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<SEC-DOCUMENT>0000950103-04-001384.txt : 20040930
<SEC-HEADER>0000950103-04-001384.hdr.sgml : 20040930
<ACCEPTANCE-DATETIME>20040930163326
ACCESSION NUMBER:		0000950103-04-001384
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040929
FILED AS OF DATE:		20040930
DATE AS OF CHANGE:		20040930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		041055567

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sep3004_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE>sep3004_6k</TITLE>
</HEAD>
<body leftmargin="25p" marginwidth="50p">
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px"><P align="center"> <B><FONT size=3 face="Times New Roman, Times, serif">Form
  6-K</FONT></B> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>SECURITIES
  AND EXCHANGE COMMISSION<br>
  </B></font><font size="3" face="Times New Roman, Times, serif"><B>Washington,
  D.C. 20549 </B> </font></P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>Report
  Of Foreign Private Issuer<br>
  Pursuant To Rule 13a-16 Or 15d-16 Of<br>
  The Securities Exchange Act Of 1934 </B></font><font size="2" face="Times New Roman, Times, serif">
  </font></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">For
  the month of September, 2004 </FONT></P>
<P align="center"> <FONT size="2" face="Times New Roman, Times, serif">Commission
  File Number: 001-14950</FONT><FONT size="3" face="Times New Roman, Times, serif">
  </FONT> </P>
<P align="center"> <font size="3" face="Times New Roman, Times, serif"><B>ULTRAPAR
  HOLDINGS INC.<br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Translation
  of Registrant&#146;s Name into English)</FONT><FONT size=2 face="Times New Roman, Times, serif"><B>
  </B> </FONT></P>
<hr align="left" width=100% size=1 noshade color="#000000">
<P align="center"> <font size="2" face="Times New Roman, Times, serif"><B>Avenida
  Brigadeiro Luis Antonio, 1343, 9&ordm;</B> <B>Andar<br>
  S&atilde;o
  Paulo, SP, Brazil 01317-910<br>
  </B></font><FONT size=1 face="Times New Roman, Times, serif">(Address
  of Principal Executive Offices) </FONT> </P>
<hr align="left" width=100% size=1 noshade color="#000000">
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark whether the registrant files or will file annual
      reports under cover of Form 20-F or Form 40-F: </FONT> </p>
  </blockquote>
</blockquote>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
          20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="200" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
          40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(1):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>

</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(7):</FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>

</div>
<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">Indicate
      by check mark whether by furnishing the information contained
      in this Form, the Registrant is also thereby furnishing the information
      to the Commission pursuant to Rule 12g3-2(b) under the Securities
      Exchange Act of 1934: </FONT> </p>
  </blockquote>
</blockquote>
<div align=center>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes
          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="10%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="45%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No
          <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>

</div>

<blockquote>
  <blockquote>
    <p> <FONT size="2" face="Times New Roman, Times, serif">If &#147;Yes&#148;
      is marked, indicate below the file number assigned to the registrant
      in connection with Rule 12g3-2(b): <U>N/A</U><B> </B></FONT></p>
  </blockquote>
</blockquote>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px"><br>
<br>

<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="center">
<B><FONT size="2" face="serif">ULTRAPAR HOLDINGS INC.</FONT></B>
</P>
<P align="center">
  <font size="2"><B><FONT face="serif">TABLE OF CONTENTS </FONT></B>
  </font></P>
<div align="center">
  <TABLE width="90%" border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan=3 align="left"><font size="2"><B><FONT face="serif">ITEM</FONT></B></font></TD>
      <TD width="15%" align="center"><font size="2"><B><font size="2"><B><font size="2"><B><FONT face="serif">SEQUENTIAL</FONT></B></font><br>
                <FONT face="serif">PAGE</FONT></B></font><br>
      <FONT face="serif">NUMBER</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=4><HR noshade size=1></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center" width="5%"><font size="2"><B><FONT face="serif">1</FONT><font size="2"><B><FONT face="serif">.</FONT></B></font></B></font></TD>
      <TD width="2%"><font size="2"><B></B></font></TD>
      <TD width="75%"><font size="2"><B><FONT face="serif">Announcement of a
      material fact &#150; Shareholders Agreement</FONT></B></font></TD>
      <TD align="center" width="15%"><font size="2"><B><FONT face="serif">3</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
    <TR>
      <TD align="center" width="5%"><font size="2"><B><FONT face="serif">2</FONT><font size="2"><B><FONT face="serif">.</FONT></B></font></B></font></TD>
      <TD width="2%"><font size="2"><B></B></font></TD>
      <TD width="75%"><font size="2"><B><FONT face="serif">Shareholders Agreement
      - 2004</FONT></B></font></TD>
      <TD align="center" width="15%"><font size="2"><B><FONT face="serif">5</FONT></B></font></TD>
      <TD width="3%">&nbsp;</TD>
    </TR>
  </TABLE>
  <br>
  <br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right"><B><FONT face="serif">ITEM 1</FONT></B>
</P>
<P>
<IMG src="sep3004_6kx4x1.jpg" border=0>
</P>
<P align="center">
<B><U><FONT size=2 face="sans-serif">Announcement of a material fact</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B>
</P>
<P align="center">
<B><U><FONT size=2 face="sans-serif">Ultrapar announces the signing of a new Shareholders&#146; Agreement between the<br>
</FONT></U></B><B><U><FONT size=2 face="sans-serif">shareholders of Ultra S.A., its
parent company</FONT></U></B>
</P>
<P>
<FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A. (&#147;Ultrapar") hereby informs its shareholders and investors in general that the shareholders of Ultra S.A., its parent company, have signed a shareholders&#146; agreement
primarily aimed at maintaining the controlling shareholder block in Ultrapar (&#147;2004 Shareholders&#146; Agreement&#148;). </FONT>
</P>
<P>
<FONT size=2 face="serif">Currently 66.7% of the voting capital of Ultrapar is held by Ultra S.A., whose largest shareholders are (i) Igel Participa&ccedil;&otilde;es S.A. (&#147;Igel&#148;), a holding company that encompasses the shareholdings of
certain members of Ultrapar&#146;s founding family, and (ii) Avar&eacute; Participa&ccedil;&otilde;es S.A. (&#147;Avar&eacute;&#148;), a holding company of which 69% belongs to members of the senior management of Ultrapar.</FONT>
</P>
<P>
<FONT size=2 face="serif">As a consequence of previous statutory provisions, Igel and Avar&eacute; shall be dissolved on December 16, 2004, and their shareholders shall receive shares in Ultra S.A. in reimbursement of their shares in the respective
paid-up capital, in the same proportion and of the same share class as previously held by Igel and Avar&eacute;. </FONT>
</P>
<P>
<FONT size=2 face="serif">In view of the new controlling structure, the shareholders of Igel and Avar&eacute; and the other shareholders of Ultra S.A.    have resolved to add to, and improve on, the existing agreement, dated May 22, 1997,
establishing among other items, (i) principles for decision making; (ii) rules and conduct of the representatives of Ultra S.A. on the Board of Directors of Ultrapar; and (iii) liquidity mechanisms for the shares of Ultra S.A. </FONT>
</P>
<P>
<FONT size=2 face="serif">The key objectives of this move are (i) to maintain a defined and stable controlling shareholder block in Ultrapar, (ii) to ensure it continues to be driven by professional management and (iii) to improve its principles of
corporate governance. </FONT>
</P>
<P>
<FONT size=2 face="serif">The 2004 Shareholders&#146; Agreement has an initial validity of five years, counting from the date of the dissolution of Igel and Avar&eacute;, on December 16, 2004. </FONT>
</P>
<P>
<FONT size=2 face="serif">Copies of the 2004 Shareholders&#146; Agreement are available at Ultrapar&#146;s head office and have been filed with S&atilde;o Paulo stock exchange (Bovespa), the Brazilian securities exchange commission (CVM
&#150;Comiss&atilde;o de Valores Mobili&aacute;rios ) and the US Securities and Exchange Commission (SEC). </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">S&atilde;o Paulo, September 29</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP><FONT size=2 face="serif">, 2004.</FONT>
</P>
<P align="center"><FONT size=2 face="serif">Paulo G. A. Cunha<br>
  Chairman of the Board of Directors<br>
</FONT><B><FONT size=2 face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S.A</FONT></B><FONT size=2 face="serif"> </FONT></P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<P align="right">
<B><FONT face="serif">ITEM II</FONT></B>
</P>
<br>
<br>
<P align="center">
<B><FONT size=2 face="serif">SHAREHOLDERS&#146; AGREEMENT OF<br>
</FONT></B><font size="2"><B><FONT face="serif">ULTRA S/A - PARTICIPA&Ccedil;&Otilde;ES </FONT></B>
</font></P>
<P>
  <FONT size=2 face="serif">Under the present Shareholders&#146; Agreement Instrument,
the </FONT><font size="2"><B><FONT face="serif">Agreeing Parties</FONT></B><FONT face="serif">, henceforward, collectively thus designated:</FONT></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%"><font size="2"><b><font face="serif">I &#150; </font></b></font></td>
    <td width="95%"><font size="2"><b><font face="serif">ANA MARIA LEVY
            VILLELA IGEL</font></b><font face="serif">, Brazilian citizen, widow,
            businesswoman, holder of identity card number 2.821.401/SSP-SP and
            CPF/MF number 513.400.208-82, resident and domiciled at Rua Jean
            Sibelius, number 35, 17th floor, in the city of S&atilde;o Paulo,
    in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">II - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">F&Aacute;BIO IGEL</font></b><font face="serif">,
          Brazilian citizen, married, businessman, holder of identity card number
          16.473.97-X/SSP-SP and CPF/MF number 187.996.078-83, resident and domiciled
          at Rua Tucum&atilde;, number 401, apt 71, in the city of S&atilde;o
    Paulo, in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">III - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">M&Aacute;RCIA IGEL JOPPERT</font></b><font face="serif">,
          Brazilian citizen, married, businesswoman, holder of identity card
          number 2.987.353/SSP-SP and CPF/MF number 694.695.398-34, resident
          and domiciled at Rua Pirandelo, number 50, in the city of S&atilde;o
    Paulo, in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font size="2"><b><font face="serif">IV - </font></b></font></td>
    <td width="95%"> <font size="2"><b><font face="serif">ROG&Eacute;RIO
            IGEL</font></b><font face="serif">, Brazilian citizen, divorced,
            businessman, holder of identity card number 2.992.103/SSP-SP and
    CPF/MF number</font></font> </td>
  </tr>
</table>

