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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-08-001177.txt : 20080429
<SEC-HEADER>0000950103-08-001177.hdr.sgml : 20080429
<ACCEPTANCE-DATETIME>20080429163228
ACCESSION NUMBER:		0000950103-08-001177
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080428
FILED AS OF DATE:		20080429
DATE AS OF CHANGE:		20080429

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:		08785972

	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>dp09723_6k.htm
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Form
6-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;&#160;20549</font></div>
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Of Foreign Private Issuer</font></div>
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To Rule 13a-16 Or 15d-16 Of</font></div>
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Securities Exchange Act Of 1934</font></div>
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month of April, 2008</font></div>
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File Number: 001-14950</font></div>
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HOLDINGS INC.</font></div>
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of Registrant&#8217;s Name into English) </font>

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1343, 9&#186;</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">Andar</font></font></div>
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Paulo, SP, Brazil&#160;&#160;01317-910</font></div>
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of Principal Executive Offices) </font>

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by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:</font></div>
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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></div>
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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></div>
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              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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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></div>
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              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">X</font></div>
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is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): <font style="DISPLAY: inline; TEXT-DECORATION: underline">N/A</font></font></div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">ULTRAPAR
HOLDINGS INC.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TABLE
OF CONTENTS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">ITEM</font></div>
              </td>
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      </font></td>
            </tr>
            <tr>
              <td valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1.</font></div>
              </td>
              <td align="left" valign="top" width="72%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Minutes
      of the Ordinary and Extraordinary General Meeting of Shareholders held on
      April 28, 2008</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>&#160;</div>
    </div>
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Item
1.</font></div>
    <div>
      <div style="LINE-HEIGHT: 3">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: arial">(Minutes
of Extraordinary and Ordinary General Meeting of Ultrapar Participa&#231;&#245;es S.A., on
04/28/2008)</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">ULTRAPAR
PARTICIPA&#199;&#213;ES S.A.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <div align="center">
            <table cellpadding="0" cellspacing="0" width="70%">
                <tr>
                  <td valign="top" width="50%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CNPJ n&#186;
      33.256.439/0001 - 39</font></div>
                  </td>
                  <td valign="top" width="50%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">NIRE
      35.300.109.724</font></div>
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                </tr>
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          </div>
          <div align="center">&#160;</div>
          <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Minutes
of Extraordinary and Ordinary General Meeting</font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Date,
Time and Location:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">April 28, 2008 at 2
p.m. at Company Headquarters, located at Av. Brigadeiro Luiz Ant&#244;nio, N&#186; 1343 -
9<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super"> th</font>
floor, in the City and State of S&#227;o Paulo.</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Presence:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Shareholders
representing 60.1% of the paid-up capital (being 97.7% of the voting shares and
40.0% of the preferred shares), the Chief Executive Officer of the company,
members of the Fiscal Council and are representative of the Independent
Auditors.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Publications:</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Convening Notice</font>:
Published in the newspapers &#8220;Di&#225;rio Oficial do Estado de S&#227;o Paulo (official
gazette of the state of S&#227;o Paulo)&#8221; on April 11, 12 and 15, 2008 and &#8220;Valor
Econ&#244;mico&#8221; on April 11, 14 and 15, 2008.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Notice to
Shareholders</font>: waived, in light of the publication of the documents
referred to in Article 133 of Law N&#186; 6.404/76, in the newspapers &#8220;Di&#225;rio Oficial
