Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ______       No ___X___

Valuation Report to Ultrapar Participações

Ultrapar Participações S.A., Refinaria Petroleo Ipiranga S.A., Distribuidora de
Produtos de Petroleo Ipiranga S.A., Companhia Brasileira de Petroleo Ipiranga

April 4, 2007

Disclaimer

• These materials may only be used by Ultrapar Participações S.A. (“Ultrapar”) for the purposes defined in the engagement letter signed with Deutsche Bank Securities Inc. (“Deutsche Bank”). Neither Deutsche Bank nor any of its affiliates or any of its or their officers, directors, employees, affiliates, advisors, agents or representatives (collectively, “Deutsche Bank Representatives”) makes any express or implied representation or warranty as to the accuracy or completeness of any of the materials set forth herein or provides advice relating to tax, accounting, legal, antitrust, or other regulatory matters. Nothing contained in the accompanying materials is, or shall be relied upon as, a promise or representation as to the past or the future
  
  
• In connection with Deutsche Bank’s role of “conducting a valuation analysis / preparing a valuation report” for Ultrapar, and in preparing its report as to the respective valuations of Companhia Brasileira de Petróleo Ipiranga (“CBPI”), Distribuidora de Produtos de Petróleo Ipiranga S.A. (“DPPI”) and Refinaria de Petróleo Ipiranga S.A. (“RIPI”) (collectively, “Ipiranga”, or the “Ipiranga Group”) and Ultrapar, Deutsche Bank has reviewed certain publicly available financial and other information concerning Ultrapar and the Ipiranga Group and certain internal analyses and other information furnished to it by Ultrapar and the Ipiranga Group. Deutsche Bank has also held discussions with members of the senior managements of Ultrapar and the Ipiranga Group, and with respect to certain assets, the senior management of Braskem, regarding the businesses and prospects of their respective companies and the operations of the combined company following the transactions described herein. In addition, Deutsche Bank has (i) reviewed the reported prices and trading activity for Ultrapar’s and the Ipiranga Group’s stock, (ii) compared certain financial and stock market information for Ultrapar and the Ipiranga Group with similar information for certain other companies whose securities are publicly traded, (iii) reviewed the financial terms of certain recent business combinations which it deemed comparable in whole or in part, (iv) reviewed the terms of the agreements governing the transaction, and (v) performed such other studies and analyses and considered such other factors as it deemed appropriate

Disclaimer (continued)

• Deutsche Bank has not assumed responsibility for independent verification of, and has not independently verified, any information, whether publicly available or furnished to it, concerning Ultrapar or the Ipiranga Group, including, without limitation, any financial information, forecasts or projections considered in connection with the preparation of its report as to the respective valuations of Ultrapar and the Ipiranga Group. Accordingly, for purposes of its report, Deutsche Bank has assumed and relied upon the accuracy and completeness of all such information and Deutsche Bank has not conducted a physical inspection of any of the properties or assets, and has not prepared or obtained any independent evaluation or appraisal of any of the assets or liabilities, of Ultrapar or the Ipiranga Group
  
  
• It should be understood that any valuations, financial and other forecasts and/or estimates or projections and other assumptions contained in the accompanying materials (including, without limitation, regarding financial and operating performance), were prepared or derived from information (whether oral or in writing) supplied solely by the respective managements of Ultrapar, the Ipiranga Group and Braskem or derived from other public sources, without any independent verification by Deutsche Bank, and involve numerous and significant subjective determinations and assumptions by Ultrapar and the Ipiranga Group, which may not be correct. As a result, it is expected that there will be a difference between actual and estimated or projected results, and actual results may vary materially from those shown herein. In addition, with respect to any such information made available to Deutsche Bank and used in its analyses, Deutsche Bank has assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the respective managements of Ultrapar and the Ipiranga Group as to the matters covered thereby. The Report observes the requirements imposed by Brazilian Securities Regulation, in particular Rule #361/02 of the Brazilian Securities Commission (“CVM”)

Disclaimer (continued)

