Good morning ladies and gentlemen. At this time, we would like to welcome everyone to Ultrapar’s Second Quarter 2013 Results Conference Call. There is also a simultaneous webcast that may be 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 would like to inform you that this event is being recorded and all participants will be in 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 may 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 begin the conference. André Covre: Thank you. Good morning to some of you, good afternoon to some of…

Ladies and gentlemen, I believe we may have lost connection with the speakers. Speakers are you still there? André Covre: Yes, we are back. Sorry about that.

No problem. André Covre: Moving now to slide – last slide. To discuss a little bit about the outlook for the future. I would like to really go back in time to examine our evolution during 28 consecutive quarters of EBITDA growth. When we started this stuff seven years ago, we had annual EBITDA of about R$500 million. During this period we invested R$11 billion in acquisition and expenditures, which allowed us to reach an annual EBITDA of R$2.7 billion in this second quarter. This growth in earnings displays together with an improvement in return on equity, as you can see in the chart, our return on equity increased from 13% in 2006 to 18% currently. In addition to the acquisition of Ipiranga itself in 2007, these R$11 billion allowed to increase geographical footprint of Ipiranga’s and Ultragaz distribution network was increasing relative networks and differentiation aspects. The logistics infrastructure and secondly storage facilities we have expanded and now have nationwide reach and increased capital allowances [ph]. At Oxiteno, we moved from a company highly standard on the sales of commodities to a company focused on specialty chemicals, which raised our differentiation, our scale in more businesses. At Ultracargo, we now have more than double our storage capacity with expanded terminals and increased geographical coverage. As you see, we have developed (inaudible). Our ability to cross-start, analyze in able to do the acquisitions and investments is fundamental to the company’s evolution during the last seven years. And it’s founded in our proper governance and alignment of interests in the respective decision making processes. We believe that these elements are some of the important pillars of the company’s evolution for the next few years. That concludes what we have prepared for today. I thank you all for your attention and I make myself available to any questions you may have.

Thank you. The floor is now open for questions. (Operator Instructions) Please hold, while we poll for questions. The first question will come from Frank McGann of Bank of America Merrill Lynch. Please go ahead. Frank McGann – Bank of America Merrill Lynch: Hi, yes, good afternoon and thank you. Just a couple of questions; one, in Ipiranga, if you could perhaps comment on the terms that you are seeing in terms of ethanol consumption and demand, and what you expect to see in the third quarter and potentially in the fourth quarter based on whatever the pricing they announced that you are looking at right now? And secondly, in terms of the number of service stations that you are planning to add between now and the end of the year and looking into 2014, how much upside do you see in terms of expanding the service station network? And within that, how many am/pm markets do you expect to see that also, if you could provide that, that’d be great. André Covre: Frank thanks for being with us. Ethanol consumption, I would probably say no major news and have seasonally now more consumption of ethanol, but if we compare this time of the year with the last time of the year, there is a growth that is not disproportional to the growth of the overall market. So we don’t have any major trend changes in the third and fourth quarter in relation to ethanol. But we have had very positively in ethanol on the last few months is the reduction – the change in the review of the Federal VAT tax, PIS/COFINS, and that brings – there was a change in the regime of an entire value chain, this brings us an indirect benefit to achieve the deduction in…

The next question will come from Paula Kovarsky of Itaú BBA. Please go ahead. Paula Kovarsky – Itaú BBA: Hi, good afternoon. I have a very specific question on Ipiranga. Looking at the breakdown of revenues, the other revenues line enjoyed the big increase in the quarter, about R$40 million, so I would like to understand what exactly happened there, and how recurring it is? And the other question would be in the numbers of this quarter, did we see already any impact of ConectCar? How should we forecast this impact going forward, and in which line do you guys expect it to show up? André Covre: Hello Paula, I’m glad that you are with us. I am having a hard time finding your other revenue variation of R$40 million. In Ipiranga, other revenues in the second quarter was R$17.6, last year it’s been R$15.9 million. Paula Kovarsky – Itaú BBA: Sorry, within the net revenues. You have R$98 million in the second quarter and R$57 million in the first quarter as part of the – that’s the breakdown of the net revenues? André Covre: I am looking for it, but I cannot see it. Can we take it offline Paula? Paula Kovarsky – Itaú BBA: Yes, no problem. André Covre: So the other… Paula Kovarsky – Itaú BBA: Yes, I just wanted to understand there, beyond the positive impact of better margins in diesel sales in the quarter which seems to be the explanation for such a fantastic margin despite seasonality. Is there more from one ConectCar to a higher number of convenient stores, I mean is there anything else that we should forecast going forward as part of a better margin prospect? André Covre: Well both am/pm and ConectCar are part of a combination as you know. It…