<P><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P>&nbsp;
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">061.076.308-30, resident and domiciled at Rua
        Marcos Melega, number 150, 16th floor, in the city of S&atilde;o Paulo,
    in the state of S&atilde;o Paulo; </font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">V - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">JOYCE IGEL DE CASTRO ANDRADE</font></b><font face="serif">,
          Brazilian citizen, married, businesswoman, holder of identity card
          number 3.005.592/SSP-SP and CPF/MF number 074.266.918-10, resident
          and domiciled at Rua General Mena Barreto, number 743, 2<sup>nd</sup> floor,
    in the city of S&atilde;o Paulo, in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">VI - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">LUCIO DE CASTRO ANDRADE FILHO, </font></b><font face="serif">Brazilian
          citizen, engineer, holder of identity card number 3.045.977/SSP-SP
          and CPF/MF number 061.094.708-72, resident and domiciled at Rua General
          Mena Barreto, number 743, 2<sup>nd</sup> floor, in the city of S&atilde;o
    Paulo, in the state of S&atilde;o Paulo;</font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">VII - </font></b></font></td>
    <td><font size="2"><b><font face="serif">PAULO GUILHERME AGUIAR CUNHA</font></b><font face="serif">,
          Brazilian citizen, married, engineer, holder of identity card number
          4.554.607/SSP-SP and CPF/MF number 008.255.498-68, resident and domiciled
          at Rua Padre Jo&atilde;o Manoel, number 493, apt 22, in the city of
    S&atilde;o Paulo, in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp; </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font size="2"><b><font face="serif">VIII - </font></b></font></td>
    <td width="95%"> <font size="2"><b><font face="serif">F&Aacute;BIO
            SCHVARTSMAN</font></b><font face="serif">, Brazilian citizen, married,
            engineer, holder of identity card number 4.144.579/SSP-SP and CPF/MF
            number 940.563.318-04, resident and domiciled at Rua Conselheiro
            Torres Homem, number 401, in the city of S&atilde;o Paulo, in the
    state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">IX - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">JOS&Eacute; CARLOS GUIMAR&Atilde;ES
            DE ALMEIDA</font></b><font face="serif">, Brazilian citizen, married,
    engineer, holder of identity card number </font></font> <font size=2
face="serif">300.310/SSP-SP and</font> </td>
  </tr>
</table>

<P><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P>&nbsp;
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">CPF/MF number 007.207.478-72, resident and
        domiciled at Rua Ministro Roberto Cardoso Alves, number 1490, in the
    city of S&atilde;o Paulo, in the state of S&atilde;o Paulo; </font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">X - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">PEDRO WONGTSCHOWSKI, </font></b><font face="serif">Brazilian
          citizen, divorced, chemical engineer, holder of identity card number
          3.091.522/SSP-SP and CPF/MF number 385.585.058-53, resident and domiciled
          at Rua Mercedes, number 1065, in the city of S&atilde;o Paulo, in the
    state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">XI - </font></b></font></td>
    <td> <font size="2"><b><font face="serif">CHRISTY PARTICIPA&Ccedil;&Otilde;ES
            LTDA</font></b><font face="serif">, based at Rua Visconde de Piraj&aacute;,
            number 351, Suite 917, in the city of Rio de Janeiro, in the state
            of Rio de Janeiro, registered under CNPJ number 33.363.896/0001-22,
    herein represented under the terms of the company bylaws by <b>H&Eacute;LIO</b></font>  <font size="2"><b><font face="serif">MARCOS
    COUTINHO BELTR&Atilde;O, </font></b><font face="serif">Brazilian citizen,
    married, engineer, holder of identity card number </font></font> <font size=2 face="serif">879.392/SSP-DF
    and CPF/MF number 008.786.367-73, resident and domiciled at Rua Maestro Elias
    Lobo, number 749, in the city of S&atilde;o Paulo, in the state of Paulo;</font> </font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td colspan="2"><font size=2 face="serif">and as </font><font size="2"><b><font face="serif">Consenting
    Parties</font></b><font face="serif">: </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font size="2"><b><font face="serif">(I)</font></b> <b><font face="serif"></font></b></font></td>
    <td width="95%"> <font size="2"><b><font face="serif">PATR&yen;CIA
            LOBO IGEL, </font></b><font face="serif">Brazilian citizen, married,
            housewife, holder of identity card number 32.227.577-05/SSP-SP and
            CPF/MF number 216.546.068-98, resident and domiciled at Rua Tucum&atilde;,
            number 401, apt 71, in the city of S&atilde;o Paulo, in the state
    of S&atilde;o Paulo;</font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">(II)</font></b> <b><font face="serif"></font></b></font></td>
    <td> <font size="2"><b><font face="serif">ROBERTO
            LUIZ JOPPERT</font></b><font face="serif">, Brazilian citizen, married,
            cattle breeder, holder of identity card number 3.410.166/SSP-SP and
    CPF/MF</font></font> </td>
  </tr>
</table>

<P><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
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<br>

