Document:

Contract for the supply of ethylene between Braskem and Oxiteno

 Exhibit 10.1 
  
 CONTRACT CV-1013/95 
 SUPPLY CONTRACT FOR 
 ETHYLENE SIGNED BETWEEN 
 COPENE AND OXITENO 
  
 Supply Contract for ETHYLENE No CV-1013/95 agreed 
 between COPENE-PETROQUIMICA DO NORDESTE 
 S/A and COPENOXITENO NORDESTE S.A. as defined below: 
  
 COPENE-PETROQUIMICA DO NORDESTE S/A, based in the Municipality of Camaçari in the State of Bahia, registered in the Finance Ministry’s General Register
of Contributors under No 32.150.391/0001-70, herein referred to as COPENE, in this instrument represented by its Directors Otto Vicente Perrone and Marco Antonio Ferreira Ebert, and COPENOXITENO NORDESTE S.A. based
in the Municipality of Camaçari in the State of Bahia, registered in the Finance Ministry’s General Register of Contributors under No 14.109.664/0001-06, in this instrument represented by its Directors Pedro Wongtschowski and
José Carlos de Oliveira Coimbra, herein referred to simply as OXITENO, have between themselves agreed the conditions of the present contract for the supply of ETHYLENE to be governed by the following clauses and
conditions: 
  
 CLAUSE ONE – THE OBJECTIVE 
  
 COPENE agrees to sell and deliver, without exclusivity, and OXITENO and agrees to purchase
and receive from COPENE, for the exclusive use in its plant in Camaçari, ETHYLENE in accordance with the quantative limits established in Clause Three and the quality specified in Clause Four, observing the other conditions stipulated in the
present Contract. 
  
 1.01 - OXITENO is obliged to use the ETHYLENE that is the
object of this Contract as a raw material in operations in its industrial units located in Camaçari, and it is forbidden to sell it, by whatever means, without the express agreement of COPENE. 
  
 1.01.1 - OXITENO’s units that consume ETHYLENE consist of an existing
unit for the manufacture of ETHYLENE OXIDE as well as another similar plant in the final stages of construction, with a scheduled start up date in the first quarter of 1997. This unit will henceforth be referred to as the NEW UNIT. 
  

 1.02 - COPENE takes no responsibility for any losses, direct or indirect damage, or consequences that occur to OXITENO as
a result of the use of the ETHYLENE supplied, considered for this purpose to be at the point of delivery defined in item 5.13. 
  
 CLAUSE TWO - TIME LIMIT 
  
 This contract will enter into force from the date of its signature and will bind the contracted parties until the end of March 2012. 
  
 2.01- Due to the time limit established in the Clause One, its extension will be automatic
for successive periods of 5 (five) years, except in the event of either party expressing, in writing, their intention not to extend the period, with advance notice of at least 36 (thirty-six) months before the end of the respective contract period.

  
 CLAUSE THREE - QUANTITIES 
  
 COPENE is obliged to sell and deliver to OXITENO the ETHYLENE that it needs for its
industrial production, up to the annual maximum limit defined in Annex A, which is an integral part of this contract. Also, the minimum annual limit that OXITENO is obliged to receive and buy from COPENE, in the corresponding specified periods, as
with other contractual dispositions relative to these qualities, are detailed in the same Annex A. 
  
 3.01 - Up to 30 October of each year OXITENO will provide an ETHYLENE and consumption forecast for the subsequent calendar year, being also obliged to satisfy the annual consumption limits established in Annex A. The
quantities thus communicated will be confirmed or revised by COPENE up to the 10th of December the same year. 
  
 3.02 - Up to the 10th of each month, OXITENO will inform COPENE in writing of any revisions made to the quantities previously communicated, for the six months subsequent to that month, observing the limits established
for that year. 
  
 3.03 - COPENE may also, solicit up to 3 (three) other
consumption forecasts from OXITENO for 12-month periods, which is obliged to provide them, these also mandatorily satisfying the limits established in Annex A. 
  

3.04 - If for reasons not specified in Clause Nine, nor due to reductions or interruptions in the supply of ETHYLENE, OXITENO does not receive or agree to purchase the
minimum quantities established in Annex A, at the end of each calendar year, COPENE will debit OXITENO the difference between the minimum annual consumption established in Annex A and the actual consumption of ETHYLENE at a unit price calculated at
40% (forty percent) of the existing selling price on 31 December of the respective calendar year, updated in financial terms up until the day of payment according to the variation in value of the Central Bank’s BBC Bonds between the 31 December
of the year in question and two days prior to the payment date. 
  

 3.04.1.1 - If COPENE sells the difference between its contracted annual minimum consumption and
OXITENO’s real consumption to third parties, it will only debit the corresponding value to the difference between the net revenue from the sale of this made to OXITENO and the net revenue from the substitute sales operations, calculated
according to the values on 31 December according to the variation in the Central Bank’s BBC Bonds or equivalent substitute index, with the difference limited to the maximum value stipulated in item 05.4. 
  
 3.05 - If for reasons not defined in Clause 9, and not OXITENO’s fault, COPENE cannot
supply the minimum quantities of ETHYLENE established in Annex A for each calendar year, COPENE will be suffer a penalty calculated by applying the same unit price and financial updating criteria as defined in 3.04 to quantities not delivered.

  
 3.05.1 - If OXITENO purchases the quantities of ETHYLENE not
delivered from third parties to make up stocks, the latter should only credit COPENE the product purchase value manufactured by OXITENO that surpasses the cost of the same quantities if sold by COPENE, limited to a maximum value to be updated
financially and paid according to clause 3.04 above. 
  
 3.06 - In the event that
either items 3.04 or 3.05 occur, the prejudiced party will not have any credit with the debtor of whatever nature whatsoever, and will be fined on the items referred to. 
  
 CLAUSE FOUR – QUALITY, MEANS OF DELIVERY AND SUPPLY CONDITIONS 
  
 The supply of ETHYLENE will be made using pipelines constructed and owned by COPENE directly
interlinking OXITENO’s installations with those of COPENE located in Camaçari. The ETHYLENE will be delivered in a continuous flow in gaseous form. 
  

4.01 - COPENE, since then, and according to the terms of this instrument, concedes OXITENO the real right to use the above-mentioned pipes according to: arts 742 to
745 of the Civil Code, for the specific and exclusive purpose of receiving the ETHYLENE herein contracted during the validity of this contract plus a period of 5 (five) years for the renewal of the same, eliminating the right of automatic use of the
final term in the present contract. 
  
 4.01.1 – If there is
the need for expanding and or the installation of new pipes to supply flows a higher than originally contracted, OXITENO is obliged to pay COPENE, for the assignment of the right to use these new pipes, the commonly agreed value between the parties
defined in written correspondence and in the established form of payment. 
  

 4.01.2 – The maintenance necessary to perfect the operation of the gas pipeline during the validity
of this contract will be the responsibility of COPENE, which will pay for all the costs involved. 
  