do Estado de S&#227;o Paulo (official gazette of the state of S&#227;o Paulo) and &#8220;Valor
Econ&#244;mico&#8221; on February 21, 2008.</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Presiding at the
board:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chairman &#8211; Luiz
Ant&#244;nio de Sampaio Campos</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Secretary &#8211; Rafael
Padilha Cal&#225;bria</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">Order of the
Day:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
the published Convening Notice.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deliberated
matters:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="LINE-HEIGHT: 1.25">
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td>
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To write out
      the minutes of this meeting in form of summary of the deliberations, as
      set out in Art. 130, &#167; 1&#186; of Law 6,404/76 and authorize their publication
      omitting signatures, in the form of &#167; 3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">rd</font>,
      of the same article.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">At
      the Extraordinary Shareholders&#8217;
Meeting</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.1.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To approve the
      modification of the Company Bylaws to alter the maximum number of members
      of the Board of Directors, which will be composed of 4 (four) to 8
      (eight), with the consequent modification of Article 17 as
      follows:</font></div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="2" style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8220;Article 17&#160;&#160;&#160;&#160;&#160;&#160;The Board of
      Directors shall be formed by four (4) to eight (8) members, shareholders
      of the Company, elected by the General Meeting, which may also remove them
      from office at any time.&#8221;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.2.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To consolidate
      the Company bylaws, in accordance with Appendix I in this
      Minute.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="LINE-HEIGHT: 1.25">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.&#160;</font></div>
              </td>
              <td align="left" style="LINE-HEIGHT: 1.25">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">At
      the Ordinary Shareholders&#8217;
Meeting</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.1.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To approve,
      with no amendments or qualification, with the abstention of the legally
      restricted, the management report, financial statements and notes to the
      financial statements referring to the year ended on December 31, 2007, as
      well as the report from our Independent
  Auditors;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.2.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To approve the
      capital budget for the year 2008 elaborated by the
    management.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.3.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To approve the
      destination of net earnings for the year ended December 31, 2007, in the
      total amount of R$181,893,006.45 (one hundred and eighty one million,
      eight hundred and ninety three thousand, six reais and forty five cents);
      in accordance with the following proposal of the
    Management:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">R$
      9,094,650.32 (nine million, ninety four thousand, six hundred and fifty
      reais and thirty two cents), for the Legal
  Reserve;</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">R$
      28,069,992.38 (twenty eight million, sixty-nine thousand, nine hundred and
      ninety two reais and thirty eight cents), for the Reserve of Retained
      Profits, based on the approved capital
budget;</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">R$
      144,728,363.75 (one hundred and forty four million, seven hundred and
      twenty eight thousand, three hundred and sixty three reais and seventy
      five cents) for dividends to common and preferred shareholders, which
      added to the Reserve of Profits to be Realized, in the amount of R$
      96,144,962.99 (ninety six million, one hundred and forty four thousand,
      nine hundred and sixty two reais and ninety nine cents), sum up R$
      240,873,326.74 (two hundred and forty million, eight hundred and seventy
      three thousand and three hundred and twenty six reais and seventy four
      cents), amount paid to the shareholders on March 07, 2008, corresponding
      to a dividend per common or preferred share in the amount of R$
      1.779403.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.4.&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.4.1) To
      elect the persons listed bellow to the Board of Directors, with a mandate
      up to the Ordinary Shareholders&#8217; Meeting, to be held in 2009 in order to
      examine the documents referred to in Article 133, of Law 6,404/76, related
      to the current financial year:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)&#160;</font></div>
              </td>
              <td align="left">
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      voting, as set out in subparagraph I, of</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#167; 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>,
      Article 141 of Law 6,404/76, by the shareholder Parth Investment Company,
      owner of common shares representing 18.84% of the voting capital, was
