund 2.0 Payable / Receivable Dividends 4.2 Payable / Receivable Dividends 0.0 Payable / Receivable Dividends 0.0 Credit with Related Parties 0.0 Credit with Related Parties 0.0 Credit with Related Parties 0.0 Debt with Related Parties 0.0 Debt with Related Parties 0.0 Debt with Related Parties 0.0 Export Prepayment Disbursement 17.3 Export Prepayment Disbursement 155.9 Export Prepayment Disbursement 0.0 Provision for Contingencies 32.3 Provision for Contingencies 9.1 Provision for Contingencies 0.1 Cash and Cash Equivalents (639.6) Cash and Cash Equivalents (57.7) Cash and Cash Equivalents (10.6) (+) 29.46% Copesul's Net Debt (98.7) (+) 100.00% IPQ's Net Debt 630.9 Net Debt / (Net Cash) (335.13) Net Debt / (Net Cash) 630.94 CBPI DPPI RIPI (in millions of reais) (in millions of reais) (in millions of reais) Financial Debt 599.6 Financial Debt 35.1 Financial Debt 84.7 Pension Fund 44.0 Pension Fund 30.2 Pension Fund 40.4 Payable / Receivable Dividends 0.0 Payable / Receivable Dividends 0.0 Payable / Receivable Dividends 0.3 Credit with Related Parties (4.1) Credit with Related Parties (3.3) Credit with Related Parties 0.0 Debt with Related Parties 12.2 Debt with Related Parties 8.5 Debt with Related Parties 0.0 Export Prepayment Disbursement 0.0 Export Prepayment Disbursement 0.0 Export Prepayment Disbursement 0.0 Provision for Contingencies 62.4 Provision for Contingencies 2.5 Provision for Contingencies 1.1 Cash and Cash Equivalents (182.1) Cash and Cash Equivalents (107.4) Cash and Cash Equivalents (28.6) Controled companies (57.9) Warrants (36.8) Warrants 36.8 (+) 41.47% IQ's Net Debt 300.2 Controled companies (35.3) (+) 58.53% IQ's Net Debt 423.7 (+) 21.01% CBPI's Net Debt 162.7 (+) 11.42% CBPI's Net Debt 88.4 (+) 7.65% DPPI's Net Debt 4.3 Net Debt / (Net Cash) 774.26 Net Debt / (Net Cash) 56.13 Net Debt / (Net Cash) 651.15 Net Debt / (Net Cash) 723.84 IQ

CONFIDENTIAL 114 Annex VI. Overview of the Industries of the Analyzed Companies

115 CONFIDENTIAL 2002 2003 2004 2005 USA Japan Germany China Brazil Mexico Argentina 2002 2003 2004 2005 USA Germany Mexico Argentina Brazil 1,220 1,069 1,316 1,466 1,456 1,416 1,499 1,151 816 40 283 776 1,249 1 10 9 15 48 32 50 43 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 Gasoline Ethanol Flex Fuel Overview of the Brazilian Fuel Distribution Industry Source: Anfavea Source: Anfavea Source: Anfavea (In thousands of cars) Inhabitants per Car Car Fleet Brazilian Car Production by Type of Fuel (In millions of cars) The Brazilian fuel distribution industry is expected to grow over the next few years, primarily due to an increase in car sales and to the low rate of cars per inhabitant in Brazil compared to other countries. Consumption of ethanol as a fuel is expected to increase at a faster rate than consumption of other fuels, primarily due to the significant increase in sales of flex fuel cars, according to Anfavea.

116 CONFIDENTIAL Number of Gas Stations in Brazil Production Distribution Retail Consumer Overview of the Brazilian Fuel Distribution Industry (cont.) Source: SINDICOM Brazilian Market Share by Number of Gas Stations in 2006 Source: ANP Industry Distribution and Logistics Refineries Petrochemical Companies Mills and Distilleries Biodiesel Producers Importers Distribution Centers Retail Gas Stations Retail Transporters and Dealers - RTR Car Drivers Truck Drivers Small Consumers Companies Farmers Large Consumers Source: SINDICOM BR, 41.2% Shell, 15.3% Chevron, 10.5% Ipiranga CBPI, 19.4% Esso, 8.0% Repsol YPF, 1.3% FL Brasil, 0.1% Ipiranga DPPI, 2.9% Castrol, 0.1% Brazilian Market Share by Distributed Volume in 2006 Source: SINDICOM 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Texaco, 6.0% AleSat, 2.5% Shell, 5.8% Esso, 4.4% Ipiranga, 11.0% Branca, 42.8% Others, 10.90% BR, 16.6%