 4.01.3 – The right of use that, in this instrument, ensures that OXITENO cannot oblige COPENE to indemnify or return any of the amount to OXITENO if
this right is withdrawn as a result of the cancellation of the present contract or the failure to renew the same. 
  
 4.02 – The ETHYLENE to be supplied by COPENE should comply with the technical specifications cited in item B.01 of Annex B, which is an integral part of this
Contract. This same Annex B also defines the methods of analysis to be carried out, as well as the supply conditions for the ETHYLENE and the battery limits of OXITENO. 
  
 4.03 The ETHYLENE supplied by COPENE that does not satisfy the technical specifications cited in item B.01 of Annex B may not be accepted by
OXITENO, a hypothesis that would lead to a stoppage in deliveries of ETHYLENE by COPENE until the specifications are fully complied with. The possible acceptance of ETHYLENE supplied by COPENE that is outside of the acceptable qualitative parameters
is only valid on an isolated basis and would not stop rejection of the product in later instances. 
  
 4.03.1 – If OXITENO accepts ETHYLENE supplied by COPENE that is outside of the acceptable qualitative parameters due to a failure to comply with
minimum purity standards specified, the sale price of the ETHYLENE will be reduced to maintain the same unit price in terms of the volume of ETHYLENE contained. 
  

4.04 – In the hypothesis that OXITENO detects, using its own analysis, that the ETHYLENE is outside the required specifications, this fact should be communicated
to COPENE up to 24 hours after delivery, stating the nature of the irregularities found and qualifying and quantifying them using the analytical methods defined in item b.01, and including the date and time of delivery. 
  
 4.05 In the event the hypothesis mentioned in item 4.04 occurring, COPENE will communicate to
OXITENE with its analytical report concerning the supply referred to, and having confirmed the COPENE’s results, will communicate the identity of the irregularities and OXITENE may or not accept the ETHYLENE, as determined in 4.03 and 4.03.1.

  
 4.05.1 – If the ETHYLENE is not accepted by OXITENE,
COPENE will suspend the supply until the specifications for the ETHYLENE are re-established. In this case neither of the parties will be liable to any other onus, if not arising from the interruption in supply, as determined in items in 3.04 and
3.05. 
  

 4.06 – Still concerning the hypothesis mentioned in item 4.04, if the results included in the communication sent by
OXITENO do not coincide with COPENE’s report, the latter will collect at the same time and date at least 3 (three) samples, at battery limit for OXTIENO, for analysis by the two parties to verify which of the analyses are correct. 

 
 4.06.1 – If the sample reports drawn up by OXITENO and COPENE
mentioned in item 4.06 present the same results, indicating impurities and or contamination in the ETHYLENE supplied at levels higher than those specified in B.01, the irregularities indicated in the sample reports will be considered for all effects
of item 4.03.1. 
  
 4.06.2 – If the sample reports drawn up
by OXITENO and COPENE mentioned in item 4.06 present the same results indicating that the ETHYLENE is within the contracted specifications, no further doubts will remain about the quality of the ETHYLENE supplied and the irregularities indicated by
OXITENO will not be considered for the effects of this contract. 
  
 4.06.3 – If there are differences in the results of the sample analyses, both parties will try to clarify the differences between the results and if no agreement is reached, an independent arbitrator will be elected, who will analyze
the third sample of the product as fast of possible and issue a conclusive report on the quality of the product, which must be unconditionally accepted by both parties. 
  
 4.06.4 – If the agreement made between the parties of the arbitrator show that COPENE’s results are incorrect, the
differences will be taken that are established in the agreement/arbitration in relation to the results of the report on the suspect ETHYLENE. The specification thus obtained will be obtained will be considered for all purposes of this Contract,
including the price. 
  
 4.06.5 - if the agreement/arbitration
indicates that OXITENO’s results are incorrect, the specifications of the COPENE report pertinent to the suspect ETHYLENE will be considered for all purposes of this Contract, including the price. 
  
 4.07 - Except when the supply specifications and conditions established in Annex B, COPENE
will not provide any guarantee that the ETHYLENE supplied will be adequate for any use in particular. OXITENO assumes total responsibility for all the risks of any nature that may result from the use of the ETHYLENE acquired. Whether used by itself
or in combination with any other technological process. 
  
 CLAUSE FIVE - MEASUREMENT AND TRANSFER OF OWNERSHIP 
  
 To verify the quantities of ETHYLENE delivered, for the purposes of billing, COPENE has installed flow total measuring instruments and a Centralized Telemetering System, which are here designated as the Official Meters for all the brands
and models established in COPENE norms issued to date. 
  
 5.01 – As well as
the Official Meters, COPENE installed Reserve Meters of brands and models defined by COPENE and compatible with the above-mentioned norm, or its replacement. 
  

 5.01.1 - If, due to an alteration in the profile of OXITENO’s consumption, damage is proved to be
caused by this, or in the case of the obsolescence of the Official and/or reserve Meters agreed between the two parties and if it is deemed necessary to replace these instruments or replace with new ones, OXITENO will bear the costs of the new
instruments and will transfer them to the ownership of COPENE, which in turn will accept the commitment to maintain these instruments. 
  
 5.01.2 - The Official and/or reserve Meters will be installed in a measuring station at a location agreed by both parties and the protection and
construction of which should conform to COPENE norm PN-80.65 and its subsequent revisions, of which OXITENO is aware of, and that have been approved by COPENE. 
  

5.02 - Verifying the quantities of ETHYLENE delivered will be made by COPENE on the supply dates at a pre-established time using the Centralized Tele-measurement
System. 
  
 5.02.1 - In the event of problems being detected in
these digital rate indicators and totalizers, measurement will be made initially using the read-out from the meters or digital rate indicators and totalizers on the “Reserve Meters” and subsequently by the tele-measurement meters.

  
 5.02.2 - The calculations which are deemed necessary for the
determination of the quantities delivered, must be made using a procedure adopted by the competent national or international authority, at the criteria of COPENE, with the prior knowledge and agreement of OXITENO. 
  
 5.03 – OXITENO is allowed to install “Additional Meters”, of a type and brand
approved by COPENE, in its installations at Camacari, bearing the cost exclusively. 
  
 5.03.1 - The installation of these “Additional Meters” will not interfere with the performance of the “Official Meters”, and their installation must be approved by COPENE, for the application of
Clause 5.07 of this contract. 
  
 5.04 - A program must be elaborated by the
contracted parties, for the maintenance and calibration of the “Official Meters” and the “Reserve Meters”, which envisages the routine verification at regular intervals not exceeding 90 (ninety) days. 
  
 5.04.1 - In the event of “Additional Meters” being installed, a
similar maintenance program must be drawn up by OXITENO. 
  
 5.05 - The
maintenance and calibration of the “Official Meters” and “Reserve Meters”, will be carried out by COPENE, always advising OXITENO in writing, with minimum advance notice of 48 hours, in such a way as to allow the latter, should
it so wish, to send a representative along to monitor the work carried out. 
  