      elected Mr.<font style="DISPLAY: inline; FONT-WEIGHT: bold"> RENATO
      OCHMAN,</font> Brazilian, married, lawyer, registered with OAB/SP under n&#186;
      82.152 and holder of CPF/MF n&#186; 375.739.690-15, whose offices are at Av.
      Brigadeiro Faria Lima, n&#186; 1461 &#8211; 11th floor, Bairro do Jardim Paulistano,
      in the City and State of S&#227;o Paulo (CEP
  01451-904);</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In separated
      voting, as set out in subparagraph I, of&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#167; 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>,
      Article 141 of Law 6,404/76, by the preferred shareholder, as requested by
      the shareholders Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco do Brasil
      &#8211; PREVI, Monteiro Aranha S.A., Dodge &amp; Cox International Stock Fund
      and Fundo de Participa&#231;&#227;o Social &#8211; FPS, owners of preferred shares
      representing 17.8% of the&#160;&#160;paid-up capital and 28.0% of the
      preferred shares, was elected Mr.<font style="DISPLAY: inline; FONT-WEIGHT: bold"> LUIZ CARLOS TEIXEIRA,</font>
      Brazilian, married, bank employee, and holder of Identity Card RG n&#186;
      3833390 and CPF/MF n&#186; 048.344.108-20, resident and domiciled in the city
      of Ribeir&#227;o Preto, in the state of S&#227;o Paulo State, at Rua Rui Barbosa, n&#186;
      522, apt&#186; 42;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As approved by
      the majority shareholders owners of common shares, representing 78.8% of
      the voting capital, were elected Mr. <font style="DISPLAY: inline; FONT-WEIGHT: bold">PAULO GUILHERME AGUIAR
      CUNHA</font>, Brazilian, married, engineer, holder of Identity Card RG n&#186;
      4.554.607/SSP-SP and CPF/MF n&#186; 008.255.498-68, whose business address is
      at Av. Brigadeiro Luiz Ant&#244;nio, n&#186; 1343 -
</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; TEXT-ALIGN: justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">9&#186; andar, Bairro da Bela Vista, in
the City and State of S&#227;o Paulo (CEP 01317-910);<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
LUCIO DE CASTRO ANDRADE FILHO</font>, Brazilian, married, engineer, holder of
Identity Card RG n&#186; 3.045.977/SSP-SP and CPF/MF n&#186; 061.094.708-72, whose
business address is at Av. Brigadeiro Luiz Antonio, n&#186; 1343 &#8211; 9&#186; andar, Bairro
da Bela Vista, in the City and State of S&#227;o Paulo (CEP 01317-910);<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
ANA MARIA LEVY VILLELA IGEL</font>, Brazilian, widow, businesswoman, holder of
Identity Card RG n&#186; 2.821.401/SSP-SP and CPF/MF n&#186; 513.400.208-82, whose
business address is at Av. Brigadeiro Luiz Antonio, n&#186; 1343 &#8211; 5&#186; andar, Bairro
da Bela Vista, in the City and State of S&#227;o Paulo (CEP 01317-910);<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
PAULO VIEIRA BELOTTI</font>, Brazilian, married, engineer, holder of Identity
Card RG n&#186; 946.526-1/IFP-RJ and CPF/MF n&#186; 001.388.357-72, whose offices are at
Rua do Ouvidor, n&#186; 60, sala 1104, Centro, in the City and State of Rio de
Janeiro; <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">OLAVO
EGYDIO MONTEIRO DE CARVALHO</font>, Brazilian, legally separated, industrial
businessman, holder of Identity Card RG n&#186; 01.585.449-0/IFP-RJ and CPF/MF n&#186;
007.260.107-82, whose business address is at Ladeira Nossa Senhora, n&#186; 163 &#8211; 7&#186;
andar, in the City and State of Rio de Janeiro and <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NILDEMAR
SECCHES</font>, Brazilian, widower, mechanical engineer, holder of Identity Card
RG n&#186; 3.997.339-6/SSP-SP and CPF/MF n&#186; 589.461.528-34, whose business address is
at: Av. Escola Polit&#233;cnica, n&#186; 760, Bairro do Jaguar&#233;, In the City and State of
S&#227;o Paulo (CEP 05350-000).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; TEXT-ALIGN: justify">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td>
              </td>
              <td align="right" style="WIDTH: 36pt">
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.4.2)&#160;</font>To
      set a global maximum annual limit for the remuneration for the Members of
      the Board of Directors, of <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">R$
      3,600,000.00 (three million and six hundred thousand reais), in the terms
      of the proposal presented and approved at the
      Shareholders&#180;Meeting.</font></font></div>
                </div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="LINE-HEIGHT: 1.25">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="LINE-HEIGHT: 1.25">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td>
            </td>
            <td align="right" style="WIDTH: 36pt; LINE-HEIGHT: 1.25">
              <div style="LINE-HEIGHT: 1.25; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.5&#160;&#160;</font></div>
            </td>
            <td style="LINE-HEIGHT: 1.25">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.5.1) To
      elect the persons below qualified to be members of the Fiscal Council,
      with a mandate up to the Annual General Meeting to deliberate on the
      management accounts related to the current fiscal
  year:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div style="LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In separated
      voting, as set out in subparagraph I, of </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#167; 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>,
      Article 141 of Law 6,404/76, among the preferred shareholders present at
