DIVIDEND AND HISTORY

Dividend
History

DIVIDEND
We declare and pay dividends and/or interest attributed to shareholders’ equity, pursuant to Brazilian corporate law and our by-laws. Our Board of Directors may approve the distribution of dividends and/or interest attributed to shareholders’ equity, calculated based on our annual or semi-annual financial statements or on financial statements relating to shorter periods. The amount of any distributions will depend on a series of factors, such as our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growth strategies and other issues our Board of Directors and our shareholders may consider relevant.

Our by-laws provide for a mandatory distribution equal to 50% of the Distributable Amount. In addition, until May 18, 2004, under our by-laws, the amount we distributed in respect of each preferred share was equal to 110% of the amount we distributed in respect of each of our common shares. On May 18, 2004, we held an Extraordinary General Meeting which approved amendments of our by-laws. The amendments were (i) the registration in our by-laws of tag along rights for all Company shareholders, at 100% of the offer price which provisions were previously provided for in our 2000 shareholders’ agreement; and (ii) to make the dividend right of preferred shareholders equal to those of common shareholders by abolishing the right of preferred shareholders to receive dividends at least 10% (ten per cent) higher than those received by common shareholders. The amount available for distribution of dividends, referred to as the “Distributable Amount,” is the net income, as reduced or increased by the following:

- amounts allocated to the legal reserve;
- amounts allocated to the statutory reserve, if any;
- amounts allocated to the contingency reserve, if required;
- amounts allocated to the unrealized profit reserve;
- amounts allocated to the retained profit reserve;
- reversions of reserves registered in prior years, in accordance with Brazilian GAAP;
and
- reversions of the amounts allocated to the unrealized profit reserve, when realized and not absorbed by losses.

Shareholders who are not residents of Brazil must register with the Central Bank to have dividends, sales proceeds or other amounts with respect to their shares eligible to be remitted in foreign currency outside of Brazil. The preferred shares underlying the ADSs will be held in Brazil by the Custodian, Banco Itaú S.A., as agent for the Depositary. For purposes of the registration requirement, the Depositary is deemed to be the stockholder of the preferred shares underlying the ADSs. The Depositary will register such preferred shares with the Central Bank.

Payments of cash dividends and distributions, if any, will be made in Brazilian currency to the Custodian on behalf of the Depositary. The Custodian will then convert such proceeds into U.S. dollars and will cause such U.S. dollars to be delivered to the Depositary for distribution to holders of ADSs. See “Description of American depositary receipts.” In the event that the Custodian is unable to convert immediately the Brazilian currency received as dividends into U.S. dollars, the amount of U.S. dollars payable to holders of ADSs may be adversely affected by devaluations of the Brazilian currency that may occur before such dividends are converted and remitted. Dividends in respect of the preferred shares paid to shareholders who are not Brazilian residents, including holders of ADSs, are exempt from Brazilian withholding tax except for dividends declared based on profits generated prior to December 31, 1995. Distributions of interest on net worth are currently subject to withholding tax at a rate of 15%, or 25% in the case of a shareholder domiciled in a tax haven.

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HISTORY

The following table shows the dividends and interests paid by Ultrapar to its preferred and common shareholders since 1998.

Dividends and Interest on Equity	Year	Date of Approval	Total Amount Distibuted (R$ thousand)	Quantity of shares (Thousand shares)	Amount per share (R$)		Date of Payment
					ON	PN
Dividend	08	RCA - 08/06/08	119,006	136,096	0.89	0.89	08/22/08
Dividend	07	RCA - 02/20/08	240,873	136,096	1.777031	1.777031	03/07/08
Dividend	06	12/02/07	72,200	81,325	0.889633	0.889633	03/02/07
Dividend	06	08/02/06	72,000	81,325	0.887398	0.887398	08/17/06
Dividend	05	02/15/06	100,000	81,325	1.232498	1.232498	03/07/06
Dividend	05	08/03/05	57,238	81,325	0.703817	0.703817	08/22/05
Dividend	04	RCA -02/16/05	71,773	80,144	0.897985	0.897985	03/04/05
Dividend	04	08/04/04	92,383	69,691	1.33	1.33	08/30/04
Dividend	03	02/11/04	39,000	69,691	0.545231	0.599754	03/03/04
Dividend	03	08/06/03	33,000	69,691	0.461996	0.508195	08/29/03
Dividend	02	02/12/03	45,000	69,691	0.629268	0.692195	03/06/03
Dividend	02	06/08/02	20,000	53,000	0.367112	0.403823	09/03/02
Supplementary Dividend	01	02/25/02	22,000	53,000	0.403658	0.444024	03/20/02
Interest on Equity*	01	RCA - 08/21/01	31,000	53,000	0.5687906	0.6256697	09/28/01
Dividend	01	RCA - 08/21/01	34,000	53,000	0.6238349	0.6862184	09/28/01
Intercalated Dividend	97-00	RCA - 08/21/01	125,000	53,000	2.2935107	2.5228617	09/28/01
Dividend	00	AGE/E 04/27/01	10,087	53,000	0.18509	0.20359	09/28/01
Dividend	00	AGE/E 04/27/01	7,505	53,000	0.13771	0.15148	05/10/01
Interest on Equity*	00	RCA - 12/28/00	14,650	53,000	0.26880	0.29568	03/05/01
Dividend	00	RCA - 08/03/00	16,456	53,000	0.30194	0.33213	09/28/00
Dividend	99	RCA - 02/22/00	13,000	53,000	0.23853	0.26238	09/02/99
Dividend	99	RCA - 08/26/99	10,000	40,500	0.24539	0.26993	09/02/99
Dividend	98	RCA - 03/03/99	7,000	40,500	0.1728395	-	03/31/99
Dividend	98	RCA - 10/09/98	3,000	40,500	0.0740741	-	10/28/98