• Accordingly, in preparing its report as to the respective valuations of Ultrapar and the Ipiranga Group, neither Deutsche Bank nor any of the Deutsche Bank Representatives make any express or implied representation or warranty, or express any view, as to the accuracy, reasonableness, completeness or achievability of any such financial and other forecasts and/or estimates or projections, or as to the determinations or assumptions on which they are based. Deutsche Bank’s report is necessarily based upon economic, market and other conditions as in effect on, and the information made available to it as of, the date hereof
  
  
• Deutsche Bank has also assumed that all material governmental, regulatory or other approvals and consents required in connection with the consummation of the transaction will be obtained and that in connection with obtaining any necessary governmental, regulatory or other approvals and consents, or any amendments, modifications or waivers to any agreements, instruments or orders to which either Ultrapar or the Ipiranga Group is a party or is subject or by which it is bound, no limitations, restrictions or conditions will be imposed or amendments, modifications or waivers made that would have a material adverse effect on Ultrapar or the Ipiranga Group or materially reduce the contemplated benefits of the transaction to Ultrapar
  
  
• This presentation was based on the information available until today, and the views expressed are subject to change based upon a number of factors, including market conditions and Ultrapar’s and the Ipiranga Group’s business and prospects. Deutsche Bank does not undertake any obligation to update or otherwise revise these materials after the date hereof
  
  
• This Report and its conclusions are not recommendations by Deutsche Bank as to whether Ipiranga shareholders should tender their shares in the mandatory tender offer, or to Ultrapar or Ipiranga shareholders as to the fairness to such shareholders, from a financial point of view, of the exchange ratio in the incorporation of RIPI, CBPI, DPPI shares in Ultrapar. Each shareholder must reach its own conclusions about the advisability of accepting the offer presented by Ultrapar and the incorporation of the shares of CBPI, DPPI and RIPI by Ultrapar

Contents

Section 1

Executive summary

Initial considerations

• This appraisal report (“Report” or “Valuation Report”) was prepared by Deutsche Bank as requested by Ultrapar
  
  
• The Report observes the requirements imposed by Brazilian Securities Regulation, in particular Rule #361/02 of the Brazilian Securities Commission (“CVM”). Ultrapar requested this Report to be used in connection with (i) the mandatory tender offers related to the acquisition by Ultrapar of the control of Ipiranga Group, and (ii) the incorporation of CBPI, DPPI and RIPI shares in Ultrapar
  
  
• The ranges for the respective valuations of Ultrapar, CBPI, DPPI and RIPI are limited to 10% due to a requirement imposed by Rule #361/02 of the CVM

Scope of Deutsche Bank’s analysis

The objective of this Valuation Report is to present economic valuations of both Ultrapar and Ipiranga Group in accordance with the criteria defined as mandatory by the CVM

Under the CVM Rule #361/02, Deutsche Bank has conducted an analysis using the following methodologies and assumptions:

• Economic value based on discounted cash flow (“DCF”) analysis for the main operating companies and comparable multiples for some smaller operating subsidiaries
  – Based on publicly available information and discussions with management of Ultrapar and Ipiranga
  
  
• Market value based on average share prices weighted by traded volume
   – Average share price weighted by traded volume during the last twelve months ended March 16, 2007 (last trading day pre-announcement)
  
  
• Book value of the shares
  – Based on Ultrapar and Ipiranga’s audited financial statements as of December 31,2006

Among the different valuation methodologies presented in this Valuation Report, Deutsche Bank believes the economic value based on DCF and comparable multiples is the most applicable methodology for valuing Ultrapar and Ipiranga

3

Valuation range – price per share

4

Conducting the economic valuation

5

Deutsche Bank credentials

• Deutsche Bank and its affiliates provide a full range of investment banking products and services worldwide. The Corporate and Investment Bank (“CIB”) is responsible for providing capital markets products and investment banking services to corporations, financial institutions and governments and their agencies
  
  
• Deutsche Bank and its affiliates’ expertise in assessing Brazilian publicly listed companies includes: the advisory to Ashmore Energy International on the acquisition of Prisma Energy International in 2006, the fairness opinion valuation of Companhia Siderúrgica Belgo Mineira in 2005, and the valuation report of Cia. Metalic Nordeste for Companhia Siderurgica Nacional (“CSN”) in 2002
  