 5.05.1 - OXITENO may at any time, requested COPENE to measure and calibrate the “Official
Meters”. The cost of such requests will always be debited to OXITENO if the “Official Meters” have been considered to be satisfactorily calibrated. 
  
 5.05.2 - In the absence of a representative of OXITENO, COPENE will proceed with the measurement and calibration without
OXITENO having any right of recourse or complaint. 
  
 5.06 - The maintenance and
checking of the Additional Meters will be done by OXITENO, always after having previously advised COPENE in writing and with at least 48 hours of advance warning to allow the latter company to accompany the work if it so desires. 
  
 5.06.1 – In the absence of representatives from COPENE, OXITENO will
proceed with the checking and the meters verified will be considered valid and accurate for the application of item 5.07.5. 
  
 5.07 - The Official or Reserve Meters will be considered suspect, and should be promptly checked whenever the differences between the same and measurements made by
OXITENO are more than 1% (one percent). 
  
 5.07.1.1 – The
only Additional meter readings that will be considered for the purposes of comparison are those that satisfy Clause 5.03.2 and 5.04.1 of this contract. 
  
 5.07.1.2 – Whenever it is the case that the Official or Reserve Meters are proven to be adequately calibrated, their readings will be adopted.

  
 5.07.1.3 Whenever the Official or Reserve Meters are not
considered calibrated, after a suitable check has been made, mutual agreement will be reached to determine the respective correction factor and the measurements to be adopted will be obtained by applying this correction factor to the quantities
effectively totaled and/or registered by the above-mentioned Official Meters from the date the deviation is detected until the date of calibration. 
  
 5.07.1.4 – COPENE can, at is exclusive criteria, consider the reading of the Reserve Meters installed by OXITENO whenever the Official Meters are
considered suspect by either party. 
  
 5.07.1.5 - COPENE can, at
is exclusive criteria, consider the reading of the Reserve Meters installed by OXITENO in the event of the occurrence described in Clause 5.07 above. 
  
 5.08 - During the maintenance of the Official Meters installed by COPENE the Reserve Meter readings will be considered as the official figures. 
  
 5.08.1 – COPENE can, at is exclusive criteria, consider the reading of
the Additional Meters installed by OXITENO in the event of the occurrence described in Clause 5.08 above 
  
 5.09 - At a pre-established time previously known by OXITENO, COPENE will select and inform OXITENO of the quantities of ETHYLENE supplied. The measurement bulletins for the 

  

 
quantities of ETHYLENE delivered to OXITENO will be made available for verification or contesting until 180 (one hundred and eighty) days after the billing
date. 
  
 5.09.1 – Payment of the bills should be made
independent from any contest being made and if later the existence of differences is verified the appropriate debit/credit for these quantities will be made as defined in 06.4 below: 
  
 5.10 - When necessary the calculations of measurements relative to the “Reserve Measurements” will be interpreted and carried out
by COPENE, which will be obliged to maintain them available for examination by OXITENO within a period of 180 (one hundred and eighty) days. 
  
 5.11 OXITENO will be granted, whenever it wants to and requests, access to the installations used to distribute the products the object of the present contract to,
through its authorized representatives, accompanied by representatives from COPENE, to verify the delivery conditions of products sent out. 
  
 5.12 Neither of the parties can allege errors in the measurements taken of the quantities supplied after 180 (one hundred and eighty) days from the billing date.

  
 5.13 The ownership of the ETHYLENE supplied by COPENE will be considered as
transferred to OXITENO from the delivery point defined as the point situated immediately downstream from the “Official Meters”. 
  
 CLAUSE SIX - PRICES AND READJUSTMENTS 
  
 The sale price of the ETHYLENE supplied by COPENE, in a single and on delivery payment excluding taxes will be considered as the agreement between COPENE and its clients
consuming ETHYLENE, based on the parameters in the raw materials and petrochemical markets, effective from the day of delivery of the product, identical to those clients supplied by pipelines located in Camaçari. 
  
 6.01 - If the government takes controls of the price of the ETHYLENE supplied by COPENE, the
readjustment in prices will be made in accordance with the determinations of the body controlling prices, and OXITENO immediately advised by COPENE in writing. 
  

6.02 - The federal taxes PIS and COFINS are included in the prices mentioned above. Any federal, state and/or municipal taxes, such as ICMS applicable to the supply of
ETHYLENE the object of this Contract and not included in the prices and readjustments, will be added to the bill for the quantities of ETHYLENE supplied. 
  
 6.03 – Term sales of ETHYLENE at higher-than-established prices with taxes added will also be aggregated at a rate related to financial costs corresponding to the
average term of payment established. 
  
 6.04 The differences in metered amounts
collected by the parties as outlined in item 5.09.1 will be credited or debited to OXITENO in the bill following the date these differences were identified at the sale price of ETHYLENE on the billing date in question, corrected by the variation in
the BBC or bond that substitutes it, plus 01% (one percent) per month. 
  

 CLAUSE SEVEN - METHOD OF PAYMENT 
  
 The supply of ETHYLENE, the object of this Contract, will be billed periodically by COPENE
for payment by OXITENO over an average term to be indicated by COPENE in either Salvador or Camaçari. 
  
 7.01 - If the economic and financial situation of the country or OXITENO causes risks to the integrity of COPENE’s equity value and consequently the continuity of supply to OXITENO, COPENE can alter the existing
billing and payment conditions, including those for spot sales. 
  
 7.01.1 – Payment outside the terms established by COPENE will be subject to the market non-payment charge that COPENE is practicing during the period of default. 
  
 7.02 - COPENE, at is exclusive criteria, can offer bank trade note discounts before the billing expiry date corresponding to the ETHYLENE
bills owed by OXITENO and notify in writing if there will be any extension of the billing due dates. No penalty will be charged to OXITENO and COPENE will assume the onus for all corresponding bank charges. 
  
 7.02.1 – If already overdue and the trade note is not paid, COPENE can
opt for the bank discount associated with these trade notes on a date later than their respective expiry, and the company will establish a new due date for the trade notes and advise OXITENO of this decision. The financial charges of such a discount
operation will be debited from OXITENO, which will immediately pay them to COPENE. The rate for bad debt dealt with in item 7.01.1 will end on the date of the discount and should be paid together with the financial charges. 
  
 7.03 – The delay in payment of two consecutive trade notes by OXITENO or the financial
charges dealt with in item 7.01.1 will give COPENE the right to suspend the supply of ETHYLENE, after advising OXITENO at least 5 (five) working days prior to taking this action. The supply of ETHYLENE will be immediately reinstated or within a
maximum period of 24 hours after OXITENE settles the outstanding bill (s) with COPENE. 
  
 CLAUSE EIGHT – STOPPAGES 
  
 COPENE will inform OXITENO, with at least 6 (six) days of advance warning, of any planned maintenance stoppages at its ETHYLENE producing plants. 
  