<P>&nbsp;
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size=2 face="serif">number 608.887.848-72, resident and domiciled
        at Rua Pirandelo, number 50, in the city of S&atilde;o Paulo, in the
    state of S&atilde;o Paulo; </font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">(III)</font></b> <b><font face="serif"></font></b></font></td>
    <td> <font size="2"><b><font face="serif">MARIA
            TERESA IGEL,</font></b><font face="serif"> Brazilian citizen, divorced,
            holder of identity card number 14.660.307/SSP-SP and CPF/MF number
            244.300.647-68, resident and domiciled at Av. Camilo Nader, number
            97, 10<sup>th</sup> floor, Vila Morumbi, in the city of S&atilde;o
    Paulo, in the state of S&atilde;o Paulo; </font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">(IV)</font></b> <b><font face="serif"></font></b></font></td>
    <td><font size="2"><b><font face="serif">LEA
            REZENDE DE QUEIROZ CUNHA</font></b><font face="serif">, Brazilian
            citizen, married, psychologist, holder of identity card number 5.490.817/SSP
            and CPF/MF number 148.127.198-95, resident and domiciled at Rua Padre
            Jo&atilde;o Manoel, number 493, apt. 22, in the city of S&atilde;o
    Paulo, in the state of S&atilde;o Paulo;</font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%"><font size="2"><b><font face="serif">(V)</font></b> <b><font face="serif"></font></b></font></td>
    <td width="95%"> <font size="2"><b><font face="serif">M&Ocirc;NICA
            BASTOS RENN&Oacute;, </font></b><font face="serif">Brazilian citizen,
            married, engineer, holder of identity card number 32.661.144-7/SSP-SP
            and CPF/MF number 020.984.487-67, resident and domiciled at Rua Conselheiro
            Torres Homem, number 401, in the city of S&atilde;o Paulo, in the
    state of S&atilde;o Paulo;</font></font> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><b><font face="serif">(VI)</font></b> <b><font face="serif"></font></b></font></td>
    <td> <font size="2"><b><font face="serif">MARIA
    CEC&yen;LIA SALLES ANDRADE GUIMAR&Atilde;ES DE</font></b> <b><font face="serif">ALMEIDA, </font></b><font face="serif">Brazilian
    citizen, married, businesswoman, holder of identity card number 3.361.574-3/SSP-SP
    and CPF/MF number 265.851.478-63, resident and domiciled at Rua Ministro
    Roberto Cardoso Alves, number 1490, in the city of S&atilde;o Paulo, in the
    state of S&atilde;o Paulo;</font></font></td>
  </tr>
</table>

<P><br>
  <br>
</P>
<hr size=3 color=GRAY noshade>
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<P>&nbsp;
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">and as </FONT><FONT SIZE="2"><B><FONT FACE="serif">Intervening
    Parties</FONT></B><FONT FACE="serif">: </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">(I)</FONT></B> <B><FONT FACE="serif"></FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">ULTRA S/A -</FONT></B> <B><FONT FACE="serif">PARTICIPA&Ccedil;&Otilde;ES, </FONT></B><FONT FACE="serif">based
          at</FONT> <FONT FACE="serif">Avenida Brigadeiro Lu&iacute;s Ant&ocirc;nio,
          number 1343, 9<SUP>th</SUP> floor, in the city of S&atilde;o Paulo,
          in the state of S&atilde;o Paulo, registered under CNPJ number 54.041.439/0001-91,
    herein represented according to its company bylaws by <B>PAULO GUILHERME
    AGUIAR CUNHA, </B>Brazilian citizen, married, engineer,
    holder of identity card number 4.554.607/SSP-SP and CPF/MF number 008.255.498-68,
    resident and domiciled at Rua Padre Jo&atilde;o Manoel, 493, apt 22, in the
    city of S&atilde;o Paulo, in the state of S&atilde;o Paulo and by <B>LUCIO
    DE CASTRO ANDRADE FILHO, </B>Brazilian citizen, married, engineer, holder
    of identity card number 3.045.977/SSP-SP and CPF/MF number 061.094.708-72,
    resident and domiciled at Rua General Mena Barreto, number 743, 2<SUP>nd</SUP> floor,
    in the city of S&atilde;o Paulo, in the state of S&atilde;o Paulo; </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">(II)</FONT></B></FONT></TD>
    <TD><font size="2"><B><FONT face="serif">ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES
            S/A</FONT></B><FONT face="serif">, based at Avenida Brigadeiro Lu&iacute;s
            Ant&ocirc;nio, number 1343, 9<SUP>th</SUP> floor, in the city of
            S&atilde;o Paulo, in the state of S&atilde;o Paulo, registered under
            CNPJ number 33.256.439/0001-39, herein represented according to its
            company bylaws by <B>PAULO GUILHERME AGUIAR CUNHA, </B>Brazilian
            citizen, married, engineer, holder of identity card number 4.554.607/SSP-SP
            and CPF/MF number 008.255.498-68, resident and domiciled at Rua Padre
            Jo&atilde;o Manoel, 493, apt 22, in the city of S&atilde;o Paulo,
            in the state of S&atilde;o Paulo and by <B>LUCIO DE CASTRO ANDRADE
            FILHO, </B>Brazilian citizen, married, engineer, holder of identity
            card number 3.045.977/SSP-SP and CPF/MF number 061.094.708-72, resident
    and</FONT></font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<hr size=3 color=GRAY noshade>
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<br>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD COLSPAN="2"> <FONT size=2 face="serif">domiciled at Rua General Mena Barreto, number
        743, 2</FONT><font size="2"><SUP><FONT face="serif">nd</FONT></SUP><FONT face="serif"> floor,
    in the city of S&atilde;o Paulo, in the state of S&atilde;o Paulo; </FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3"><FONT SIZE=2 FACE="serif">hereinafter respectively referred
    to as &#147;</FONT><FONT SIZE="2"><B><FONT FACE="serif"> The Company</FONT></B><FONT FACE="serif">&#148; and &#147;<B>Ultrapar</B>&#148;, </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING</FONT></B><FONT FACE="serif"> that
          the <B>Agreeing Parties </B>are shareholders in the companies Igel
          Participa&ccedil;&otilde;es S/A and Avar&eacute; Participa&ccedil;&otilde;es
    S/A; </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING</FONT></B><FONT FACE="serif"> that
          the companies Igel Participa&ccedil;&otilde;es S/A and Avar&eacute; Participa&ccedil;&otilde;es
          S/A are holders, jointly, of 73.13% (seventy-three decimal point one
          three percent) of the total capital and 98.99% (ninety-eight decimal
          point nine nine percent) of the voting capital of<B> The Company</B>,
          which, in turn, holds 66.7% (sixty-six decimal point seven percent)
    of the voting capital of <B>Ultrapar</B>;</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING </FONT></B><FONT FACE="serif">that,
          on December 16, 2004, Igel Participa&ccedil;&otilde;es S/A and Avar&eacute; Participa&ccedil;&otilde;es
          S/A are to be a wound up, with the respective shareholders, <B>Agreeing
          Parties</B>, receiving as reimbursement for their respective shares
    in the capital of Igel Participa&ccedil;&otilde;es S.A. and Avar&eacute; Participa&ccedil;&otilde;es</FONT></FONT></TD>
  </TR>
</TABLE>
<br>
<br>
<br>
<br>
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<P>&nbsp;
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD><FONT size=2 face="serif">S.A., shares issued by</FONT><font size="2"><B><FONT face="serif"> The
            Company</FONT></B><FONT face="serif">, and as a result together holding
            almost the whole of its paid-up capital, represented by ordinary
    and preferred shares; </FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <font size="2"><B><FONT face="serif">CONSIDERING</FONT></B><FONT face="serif"> that
          the</FONT> <FONT face="serif">shareholding above confers to the <B>Agreeing
          Parties</B>, jointly, the control power of <B>The Company </B>and,
    indirectly, the control power of <B>Ultrapar</B>;</FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING </FONT></B><FONT FACE="serif">the
          convenience of maintaining a defined and stable controlling shareholding
    block in <B>The Company </B>and in <B>Ultrapar</B>;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <font size="2"><B><FONT face="serif">CONSIDERING</FONT></B><FONT face="serif"> that
          it is in the common interest of the <B>Agreeing Parties </B>to exercise,
    maintain and organise this shareholding control power; </FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING</FONT></B><FONT FACE="serif"> the
          need to provide a legal basis among the <B>Agreeing Parties </B>for
          the establishment of a common and uniform procedure on issues that
          involve their interests as direct controlling shareholders of<B> The
    Company </B>and their indirect control of <B>Ultrapar</B>;</FONT> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P><br>
</P>
<hr size=3 color=GRAY noshade>
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<br>