  
• Deutsche Bank or its affiliates also advised La Seda de Barcelona S.A. (“LSB”) on the acquisition of Eastman Chemical Iberica S.A. from Eastman Chemical Company in 2007, advised Linde AG on the sale of equipment business of BOC Edwards to CCMP Capital in 2007, advised Gazprom on the sale of a 10.7% stake to Rosneftegaz, advised ConocoPhillips on the divestment of selected European downstream assets (pending), advised Giant Industries on its sale to Western Refining Inc. and provided a fairness opinion valuation (pending), and is advising Valero on strategic alternatives for the Lima, Ohio refinery, among other assignments
  
  
• Other selected transactions that involved valuation of public companies include: the advisory to Fairchild Semiconductor International in its acquisition of System General Corp, and the advisory to Healthcare REIT in its acquisition of Windrose Medical Properties Trust. Deutsche Bank also acted as advisor to International DisplayWorks Inc. when it was acquired by Flextronics International Ltd. and to US LEC Corp when it merged with Paetec Communications, Inc. All these transactions required a fairness opinion valuation
  
  
• Deutsche Bank and its affiliates have a qualified team of professionals based in New York and São Paulo led by Mr. Ian Reid who was responsible for producing this Report
  
  
• In delivering the Report, Deutsche Bank followed its internal policies applicable to the delivery of valuation reports, including forming an internal valuation committee to review and approve the report

6

Additional considerations

• The date of this Report is April 4, 2007
  
  
• This Report may be solely used in the context of the request made by Ultrapar to Deutsche Bank n Research reports prepared by different areas of Deutsche Bank may utilize different assumptions with respect to the future performance of Ultrapar and Ipiranga than those used in the Valuation Report, and thus potentially present significantly different conclusions with respect to valuation
  
  
• In compliance with the resolution CVM #361/02, Deutsche Bank states that as of April 4 , 2007:

– There is no conflict of interest that compromises the independence necessary to prepare this Report

– Deutsche Bank and its affiliates held 8,527 non-voting shares of Braskem and 171,000 ADRs of Braskem; 62,175 voting shares of Petrobras, and 500,540 ADRs of Petrobras; Deutsche Bank and its affiliates did not hold, directly or indirectly, any shares of CBPI, DPPI and RIPI, nor did they hold shares or ADRs of Ultrapar, Petrobras or Braskem other than the shares/ADRs mentioned above

– Deutsche Bank is engaged in sales and trading transactions with Petrobras and Braskem, which includes, but is not limited to , derivatives

– In May 2006, Deutsche Bank received R$2,673,760.50 net of taxes from Petrobras for the advisory and structuring services rendered in connection with the acquisition of ABB's stake in Termobahia. Deutsche Bank did not receive any other fees from Ultrapar, Braskem or Petrobras in connection with financial advisory, consulting or auditing services, or any other investment banking services over the past 12 months

– Deutsche Bank will receive US$3,000,000 net of taxes as a fee for the delivery of this Report

7

Additional considerations (continued)

• The preparation of this Valuation Report was overseen by Ian Reid, Managing Director – Corporate Finance and Mergers & Acquisitions for Latin America. Selected advisory assignments in which Mr. Ian Reid was involved include, among others:

– The merger of Brahma and Antarctica to form Ambev, the unwinding of CSN’s controlling interest in CVRD (advisor to CVRD), the acquisition of a Bolivian refinery by Petrobras (advisor to Petrobras), the sale of Latasa to Rexam by Bradesco, Alcoa and JP Morgan (advisor to sellers), the acquisition of Panamco by Coca-Cola FEMSA (advisor to Coca-Cola FEMSA), and the repurchase by FEMSA of Interbrew’s stake in Femsa Cerveza (advisor to FEMSA) among others

8

Section 2

Valuation summary

9

Tab A

Ultrapar

10

Ultrapar Participações S.A.