 8.01 – The general maintenance stoppage programs at OXITENO’s installations should
be established by common agreement with COPENE with at least 6 (six) days of advance warning. 
  
 8.01.1 – In principle, the general maintenance stoppage programs at OXITENO’s and COPENE’s installations do not need to coincide. 
  

 8.02 – For the purposes of applying the stipulations made in items 3.04 and 3.05, in the cases in which either party
interrupts or reduces the amount of ETHYLENE received, due a fault of their own, programmed stoppage or act of God, the other party will its annual minimum supply/delivery limit of ETHYLENE reduced by an amount equal to the value calculated using
the formula in item 8.02 below: 
  
 Q = (N1 + N2 x F) x Qmin

  

							
	where:   Q	  	=	  	quantity to be diminished
	 	  	N1	  	=	  	number of hours of interruption
	 	  	N2	  	=	  	number of hours of reduction
	 	  	F	  	=	  	reduction factor, calculated as the minimum hourly flow less the reduced hourly flow divided by the minimum hourly flow (Qmin) as defined in Annex A.
	Q(min)	  	=	  	minimum hourly consumption flow according to Annex A

  
 8.03 – For the purposes of
application of the above to items 3.04 and 3.05, in the cases in which a part interrupts or reduces the intake/supply of ETHYLENE, with only itself to blame, programmed stoppage or Act of God, the other party will have its annual minimum
intake/supply limit reduced by a volume of ETHYLENE equal to that calculated using the same formula as in item 8.02 above. 
  
 8.04 – COPENE and OXITENO will maintain the other party informed of any event that may prejudice the normal supply of ETHYLENE and will make every effort to restore
the same to normality as quickly as possible. 
  
 CLAUSE NINE - ACTS OF GOD, FORCE MAJEURE AND CONTINGENCIES 
  
 Neither
party can be held responsible for the failure to comply with their contractual obligations when the result of factors outside of their control, such as strikes and any actions by the government and/or other authority at any level that, for any
reason, intervenes or prejudices the functioning of their industrial installations, as well as the impossibility of obtaining the necessary raw materials, or acts of God, as defined in the Sole Paragraph of Art. 1058 of the Brazilian Civil Code.

  
 9.01 – For any of the reasons mentioned above or due to supply problems
of raw materials, COPENE, at is option, can reduce the supply of ETHYLENE to its clients. This reduction in the supply of ETHYLENE will be distributed among all COPENE’s clients and calculated in such a way that they will be supplied
proportionately to the minimum volumes defined in Annex A at the time of this contingency. 
  
 9.02 – Whenever the contracting parties judge it necessary to invoke reasons due to an act of God, they should inform the other party in writing within 2 (two) days of the occurrence. 
  
 CLAUSE TEN - RECISION 
  
 COPENE and OXITENO can rescind the present Contract with full right and independent of
notification or judicial or extrajudicial interpellation in the following conditions: 
  

	 	a)	judicial or extrajudicial liquidation or bankruptcy of the other party, homologated or decreed. 

  

	 	b)	the transfer, either total or partial, to third parties without the authorization of the other party of the rights and obligations attributed each party in this present Contract,
except when this transfer is due to an incorporation, merger or split up. 

  
 10.1 – In the event of the non-payment of any Clause or condition in this Contract by either of the parties, the innocent party may rescind the same based on the hypothesis that the guilty party does not pay its outstanding debt within
90 (ninety) days from receipt of notice accusing the referred of its failure to meet the necessary contractual demands. In this case, the innocent party should, within a period of 30 (thirty) days from the final date for payment of the debt
defaulted on, rescind the present Contract, according to its preemptory rights. 
  
 10.2 – If one of the contracted parties rescinds the present Contract for any other reason that determined in this Clause, or give any cause for its rescission, it will be liable to pay the prejudiced party indemnity for losses and
damages to an amount equal to 40% (forty percent) of the minimum quantities of ETHYLENE still to be supplied from the date the contract was rescinded to the ending of the present contract at the price on the date of the rescission. 
  
 1.2.1 – The above-mentioned onus should be paid by the guilty party to the prejudiced
party within a period of 90 (ninety) days from the date the contract is rescinded, independent of notification or judicial interpolation and if the prejudiced party has to resort to judicial means to receive this indemnity, its value will be
corrected financially by the variation in the BBC and this corrected value will incur a fine of 10% (ten percent), independent to the recovery of judicial costs incurred and lawyer’s fees of 20% (twenty percent). 
  
 10.3 – All and any tolerance in terms of compliance by either party to the conditions
established in the present Contract do not signify any alteration in the already agreed contractual regulations but merely a more liberal approach by the other party. 
  
 CLAUSE ELEVEN - ALTERATION AND FORUM 
  
 This agreement cannot be altered, assigned or transferred, either wholly or in part, except with the consent of both parties with an
instrument in writing additional to this present Contract. 
  
 11.1 – The
Forum in the City of Camarçi in the State of Bahia is elected for resolve any controversies arising from this present Contract and its implementation, to the exclusion of any other, however privileged it may be. 
  

 CLAUSE TWELVE - ADDRESSES 
  
 And being thus fairly contracted, accepting the obligations for both themselves and their successors, the parties sign 4 (four) copies of
the present Contract of equal content and for a single purpose, in the presence of the four witnesses named below; 
  
 Camarçi, 01 September 1995 
  
 COPENE-PETROQUIMICA DO NORDESTE S/A 
  

			
	OTTO VICENTE PERRONE	 	MARCO ANTONIO FERREIRA EBERT
	PRESIDENT	 	DIRECTOR OF OPERERATIONS
		
	OXITENO NORDESTE S.A.	 	 
		
	PEDRO WONGTSHOWSKI	 	 JOSE CARLOS OLIBEIRA COIMBRA

	SUPERINTENDENT DIRECTOR	 	 COMMERCIAL DIRECTOR

  
 ANNEX A – CV
1013/95 
  
 THE SUPPLY CONTRACT OF ETHYLENE SIGNED BETWEEN COPENE AND OXITENO
No CV – 1013/95 
  
 A.01 - The contracted supply of ETHYLENE is defined
by the limits established below: 
  

													
	 	  	MAXIMUM
ANNUAL
CONSUMPTION

	 	 	MAXIMUM
ANNUAL
CONSUMPTION

	 	 	MAXIMUM
ANNUAL
CONSUMPTION

	 	 	MAXIMUM
ANNUAL
CONSUMPTION

	 
	 TO JAN./97
	  	105,000 	t	 	73,500 	t	 	12,22 	t	 	8.55 	t
					
	 FROM FEB./97
	  	197,000 	t	 	137,900 	t	 	22.83 	t	 	16.05 	t

  
 A.02 – COPENE is not obliged to
supply an/or OXITENO to receive and purchase the minimum quantities fixed for February 1997 in A.01, and no onus or fine can be imposed on either party if OXITENO’s NEW UNIT and/or the expansion of COPENE’s production unit are delayed by
up to 120 (one hundred and twenty) days from 01.02.97, as long as advance warning was given of this situation before November 1996. 
  