117 CONFIDENTIAL Fertilizers, 5.60 Pesticides, 3.90 Others, 2.30 Paints, 2.10 Soap, 4.60 Pharmaceuticals, 10.90 Personal Care, 6.90 Industrial Chemicals, 45.40 Overview of the Brazilian Petrochemical Industry According to ABIQUIM, net sales of the Brazilian chemical industry totaled R$ 177.7 billion in 2006, a 2.3% increase compared to 2005. Exported volumes increased by 14.2% in 2006, with total export sales revenue of U.S.$ 8.92 billion, a 20.8% increase compared to 2005. The Brazilian petrochemical industry is structured into three different generation levels, as set forth below: Total Sales of the Industry by Type of Product in 2006 Source: ABIQUIM Oil Natural Gas Plastics Refinement and Extraction Ethylene Others Propylene Propylene Ethylene PE PVC PP PE Others Ethane Diesel Fuel Naphtha Propane Ethane Others Flexible Packaging Toys Tires Shoes Car Parts 3 rd Generation 2 nd Generation 1 st Generation Structure of the Petrochemical Industry Source: Braskem (IAN 2006) (In billions of U.S.$)

118 CONFIDENTIAL Overview of the Brazilian Petrochemical Industry (Cont.) Copesul is a first generation petrochemical company located in the Petrochemical Complex of Triunfo, in the State of Rio Grande do Sul. It caters to second generation plants in the same area. The petrochemical industry is cyclical and sensitive to changes in supply and demand. Each cycle spans approximately five years and results in a variation in sales and margins of companies in this industry. Naphtha (raw material) is supplied in part by Petrobras and the rest through direct imports. Price variations are largely due to the volatility of oil prices. Increase in supply is pegged to increases in the production capacity of the plants that generally require high levels of investments. Location of Petrochemical Complexes Source: ABIQUIM and Petrobras Evolution of Ethylene Sales in Brazil Source: ABIQUIM and Petrobras 2001 2002 2003 2004 2005 2.44 2.43 2.60 2.70 2.69 BAHIA 1.28 million tons per year ethylene 0.73 million tons per year PE RIO DE JANEIRO 0.52 million tons per year ethylene 0.54 million tons per year PE SÃO PAULO 1.28 million tons per year ethylene 0.73 million tons per year PE RIO GRANDE DO SUL 1.19 million tons per year ethylene 1.13 million tons per year PE

119 CONFIDENTIAL Country Gas Stations Stores Stores/Gas Stations USA 173,698 145,119 84% England 9,487 7,985 84% South Africa 7,027 1,997 28% Germany 13,858 11,224 81% Argentina 6,540 3,054 47% Brazil 34,127 4,834 14% Spain 7,088 4,288 60% Netherlands 2,603 1,533 59% Venezuela 4,384 1,631 37% Chile 2,922 949 32% Global Benchmarking Source: Sindicom Overview of the Brazilian Convenience Store Industry According to SINDICOM, Brazil is expected to have 5,800 convenience stores by the end of 2007. According to Gouvêa de Souza & MD (in partnership with SINDICOM), sales rank by product category is as follows: food services (24%); soft drinks (27%); other non-alcoholic beverages (17%); and chocolates (12%). In 2006, 440 million units were sold in convenient stores in Brazil, totaling R$2 billion in sales, according to the fifth edition of the Fuel and Convenience Stores Year Book of SINDICOM. Number of Convenience Stores in Brazil Source: Sindicom