2006 sales		Corporate structure		Company description
				Ultrapar is a holding company for 3 separate operating companies: Oxiteno, Ultragaz, and Ultracargo
				Major subsidiaries
				Ultragaz Participações LTDA  – Ultragaz is the leading distributor of liquefied petroleum gas (LPG) in Brazil, and one of the largest distributors in the world by volume – Distributes bottled and bulk LPG to residential, commercial, and industrial clients in Brazil – 2006 revenue of US$1.4 billion, and volume sold of 1.5 million tons  Oxiteno S.A.   – A second-generation producer of commodity & specialty petrochemicals – Oxiteno is the largest producer of ethylene oxide and its main derivatives in Latin America – 2006 revenue of US$707 million, and volume sold of 544,000 tonsn Ultracargo Oper. Logísticas e Participações LTDA  – Provides integrated logistics services for special products   – 2006 revenue of $ 103 million – Storage capacity at 2006 year end of 240 thousand cubic meters. – Total kilometrage traveled in 2006 was 43 million kilometers
		Source: Public Ultrapar information		Source: Public Ultrapar information

11

Ultrapar valuation

Prior to the share merger, Ultrapar’s share value ranges from R$64.48 to R$71.26 based on the economic value		Economic value (R$)						Book value – Ultrapar
		Ultrapar TEV (before steps 1 and 2)			5,879						12/31/2006
		(+) net cash			19			Shareholder equity – (R$ million) Total number of shares (million)			1,940.7 81.3
		Ultrapar Equity value (before steps 1 and 2)			5,898
		(+) assets acquired (a)			497			Book value per share (R$ per share)			23.86
		(-) price paid(b)			(876)
		Ultrapar equity value (after steps 1 and 2)			5,520
		Total number of shares (million)			81.3
		Price per share – R$ per share	64.48		67.87	71.26
		-5%			+5%
		Note: Figures in R$ million unless otherwise noted.  (a)   refer to page 38 of the Valuation Report for more details  (b)   R$890 million minus R$14 million received from Dynamo for the sale of certain Ipiranga PN’s shares						Note: Book value based on operating company financials as of 12/31/2006 Source: Company’s filings
		Source: Ultrapar information and Deutsche Bank
		Weighted average share price LTM to announcement (a)						Weighted average share price  announcement to April 2, 2007 (a)
			ON		PN				ON		PN
		Total volume (000’s)	NA		17,108			Total volume (000’s)	NA		2,822
		W.A. share price (R$ per share)	NA		43.08			W.A. share price (R$ per share)	NA		56.10
		(a) From 03/15/2006 to 03/16/2007 Note: Ultrapar’s ON shares have not traded for over 12 months .  Source: FactSet						(a) From 03/16/2007 to 04/02/2007  Source: FactSet

12

Tab B

RIPI

13

Refinaria Petroleo Ipiranga SA – RIPI

Corporate structure		Company description
		RIPI is a holding company for certain Ipiranga investments and operates a refinery
		Major subsidiaries
		Companhia Brasileira de Petroleo Ipiranga (CBPI) -A fuel distributor with a network of 3,324 stations in Brazil, except in Rio Grande do Sul, Roraima and Amapá -2006 revenue of US$9.8 billion and volume sold of 12.2 billion cubic meters Distrib. de Produtos de Petroleo Ipiranga (DPPI) -A gasoline distributor with a network of 916 stations in Southern Brazil -2006 revenue of $1.6 billion and volume sold of 1.8 billion cubic meters Ipiranga Química (IQ) -A wholesale distributor of chemical products with over 5,000 clients in 50 different markets -2006 revenue of US$212.3 million and EBITDA of US$9.5 million -Through its ownership in IQ, RIPI indirectly controls Copesul (with Braskem) and IPQ Ipiranga Petroquímica (IPQ) -A 2nd generation producer of high-end petrochemicals -2006 revenue of US$924.3 million and volume sold of 636,100 tons Copesul -A naphtha-based cracker owned by Ipiranga & Braskem -2006 revenue of US$2.9 billion and volume of 2.962 million tons
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal families		Note: Volume sold refers to total volume; Revenue figures not consolidated
Source: Public Ipiranga information		Source: Public Ipiranga information