 A.2.1 – In the event the above-mentioned delay actually happens, the minimum and maximum annual consumptions and/or supplies should be calculated
“pro rata tempore”. 
  

 A.2.2 - If there is a delay in the initiation of supply or purchase of the new flow forecast for February
1997, of more than 120 days, without the prior consent of both parties before November 1996, the innocent party can transfer its commitment to supply/purchase the additional contracted quantities for that date to third parties without fear of being
fined, assuming any onus or responsibility associated with this action. 
  
 A.03 -
COPENE does not have any obligation to supply the quantity of ETHYLENE of any more than the hourly maximum established in A.01. OXITENO can only surpass its maximum hourly consumption with the agreement of COPENE. 
  
 A.04 - The quantities of ETHYLENE supplied and consumed should be as constant as possible. As
long as the supply flows and consumption depend on the operating conditions of the COPENE and OXITENO plants, the parties will make every effort to coordinate their operations so as to ensure the uniformity of supply flow. 
  
 ANNEX B C.V - 1013/95 
  
 THE SUPPLY CONTRACT OF ETHYLENE SIGNED BETWEEN COPENE AND OXITENO No CV – 1013/95

  
 B.01 - The technical specifications to be abided by for the supply of ETHYLENE
dealt with in this Contract, as well as the respective methods of analysis to be used by COPENE are as follows: 
  
 PRODUCT: ETHYLENE 
  

					
	 SPECIFICATIONS

	 	 	 	 METHOD OF ANALYSIS

	PURITY	 	99.0 % min. vol.	 	Difference in impurities
	METHANE, ETHANE and N2	 	1000 ppm max. vol. (*)	 	ASTM-D-2505
	ACETYLENE	 	5 ppm max. vol	 	ASTM-D-2505
	C3+HYDROCARBONS	 	 	 	 
	HEAVIER	 	10 ppm max. vol    	 	ASTM-D-2505
	OXYGEN	 	3 ppm max. vol  	 	TELEDYNE
	CARBON MONOXIDE	 	2 ppm max. vol  	 	ASTM-D-3416/78
	CARBON BIOXIDE	 	5 ppm max. vol  	 	ASTM-D-3416
	METHANOL	 	        5 ppm max mass (**)	 	UOP – 569
	ACETONE	 	5 ppm max mass	 	UOP – 569
	AMMONIA	 	1 ppm max mass	 	UOP – 430/ASTM D1426
	WATER	 	3 ppm max mass	 	SHAW EQUIPMENT
	HYDROGEN SULPHATE	 	2 ppm max mass	 	SIEVERS SCD350
	TOTAL SULPHER	 	2 ppm max mass	 	ASTM-D-2785/2784
	NITROGEN OXIDE	 	5 ppm max mass	 	ASTM-D-3608
	HYDROGEN	 	5 ppm max mass	 	ASTM-D- 2504

  

	(*)	Sum of Methane + Ethanol + Nitrogen should be less than 1000 ppm vol. Nitrogen content using the LUMMUS 700/6 Method. 

  

	(**)	OXITENO can accept a Methane content of up to 50 ppm without this being considered contaminating as long as the frequency of occurrence does not surpass once in every 30 days or the
duration of contamination be longer than 6 consecutive hours. 

  
 B.01.1 – As criteria for rounding up and limiting acceptance of the analytical results, the ASTM-E 29/67 and ASTM-D-3244 methods will be used. 
  
 B.02 - The supply conditions for ETHYLENE at the battery limits for OXITENO are defined below: 
  

					
	 PRESSURE:
	  	30	  	kg/cm2 G minimum
	 TEMPERATURE:
	  	40	  	Gr. C maximumShareholders' Agreement dated September 22, 2004

  
 SHAREHOLDERS’
AGREEMENT OF 
 ULTRA S/A - PARTICIPAÇÕES 
  
 Under the present Shareholders’ Agreement Instrument, the Agreeing Parties, henceforward, collectively thus designated:

  

	I -	ANA MARIA LEVY VILLELA IGEL, Brazilian citizen, widow, businesswoman, holder of identity card number 2.821.401/SSP-SP and CPF/MF number 513.400.208-82, resident and
domiciled at Rua Jean Sibelius, number 35, 17th floor, in the city of São Paulo, in the state of São Paulo; 

  

	II -	FÁBIO IGEL, Brazilian citizen, married, businessman, holder of identity card number 16.473.97-X/SSP-SP and CPF/MF number 187.996.078-83, resident and domiciled at Rua
Tucumã, number 401, apt 71, in the city of São Paulo, in the state of São Paulo; 

  

	III -	MÁRCIA IGEL JOPPERT, Brazilian citizen, married, businesswoman, holder of identity card number 2.987.353/SSP-SP and CPF/MF number 694.695.398-34, resident and
domiciled at Rua Pirandelo, number 50, in the city of São Paulo, in the state of São Paulo; 

  

	IV -	ROGÉRIO IGEL, Brazilian citizen, divorced, businessman, holder of identity card number 2.992.103/SSP-SP and CPF/MF number 061.076.308-30, resident and domiciled at Rua
Marcos Melega, number 150, 16th floor, in the city of São Paulo, in the state of São Paulo; 

  

 1 

	V -	JOYCE IGEL DE CASTRO ANDRADE, Brazilian citizen, married, businesswoman, holder of identity card number 3.005.592/SSP-SP and CPF/MF number 074.266.918-10, resident and
domiciled at Rua General Mena Barreto, number 743, 2nd floor, in the city of São Paulo, in the state of
São Paulo; 

  

	VI -	LUCIO DE CASTRO ANDRADE FILHO, Brazilian citizen, engineer, holder of identity card number 3.045.977/SSP-SP and CPF/MF number 061.094.708-72, resident and domiciled at
Rua General Mena Barreto, number 743, 2nd floor, in the city of São Paulo, in the state of São Paulo;

  

	VII - 	PAULO GUILHERME AGUIAR CUNHA, Brazilian citizen, married, engineer, holder of identity card number 4.554.607/SSP-SP and CPF/MF number 008.255.498-68, resident and
domiciled at Rua Padre João Manoel, number 493, apt 22, in the city of São Paulo, in the state of São Paulo; 

  

	VIII - 	FÁBIO SCHVARTSMAN, Brazilian citizen, married, engineer, holder of identity card number 4.144.579/SSP-SP and CPF/MF number 940.563.318-04, resident and
domiciled at Rua Conselheiro Torres Homem, number 401, in the city of São Paulo, in the state of São Paulo; 

  

	IX -	JOSÉ CARLOS GUIMARÃES DE ALMEIDA, Brazilian citizen, married, engineer, holder of identity card number 300.310/SSP-SP and CPF/MF number 007.207.478-72,
resident and domiciled at Rua Ministro Roberto Cardoso Alves, number 1490, in the city of São Paulo, in the state of São Paulo; 

  