120 CONFIDENTIAL Overview of the Brazilian LPG Distribution Industry Distributors of LPG in Brazil buy LPG primarily from Petrobras. LPG produced by Petrobras accounted for approximately 87% of total demand in Brazil, in 2006. Currently, there are 99 million gas cylinders in circulation in Brazil. An average of approximately 1.5 million cylinders is delivered daily to Brazilian consumers. Market Share per Distributed Volume (From January to February 2007) LPG Sales by Distributors Sales by Region (From January to February 2007) J F M A M J J A S O N D 450 470 490 510 530 550 570 590 484 2005 2006 2007 Source: ANP Source: ANP Source: ANP NE, 21.30% S, 16.70% CW, 8.10% N, 5.60% SE, 48.40% Maxi-Chama, 0.21% Others, 0.14% Grupo Nacional, 18.36% Amazongás, 0.65% Consigaz, 2.23% Servgás, 0.68% Fogás, 1.73% Copagaz, 7.38% Grupo SHV, 23.34% Liquigás, 21.51% Grupo Ultra, 23.77% 121 CONFIDENTIAL

CONFIDENTIAL 121 Annex VII: Description of the Valuation Methodology

122 CONFIDENTIAL Overview of the Valuation Methodologies There are three main economic valuation methods: Discounted Cash Flow Analysis, or DCF; Comparable Public Company Analysis; and Comparable Precedent Transaction Analysis. Discounted Cash Flow DCF Analysis Comparable Public Company Analysis Comparable Precedent Transaction Analysis Methodologies: -Unleveraged projections of cash flows -Terminal value calculation based on EBITDA multiple or perpetuity growth -Cash flow and terminal value discounted by a discount that corresponds to the Company’s Weighted Average Cost of Capital (“WACC”) - Identification of listed companies that are comparable to the business assessed - Calculation of value as a multiple of value drivers - Multiples of value are applied to the corresponding value driver of the company being assessed - Identification of transactions involving companies with comparable activities - Calculation of the implied multiples of value in those transactions - Multiples of value are applied to the corresponding value driver of the company being assessed Advantages: -Estimates the intrinsic value of the company -Valuation adequat ely reflects the expected return based on the country risk and risks intrinsic to the type of business -Flexibility to incorporate opportunities and adjust extraordinary distortions - Incorporates increases in production capacity / future investments - It reflects the capital market trends and the trends in the industry being assessed - Reflects the implied value of the transactions being assessed Disadvantages: - Subject to different views of the financial projections - Does not adequately reflect the differences between the profitability potential among companies - Difficult to identify companies that are totally comparable - Analysis may be affected by macroeconomic conditions - It depends on the transaction strategy and market conditions at the time - It does not reflect the differences among the companies’ potential returns - Difficult to identify transactions that are comparable - Limited public information available Considerations: -Highly sensitive to key variables, including : debt /capital ratio; country risk; discount rate; and EBITDA multiples or perpetuity growth multiples used to calculate the terminal value - Does not incorporate the control premium - Limited sample of truly comparable companies - Comparable international companies are generally bigger, more capitalized and have different risk perspectives - Limited sample of comparable companies in the Latin American market - Normally incorporates the control premium - Premium paid reflects the characteristics of each transaction

123 CONFIDENTIAL A. Discounted Cash Flow (DCF) Analysis DCF Methodology The DCF is an economic valuation methodology based on: Cash Flow Projections Projections based on estimates of the company’s management More flexibility when analyzing sensitivities Unleveraged cash flows are calculated during the projected period and discounted by the Company’s Weighted Average Cost of Capital (WACC). The most important variables for the determination of the value of a company are compared to those of competitors to validate the consistency of the valuation. Such variables depend on the type of activity of the company and generally include the primary items that are recorded as revenue and costs, operating expenses, capital and working capital investments. Terminal Value Terminal value includes the value of the activities of the company that are not accounted for during the period of the projected cash flow. Two methods are used to calculate the terminal value: – Market value: market value is applied to the most significant operational variable in the last projected year to calculate the terminal value. The operational variable most used in valuations of the industry is EBITDA. – Perpetuity: the terminal value of the company’s cash flow in the last year of the projected period. Terminal value calculation based on perpetuity growth.

124 CONFIDENTIAL A. Discounted Cash Flow (DCF) Analysis (Cont.) Premises of Management Firm Value Unleveraged Cash Flow PV of the Unleveraged Cash Flow PV of Terminal Value Perpetuity of Unleveraged Cash Flow Equity Value - Net debt - Net contingencies WACC Unleveraged Net Profit + Depreciation - CAPEX +/- Variation of Working Capital DCF Methodology (cont.)