14

RIPI valuation

RIPI’s share value ranges from R$51.63 to R$57.06 based on the economic value		Economic value						Book value – RIPI SA
		(R$ million)	100%  TEV	Proportionate  TEV				12/31/2006
								Shareholder equity – (R$ million) Total number of shares (million) Book value per s hare (R$ per share)				577.3 29.6
		IQ SA	3,051	58.53%	1,786
		CBPI SA	4,029	11.42%	460
		DPPI SA	1,552	7.65%	119							19.50
		RIPI Opco	9	100.0%	9
		RIPI – Total Enterprise Value			2,373
		(-) net debt			(765)
		RIPI – Equity value			1,609
		Total number of shares (million)			29.6
		Price per share – R$ per share		51.63	54.35	57.06
				-5%		+5%
		Note: Figures in R$ million unless otherwise noted.  Source: Ipiranga information and Deutsche Bank						Note: Book value based on operating company financials as of 12/31/2006 Source: Company’s filings

15

Tab C

DPPI

16

Distribuidora de Produtos de Petroleo Ipiranga SA – DPPI

Corporate structure		Company description
		DPPI is a distributor of fuel in Southern Brazil The Company delivers fuel to retail gas stations, industrial sites Approximately 65% of volume is sold to retail gas stations In 2006, core volume (gasoline, alcohol, and diesel fuel) was 1.8 billion cubic meters. Total volume (including GNV, lubricants, & others) was marginally higher  In 2006, the Company had 2.5% of the Brazilian market by volume sold
		Major subsidiaries:
		Isa-Sul Administração e Participações (Isa-Sul): -Owns 152 of the gas stations in DPPI’s region  -2006 revenue of US$8.7 million and EBITDA of US$7.5 million Companhia Brasileira de Petroleo Ipiranga (CBPI) -A fuel distributor with a network of 3,324 stations in Brazil, except in Rio Grande do Sul, Roraima and Amapá  -2006 revenue of US$9.8 billion and volume sold of 12.2 billion cubic meters - Through its ownership in CBPI, DPPI indirectly owns a minority stake in IQ, IPQ, and Copesul  Ipiranga Química (IQ) -A wholesale distributor of chemical productswith over 5,000 clients in 50 different markets  -2006 revenue of US$212.3 million and EBITDA of US$9.5 million  Ipiranga Petroquímica (IPQ) -A 2nd generation producer of high-end petrochemicals  -2006 revenue of US$924.3 million and volume sold of 636,100 tons  Copesul - A naphtha-based cracker owned by Ipiranga & Braskem  -2006 revenue of US$2.9 billion and volume of 2.962 million tons
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal families Source: Public Ipiranga information	Note: Volumes refer to volumes sold. Revenues are not consolidated Source: Public Ipiranga information

17

DPPI valuation

DPPI’s share value ranges from R$41.11 to R$45.44 based on the economic value		Economic value							Book value – DPPI SA
			100%  TEV	Proportionate  TEV							12/31/2006
		(R$ million)									804.0  32.0
		CBPI	4,029	21.01%	847				Shareholder equity – (R$ million)
		DPPI Opco	706	100.00%	706				Total number of shares (million)
		DIPPI –Total Enterprise Value			1,552				Book value per s hare (R$ per share)		25.13
		(-) net debt			(168)
		DPPI – equity value			1,385
		Total number of shares (million)			32.0
		Price per share – R$ per share		41.11	43.28		45.44
				-5%			+5%
		Note: Figures in R$ million, except unless otherwise noted  Source: Ipiranga information and Deutsche Bank							Note: Book value based on operating company financials as of 12/31/2006  Source: Company’s filings