      the Meeting and having been presented other names to be considered, were
      elected by the shareholders Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco
      do Brasil &#8211; PREVI, Monteiro Aranha S.A., Dodge &amp; Cox International
      Stock Fund and Fundo de Participa&#231;&#227;o Social &#8211; FPS, representing 28.0% of
      total preferred shares, Mr. <font style="DISPLAY: inline; FONT-WEIGHT: bold">Edson Pena Junior,
      </font>Brazilian, divorced, economist, registered under CPF/MF n&#186;
      120.058.191-15, resident and domiciled in the City of Bras&#237;lia, Federal
      District, at SHIN QI 07, Conjunto 05, Casa 13,&#160;&#160;as effective
      member and as alternate member Mr. <font style="DISPLAY: inline; FONT-WEIGHT: bold">Waldenor Moreira Borges Filho,
      </font>Brazilian, married, economist, registered under CPF/MF n&#186;
      765.563.018-68, resident and domiciled in the city and state of S&#227;o Paulo,
      at rua Carneiro Cunha, n&#186; 571, apto.
102.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Indicated by
      the minority common shareholders, representing 10.6% of the voting
      capital, as effective member Mr. <font style="DISPLAY: inline; FONT-WEIGHT: bold">Wolfgang Eberhard
      Rohrbach</font>, Brazilian, married, economist, registered under CPF/MF n&#186;
      016.771.448-15, resident and domiciled at Rua Marechal Deodoro n&#186; 135,
      32d, Santo Amaro, in the City and State of S&#227;o Paulo and as alternate
      member Miss. <font style="DISPLAY: inline; FONT-WEIGHT: bold">T&#226;nia Maria
      Camilo, </font>Brazilian, single, lawyer, registered under CPF/MF n&#186;
      726.204.557-15, resident and domiciled at Rua da Selva, 157, Alto da Boa
      Vista, in the City and State of Rio de
Janeiro.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
              </td>
              <td align="right" style="WIDTH: 27pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">By the
      majority common shareholders, representing 68.3% of the voting capital,
      were elected Mr. <font style="DISPLAY: inline; FONT-WEIGHT: bold">Flavio
      C&#233;sar Maia Luz</font>, Brazilian, married, civil engineer, registered
      under CPF/MF n&#186; 636.622.138-34, resident and domiciled at Alameda Canad&#225;,
      162, Alphaville 2, in the city of Barueri, in the State of S&#227;o Paulo;
      <font style="DISPLAY: inline; FONT-WEIGHT: bold">M&#225;rio Probst</font>,
      Brazilian, married, accountant and business administrator, registered
      under CPF/MF n&#176; </font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">029.415.318-74,
resident and domiciled at Rua Rob&#233;lia, 614, Jardim Prud&#234;ncia, in the City and
State of S&#227;o Paulo; and<font style="DISPLAY: inline; FONT-WEIGHT: bold"> Raul
Murgel Braga</font>, Brazilian, married, lawyer, registered under n&#186;
004.612.707-06, resident and domiciled at Rua Joaquim Nabuco, 238, ap 702,
Ipanema, in the City and State of Rio de Janeiro; and as alternate members <font style="DISPLAY: inline; FONT-WEIGHT: bold">Mr. M&#225;rcio Augustus Ribeiro</font>,
Brazilian, married, production engineer, registered under CPF/MF n&#176;
006.211.088-80, resident and domiciled at Alameda Canad&#225;, 43, in the City of
Vinhedo, and in the State of S&#227;o Paulo; <font style="DISPLAY: inline; FONT-WEIGHT: bold">Katuyoshi Utiyama</font>, Brazilian,
married, industrial engineer and business administrator, registered under CPF/MF
n&#186; 065.361.828-04, resident and domiciled at Rua Dom Mac&#225;rio n&#186; 1100, Jardim da
Sa&#250;de, S&#227;o Paulo- SP; and <font style="DISPLAY: inline; FONT-WEIGHT: bold">Pedro
Ozires Predeus</font>, Brazilian, married, accountant, registered under n&#186;
005.474.508-00, resident and domiciled at Rua Marechal Hastimphilo de Moura,
338-C, ap 23-B, S&#227;o Paulo, SP.</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td align="right" style="WIDTH: 36pt">
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.5.2)
      </font>To set the remuneration for the members of the Fiscal Council at R$
      8,000.00 (eight thousand reais) per month for the member designated as
      president of the Fiscal Council and R$ 7,400.00 (seven thousand and four
      hundred reais) per month for each effective
  member.</font></div>
              </div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Observations</font>: (i) the members
of the Board of Directors and the Fiscal Council, hereby elected, previously
consulted, have declared that there are no ongoing impediments which would
prevent them from exercising their activities in the roles designated, that they
do not hold positions in companies which can be considered to be competitors of
the Company and that they do not have any conflict of interest with the Company,
in accordance with Article 147 of Law n&#186; 6,404/76; (ii) except where otherwise
stated, all the deliberations of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">the meeting were
approved by all those present, except for Parth Investments Company and
shareholder Renato Ochman, who abstained from voting. There being no further
matters to discuss, the meeting was wound up, these meeting minutes presented
and being read and approved, were duly signed below by the shareholders present:
<font style="DISPLAY: inline; FONT-WEIGHT: bold">ULTRA S.A. PARTICIPA&#199;&#213;ES;
MONTEIRO ARANHA S.A.; PARTH INVESTMENT COMPANY LLC.; RENATO OCHMAN; ANA MARIA
LEVY VILLELA IGEL; MARCIA IGEL JOPPERT; LUIZ ANTONIO DE SAMPAIO CAMPOS; CAIXA DE
PREVID&#202;NCIA DOS FUNCION&#193;RIOS DO BANCO DO BRASIL &#8211; PREVI; ASCESE FUNDO DE
INVESTIMENTO EM A&#199;&#213;ES; DYNAMO BETON FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; DYNAMO
