OWNERSHIP BREAKDOWN

Ultra S.A. Participações, or Ultra S.A., owns approximately 66% of Ultrapar’s voting shares. Until December 16, 2004, the voting stock of Ultra S.A. was owned by two holding companies, Igel Participações S.A. (49.5%) and Avaré Participações S.A. (49.5%), owned primarily by members of the Igel family and certain members of our senior management, respectively.

On September 22, 2004, the shareholders of Igel Participações and Avaré Participações entered into the Ultra S.A. Shareholders’ Agreement, which establishes rules that regulates their relationship since December 16, 2004, when the dissolution of Igel Participações and Avaré Participações and the proportional distribution of Ultra S.A. shares among their individual shareholders were implemented. The Ultra S.A. Shareholders’ Agreement aims at the consolidation of a stable and defined controlling shareholder block, the maintenance of the professional management process and the improvement in the company’s corporate governance principles. It establishes, among other things: (i) principles for decision-making; and (ii) liquidity mechanisms for the shares of Ultra S/A. This agreement has a validity of five years counting from December 16, 2004.

At our Board of Directors’ meeting held on February 2, 2005, our directors approved a stock dividend of 10,453,690,324 preferred shares of Ultrapar, or 15 shares for each 100 outstanding common or preferred shares, through a capitalization of reserves. As a result of the stock dividend, we issued 10,453,690,324 new preferred shares to our shareholders on February 16, 2005.

At an extraordinary shareholders’ meeting held on February 22, 2005, our shareholders approved the issuance of additional preferred shares by us to permit certain shareholders, including Ultra, to exchange common shares of Ultrapar held indirectly by them into preferred shares at a ratio of one common share for one preferred share. Common shares tendered for exchange into preferred shares were cancelled.

With a view to simplifying the quotation and trading of its shares, on August 22, 2005, Ultrapar carried out a reverse stock split, consolidating each lot of 1,000 shares, into 1 share of such type and class. Consequently, the share price quoted on the São Paulo Stock Exchange (Bovespa) is now traded with a unit quote, and no longer per lot of 1,000 shares, while the new ratio of PN shares to ADRs became 1:1.

On 18 th of December 2007, in an Extraordinary General Meeting, Ultrapar’s shareholders approved the exchange offer of the shares issued by Refinaria de Petróleo Ipiranga S.A. (“RPI”), Distribuidora de Produtos de Petróleo Ipiranga (“DPPI”) and Companhia Brasileira de Petróleo Ipiranga (“CBPI”) by Ultrapar’s shares. It was also approved, as a consequence of the exchange offer of Grupo Ipiranga shares, Ultrapar’s increase of capital from R$946,034.662,97 to R$3.696.772.957,32, and the consequent issuing of 54,770,590 new preferred shares, not inatives and without nominal value.

Common Shares
ULTRA S.A	32,646,694	66%
Other	16,783,203	34%
Market (Free float)	-	0%
TOTAL	49,429,897	100%

Preferred Shares
ULTRA S.A	12	0%
Other	-	8%
Market (Free float)	86,666,090	100%
TOTAL	86,666,102	100%

	Total
ULTRA S.A	32,646,706	24%
Other	16,783,203	12%
Market (Free float)	86,666,090	64%
TOTAL	136,095,999	100%

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