18

Tab D

CBPI

19

Companhia Brasileira de Petroleo Ipiranga – CBPI

Corporate structure		Company description
		The largest company in the Ipiranga Group by revenue, CBPI is a distributor of fuel in Brazil, except in Rio Grande do Sul, Roraima and Amapá  The Company delivers fuel to retail gas stations, industrial sites  Approximately 65% of volume is sold to retail gas stations  In 2006, core volume (gasoline, alcohol, and diesel fuel) was 11.6 billion cubic meters. Total volume (including GNV, lubricants, & others) was 12.2 billion cubic meters  In 2006, the Company had 16.9% of the Brazilian market
		Major subsidiaries
		Empresa Carioca de Produtos Químicos (EMCA) -Produces specialty oils with applications in the pharmaceutical, food, cosmetic, and plas tics industries - 2006 revenue of US$42.5 million and EBITDA of US$1.4 million  Ipiranga Asfaltos (IASA) -Produces asphalt and asphalt additives, and provides pavement services  -2006 sales of US$114.3 million and EBITDA of US$6.1 million  AM/PM Comestíveis  -Achain of retail convenience stores attached to CBPI gas stations - 2006 sales of US$8.4 million and EBITDA of US$14.7 million, which includes other operating income  Ipiranga Química SA (IQ) -A wholesale distributor of chemical products with over 5,000 clients in 50 different markets  -2006 revenue of US$212.3 million and EBITDA of US$9.5 million - Through its ownership in IQ, CBPI, indirectly has a stake in IPQ and Copesul  Ipiranga Petroquímica (IPQ) -A 2nd generation producer of high-end petrochemicals  -2006 revenue of US$924.3 million and volume sold of 636,100 tons n Copesul  -A naphtha-based cracker owned by Ipiranga & Braskem  -2006 revenue of US$2.9 billion and volume of 2.962 million tons
Note: Families include Gouv êa, Tellechea, Mello, Bastos, and Ormazabal f amilies  Source: Public Ipiranga information
		Source: Public Ipiranga information

20

CBPI valuation

CBPI’s share value ranges from R$26.97 to R$29.81 based on the		Economic value							Book value – CBPI
		(R$ million)	100% TEV		Proportionate  TEV						12/31/2006
		Copesul	5,635		29.46%	1,660	(1)		Shareholder equity – (R$ million)		1,555.2  106.0
		IPQ Opco	1,452		100.00%	1,452	(2)		Total number of shares (million)
		100% IPQ SA.				3,112	(3)=(1)+(2)		Book value per s hare (R$ per share)		14.68
		IPQ SA.	3,112		92.39%	2,875	(4)=(3)x stake
		IQ Opco	176		100.00%	176	(5)
		100% IQ SA				3,051	(6)=(4)+(5)
		IQ SA	3,051		41.47%	1,265	(7)=(6)x stake
		CBPI Opco	2,764		100.00%	2,764	(8)
		CBPI – Total Enterprise Value				4,029	(9)=(7)+(8)
		(-) net debt				(1,021)
		CBPI - Equity Value				3,008
		Total number of shares (million)				106.0
		Price per share - R$ per share			26.97	28.39	29.81
					-5%		+5%
		Note: Figures in R$ million, except unless otherwise noted Source: Ipiranga information and Deutshe Bank							Note: Book value based on operating company financials as of 12/31/2006 Source: Company's filings

21

Section 3

Economic value of assets

22

23

Weighted Average Cost of Capital and Cost of Equity
WACC and Ke

WACC definition

(US$ nominal)

Ipiranga companies

Ultrapar

CBPI

DPPI

Copesul

IPQ

I. Beta calculation (a)

1. Beta un- levered

0.64

0.90

0.90

0.86

0.86

Long-term optimal debt (D)/cap (D+E) ratio

35% (b)

40% (c)

40% (c)

50% (c)

50% (c)

Long-term optimal equity (E) /cap (D+E) ratio

65% (b)

60% (c)

60% (c)

50% (c)

50% (c)

Marginal tax rate (tax)(d)

22%

26%

23%

33%

25%

2. Re-levered equity beta (b)

0.92

1.35

1.36

1.44

1.50

II. Calculation of Cost of Capital

US risk free rate (Rfr) (e)

4.5% p.a.

4.5% p.a.

4.5% p.a.

4.5% p.a.

4.5% p.a.

Local risk premium (CRP) (f)

200 bps

200 bps

200 bps

200 bps

200 bps

Local long-term risk free rate

6.5% p.a.