COUGAR FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; DYBRA FUNDO DE INVESTIMENTO EM A&#199;&#213;ES;
TNAD FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; FPRV DYN UIRAPURU (CLASSE A) FUNDO DE
INVESTIMENTO EM A&#199;&#213;ES PREVIDENCI&#193;RIO; SAMAMBAIA IV FUNDO DE INVESTIMENTO EM
A&#199;&#213;ES; FEBRA FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; DYNAMO BRASIL I LLC; DYNAMO BRASIL
II LLC; DYNAMO BRASIL III LLC; DYNAMO BRASIL IV LLC; DYNAMO BRASIL V LLC; DYNAMO
BRASIL VI LLC; DYNAMO BRASIL VII LLC; POLO NORTE FUNDO DE INVESTIMENTO
MULTIMERCADO; ANA ELISA ALVES CORREA IGEL; GERA&#199;&#195;O L.PAR&#160;&#160;FUNDO DE
INVESTIMENTO EM A&#199;&#213;ES; SPARTA FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; ARGUCIA INCOME
FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; FATOR FAELBA CD FUNDO DE INVESTIMENTO EM A&#199;&#213;ES;
FATOR NOSSA CAIXA MIX FUNDO DE INVESTIMENTO MULTIMERCADO; FATOR NOSSA CAIXA
MULTIGEST&#195;O FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; FUNDO DE INVESTIMENTO FATOR
ARBITRAGEM MULTIMERCADO; FUNDO DE INVESTIMENTO FATOR HEDGE ABSOLUTO
MULTIMERCADO; ADVANTAGE FATOR MACRO FUNDO DE INVESTIMENTO MULTIMERCADO; FUNDO DE
INVESTIMENTO FATOR FEF BD MULTIMERCADO; FUNDO FATOR SINERGIA III - FUNDO DE
INVESTIMENTO EM A&#199;&#213;ES; FUNDO DE INVESTIMENTO FATOR UIRAPURU MULTIMERCADO; FUNDO
DE INVESTIMENTO FATOR ESPALMA MULTIMERCADO; FUNDO DE INVESTIMENTO FATOR SIGMA
INSTITUCIONAL; FUNDO DE INVESTIMENTO</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">FATOR EXTRA MULTIMERCADO; FUNDO DE
INVESTIMENTO FATOR HEDGE MULTIMERCADO; FUNDO DE INVESTIMENTO FATOR PREVID&#202;NCIA
COMPOSTO 20 MULTIMERCADO; FUNDO DE PARTICIPA&#199;&#195;O SOCIAL &#8211; FPS; NORGES BANK;
VANGUARD INVESTMENT SERIES, PLC; BT PENSION SCHEME; ROYAL MAIL PENSION PLAN; THE
MASTER TRUST BANK OF JAPAN, LTD. RE:MTBC; VANGUARD EMERGING MARKETS STOCK INDEX
FUND; THE EMERGING MARKETS EQUITY INVESTMENTS PORTFOLIO OF THE CONSULTING GROUP
CAPITAL MARKETS FUNDS; PANAGORA GROUP TRUST; CENTRAL STATES SOUTHEAST AND
SOUTHWEST AREAS PENSION FUND; FLORIDA RETIREMENT SYSTEM TRUST FUND; THE TEXAS
EDUCATION AGENCY; BRAZIL MSCI EMERGING MARKETS INDEX COMMON TRUST FUND; IBM
SAVINGS PLAN; DAILY ACTIVE EMERGING MARKETS SECURITIES LENDING COMMON TRUST
FUND; STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FPR TAX EXEMPT
RETIREMENT PLANS;&#160;&#160;JOHN HANCOCK TRUST INTERNATIONAL EQUITY INDEX TRUST
A; JOHN HANCOCK FUNDS II: INTERNATIONAL INDEX FUND; LAUDUS ROSENBERG
INTERNATIONAL DISCOVERY FUND; MASSACHUSETTS FINANCIAL SERVICES COMPANY; THE DFA
INVESTMENT TRUST COMPANY ON BEHALF OF ITS SERIES THE EMERGING MARKETS SMALL CAP
SERIES; DIMENSIONAL EMERGING MARKETS FUND INC.; EMERGING MARKETS CORE EQUITY
PORTFOLIO OF DFA INVESTMENT DIMENSIONS GROUP INC.; SCHRODER BRICS EQUITY MOTHER
FUND; EMERGING MARKETS SOCIAL CORE PORTFOLIO OF DFA INVESTMENT DIMENSIONS GROUP
INC.; SCHRODER EMERGING WINNERS BALANCED FUND MOTHER; COLLEGE RETIREMENT
EQUITIES FUND; CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; FIRST TRUST / ABERDEEN
EMERGING OPPORTUNITY FUND; FORD MOTOR COMPANY OF CANADA, LIMITED PENSION TRUST;
NTGI &#8211; QM COMMON DAILY ALL COUNTRY WORLD EX-US EQUITY INDEX FUND &#8211; LENDING; NTGI
&#8211; QUANTITATIVE MANAGEMENT COLLECTIVE FUNDS TRUST; ISHARES MSCI BRAZIL (FREE)
INDEX FUND; BARCLAYS GLOBAL INVESTORS, N.A.; EMERGING MARKETS SUDAN FREE EQUITY
INDEX FUND; EATON VANCE TAX &#8211; MANAGED EMERGING MARKETS FUND;
EMERGING</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">MARKETS EQUITY MANAGERS: PORTFOLIO 1
OFFSHORE MASTER LP; WILMINGTON MULTI-MANAGER INTERNATIONAL FUND; BALENTINE
INTERNATIONAL EQUITY FUND SELECT, LP; MERCATTO ESTRAT&#201;GIA FUNDO DE INVESTIMENTO
EM A&#199;&#213;ES; FUNDO DE INVESTIMENTO MULTIMERCADO PREVIDENCI&#193;RIO MERCATTO TURQUESA;
MERCATTO GERA&#199;&#195;O FUTURO; MERCATTO BANESE CELI FUNDO DE INVESTIMENTO EM A&#199;&#213;ES;
FUNDO DE INVESTIMENTO MULTIMERCADO MERCATTO R2; FUNDO DE INVESTIMENTO
MULTIMERCADO KILIMANJARO; FUNDO DE INVESTIMENTO MULTIMERCADO MERCATTO
DIFERENCIAL; MERCATTO PERFORMANCE FUNDO DE INVESTIMENTO EM A&#199;&#213;ES; MERCATTO
ATALAIA CR&#201;DITO PRIVADO MULTIMERCADO FUNDO DE INVESTIMENTO; MERCATTO DIFERENCIAL
MULTIMERCADO FUNDO DE INVESTIMENTO LONGO PRAZO; MERCATTO DIFERENCIAL 30
MULTIMERCADO FUNDO DE INVESTIMENTO LONGO PRAZO; DODGE &amp; COX INTERNATIONAL
STOCK FUND</font>; <font style="DISPLAY: inline; FONT-WEIGHT: bold">ALEXANDRE
HEINERMAN</font> - CRCn&#176; 1SP228175/O-0 - Auditor of KPMG. Independent Auditors.
<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-WEIGHT: bold">WOLFGANG EBERHARD ROHRBACH; RAUL MURGEL BRAGA</font> -
Fiscal Council; Luiz Antonio de Sampaio Campos - Chairman of the board; Rafael
Padilha Cal&#225;bria - Secretary.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">I hereby declare
that this is a faithful copy of the minutes, as entered in the Company&#8217;s
Registry.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Rafael
Padilha Cal&#225;bria</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Secretary</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">APPENDIX
I</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">&#8220;ULTRAPAR
PARTICIPA&#199;&#213;ES S.A.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial">BYLAWS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Name,
Head Office, Purpose and Duration</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Company shall be an authorized capital company called <font style="DISPLAY: inline; FONT-WEIGHT: bold">ULTRAPAR PARTICIPA&#199;&#213;ES
S.A.</font></font><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Company&#8217;s head office shall be in the City and State of S&#227;o Paulo, at Av.
