Good morning ladies and gentlemen. At this time, we would like to welcome everyone to Ultrapar's First Quarter 2013 Results Conference Call. There is also a simultaneous webcast that maybe accessed through Ultrapar's website at www.ultra.com.br/ri where the presentation is available for download. Please feel free to go through the slides during the conference call. Today with us we have Ms. André Covre, Chief Financial and Investor Relations Officer, together with other executives of Ultrapar. We will like to inform you that this event is being recorded and all participants will be in a listen-only mode during the Company's presentation. After Ultrapar's remarks are completed, there will be a question-and-answer session. At that time further instructions will be given. (Operator Instructions) We remind you that questions which will be answered during the Q&A session will be posted in advance in the webcast. A replay of this call will be available for one-week. Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ultrapar management, and on information currently available to the company. They involve risks, uncertainties and assumptions, because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Ultrapar and could cause results to differ materially from those expressed in such forward-looking statements. Now, I'll turn the conference over to Mr. Covre, who will present Ultrapar's results in the quarter and discuss about perspectives. Mr. Covre, you may now begin your conference. André Covre: Thank you. Good morning everyone. It's a real pleasure to be here with…

Thank you. The floor is now open for questions. (Operator Instructions) Our first question comes from Frank McGann with Bank of America Merrill Lynch. Please go ahead. Frank McGann – Bank of America Merrill Lynch: Hi good afternoon. Just two things, if I could. One, putting a little bit of perhaps a longer term view in terms of Ipiranga and its profitability margins. As you look out in the second quarter the rest of this year and into next year perhaps and just how do you see the ethanol market developing and how that potentially can effect margins at Ipiranga? Also in Ipiranga, in terms of the growth that you’re seeing with Jet Oil and am/pm stores, it’s really, really restricted growth. Does that actually hurt margins when those stores open at the beginning and then you get better margins later on or how would you expect that to effect margins also as you move out and continue to expand that network? And then secondly, just looking at international and the moves you’ve been making, how do you see growth coming and profitability in the different options you have internationally?

Thanks Frank, this is (inaudible). If you allow me, I’ll give you a bit of a bigger answer here on the first question that is talking only about ethanol and the effects of Jet Oil and am/pm. As you have followed in the last several years, EBITDA and EBITDA margin in particularly in Ipiranga has grown annually a few Reals per cubic meter and that really, five things behind us. First, well known, the growth of the market which allows for increased operating leverage. We are optimizing or potentializing that growth through the investments that we are making in the expansion of the network. This allows us two things, allows us to go factored into the markets, that’s my second element. And third, it allows us to grow factored in the market, the most important and profitable segment which is the retailer segment, the gas stations there. Four, our strategy of differentiation and innovation in services and convenience provides for happier customers, which are willing to pay the gas station and the company for the services that they received. And expansion of Jet Oil and am\pm are important elements in that strategy of differentiation and innovation. The effect of opening a Jet Oil and am/pm in a gas station is immediate and is positive. Positive because the traffic improved the customer perception about the point of sale, and therefore leads to higher margin. , : On your second question, our international operations today are fairly in opposite demo. We are now present with production facilities in Uruguay, Venezuela, Mexico and the United States. United States and Uruguay are listing the players in United States early last year, Uruguay late last year. They both are parts of a bigger game of making Oxiteno a company of the American continent. You have followed them in the last few years with a very strong position in Latin America, having production facilities in all countries that produce ethylene oxide, mainly Brazil, Mexico and Venezuela. We’ve strengthened our position late last year by the acquisition of a specialty chemical producer in Uruguay and the focus going forward will naturally be the United States which has become an excellent place to produce chemicals with the cost competitors advantages and in a country where we think we have a role to play with our consumers and clients that we have in Brazil, have in Mexico and are also present in the United States. Frank McGann – Bank of America Merrill Lynch: Okay. Thank you very much.

(Operator Instructions) We have a follow-up question with Frank McGann. Please go ahead. Frank McGann – Bank of America Merrill Lynch: Thanks. Just on the working capital, it was quite negative in the first quarter and the reasons I guess are fairly clear, but just looking at the second quarter trend, I was wondering if you are seeing or expect a significant improvement in working capital trends versus the first quarter?

Frank, it is difficult to have working capital consumption in the first quarter. If you look at the last three years, that is between R$200 million and R$300 million. In the first quarter of this year, it was higher, mainly because we had the increase in the cost of diesel and gasoline in Brazil and therefore we’ve reached an investment more to between R$500 million. So order magnitude about [60%] of the investment is seasonal and typical for the first quarter. R$200 million is more permanent related to the increase in the cost and it is in any case a good investment given that the increase in cost always gives us an opportunity to manage margins and capture some benefits.

This concludes our question-and-answer session at this time. I would like to turn the floor back over to Mr. André Covre for any closing remarks. André Covre: All right, well, thank you very much. Thanks for your questions, Frank. Look forward to having you back on the earnings results of the second quarter. Thanks a lot. Have a good weekend.

Thank you. This concludes today's Ultrapar's first quarter 2013 results conference call. You may now disconnect your lines.