	X -	PEDRO WONGTSCHOWSKI, Brazilian citizen, divorced, chemical engineer, holder of identity card number 3.091.522/SSP-SP and CPF/MF number 385.585.058-53, resident and
domiciled at Rua Mercedes, number 1065, in the city of São Paulo, in the state of São Paulo; 

  

	XI -	CHRISTY PARTICIPAÇÕES LTDA, based at Rua Visconde de Pirajá, number 351, Suite 917, in the city of Rio de Janeiro, in the state of Rio de Janeiro,
registered under CNPJ number 33.363.896/0001-22, herein represented under the terms of the company bylaws by HÉLIO MARCOS COUTINHO BELTRÃO, Brazilian citizen, married, engineer, holder of identity card number
879.392/SSP-DF and CPF/MF number 008.786.367-73, resident and domiciled at Rua Maestro Elias Lobo, number 749, in the city of São Paulo, in the state of Paulo; 

  
 and as Consenting Parties: 
  

	(I)	PATR¥CIA LOBO IGEL, Brazilian citizen, married, housewife, holder of identity card number 32.227.577-05/SSP-SP and CPF/MF number 216.546.068-98, resident and domiciled at
Rua Tucumã, number 401, apt 71, in the city of São Paulo, in the state of São Paulo; 

  

	(II)	ROBERTO LUIZ JOPPERT, Brazilian citizen, married, cattle breeder, holder of identity card number 3.410.166/SSP-SP and CPF/MF number 608.887.848-72, resident and domiciled at
Rua Pirandelo, number 50, in the city of São Paulo, in the state of São Paulo; 

  

 2 

	(III)	MARIA TERESA IGEL, Brazilian citizen, divorced, holder of identity card number 14.660.307/SSP-SP and CPF/MF number 244.300.647-68, resident and domiciled at Av. Camilo Nader,
number 97, 10th floor, Vila Morumbi, in the city of São Paulo, in the state of São Paulo;

  

	(IV)	LEA REZENDE DE QUEIROZ CUNHA, Brazilian citizen, married, psychologist, holder of identity card number 5.490.817/SSP and CPF/MF number 148.127.198-95, resident and domiciled
at Rua Padre João Manoel, number 493, apt. 22, in the city of São Paulo, in the state of São Paulo; 

  

	(V)	MÔNICA BASTOS RENNÓ, Brazilian citizen, married, engineer, holder of identity card number 32.661.144-7/SSP-SP and CPF/MF number 020.984.487-67, resident and
domiciled at Rua Conselheiro Torres Homem, number 401, in the city of São Paulo, in the state of São Paulo; 

  

	(VI)	MARIA CEC¥LIA SALLES ANDRADE GUIMARÃES DE ALMEIDA, Brazilian citizen, married, businesswoman, holder of identity card number 3.361.574-3/SSP-SP and CPF/MF
number 265.851.478-63, resident and domiciled at Rua Ministro Roberto Cardoso Alves, number 1490, in the city of São Paulo, in the state of São Paulo; 

  
 and as Intervening Parties: 
  

	(I)	ULTRA S/A -PARTICIPAÇÕES, based at Avenida Brigadeiro Luís Antônio, number 1343, 9th floor, in the city of São Paulo, in the state of São Paulo, registered under CNPJ number 54.041.439/0001-91, herein represented according to its
company bylaws by PAULO GUILHERME AGUIAR CUNHA, Brazilian citizen, married, engineer, holder of identity card number 4.554.607/SSP-SP and CPF/MF number 008.255.498-68, resident and domiciled at Rua Padre João Manoel, 493, apt 22, in
the city of São Paulo, in the state of São Paulo and by LUCIO DE CASTRO ANDRADE FILHO, Brazilian citizen, married, engineer, holder of identity card number 3.045.977/SSP-SP and CPF/MF number 061.094.708-72, resident and
domiciled at Rua General Mena Barreto, number 743, 2nd floor, in the city of São Paulo, in the state of
São Paulo; 

  

	(II)	ULTRAPAR PARTICIPAÇÕES S/A, based at Avenida Brigadeiro Luís Antônio, number 1343, 9th floor, in the city of São Paulo, in the state of São Paulo, registered under CNPJ number 33.256.439/0001-39, herein represented according to its
company bylaws by PAULO GUILHERME AGUIAR CUNHA, Brazilian citizen, married, engineer, holder of identity card number 4.554.607/SSP-SP and CPF/MF number 008.255.498-68, resident and domiciled at Rua Padre João Manoel, 493, apt 22, in
the city of São Paulo, in the state of São Paulo and by LUCIO DE CASTRO ANDRADE FILHO, Brazilian citizen, married, engineer, holder of identity card number 3.045.977/SSP-SP and CPF/MF number 061.094.708-72, resident and
domiciled at Rua General Mena Barreto, number 743, 2nd floor, in the city of São Paulo, in the state of
São Paulo; 

  
 hereinafter respectively referred to as
“ The Company” and “Ultrapar”, 
  

 3 

 CONSIDERING that the Agreeing Parties are shareholders in the companies Igel Participações
S/A and Avaré Participações S/A; 
  
 CONSIDERING that
the companies Igel Participações S/A and Avaré Participações S/A are holders, jointly, of 73.13% (seventy-three decimal point one three percent) of the total capital and 98.99% (ninety-eight decimal point nine nine
percent) of the voting capital of The Company, which, in turn, holds 66.7% (sixty-six decimal point seven percent) of the voting capital of Ultrapar; 
  
 CONSIDERING that, on December 16, 2004, Igel Participações S/A and Avaré Participações S/A are to
be a wound up, with the respective shareholders, Agreeing Parties, receiving as reimbursement for their respective shares in the capital of Igel Participações S.A. and Avaré Participações 
  
 S.A., shares issued by The Company, and as a result together holding almost the whole
of its paid-up capital, represented by ordinary and preferred shares; 
  
 CONSIDERING that the shareholding above confers to the Agreeing Parties, jointly, the control power of The Company and, indirectly, the control power of Ultrapar; 
  
 CONSIDERING the convenience of maintaining a defined and stable controlling
shareholding block in The Company and in Ultrapar; 
  
 CONSIDERING that it is in the common interest of the Agreeing Parties to exercise, maintain and organise this shareholding control power; 
  

CONSIDERING the need to provide a legal basis among the Agreeing Parties for the establishment of a common and uniform procedure on issues that involve
their interests as direct controlling shareholders of The Company and their indirect control of Ultrapar; 
  

 4 

 CONSIDERING that, on the other hand, it is in the common interest of the Agreeing Parties to regulate the
purchase and sale of their respective shareholdings in the capital of The Company, envisaging the institution of a system of preferential purchase and sale, establishing liquidity in their shares and at the same time maintaining the majority
block of controlling shares intact, including the possibility of transferring shares to a third party; 
  
 CONSIDERING that it is recognised that the Agreeing Parties are in full accord that the management of Ultrapar and its subsidiaries must remain strictly professional, while maintaining a
relationship of trust between the shareholders and the executives; 
  