<P>&nbsp;
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD><font size="2"><B><FONT face="serif">CONSIDERING</FONT></B><FONT face="serif"> that,
          on the other hand, it is in the common interest of the <B>Agreeing
          Parties </B>to regulate the purchase and sale of their respective shareholdings
          in the capital of <B>The Company</B>, envisaging the institution of
          a system of preferential purchase and sale, establishing liquidity
          in their shares and at the same time maintaining the majority block
          of controlling shares intact, including the possibility of transferring
    shares to a third party; </FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD><font size="2"><B><FONT face="serif">CONSIDERING </FONT></B><FONT face="serif">that
          it is recognised that the <B>Agreeing Parties </B>are in full accord
          that the management of <B>Ultrapar </B>and its subsidiaries must remain
          strictly professional, while maintaining a relationship of trust between
    the shareholders and the executives; </FONT></font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"><B><FONT face="serif">CONSIDERING </FONT></B><FONT face="serif">that,</FONT> <FONT face="serif">according
          to the best corporate governance practices, the members of the Board
          of Directors of <B>Ultrapar</B>,</FONT> <FONT face="serif">elected
          by<B> The Company, </B>will have the duty, acting independently, to
          guide the business of <B>The Company </B>and represent all the <B>Agreeing
    Parties </B>without individual distinction;</FONT></font></TD>
  </TR>
</TABLE>
<br>
<br>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>

<P>&nbsp;
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING </FONT></B><FONT FACE="serif">that</FONT> <FONT FACE="serif">the <B>Agreeing
            Parties </B>will direct the election of the board members who will
            represent them jointly at <B>Ultrapar </B>according to requirements
    of competence and experience; </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING</FONT></B><FONT FACE="serif"> the
          concern of the <B>Agreeing Parties </B>to stimulate initiatives consistent
          with the social responsibility stance of <B>Ultrapar </B>and its subsidiaries,
    in their relationships with internal and external communities; </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING, </FONT></B><FONT FACE="serif">throughout,</FONT> <FONT FACE="serif">that
          the <B>Agreeing Parties </B>intend to preserve the values of Ernesto
          and Pery Igel and the history of <B>Ultrapar</B> and its subsidiaries,
          ensuring the continuity and success of its companies, overseeing the
          fulfilment of its social and corporate objectives, and observing the
    principles of ethics, democracy and transparency; </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">CONSIDERING</FONT></B><FONT FACE="serif"> that
          the <B>Agreeing Parties </B>understand that the current Agreement</FONT> <FONT FACE="serif">might
    be refined, adapted and updated as new</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
<hr size=3 color=GRAY noshade>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD> <FONT SIZE=2 FACE="serif">circumstances require this to be done, and
        stipulating an initial period of 5 (five) years for the agreement to
    remain in force;</FONT> </TD>
  </TR>
  <TR>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="40%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="3"> <FONT SIZE="2"><B><FONT FACE="serif">Hereby resolve,</FONT></B><FONT FACE="serif"> in
          the finest legal manner, to consummate this <B>Shareholders&#146; Agreement</B>,
          which will be regulated by the applicable legislation and by the clauses
    and conditions hereafter stipulated: </FONT></FONT> </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="3"><FONT SIZE="2"><B><FONT FACE="serif">I &#150; </FONT><FONT SIZE="2"><B><FONT FACE="serif">RELATED
    SHARES</FONT></B> </FONT></B></FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">1.1</FONT></B></FONT></TD>
    <TD COLSPAN="2"><FONT SIZE="2"><FONT FACE="serif">This Agreement relates
          to all the common and preferred shares, subscription rights and securities
          convertible into shares, issued by <B>The Company</B> and owned by
          the <B>Agreeing Parties</B>, and also to those shares, subscription
          rights and securities convertible into shares, issued by<B> The Company</B>,
          which may be acquired by the<B> Agreeing Parties</B> in the future,
    subsequently defined as<B> Shares and Rights</B>. </FONT></FONT> </TD>
  </TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN="3"><FONT SIZE="2"><B><FONT FACE="serif">II - EXERCISING THE
            VOTE OF THE AGREEING PARTIES, THE COMPANY AND THE MEMBERS OF THE
    BOARD OF DIRECTORS OF ULTRAPAR ELECTED BY THE COMPANY</FONT></B> </FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">2.1</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD COLSPAN="2"> <FONT SIZE="2"><FONT FACE="serif">The <B>Agreeing Parties </B>will
          vote using their ordinary shareholdings, always together and in a united
          decision, at all of <B>The Company's </B>General Shareholder Meetings,
          conforming to the decisions reached at the respective <B>Advance Meeting</B>,
    respecting the quorum established in Chapter IV. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
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<p><br>
  <br>
</p>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">2.2</FONT></B> <B><FONT FACE="serif"></FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">The Company</FONT></B><FONT FACE="serif">,
          through its representative, will vote at the General Shareholder Meetings
          of <B>Ultrapar</B>, always and obligatorily according to the decisions
          reached at the respective <B>Advance Meeting </B>of the shareholders
          of <B>The Company</B>, respecting the quorum established in Chapter
    IV. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">2.3</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">The board members elected by
          the <B>Agreeing Parties </B>will vote at the board meetings of<B> The
          Company</B> and <B>Ultrapar</B>, on matters referred to in Clause 4.2,
          always and obligatorily according to the decisions reached at the respective <B>Advance
    Meeting </B>of the shareholders of <B>The Company</B>. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">III - CONVENING AND
            HOLDING OF ADVANCE MEETINGS OF GENERAL SHAREHOLDER MEETINGS AND MEETINGS
    OF THE BOARD OF DIRECTORS OF THE COMPANY AND OF ULTRAPAR</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">3.1</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The <B>Advance Meetings </B>of shareholders
          of <B>The Company </B>will be held at the headquarters of <B>The Company </B>or
          in any other location stipulated in advance,
          before each general shareholder meeting of <B>The Company </B>and <B>Ultrapar</B>,
    and also before meetings of the board of directors of <B>Ultrapar</B>.</FONT> </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">3.2</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The <B>Agreeing Parties</B>,</FONT> <FONT FACE="serif">at <B>Advance
            Meetings</B> of general shareholder meetings of <B>The Company </B>and <B>Ultrapar</B>,</FONT> <FONT FACE="serif">will
            establish their collective voting decision on all matters relating
    to the respective meeting.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
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<br>
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<br>