6.5% p.a.

6.5% p.a.

6.5% p.a.

6.5% p.a.

US equity risk premium (ERP) (g)

7.1% p.a.

7.1% p.a.

7.1% p.a.

7.1% p.a.

7.1% p.a.

3. Cost of Equity (Ke)

13.0% p.a.

16.1% p.a.

16.2% p.a.

16.7% p.a.

17.2 p.a.%

Local long-term risk free rate

6.5% p.a.

6.5% p.a.

6.5% p.a.

6.5% p.a.

6.5% p.a.

Long-term corporate risk spread (h)

150 bps

200 bps

200 bps

200 bps

200 bps

4. Cost of Debt (Kd)

8.0% p.a.

8.50% p.a.

8.50% p.a.

8.50% p.a.

8.50% p.a.

5. WACC

10.6% p.a.

12.2% p.a.

12.3% p.a.

11.2% p.a.

11.8% p.a.

24

Macroeconomic assumptions

25

Tab A

Ultrapar

26

Ultrapar consolidated – DCF valuation

27

Assumptions – Ultragaz
Selected income statement drivers

28

Assumptions – Ultragaz (continued)
Selected income statement drivers

29

Assumptions –Ultragaz (continued)
Selected balance sheet drivers

30

Assumptions – Oxiteno
Selected income statement drivers

31

Assumptions – Oxiteno (continued)
Selected income statement drivers

32

Assumptions – Oxiteno (continued)
Selected balance sheet drivers

33

Assumptions – Ultracargo
Selected income statement drivers

34

Assumptions – Ultracargo (continued)
Selected income statement drivers

35

Assumptions – Ultracargo (continued)
Selected balance sheet drivers

36

Tab B

Ultrapar prior to the share merger

37

Ultrapar prior to the share merger

Stake at SA vs. Stake at Opco

•

After completing steps 1 and 2, Ultrapar will have acquired 41.3% of RIPI, 35.4% of DPPI, and 4.1% of CBPI

(R$ million)

TEV (5)

Equity 497

•

Ultrapar will spend R$876 million on steps 1 and 2

Assets acquired by Ultrapar

591

•

These stakes are equivalent to 41.3% of the refinery, 38.5% of the distribution business of DPPI, and 16.9% of the distribution business of CBPI

Refinery DPPI distribution CBPI distribution CBPI EMCA

(1) (2) (3) (4)

41,3% 38,5% 16,9% 16,9%

1 272 315 3

(10) 290 217 0

Ipiranga SA RIPI SA DPPI SA CBPI SA

Stake at S.A.  41.3% 35.4% 4.1%

Stake at Opco  41.3%  38.5%  16.9%

Refinery DPPI distribution CBPI distribution

(1) Includes 1/3 of the Refinery only (2) Includes ISA-Sul (3) Includes CBPI distribution and the AM/PM convenience stores in the South and Southeast (3) Assumes that Petrobras will pay with cash for 100% of its stake and will assume no debt from CBPI (4) EMCA will be 100% owned by Ultrapar  (5) Represents Ultrapar's stake in the acquired assets

Note: Takes into consideration the cross ownership of the companies in the underlying assets as indicated in the chart.

Source: Public company information

38

Tab C

Fuel distribution – CBPI

39

CBPI distribution – DCF valuation

40

Assumptions – CBPI distribution
Selected income statement drivers

41

Assumptions – CBPI distribution (continued)
Selected income statement drivers

42

Assumptions – CBPI distribution (continued)
Selected income statement drivers

43

44

Tab D

Fuel distribution – DPPI

45

DPPI distribution – DCF Valuation

46

Assumptions – DPPI distribution
Selected income statement drivers

47

Assumptions – DPPI distribution (continued)
Selected income statement drivers

48

Assumptions – DPPI distribution
Selected balance sheet drivers

49

Tab E

Copesul

50

Copesul – DCF valuation

51

Assumptions – Copesul
Selected income statement drivers

52

Assumptions – Copesul (continued)
Selected income statement drivers

53

Assumptions – Copesul (continued)
Selected balance sheet drivers