 CONSIDERING that, according to the best corporate governance practices, the members of the Board of Directors of Ultrapar, elected by The Company, will have the duty, acting independently, to guide the business of
The Company and represent all the Agreeing Parties without individual distinction; 
  
 CONSIDERING that the Agreeing Parties will direct the election of the board members who will represent them jointly at Ultrapar according to requirements of competence and experience; 

 
 CONSIDERING the concern of the Agreeing Parties to stimulate initiatives
consistent with the social responsibility stance of Ultrapar and its subsidiaries, in their relationships with internal and external communities; 
  
 CONSIDERING, throughout, that the Agreeing Parties intend to preserve the values of Ernesto and Pery Igel and the history of Ultrapar and its
subsidiaries, ensuring the continuity and success of its companies, overseeing the fulfilment of its social and corporate objectives, and observing the principles of ethics, democracy and transparency; 
  
 CONSIDERING that the Agreeing Parties understand that the current Agreement
might be refined, adapted and updated as new circumstances require this to be done, and stipulating an initial period of 5 (five) years for the agreement to remain in force; 
  

 5 

 Hereby resolve, in the finest legal manner, to consummate this Shareholders’ Agreement, which will be
regulated by the applicable legislation and by the clauses and conditions hereafter stipulated: 
  
 I - RELATED SHARES 
  

	1.1	This Agreement relates to all the common and preferred shares, subscription rights and securities convertible into shares, issued by The Company and owned by the Agreeing
Parties, and also to those shares, subscription rights and securities convertible into shares, issued by The Company, which may be acquired by the Agreeing Parties in the future, subsequently defined as Shares and Rights.

  
 II - EXERCISING THE VOTE OF THE AGREEING PARTIES, THE COMPANY
AND THE MEMBERS OF THE BOARD OF DIRECTORS OF ULTRAPAR ELECTED BY THE COMPANY 
  

	2.1	The Agreeing Parties will vote using their ordinary shareholdings, always together and in a united decision, at all of The Company’s General Shareholder Meetings,
conforming to the decisions reached at the respective Advance Meeting, respecting the quorum established in Chapter IV. 

  

	2.2	The Company, through its representative, will vote at the General Shareholder Meetings of Ultrapar, always and obligatorily according to the decisions reached at the
respective Advance Meeting of the shareholders of The Company, respecting the quorum established in Chapter IV. 

  

	2.3	The board members elected by the Agreeing Parties will vote at the board meetings of The Company and Ultrapar, on matters referred to in Clause 4.2, always and
obligatorily according to the decisions reached at the respective Advance Meeting of the shareholders of The Company. 

  
 III - CONVENING AND HOLDING OF ADVANCE MEETINGS OF GENERAL SHAREHOLDER MEETINGS AND MEETINGS OF THE BOARD OF DIRECTORS OF THE COMPANY AND OF ULTRAPAR 

 

	3.1	The Advance Meetings of shareholders of The Company will be held at the headquarters of The Company or in any other location stipulated in advance, before each
general shareholder meeting of The Company and Ultrapar, and also before meetings of the board of directors of Ultrapar. 

  

	3.2	The Agreeing Parties, at Advance Meetings of general shareholder meetings of The Company and Ultrapar, will establish their collective voting decision on
all matters relating to the respective meeting. 

  

	3.3	At Advance Meetings of the meetings of the board of directors of Ultrapar, the Agreeing Parties will make themselves acquainted with all the matters to be
debated therein. 

  

 6 

	3.4	The Advance Meeting shall be convened at an opportune and reasonable time by any of the Agreeing Parties, or by a member of the board of directors of Ultrapar
designated by The Company, by means of e-mail, fax, or any other means of written communication sent to the other parties, with a minimum prior notice of 5 (five) days. The convening notice must contain, in a clear and succinct manner,
all the matters to be discussed. 

  

	3.5	The Advance Meeting must be held with the presence of the Agreeing Parties who represent, at the minimum, an absolute majority of the common shares issue by The
Company. Agreeing Parties who participate in the meeting via any means of communication at a distance will also be considered to be present. 

  

	3.6	Each common share issued by The Company and owned by the Agreeing Parties will correspond to one vote in the decisions taken at the Advance Meetings.

  

	3.7	Approval of the management’s accounts, presented in the financial statements of The Company and Ultrapar, may not be carried out at Advance Meetings, this
being a decision pertaining to the respective ordinary general shareholders’ meetings. However, the financial statements of Ultrapar should be debated at the Advance Meetings before being voted on at the respective
shareholders’ meeting. 

  

	3.8	In the event of a general shareholders’ meeting of The Company or of Ultrapar being held, without a respective Advance Meeting, the Agreeing
Parties, the representative of The Company and the board members of Ultrapar elected by the Agreeing Parties, should appear at the respective meeting to vote exclusively for the suspension of work in progress at the meeting,
during the time necessary to hold an Advance Meeting. 

  
 IV - QUORUM REQUIRED FOR DECISION-MAKING AT ADVANCE MEETINGS 
  

	4.1	With the exception of those outlined in Clause 4.2 below, the decisions at the Advance Meetings will be made by Agreeing Parties who represent, at the minimum,
an absolute majority of the common shares issued by The Company. 

  

	4.2	The matters related below may only be debated at the respective Advance Meeting with the approval of the Agreeing Parties who represent at least 66% (sixty six percent) of
the common shares issued by The Company: 

  

	 	a)	changes to the bylaws of The Company and Ultrapar; 

  

	 	b)	the carrying out, by The Company or Ultrapar or by their subsidiaries, of business of whatever nature with their direct or indirect shareholders, which exceeds the
amount of 0.01% (one hundredth of one percent) of net worth; 

  

	 	c)	the creation, by The Company or by Ultrapar, of new classes of shares, or increase of shares of existing classes, or other rights, securities convertible or not
convertible into shares, other than that already envisaged or authorised in the respective bylaws; 

  

 7 

	 	d)	change to the rights pertaining to of classes of existing shares issued by The Company and Ultrapar; 

  

	 	e)	any merger, incorporation, or spin-off involving The Company and/or Ultrapar; 

  

	 	f)	the divestment of shares and rights issued by Ultrapar, and shares or securities of The Company, except in those cases covered by this Agreement;

  

	 	g)	the acquisition of assets by Ultrapar and its subsidiaries of a value exceeding 2 (two) times the consolidated EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortisation) of Ultrapar in the preceding year or 80% (eighty percent) of the net worth of Ultrapar in the preceding quarter, whichever of the two is the greater; 

  

	 	h)	the divestment of assets of Ultrapar and its subsidiaries for amounts in excess of the consolidated EBITDA (Earnings Before Interest, Tax, Appreciation and Amortisation) of
Ultrapar in the preceding year or 50% (fifty percent) of the net worth of Ultrapar in the preceding quarter, whichever of the two is the greater; 

  

	 	i)	transactions which raise the consolidated net debt (financial debt minus cash held and liquid investments) of Ultrapar to an amount greater than 2.5 (two and a half) times
the consolidated EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of Ultrapar in the preceding year ; 

  

	 	j)	the assumption of a new line of business for The Company or for Ultrapar or its subsidiaries, different in any significant extent from the company’s current
businesses; 

  
 V - ELECTION OF MEMBERS OF THE BOARD OF DIRECTORS
OF THE COMPANY 
  

	5.1	Each original Agreeing Party, signatory to this Agreement, will have the right to be elected as a member of the board of directors of The Company, a right that is not
transferable to the heirs or successors of any shares or securities. Christy Participações Ltda., as well as companies with Brazilian shareholdings that may be founded by the current Agreeing Parties, will each have the right to
elect a representative to the board of directors of The Company. In both cases, the right now established will remain in force provided the original Agreeing Party signatory, or the company in which he or she participates, retains at
least 2% (two per cent) of the voting capital of The Company. 