<P>&nbsp;
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">3.3</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B> <FONT FACE="serif">At <B>Advance Meetings</B> of
          the meetings of the board of directors of <B>Ultrapar</B>, the <B>Agreeing
          Parties </B>will make themselves acquainted with all the matters to
    be debated therein.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">3.4</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The<B> Advance Meeting </B>shall be
          convened at an opportune and reasonable time by any of the <B>Agreeing
          Parties</B>, or by a member of the board of directors of <B>Ultrapar </B>designated
          by <B>The Company</B>,</FONT> <FONT FACE="serif">by means of e-mail,
          fax, or any other means of written communication sent to the other
          parties, with a minimum prior notice of 5 (five) days. The convening
          notice must contain, in a clear and succinct manner, all the matters
    to be discussed. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">3.5</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">The <B>Advance Meeting</B> must
          be held with the presence of the <B>Agreeing Parties </B>who represent,
          at the minimum, an absolute majority of the common shares issue by <B>The
          Company</B>. <B>Agreeing Parties</B> who participate in the meeting
          via any means of communication at a distance will also be considered
    to be present. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">3.6</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">Each common share issued by <B>The
            Company </B>and</FONT> <FONT
FACE="serif">owned by the <B>Agreeing Parties</B> will correspond to one vote
    in the decisions taken at the <B>Advance Meetings</B>.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">3.7</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">Approval of the management&#146;s
          accounts, presented in the financial statements of <B>The Company </B>and <B>Ultrapar</B>,</FONT> <FONT FACE="serif">may
          not be carried out at<B> Advance Meetings</B>, this being a decision
          pertaining to the respective ordinary general shareholders&#146; meetings.
    However, the financial </FONT></FONT> </TD>
  </TR>
</TABLE>
<P><br>
</P>
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<br>
<br>
<br>
<br>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD COLSPAN="2"><FONT SIZE=2 FACE="serif">statements of </FONT><FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif"> should
          be debated at the<B> Advance Meetings</B> before being voted on at
    the respective shareholders&#146; meeting. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">3.8</FONT></B></FONT></TD>
    <TD COLSPAN="2"> <FONT SIZE="2"><B></B><FONT FACE="serif">In the event of a general shareholders&#146; meeting
          of <B>The Company </B>or of <B>Ultrapar </B>being held, without a respective <B>Advance
          Meeting</B>, the <B>Agreeing Parties</B>, the representative of <B>The
          Company </B>and the board members of <B>Ultrapar</B> elected by the <B>Agreeing
          Parties</B>, should appear at the respective meeting to vote exclusively
          for the suspension of work in progress at the meeting, during the time
    necessary to hold an <B>Advance Meeting</B>. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3"> <FONT SIZE="2"><B><FONT FACE="serif">IV - QUORUM REQUIRED
    FOR DECISION-MAKING AT ADVANCE MEETINGS</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">4.1 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD COLSPAN="2"><FONT SIZE="2"><FONT FACE="serif">With the exception of those outlined
          in Clause 4.2 below, the decisions at the<B> Advance Meetings</B> will
          be made by <B>Agreeing Parties </B>who represent, at the minimum, an
    absolute majority of the common shares issued by <B>The Company</B>. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE=2 FACE="serif"><strong>4.2</strong> </FONT></TD>
    <TD COLSPAN="2"> <FONT SIZE=2 FACE="serif">The matters related below may only be debated
        at the respective Advance Meeting with the approval of the Agreeing Parties
        who represent at least 66% (sixty six percent) of the common shares issued
    by The Company:</FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">a)</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif">changes to the bylaws of </FONT><FONT SIZE="2"><B><FONT FACE="serif">The
    Company </FONT></B><FONT FACE="serif">and <B>Ultrapar</B>;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
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<br>
<br>
<br>
<br>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">b)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">the carrying out, by </FONT><FONT SIZE="2"><B><FONT FACE="serif">The
            Company </FONT></B><FONT FACE="serif">or <B>Ultrapar </B>or by their
            subsidiaries, of business of whatever nature with their direct or
            indirect shareholders, which exceeds the amount of 0.01% (one hundredth
    of one percent) of net worth;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">c)</FONT> <FONT SIZE=2 FACE="serif">&nbsp;</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif">the creation, by </FONT><FONT SIZE="2"><B><FONT FACE="serif">The
            Company </FONT></B><FONT FACE="serif">or by <B>Ultrapar</B>, of new
            classes of shares, or increase of shares of existing classes, or
            other rights, securities convertible or not convertible into shares,
            other than that already envisaged or authorised in the respective
    bylaws;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">d)</FONT> <FONT SIZE=2 FACE="serif">&nbsp;</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">change to the rights pertaining to </FONT><FONT SIZE="2"><STRIKE><FONT FACE="serif">of</FONT></STRIKE><FONT FACE="serif"> classes
          of existing shares issued by</FONT></FONT> <FONT SIZE="2"><B><FONT FACE="serif">The
    Company </FONT></B><FONT FACE="serif">and <B>Ultrapar</B>;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">e)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">any merger, incorporation, or spin-off involving </FONT><FONT SIZE="2"><B><FONT FACE="serif">The
    Company </FONT></B><FONT FACE="serif">and/or</FONT></FONT> <FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif">;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">f)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">the divestment of shares and rights issued
        by </FONT><FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif">,
        and shares or securities of <B>The Company</B>, except in those cases
    covered by this Agreement;</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">g)</FONT> <FONT SIZE=2 FACE="serif">&nbsp;</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif">the acquisition of assets by </FONT><FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif"> and
          its subsidiaries of a value exceeding 2 (two) times the consolidated
          EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation)
          of <B>Ultrapar </B>in the preceding year or 80% (eighty percent) of
          the net worth of <B>Ultrapar</B> in the preceding quarter, whichever
    of the two is the greater;</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">h)</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif">the divestment of assets of </FONT><FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif"> and
          its subsidiaries for amounts in excess of the consolidated EBITDA (Earnings
    Before Interest, Tax,</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">Appreciation and Amortisation) of </FONT><FONT SIZE="2"><B><FONT FACE="serif">Ultrapar</FONT></B><FONT FACE="serif"> in
          the preceding year <B>or</B> 50% (fifty percent) of the net worth of <B>Ultrapar</B> in
    the preceding quarter, whichever of the two is the greater; </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE=2 FACE="serif">i)</FONT> </TD>
    <TD> <FONT SIZE=2 FACE="serif">transactions which raise the consolidated
        net debt (financial debt minus cash held and liquid investments) of </FONT><FONT SIZE="2"><B><FONT
FACE="serif">Ultrapar </FONT></B><FONT FACE="serif">to an amount greater than
        2.5 (two and a half) times the consolidated EBITDA (Earnings Before Interest,
        Tax, Depreciation and Amortisation) of <B>Ultrapar</B> in the preceding
    year ; </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">j)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">&nbsp;</FONT><FONT SIZE=2 FACE="serif">the
        assumption of a new line of business for </FONT><FONT SIZE="2"><B><FONT FACE="serif">The
        Company </FONT></B><FONT FACE="serif">or for <B>Ultrapar </B>or its subsidiaries,
    different in any significant extent from the company's current businesses; </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3"> <FONT SIZE="2"><B><FONT FACE="serif">V - ELECTION OF MEMBERS
    OF THE BOARD OF DIRECTORS OF THE COMPANY</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">5.1</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD COLSPAN="2"><font size="2"><FONT face="serif">Each original <B>Agreeing
            Party</B>,</FONT> <FONT face="serif">signatory to this Agreement,
            will have the right to be elected as a member of the board of directors
            of <B>The Company</B>, a right that is not transferable to the heirs
            or successors of any shares or securities. Christy Participa&ccedil;&otilde;es
            Ltda., as well as companies with Brazilian shareholdings that may
            be founded by the current<B> Agreeing Parties</B>, will each have
            the right to elect a representative to the board of directors of<B> The
            Company</B>. In both cases, the right now established will remain
            in force provided the original <B>Agreeing Party </B>signatory, or
            the company in which he or she participates, retains at least 2%
    (two per cent) of the voting capital of<B> The Company</B>. </FONT></font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
  </TR>
</TABLE>
<br>
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<P><br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD COLSPAN="2"><font size="2"><B><FONT face="serif">VI - ELECTION OF THE
    MEMBERS REPRESENTING THE COMPANY ON THE BOARD OF DIRECTORS OF ULTRAPAR</FONT></B> </font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">6.1</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B><FONT FACE="serif">Proposal of members of the board
          of <B>Ultrapar</B>, to be elected by <B>The Company</B>,</FONT> <FONT FACE="serif">will
          be deliberated on at an <B>Advance Meeting </B>convened and held in
          the manner set out in Chapter III above, requiring the favorable vote
          of<B> Agreeing Parties</B> who represent at least 66% (sixty six percent)
    of the common shares issued by <B>The Company</B>.</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">6.2</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">If the necessary quorum outlined
          above is not achieved, each<B> Agreeing Party</B> with common shares
          issued by <B>The Company</B>, either separately or together, may present
          a list with the members proposed, being obligatorily elected the members
          of the list presented that has the support of an absolute majority
    vote by the <B>Agreeing Parties </B>at the respective <B>Advance Meeting.</B></FONT> </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <font size="2"><B><FONT face="serif">VII - MEETINGS FOR
            THE PROVIDING OF INFORMATION IN RESPECT OF KEY MATTERS DISCUSSED
    BY THE BOARD OF DIRECTORS OF ULTRAPAR</FONT></B> </font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">7.1</FONT></B></FONT></TD>
    <TD> <font size="2"><B></B><FONT face="serif">The Chairman of the Board of
          Directors of <B>Ultrapar</B> must convene the <B>Agreeing Parties</B> for
          a meeting either before or after any meeting of the board of directors
    of <B>Ultrapar</B>, for the purpose of providing all the</FONT></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
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<hr size=3 color=GRAY noshade>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD COLSPAN="2"><FONT SIZE="2"><FONT FACE="serif">information
          requested and making available all the documents required, when the
    following matters are on the board meeting agenda:</FONT></FONT> <FONT SIZE=2 FACE="serif">&nbsp; </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD WIDTH="5%"><FONT SIZE="2"><FONT FACE="serif"> </FONT> <FONT FACE="serif">a)</FONT></FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">strategic plan and general directives; </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">b)</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif"> organizational structure; </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">c) </FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif">election of members to the Executive Board;</FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">d)</FONT></TD>
    <TD> <FONT SIZE=2 FACE="serif"> evaluation of the performance of the Chief
    Executive Officer and the fixing of his or her salary; </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">e)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">approval levels;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">f) </FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">human resources policy;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">g)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">dividend policy;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">h) </FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">hiring of auditors;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">i)</FONT></TD>
    <TD><FONT SIZE=2 FACE="serif">other significant decisions, at the criteria
    of the board of directors.</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3"> <FONT SIZE="2"><B><FONT FACE="serif">VIII &#150; RIGHT OF
    FIRST REFUSAL</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">8.1</FONT></B></FONT></TD>
    <TD COLSPAN="2"> <FONT SIZE="2"><B></B><FONT FACE="serif">In the event any <B>Agreeing
            Party</B> assigns, with or without consideration, directly or indirectly,