Brigadeiro Luiz Antonio, No. 1343 - 9&#186; andar.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company&#8217;s
purpose shall be the investment of its own capitals in the trade, industry and
agriculture and in companies providing services, upon the subscription for or
acquisition of shares or quotas in companies.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
4&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Company shall have an indeterminate term of duration.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
II</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Capital
and Shares</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article 5 - The
subscribed and paid-up capital is R$ 3,696,772,957.32 (three billion, six
hundred ninety-six million, seven hundred and seventy-two thousand, nine hundred
and fifty-seven reais and thirty-two cents), divided into 136,095,999 (one
hundred and thirty-six million, ninety-five thousand, and nine hundred and
ninety-nine) shares without par value in registered form, including 49,429,897
(forty-nine million, four hundred and twenty-nine thousand, eight hundred and
ninety-seven) common shares and 86,666,102 (eighty-six million, six hundred and
sixty-six thousand, and one hundred and two) preferred shares".</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 &#8211; The
Company is authorized to increase the capital, without amendment to the bylaws,
by resolution of&#160;&#160;the Board of Directors, up to the limit of R$
4,500,000,000.00 (four billion and five hundred million reais) through the
issuance of common or preferred shares, regardless of the current ratio, subject
to the limit of 2/3 (two-thirds) of preferred shares in the total of shares
issued.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 - Any
capital increase to be paid in assets shall be submitted to the General
Meeting&#8217;s resolution.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 3 - At the
Board of Directors&#8217; discretion, the preemptive rights in the issue of shares,
debentures convertible into shares and subscription bonus, the placement of
which be made upon the sale in stock exchanges or by public subscription, may be
excluded.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
6&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
preferred shares are book-entry shares and shall be kept in a deposit account
with a financial institution on behalf of the holders thereof, without issuance
of warrants.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sole Paragraph - The
cost of the services of transfer, registration and issuance of common share
warrant, as well as the cost of the service related to the shares kept in a
custody cash account, may be debited to the shareholder.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
7&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By a
resolution of the Board of Directors, the Company may acquire its own shares to
be kept in treasury or canceled up to the amount of the profit and reserve
balance, except for the legal reserve, without any decrease in the capital
stock, subject to the laws in effect.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Company may grant stock options to the benefit of its officers and employees
under the terms of the stock option plan passed by the General Meeting, and said
granting may likewise be offered to the officers and employees of its directly
and indirectly controlled entities.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
9&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject
to the legal limits, the Company may create new classes of preferred shares or
increase those already existing, irrespective of any proportion to the other
kinds and classes of shares.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
10&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each common share
entitles to one vote in the General Meetings&#8217; resolutions.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General
Meeting may authorize the conversion of common shares into preferred shares upon
any shareholders&#8217; request, subject to the proportion provided for in
law.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
12&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preferred shares
are not convertible into common shares; they have no voting right and entitle
the holders thereof to dividends and stock dividends equal those attributed to
common shares, in addition to priority in capital refund, with no premium, in
the event of the Company&#8217;s liquidation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
III</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">General
Meetings</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
13&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General
Meeting shall be called by the Board of Directors on an annual basis within the
first four months and after the closing of the fiscal year, and on a special
basis whenever the Company&#8217;s interest so require.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 - To
take part in the General Meeting, the shareholders shall prove said capacity
upon the submission of the deposit receipt issued by the financial institution
depositary of the book-entry preferred shares, and, in the event of common
shares, upon verifying the book of registration of registered
shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 - The
shareholder may be represented in the General Meeting by an attorney-in-fact
appointed less than one year before, who should be a shareholder, a Company&#8217;s
manager, attorney or investment fund manager representing the members
thereof.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
14&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as
otherwise provided for in law, the General Meetings shall be called to order on
first call with the attendance of shareholders representing the majority capital
with right to vote, and on second call with any attendance.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
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          </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Meetings shall
be directed by a presiding board formed by one Presiding Officer and one or more
secretaries chosen by the attending shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
IV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Management</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">General
Rules</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
16&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;The Company shall
be managed by a Board of Directors and an Executive Board.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 - The
management term of the managers, who shall keep in office until the election and
investiture of their substitutes, shall be one (1) year, reelection being
permitted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 - The
managers&#8217; investiture, which shall not depend on pledge, shall be upon signature
on a deed of investiture.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 3 - The
General Meeting, which has elected them, shall set the managers&#8217; remuneration,
which may be reviewed at any other meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
V</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Board
of Directors</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of
Directors shall be formed by four (4) to eight (8) members, shareholders of the
Company, elected by the General Meeting, which may also remove them from office
at any time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 - The
General Meeting shall appoint among its members the Chairman of the Board and
the Vice-Chairman, who shall replace the Chairman in his/her occasional
non-attendance or absences.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 - In the
event of election of a Director resident and domiciled abroad, the investiture
of said Director shall be conditional on the appointment of an attorney-in-fact
resident and domiciled in the country, with powers to be served summons in any
suit that may be filed against him/her, based on the corporation law. The
validity term of the power of attorney shall be at least equal to the term of
legal forfeiture of the shares (article 287, II, b, of Law No.