The next question will come from Luiz Carvalho of HSBC. Please go ahead. Luiz Carvalho – HSBC: Thank you. Just a quick follow-up, perhaps one other question. But we were obtained solid (inaudible) in the industry and is that the case the data that for June, the margins were much lower than let’s say April and May. Did you feel any specific movement in the last months of the quarter, I mean of course you did not open the data on this, but is there any issue that you see or any color that you can provide us in terms of June exactly, you are saying the margins were much lower than the other months or the EBITDA [ph] was not the case for Ipiranga or (inaudible) Ipiranga? Thank you. André Covre: Hi Luiz. Now we (inaudible). Now regarding the three important trends, different than the ones we expected for the quarter. Having said that, that the changes is in a such a small in 11 months than have a lot of noise like the number of days in the month, temperature, store – inventories. As a consequence we thought we would pay attention to what happens in one month in the final trends or come to any conclusions. In fact for some of the data, we then move on second quarter with a good implementation and as I have repeatedly told the investment community that in our quarter, or margin is an indication for the trend contributed to less growth in most of the markets. So we didn’t see anything different though we expected for the quarter. We don’t think a month can really indicate anything in particular as a trend. Luiz Carvalho – HSBC: Okay, clear. Thank you.

The next question will come from Gustavo Gattass of BTG Pactual. Gustavo Gattass – BTG Pactual: Hi André, actually my question was already asked. I just wanted to follow-up on what Paula had asked. Basically when you made the comment as far as Oxiteno goes for the next quarter, the indication was that we might see higher margins per ton than what we saw last year, correct? André Covre: Correct. Gustavo Gattass – BTG Pactual: Okay. And this figure is already including then all the benefits that you actually have from the lower PIS/COFINS implicitly bringing margins a little bit down, is that the idea or not? André Covre: Well, the way it works is we used 39.5% of PIS/COFINS and now we pay – the reduction is 8.25 over the cost of ethylene. It benefits. And what I was really saying in Paula’s question is that it is not a meaningless number, it doesn’t change (inaudible) extract that from the projections growth and the future results, we will not change the trend of having EBITDA margins in the third quarter above of the EBITDA margins than last year. Gustavo Gattass – BTG Pactual: Perfect. That’s exactly what I wanted to understand. Thank you.

The next question will come from Christian Audi of Santander. Please go ahead. Christian Audi – Santander: André Covre: Thanks for the questions, Christian. Well first of all before answering the four core businesses, I know you are well aware that there are parts of our business – there are direction remains the evolution of the economy, but there are other significant costs into the business which have not linked to the economy or it is just the indirectly related to the economy. So naturally we tend to have abilities that (inaudible) the centers grow. And I think that’s (inaudible) as well the nature of the four businesses in particular and segments combined. At Ipiranga about half of the volumes is linked to the GDP, but to give you caution, the other half is a lot very close trends to follow of the evolution we’ve seen so far. The evolution of fleet, at least they have a long determination to the economy but even (inaudible) is the very weak relation. So in Ipiranga, I would think that affected exactly from the economy is the diesel sales. And we are not witnessing a significant change in the trend towards diesel than we had so far this year. That could be a practice by the case of adding new gas stations to our network and therefore building (inaudible) that we stating resulting in growth of GDP, in other words we are in process of actual expansion backwards increasing market share in diesel, and as a consequence probably our CapEx is now reflected just as factoring in the economy. I can clearly say the same for Ultragaz. There is a difference (inaudible) is not affected by the economy in backward segment in which contributed 70% and São Paulo on the one third the…

(Operator Instructions) And we’ll pause just a moment to poll for those questions. I am seeing no further questions. This will conclude the question-and-answer session. At this time, I would like to turn the floor back to Mr. André Covre for any closing remarks. André Covre: Thank you very much for your presence. We are all very honored seeing you with us and I’d like to thank all of you that have given us the honor of receiving some of the market awards last quarter, and particularly the team that is here in the conference call, congratulation to them and the splendid investor relations team, the executive directors of our business as they are helping us to give out good information. Thank you very much. I look forward to seeing you in November where we hopefully have our 29th quarter of results.

Ladies and gentlemen, thank you. This concludes today’s Ultrapar’s second quarter 2013 results conference call. You may disconnect your lines at this time.