            all or part of their common and preferred shares issued by <B>The
    Company </B>and rights subject to the agreement to which </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="3">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<br>
<br>
<br><TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD> <FONT SIZE=2 FACE="serif">he or she is a holder, the same </FONT><FONT SIZE="2"><B><FONT FACE="serif">Agreeing
            Party </FONT></B><FONT FACE="serif">will be obliged to <B>firstly</B> offer
            his or her shares and rights, individually, to all the other Agreeing
            Parties, in writing, by registered mail or by hand delivery requiring
            the signature of the recipient , stating the quantity, payment currency
    and price of the shares and rights offered.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">8.2 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The <B>Agreeing Parties</B>,</FONT> <FONT FACE="serif">informed
          of such intention to sell, will have up to 30 (thirty) consecutive
          days from the date on which the correspondence was received, to reply
    in writing to the offering party, in respect of the offer. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">8.3</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">Each <B>Agreeing Party </B>to
          whom the offer is being made shall exercise the right of first refusal
          of the shares and rights subject to the Agreement, allotted in proportion
          to the percentage of the total capital of <B>The Company </B>that they
          hold at the date of the offer. In this way, the right of first refusal
          shall be exercised both in respect to the common shares and the preferred
          shares offered, independently of the type or proportion of the common
    or preferred shares owned by the party receiving the offer. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">8.4</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">In the event of there being
          a <B>surplus of shares</B>,</FONT> <FONT FACE="serif">due to the non-exercising
          of the right of first refusal over shares and rights subject to the
          Agreement, these shares will be offered to the <B>Agreeing Parties </B>who
          have exercised their rights, according to the respective <B>proportion</B> of
          their shareholdings at the date of the offer, who will have up to 15
          (fifteen) consecutive days to respond, so as to turn effective the
    purchase of all the shares and rights offered. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">8.5</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B><FONT FACE="serif">The <B>Agreeing Parties </B>are
          not obliged to preferentially sell off any of their shares or rights
          subject to the Agreement</FONT> <FONT FACE="serif">if there is no interest
          on the part of the other <B>Agreeing Parties </B>in purchasing <B>the
    entire </B>shareholding offered. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">8.6</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">If there should be no interest on
          the part of the other <B>Agreeing Parties </B>in purchasing the shares
          and rights offered, the offering party may sell his or her holding
          to a third party, or parties, within up to 180 (one hundred and eighty)
          days from the expiry of the time limit referred to above, provided
          that it is offered in its <B>entirety,</B> adhering rigorously to the
          same price, payment currency and all other conditions preferentially
          offered to the <B>Agreeing Parties</B>. After the period of 180 (one
          hundred and eighty) days stipulated above has expired, the right of
          first refusal of the <B>Agreeing Parties </B>again comes into force,
    as outlined in Chapter VIII. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">8.7 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">Excluded from the restrictions in
          this present Chapter VIII are transfers of common or preferred shares
          or rights subject to the Agreement held by the <B>Agreeing Parties </B>to
          their parents in direct line of ascent, descendents and spouses, and
          also to companies with a Brazilian shareholding, already existing or
          that may be founded by any <B>Agreeing Party </B>and his or her parents
          in direct line of ascent and descendents, provided that it has the <B>specific
          statutory purpose</B> of holding a stake in the capital of <B>The Company</B>,
          with the obligation, through their legal representatives, without any
          restriction or reservation, to sign the present legal instrument, the
    shares issued by <B>The Company </B>thereby</FONT> <FONT
FACE="serif">remaining part of their estate and fully subject to this Agreement.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD COLSPAN="2"><FONT SIZE="2"><B><FONT FACE="serif">IX &#150; ENCUMBRANCE
    OF SHARES</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">9.1 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">Save for any<B> beneficial use</B> and
          trusteeship arrangement constituted prior to the signing of the present
          Agreement</FONT> <FONT FACE="serif">in favor of parents in direct line
          of ascent, descendents, or spouses, it is prohibited for any <B>Agreeing
          Party</B>, without the prior and express unanimous approval of the
          other parties to the Agreement, to constitute a pledge, fiduciary disposition,
          or any other tangible right of benefit, or offer a guarantee, on the
    shares or rights subject to the Agreement, or to offer them as surety. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"><FONT SIZE="2"><B><FONT FACE="serif">X &#150; RIGHT OF JOINT
    SALE </FONT></B></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">10.1</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">Any <B>Agreeing Party</B>, having
          knowledge of any proposal by any other <B>Agreeing Party </B>or third
          party to buy a block of shares equal to or greater than 10% (ten percent)
          of the total amount of shares and rights subject to the Agreement,
          must inform all the other <B>Agreeing Parties</B>, by registered mail
          or by hand delivery requiring the signature of the recipient , thus
          enabling them to participate jointly in this sale, selling their holding
          in proportion to their shares subject to the Agreement, pro rata to
    the block of shares being acquired. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">10.2 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">In the event that the block of shares
          or rights being sold represents the <B>sale of control </B>of <B>The
          Company </B>and, indirectly, the control of <B>Ultrapar</B>, any <B>Agreeing
          Party </B>will have the right to sell all or part of his or her shares
          that are subject to the Agreement, and the acquiring third party shall
          also be obliged to acquire them, rigorously adhering to the same conditions,
    the same price and in the same payment currency. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">10.3</FONT></B> <B><FONT FACE="serif"></FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B><FONT FACE="serif">Agreeing Parties </FONT></B><FONT FACE="serif">interested
          in exercising this right of joint sale of shares subject to the Agreement,
          provided for in Clause 10.1 and Clause 10.2 above, must advise the
          selling and purchasing <B>Agreeing Parties</B>, by registered mail
          or by hand delivered requiring the signature of the recipient, with
          a copy to be sent to the other <B>Agreeing Parties</B> and to the management
          of <B>The Company</B>, within 30 (thirty) days of having knowledge
    of the transaction. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">10.4</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">The sale to another <B>Agreeing
            Party </B>or third party of shares or rights subject to the Agreement,
            having a value equal or greater than 10% (ten percent) of the total
            amount of shares and rights subject to the Agreement, or which represent
            the sale of control of <B>The Company</B>, shall only be effective
            through the simultaneous express declaration in writing by the purchaser
            of a commitment to also purchase, for the same price, in the same
            currency of payment and under the same conditions, those shares of
            the other <B>Agreeing Parties</B> who wish to sell, in accordance
    with the terms of Clauses 10.1 and 10.2 herein. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<br>
<P>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD COLSPAN="2"><FONT SIZE="2"><B><FONT FACE="serif">XI &#150; ADHERENCE
    TO THE AGREEMENT IN THE EVENT OF VOLUNTARY SALE </FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">11.1</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">The validity of the sale to
          third parties of the shares and rights subject to the Agreement is
          conditional on this same purchasing third party adhering to the terms
          of this Agreement, without exception or reserve, being automatically
          applied to the said party, his or her heirs and successors, irrevocably
    and unretractably. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XII &#150; ADHERENCE
    TO THE AGREEMENT IN THE EVENT OF NON-VOLUNTARY SALE</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">12.1</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B><FONT FACE="serif">In the event of a<B> judicial
            transfer</B> of shares issued by <B>The Company</B>, subject to the
            Agreement, including this resulting from an inventory or judicial
            separation, divorce, long-term conjugal relationship or liaison,
            bankruptcy, liquidation, lien, public or private auction, the judicial
            acquirer is obliged to adhere, without reservation or exception,
    to all the terms of the current Agreement.</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XIII - SALE OF AN AGREEING
    PARTY HOLDING COMPANY &#150; SPIN OFF </FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">13.1</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B><FONT FACE="serif">If any of the <B>Agreeing Parties</B> wishes
          to sell the control of his or her holding company, the sale of which
          involves the indirect transfer of shares and rights subject to the</FONT> <FONT FACE="serif">Agreement,
          the said <B>Agreeing Party </B>will be obliged to spin off the said
          holding company, with the aim of transferring that part of the company's
          assets corresponding to these shares and rights to another Brazilian
    holding company, in which the </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE="2"><B><FONT FACE="serif">Agreeing Party</FONT></B><FONT FACE="serif">,
          his or her parents in direct line of ascent and descendants, will exclusively
          participate, the holding company having the specific purpose</FONT> <FONT FACE="serif">of
    holding a stake in the capital of <B>The Company</B>. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">13.2</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The shares or quotas of the special-purpose
          holding company resulting from the spin-off will be subject to the
          same restrictions of sale, transfer, and encumbrance as the shares
    and rights subject to the Agreement, established above. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XIV - LIQUIDITY MECHANISM &#150; EXCHANGE
    OF SHARES </FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">14.1</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">The Agreeing Party may request the
          executive board of The Company to entire or partially exchange his
          or her shareholding in The Company, be they represented by common or
    preferred shares, for preferred shares in Ultrapar.</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">14.2</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B> <FONT FACE="serif">The Agreeing Party will receive,
          in exchange, the amount of preferred shares issued by Ultrapar needed
          to secure directly the same stake in the capital of this latter company,
          in terms of common and preferred shares that he or <u>s</u>he indirectly
          held in the capital of Ultrapar through The Company , in the same proportion
          as the shares subject to exchange. Thus, as an example, if the exchanging
          party's holding of common and preferred shares in the capital of The
          Company were to be equivalent of an indirect stake in Ultrapar of 10%
          (ten percent), and the whole of his or her shareholding were to be
    exchanged, the exchanging party would</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
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<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">receive preferred shares, issued by Ultrapar
        which would secure a direct stake of 10% (ten percent) in the capital
    of the latter company. </FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">14.3</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">To request this, the Agreeing Party
          must send the executive board of The Company a request for the exchange
          of his or her shares, either by registered mail or by the hand delivery
          requiring the signature of the<B> recipient, stating the number and
    class of shares to be exchanged.</B></FONT> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">14.4.</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">The executive board has up to 5 (five)
          days from receiving the share exchange request defined in Clause 14.3
          above, to send correspondence informing the requesting party and all
          the <B>Agreeing Parties</B>, if the proposed exchange could result
          in: (i) a loss by <B>The Company </B>of majority control (51%) of the
          voting capital of <B>Ultrapar</B>; or (ii) violation of the percentage
          limit of preferred shares allowed as a percentage of all the shares
          issued by <B>The Company </B>or by <B>Ultrapar</B> (2/3), according