6.404/76).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
18&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of
Directors shall meet on an annual basis once every three months, and on a
special basis whenever called by its Chairman or by any two (2)
Directors.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
19&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of
Directors&#8217; meetings shall be called to order with the attendance of at least
three Directors, one of whom shall be the Chairman or Vice-Chairman, and the
resolutions shall be adopted by majority vote, whereas it will be incumbent on
the Chairman, or in his/her absence on the Vice-Chairman the deciding vote. Any
Director temporarily impeded or absent may be represented in any vote upon
written appointment by another Director. In addition, the Directors absent may
cast their vote by letter, cable or facsimile at the meetings at which there is
the attendance quorum set forth in this article.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sole Paragraph - In
the event of any vacant position in the Board of Directors, said position shall
be filled in at the first General Meeting to be held after the vacancy is
verified.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on the Board of Directors:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) to set the
Company&#8217;s general business policy;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) to call the
General Meetings;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c) to elect and
remove from office the Company&#8217;s Officers and set their individual duties and
fees, when the General Meeting decides on their overall
remuneration;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">d) to choose the
Chief Executive Officer among their members;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">e) to approve the
increase in the subscribed capital and the form under which it shall occur, up
to the limit of the authorized capital;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">f) to submit to the
General Meeting for approval the allocation of the net profit adjusted in the
fiscal year, as referred to in letter &#8220;c&#8221; of article 35 hereof;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">g) to oversee the
Officers&#8217; management; at any time examine the Company&#8217;s books and papers;
request information on any agreement already or about to be entered into and on
any other acts;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">h) to provide
opinion on the management report and on the Executive Board&#8217;s
accounts;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">i) to approve the
distribution of semi-annual or interim dividends;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">j) to approve the
holding of interest in other Companies;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">k) to propose to the
General Meeting the Company&#8217;s winding-up, merger or consolidation under any
form;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">l) to choose and
remove the Independent Auditors nominated by the Audit Committee;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">m) to decide on any
matters not regulated herein, and resolve on the omitted cases;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">n) to appoint among
the Officers that who shall perform the duties of Investor Relations
Officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">o) grant stock
options to its officers and employees holding key positions in the Company and
its controlled entities, with no preemptive right being granted to shareholders,
in compliance with paragraph 3, article 171 of Law 6404/76, and establish a
Stock Options Plan Management and Implementation Commission referred to in
article 8 of these Bylaws. The Plan Management and Implementation Commission
contemplated hereunder will be made up by such people appointed by the Board of
Directors, which will further set the terms governing the operation of said
commission;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">p) approve the
emission, for public subscription, of commercial paper by the
company.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
21&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on the Chairman of the Board of Directors:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) To call the
General Meeting whenever the Board of Directors so resolve, or exceptionally by
its own initiative, case in which he/she shall then inform the call to all
further Directors;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) call and preside
over the Board of Directors&#8217; meetings;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c) inform the dates
of the annual meetings and supervise the body&#8217;s administrative services;
and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">d) to convey the
Board of Directors&#8217; resolutions to the Executive Board and guide it the
compliance therewith.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
22&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on the Vice-Chairman to replace the Chairman on his/her occasional
absences or impediments and, in the event of vacancy, to replace him/her up to
the next General Meeting that shall elect the new incumbent.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
VI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Executive
Board</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
23&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Executive
Board shall be formed by four (4) to six (6) executive officers, shareholders or
not, resident in the country, elected by the Board of Directors one of whom
shall be the President, another the Vice-President, and all the others Executive
Officers, who, subject to the provisions of letter &#8220;n&#8221; of article 20, shall not
have any specific designation. The Executive Board&#8217;s resolutions shall be
adopted by majority vote, whereas it shall be incumbent on the President to cast
the deciding vote.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sole Paragraph - The
Board of Directors shall elect the Company's President and Vice-President among
the executive Board's members. It shall be incumbent on the Vice-President to
replace the President in his/her occasional absences or impediments as well as
to perform the specific duties assigned to him/her upon his/her
appointment.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
24&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Executive
Board shall meet whenever the Company&#8217;s interest so require, and the resolutions
shall be adopted by majority vote, subject to a quorum of half of the elected
members for the meeting to be called to order.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
25&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on the Executive Board to perform the acts required for the regular
operation of the Company and management of its business, subject to the duties
and guidelines set by the Board of Directors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 - Those
acts destined to produce effect before any third parties shall be signed by two
executive officers together, or by one executive officer and one
attorney-in-fact, our two attorneys-in-fact, with special powers.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 - Upon
the act of two of its executive officers, the Company may appoint
attorneys-in-fact, whereas their powers of attorney shall specify the purpose
thereof, the powers granted and the validity term, which shall not exceed one
year, except where the power of attorney is granted with powers to represent the
Company in court, the validity which shall be for an indeterminate
term.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 3 - The
prior approval of the Board of Directors shall be required for the performance
of acts that might result in acquisition, disposal, swap and encumbrance of real
estate property, offer of collateral or personal guarantees, taking out of loans
or waiver of rights the amount of which be in excess of three percent (3%) of
the Company&#8217;s net worth.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 4 -
Exceptionally, the Executive Board may authorize the Company&#8217;s representation by
one sole executive officer or one especially appointed attorney-in-fact, by
detailing in the minutes of the meeting the purpose and limits of the powers
granted.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
26&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on the President:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) to manage, guide
and coordinate the Company&#8217;s activities;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) to call and
preside over the Executive Board&#8217;s meetings;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c) to represent the
Company in court or out of court, either as plaintiff or as
defendant.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
27&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When elected, it
shall be incumbent on the Vice-President to cooperate with the President in the
performance of his/her duties.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
28&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;It shall be incumbent
on the Investor Relations Officer to represent the Company before regulatory
agencies and further institutions operating in the capital market, in addition