125 CONFIDENTIAL A. Discounted Cash Flow – DCF Analysis (Cont.) Calculating WACC. WACC equals cost of equity (K e ) plus cost of debt (K d ) of the analyzed company, considering an optimum capital structure (1) K e is derived from the Capital Asset Pricing Model, or CAPM CAPM considers K e to be equal to risk-free rate plus premium for systemic risk (not diversifiable). Premium related to systemic risk is given by Beta (ß) (that captures the correlation between return on results of the company and return on results of the market) multiplied by the premium of expected market risk. – A. Risk Premium of the Equity Market: due to the volatility of the risk premium of the Brazilian equity market, CS uses the premium methodology of the U.S. market. – B. Company’s Beta: includes analysis of comparable companies in the European and U.S. equity markets and their return on investment compared to the return on investment of the domestic equity market for different periods of time, adjusted for financial leverage of the respective companies. – C. Risk Premium for the Country: risk premium for the country is estimated based on the difference between (i) yield of the Brazilian sovereign debt and (ii) U.S. bonds for 30 years. Cost of debt (K d ) To calculate K d , CS estimates: (i) the risk of adequate credit of the analyzed company, based on the conditions in the bond market; or (ii) assumes the weighted average cost on the date in which the existing debt is analyzed. (1) Optimum capital structure is determined by the average capital structure of other companies in the same industry and the goals established by the management of the company being analyzed.

126 CONFIDENTIAL A. Discounted Cash Flow – DCF Analysis (Cont.) Calculating WACC WACC is cost of equity (K e ) plus cost of debt (K d ) of the analyzed company, considering an optimum capital structure. K e was estimated using CAPM adjusted to the risk of the country. K d was estimated considering risk of credit and current situation of the debt market. WACC Cost of debt (C d ) Cost of Equity (K e ) Risk-Free Rate U.S.A R f Beta (B) Expected Risk Premium of the Equity Market (EMRP) Risk Premium of the Country (CRP) K d = K d * (1- tax bracket) K e = R f + ( B *EMRP) + CRP WACC = D/(D + E) * K d + E/(D + E) * K e

127 CONFIDENTIAL B. Comparable Public Companies Analysis Uses market value of other public companies with similar operating and financial characteristics to value the company Once the sample of comparable companies is selected, the implied value of the company and its shares is calculated by multiplying the operating variables of the company (ie: net profit, EBITDA) by the respective multiples of the comparable sample. The values of comparable companies do not include “control” premiums of the comparable companies. The key element in the comparable companies analysis is identifying those that are more comparable and relevant. A comparable company is one that has similar operating and financial characteristics to the company being analyzed. Examples of operating characteristics are: industry of activity; types of products; distribution channels; markets of activity; types of clients; and operations with same seasonality and cyclicality. Examples of financial characteristics: size; leverage; shareholder base; growth; and profit margin. The lack of comparable companies is one of the main limitations of this method.

128 CONFIDENTIAL C. Comparable Precedent Transaction Analysis Uses implied multiples in comparable mergers and acquisitions to value a company It is important to identify transactions that are adequately comparable and to know their economic aspects in detail. Premiums paid reflect particularities of each transaction. Recent transactions reflect current market trends more accurately. It is important to analyze companies with operating and financial characteristics that are similar to those of the company being valued. Just as is the case with Comparable Company Analysis, the lack of comparable transactions is the main limitation of this method.

CONFIDENTIAL 129 Annex VIII: Glossary

130 CONFIDENTIAL Glossary EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization, considers operating income before financial expenses, taxes, depreciation and amortization, for a period of time. EBIT: Earnings Before Interest and Taxes, considers operating income before financial expenses and taxes in a period of time. CAGR: Compound Average Growth Rate Capex: Capital Expenditures or investments in maintenance and expansion of activities. WACC: Weighted Average Cost of Capital (discount rate). CAPM: Capital Asset Pricing Model. Management: management of the Company. Market share: market share. LTM: Last Twelve Months. P/E: Price / Earnings. TEV: Total Enterprise Value.