          to the terms of the prevailing legislation. In both hypothetical cases,
          the exchange of shares would obligatorily be refused by the executive
    board. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">14.5</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">If implementing the exchange is feasible, <B>The
            Company</B>, upon due deliberation by its board of directors, must
            establish the most convenient method for acquiring the preferred
            shares of <B>Ultrapar</B>, they being able to opt between: (a) converting <B>The
            Company's </B>common shares issued by <B>Ultrapar</B> into preferred
            shares issued by <B>Ultrapar</B>; or (b) give Ultrapar preferred
            shares resulting from a capital increase based on reserves or profits
    to <B>Ultrapar</B> shareholders. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
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<P><br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR valign="top">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">14.6</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">The <B>Agreeing Parties </B>are obliged
          to take action to make <B>Ultrapar </B>adopt the statutory and administrative
          measures necessary to fulfill</FONT> <FONT FACE="serif">the terms contained
          in the clauses above, in the most rapid manner possible, observing
          the legal minimum time limits and the respective terms of the respective
    company bylaws. </FONT></FONT> </TD>
  </TR>
  <TR valign="top">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">14.7 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">Having acquired the preferred shares
          issued by <B>Ultrapar</B>, <B>The Company </B>will exchange all the
          shares issued by it that are held by the<B> Agreeing Party </B>carrying
    out the exchange. </FONT></FONT> </TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">14.8 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">The shares issued by <B>The Company </B>that
          are the subject of the exchange will be held in treasury, observing
          the legal limits, or cancelled or sold off, at the criteria of the
    board of directors of<B> The Company</B>.</FONT></FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XV&#150;VALIDITY AND
    SUCCESSION</FONT></B> </FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">15.1</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The current <B>Shareholders&#146; Agreement </B>is
          valid from the date of signing, and becomes effective at the moment
          that the <B>Agreeing Parties </B>acquire direct ownership of the shares
          issued by <B>The Company</B>, as a result of the winding up of Igel
          Participa&ccedil;&otilde;es S/A and Avar&eacute; Participa&ccedil;&otilde;es
    S/A. </FONT></FONT> </TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">15.2</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">This Agreement</FONT> <FONT FACE="serif">will
          be in force for 5 (five) years from the initial term stipulated in
          Clause 15.1 above, being renewable, by unanimous agreement, within <B>The
          Company </B>itself, or in the event of the deliberate winding up of
          the same, in its most recent version, also by the unanimous agreement
    of the Agreeing Parties, within <B> Ultrapar</B>. </FONT></FONT> </TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P><br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">15.3</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">The current Agreement applies, in all
          its terms and conditions, to the heirs and successors of the <B>Agreeing
    Parties</B>.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XVI &#150; SPECIFIC
    EXECUTION</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">16.1</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B> <FONT FACE="serif">Any non-fulfillment by the <B>Agreeing
            Parties</B>, their heirs and successors, of any of the obligations
            stipulated in this Agreement, will result in the specific execution
            of the obligation to do so, declaring their willingness to do so
            through the procedure of self-regulation set out in paragraphs 8
            and 9 of article 118 of Law 6,404, 1976, as well as the judicial
            execution set out in paragraph 3 of the same article 118 of Law 6,404,
    1976, and in articles 639 and 641, of the Code of Civil Procedure. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">16.2</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">For the implementation of article 118
          of Law 6,404, 1976, a copy of the current Agreement will, on the initiative
          of any of the <B>Agreeing Parties</B>, be filed at the head offices
          of <B>The Company </B>and <B>Ultrapar</B>, which must rigorously observe
    all its terms.</FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">16.3</FONT></B> <FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The obligations resulting from this
          Agreement will be annotated in the books of <B>The Company </B>and <B>Ultrapar </B>by
          the financial institution charged with the task, these annotations
          constituting an impediment to the carrying out of any corporate acts
          or business in violation of that agreed upon in this instrument, <B>The
          Company</B> and <B>Ultrapar </B>thus being legitimately authorized,
          in such an event, to refuse to register such acts or business, and
          as a consequence, to refuse the transfer of ownership or title of any
    rights over the shares and rights encompassed in this </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
	<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P><br>
  <br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">covenant, as well as, in particular, the exercising
    of the voting right thereby derived from them.</FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD COLSPAN="2"> <FONT SIZE="2"><B><FONT FACE="serif">XVII &#150; GENERAL
    PROVISIONS</FONT></B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.1</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B><FONT FACE="serif">The current Agreement replaces
          and supplants, any other previous agreement signed by the <B>Agreeing
          Parties </B>in <B>The Company. </B>However, the terms of the shareholders&#146; agreement
          signed at <B>Ultrapar</B> by the <B>Agreeing Parties</B>, on 22 March
          2000, which covers direct and indirect controlling shareholders, remaining
    wholly and fully in force. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.2 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The <B>Agreeing Parties</B>, from
          this date, may not sign any other shareholders&#146; agreement, either
    between themselves or with any future shareholders of <B>The Company</B> or <B>Ultrapar</B>.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.3</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">Any invalidation, annulment or inefficacy
          of any of the clauses in the current Agreement will not imply, ipso
    facto, invalidation, annulment or inefficacy of the others. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.4 </FONT></B><FONT FACE="serif"></FONT></FONT></TD>
    <TD> <FONT SIZE="2"><FONT FACE="serif">The tolerance of any of the <B>Agreeing
            Parties </B>in regard to possible delays, on the part of the others,
            in fulfilling the obligations herein assumed will not imply any new
            adjustment to the terms contained in this legal instrument, or renouncement
    of the rights empowered by them and thus attributed. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.5</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B><FONT FACE="serif">The current Agreement may only
          be altered through a written instrument, signed by all the <B>Agreeing
    Parties</B>; such change thus </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<P><br>
</P>
<TABLE WIDTH="100%"  BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD><FONT SIZE=2 FACE="serif">becoming an integral part of the current Agreement,
    in the form of an </FONT><FONT SIZE="2"><B><FONT FACE="serif">annex</FONT></B><FONT FACE="serif">. </FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="5%"><FONT SIZE="2"><B><FONT FACE="serif">17.6</FONT></B></FONT></TD>
    <TD> <FONT SIZE="2"><B></B> <FONT FACE="serif">The <B>Agreeing Parties </B>hereby
          commit themselves to ensuring that the resulting necessary changes
          are made to the bylaws of <B>The Company </B>and<B> Ultrapar</B>, as
          a result of the consummation of this Agreement and its execution, throughout
    the period that it remains in force.</FONT></FONT> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.7</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><FONT FACE="serif">In the case of omissions, doubts, questions
          or conflicts between </FONT></FONT><FONT SIZE="2"><B><FONT FACE="serif">Agreeing
          Parties</FONT></B><FONT FACE="serif">, these must be submitted to a <B>single
          arbitrator</B>,</FONT> <FONT FACE="serif">unanimously designated by
          the <B>Agreeing Parties</B>, who will commit themselves to respecting,
          without restriction or reservation, the decision handed down by the
    arbitrator. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT SIZE="2"><B><FONT FACE="serif">17.8</FONT></B></FONT></TD>
    <TD><FONT SIZE="2"><B></B> <FONT FACE="serif">If the necessary unanimous
          agreement is not reached on the appointment of a single arbitrator,
          the issues arising will be determined by arbitration procedure carried
          out by the Brazil-Canada Chamber of Commerce, according to the rules
    of that entity and the terms of Law 9,307, 1996. </FONT></FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD><P STYLE='margin-left:150.0pt;text-indent:-150.0pt'><FONT SIZE="2"><FONT SIZE="2"> <FONT SIZE=2 FACE="serif">Being
              thus duly in agreement, the </FONT><FONT SIZE="2"><B><FONT FACE="serif">Agreeing
              Parties </FONT></B><FONT FACE="serif">hereby sign the 15 (fifteen)
              counterparts, of identical content and form, of this agreement,
    in the presence of two undersigned witnesses. </FONT><FONT SIZE=2 FACE="serif"><BR>
    <BR>
    S&atilde;o
    Paulo, September 22</FONT><FONT SIZE="2"><SUP><FONT FACE="serif">nd</FONT></SUP><FONT FACE="serif">,
    2004 </FONT></FONT></FONT> </FONT></FONT></P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P ALIGN="RIGHT">
  <font size="2"><I><FONT face="serif">(This page of signatures is an integral
  part of the Shareholders&#146; Agreement of Ultra S/A &#150; Participa&ccedil;&otilde;es,
  dated this 22 day of September 2004.) </FONT></I>
  </font></P>
<P ALIGN="RIGHT">
  <FONT size=2 face="serif">Agreeing Parties:</FONT>
</P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  ANA MARIA LEVY VILLELA IGEL</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  F&Aacute;BIO IGEL</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  M&Aacute;RCIA IGEL JOPPERT</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  ROG&Eacute;RIO IGEL</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  JOYCE IGEL DE CASTRO ANDRADE</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif"><BR>
  _______________________________________ <BR>
  </FONT></B> 	<B><FONT face="serif">LUCIO DE CASTRO ANDRADE FILHO</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif"> 	<BR>
  _______________________________________<BR>
  PAULO GUILHERME AGUIAR CUNHA</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  F&Aacute;BIO SCHVARTSMAN</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  JOS&Eacute; CARLOS GUIMAR&Atilde;ES DE ALMEIDA</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  PEDRO WONGTSCHOWSKI</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  CHRISTY PARTICIPA&Ccedil;&Otilde;ES LTDA</FONT></B>
  </font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P>
  <font size="2"><I><FONT face="serif">(This page of signatures is an integral
  part of the Shareholders Agreement of Ultra S/A &#150; Participa&ccedil;&otilde;es,
  dated this 22 day of September 2004.) </FONT></I>
  </font></P>
<P>
  <font size="2"><B><FONT face="serif">represented by: </FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <FONT size=2 face="serif">Consenting parties:</FONT>
</P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  PATR&Iacute;CIA LOBO IGEL</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  ROBERTO LUIZ JOPPERT</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  MARIA TERESA IGEL</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  LEA REZENDE DE QUEIROZ CUNHA</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">_______________________________________<BR>
  M&Ocirc;NICA BASTOS RENN&Oacute;</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">_______________________________________<BR>
  MARIA CEC&Iacute;LIA SALLES ANDRADE GUIMAR&Atilde;ES DE ALMEIDA</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <FONT size=2 face="serif">Intervening parties:</FONT>
</P>
<P ALIGN="RIGHT">
  <font size="2"><B><FONT face="serif">________________________________________________<BR>
  ULTRA S/A &#150; PARTICIPA&Ccedil;&Otilde;ES <BR>
  represented by:</FONT></B>
  </font></P>
<P ALIGN="RIGHT">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">_________________________________________________<BR>
  ULTRAPAR PARTICIPA&Ccedil;&Otilde;ES S/A<BR>
  represented by: </FONT></B>
  </font></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<br>
<br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witnesses:</FONT></font></TD>
   <TD width="42%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">1._____________________________________________</FONT></TD>
   <TD align="LEFT" width="42%"><FONT size=2 face="serif">2. _____________________________________________</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Name:</FONT></TD>
   <TD align="LEFT" width="42%"><FONT size=2 face="serif">Name:</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">RG:</FONT></TD>
   <TD align="LEFT" width="42%"><FONT size=2 face="serif">RG:</FONT></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">CPF/MF:</FONT></TD>
   <TD align="LEFT" width="42%"><FONT size=2 face="serif">CPF/MF:</FONT></TD>
</TR>
</TABLE>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>