to performing the duties that are assigned to him by the Board of
Directors.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
29&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The officers
without specific designation shall perform, in addition to the duties assigned
to them in the Company&#8217;s Bylaws, all those other duties assigned to them by the
Board of Directors.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
30&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It shall be
incumbent on two officers, who shall act together:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) to represent the
Company before any third parties, except for the provision of letter &#8220;c&#8221; of
article 26 above;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) the performance
of all further acts provided for in article 25 above.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
31&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The officers may
replace each other, subject to the following:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) in the event of
occasional absence or impediment for a period up to sixty (60) days, the
President shall be replaced by the Vice-President, in the event of his/her
appointment, whereas the latter shall be replaced by one of the members of the
Executive Board appointed in advance by the President.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) in the event of
vacancy of an officer&#8217;s position, he/she may be replaced up to the next Board of
Directors&#8217; Meeting by the officer appointed by the President.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c) the temporary
filling in of all further Executive Board&#8217;s positions upon the President&#8217;s
decision shall be discretionary.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
VII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fiscal
Council</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
32&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall
have a permanent Fiscal Council composed of no less than three and no more than
five members, and a like number of alternates, with such duties, powers, and
compensation as provided by law, with a term of office of one (1) year, with
reelection allowed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 &#8211; The
Fiscal Council shall hold regular meetings quarterly and extraordinary meetings
as necessary, and the meeting minutes shall be recorded in a proper
book.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 &#8211; Its
members shall be subject to such obligations and prohibitions as imposed by law
and by these Bylaws on the Company&#8217;s managers.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
33&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In addition to the
activities provided in the Brazilian legislation, the Fiscal Council shall act
as an Audit Committee as defined in Sarbanes-Oxley Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sole Paragraph &#8211; For
the full performance of the duties in the Audit Committee, the requirements
provided in the applicable legislations, the provisions of these Bylaws, and the
Charter of the Fiscal Council and Audit Committee shall be observed, which
Charter shall establish its powers and operating rules.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
VIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fiscal
Year</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
34&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The fiscal year
shall begin on January 1 and end on December 31 of each year.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
35&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After the balance
sheet and the financial statements are drawn up, and after deduction of
accumulated losses, provision for income tax payment, and should this be the
case, provision for managers&#8217; profit sharing, then the net profit found shall
have the following allocation:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a) five percent (5%)
to form a legal reserve up to the point it reaches twenty percent (20%) of the
capital stock;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b) fifty percent
(50%) to pay mandatory dividends to shareholders, with offsetting of the
semi-annual and interim dividends that may have been declared;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c) the balance shall
have the allocation decided by the General Meeting, subject to the Board of
Directors' proposal.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 1 - In
addition to the annual balance sheet for the period, the Company may further
draw up semi-annual balance sheets as well as, at any time, special balance
sheets, and the Board of Directors may, upon approval of the Annual General
Meeting, declare interim dividends, to be allocated to the accumulated profits
or profit reserve accounts existing at the time when the last annual or
semi-annual balance sheet was published.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paragraph 2 -
Dividends not claimed within three years as of the date they have been made
available to shareholders shall be subject to forfeiture and inure to the
benefit of the Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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            <hr style="COLOR: black" noshade size="2">
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        </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
36&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The General
Meeting may grant sharing in the fiscal year profits to managers.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CHAPTER
IX</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">General
Provisions</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
37&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company shall
be liquidated in the events provided for in law, whereupon it shall be incumbent
on the General Meeting to determine the form of liquidation, appoint a
liquidator, and elect the Audit Committee which shall operate the Company over
the liquidation period.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
38&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Minutes of the
General Meetings, as well as those of the Board of Directors&#8217; Meetings shall be
issued by electronic means, on spare pages and shall be signed by the attending
members, to be then bound into a book. When these minutes contain resolutions
destined to produce effects before third parties, they shall be filed with the
Commercial Registry and published.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 2"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Article
39&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The direct or
indirect transfer of the Company&#8217;s control is subordinated to the suspensive
condition of the acquiring party making a public offering for the total
acquisition of the free float of shares, both common and preferred, pertaining
to the remaining shareholders, at a price and under payment conditions equal to
those which have been agreed with members of the controlling block of
shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Sole paragraph: The
Controlling Shareholders<font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font>Agreement of the Company,
Ultra S.A. Participa&#231;&#245;es,&#160;&#160;Avar&#233; Participa&#231;&#245;es S.A. and Igel
Participa&#231;&#245;es S.A., signed on March 22 2000 and filed at the Company&#8217;s head
office, contains complementary norms to be followed in the case of a transfer of
the company&#8217;s control.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
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        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 2; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">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></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Date:&#160;&#160;April
29, 2008</font></div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">
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                <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" colspan="2" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">ULTRAPAR
      HOLDINGS INC.</font></div>
                </td>
                <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr>
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                <td align="left" colspan="2" valign="top" width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr>
                <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" colspan="2" valign="top" width="40%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" valign="top" width="50%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">By:</font></div>
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      Andr&#233; Covre</font></div>
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                <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Name:
      Andr&#233; Covre</font></div>
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              <tr>
                <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" colspan="2" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Title:
      Chief Financial and Investor Relations Officer</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(Minutes
of Ordinary and Extraordinary General Meeting)</font></div>
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