<P align="center">
  <font size="2"><B><FONT face="serif">SIGNATURES </FONT></B>
  </font></P>
<P>
  <FONT size="2" face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT>
</P>
<TABLE width="50%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD colspan=2><font size="2"><B><FONT face="serif">ULTRAPAR HOLDINGS INC.</FONT></B></font></TD>
  </TR>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD width="94%">&nbsp;</TD>
</TR>
<TR>
   <TD width="6%"><FONT size="2" face="serif">By:</FONT></TD>
   <TD align="left" width="94%"><FONT size="2" face="serif">/s/ Fabio Schvartsman</FONT></TD>
</TR>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD width="94%"><HR ALIGN="LEFT" WIDTH="65%" size=1 noshade></TD>
</TR>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD width="94%"><font size="2"><FONT face="serif">Name:&nbsp;&nbsp;&nbsp;</FONT></font><FONT size="2" face="serif">Fabio
       Schvartsman</FONT></TD>
</TR>
<TR>
   <TD width="6%">&nbsp;</TD>
   <TD width="94%"><font size="2"><FONT face="serif">Title:</FONT></font><FONT size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial and Investor Relations Officer</FONT></TD>
</TR>
</TABLE>
<br>
<br>
<HR noshade align="center" width="100%" size=3>
</BODY>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