  
 VI - ELECTION OF THE MEMBERS REPRESENTING THE COMPANY ON THE BOARD OF DIRECTORS OF ULTRAPAR 
  

	6.1	Proposal of members of the board of Ultrapar, to be elected by The Company, will be deliberated on at an Advance Meeting convened and held in the manner set out
in Chapter III above, requiring the favorable vote of Agreeing Parties who represent at least 66% (sixty six percent) of the common shares issued by The Company. 

  

 8 

	6.2	If the necessary quorum outlined above is not achieved, each Agreeing Party with common shares issued by The Company, either separately or together, may present
a list with the members proposed, being obligatorily elected the members of the list presented that has the support of an absolute majority vote by the Agreeing Parties at the respective Advance Meeting. 

  
 VII - MEETINGS FOR THE PROVIDING OF INFORMATION IN RESPECT OF KEY MATTERS DISCUSSED BY THE
BOARD OF DIRECTORS OF ULTRAPAR 
  

	7.1	The Chairman of the Board of Directors of Ultrapar must convene the Agreeing Parties for a meeting either before or after any meeting of the board of directors
of Ultrapar, for the purpose of providing all the information requested and making available all the documents required, when the following matters are on the board meeting agenda: 

  

	 	a)	strategic plan and general directives; 

  

	 	b)	organizational structure; 

  

	 	c)	election of members to the Executive Board; 

  

	 	d)	evaluation of the performance of the Chief Executive Officer and the fixing of his or her salary; 

  

	 	e)	approval levels; 

  

	 	f)	human resources policy; 

  

	 	g)	dividend policy; 

  

	 	h)	hiring of auditors; 

  

	 	i)	other significant decisions, at the criteria of the board of directors. 

  
 VIII – RIGHT OF FIRST REFUSAL 
  

	8.1	In the event any Agreeing Party assigns, with or without consideration, directly or indirectly, all or part of their common and preferred shares issued by The Company
and rights subject to the agreement to which 

  

 9 

	 	 
he or she is a holder, the same Agreeing Party will be obliged to firstly offer his or her shares and rights, individually, to all the other
Agreeing Parties, in writing, by registered mail or by hand delivery requiring the signature of the recipient, stating the quantity, payment currency and price of the shares and rights offered. 

  

	8.2	The Agreeing Parties, informed of such intention to sell, will have up to 30 (thirty) consecutive days from the date on which the correspondence was received, to reply
in writing to the offering party, in respect of the offer. 

  

	8.3	Each Agreeing Party to whom the offer is being made shall exercise the right of first refusal of the shares and rights subject to the Agreement, allotted in proportion to the
percentage of the total capital of The Company that they hold at the date of the offer. In this way, the right of first refusal shall be exercised both in respect to the common shares and the preferred shares offered, independently of the
type or proportion of the common or preferred shares owned by the party receiving the offer. 

  

	8.4	In the event of there being a surplus of shares, due to the non-exercising of the right of first refusal over shares and rights subject to the Agreement, these shares will be
offered to the Agreeing Parties who have exercised their rights, according to the respective proportion of their shareholdings at the date of the offer, who will have up to 15 (fifteen) consecutive days to respond, so as to turn
effective the purchase of all the shares and rights offered. 

  

	8.5	The Agreeing Parties are not obliged to preferentially sell off any of their shares or rights subject to the Agreement if there is no interest on the part of the other
Agreeing Parties in purchasing the entire shareholding offered. 

  

	8.6	If there should be no interest on the part of the other Agreeing Parties in purchasing the shares and rights offered, the offering party may sell his or her holding to a
third party, or parties, within up to 180 (one hundred and eighty) days from the expiry of the time limit referred to above, provided that it is offered in its entirety, adhering rigorously to the same price, payment currency and all other
conditions preferentially offered to the Agreeing Parties. After the period of 180 (one hundred and eighty) days stipulated above has expired, the right of first refusal of the Agreeing Parties again comes into force, as outlined in
Chapter VIII. 

  

	8.7	Excluded from the restrictions in this present Chapter VIII are transfers of common or preferred shares or rights subject to the Agreement held by the Agreeing Parties
to their parents in direct line of ascent, descendents and spouses, and also to companies with a Brazilian shareholding, already existing or that may be founded by any Agreeing Party and his or her parents in direct line of ascent and
descendents, provided that it has the specific statutory purpose of holding a stake in the capital of The Company, with the obligation, through their legal representatives, without any restriction or reservation, to sign the present
legal instrument, the shares issued by The Company thereby remaining part of their estate and fully subject to this Agreement. 

  

 10 

 IX – ENCUMBRANCE OF SHARES 
  

	9.1	Save for any beneficial use and trusteeship arrangement constituted prior to the signing of the present Agreement in favor of parents in direct line of ascent,
descendents, or spouses, it is prohibited for any Agreeing Party, without the prior and express unanimous approval of the other parties to the Agreement, to constitute a pledge, fiduciary disposition, or any other tangible right of benefit,
or offer a guarantee, on the shares or rights subject to the Agreement, or to offer them as surety. 

  
 X – RIGHT OF JOINT SALE 
  

	10.1	Any Agreeing Party, having knowledge of any proposal by any other Agreeing Party or third party to buy a block of shares equal to or greater than 10% (ten percent) of
the total amount of shares and rights subject to the Agreement, must inform all the other Agreeing Parties, by registered mail or by hand delivery requiring the signature of the recipient, thus enabling them to participate jointly in this
sale, selling their holding in proportion to their shares subject to the Agreement, pro rata to the block of shares being acquired. 

  

	10.2	In the event that the block of shares or rights being sold represents the sale of control of The Company and, indirectly, the control of Ultrapar, any
Agreeing Party will have the right to sell all or part of his or her shares that are subject to the Agreement, and the acquiring third party shall also be obliged to acquire them, rigorously adhering to the same conditions, the same price and
in the same payment currency. 

  

	10.3	Agreeing Parties interested in exercising this right of joint sale of shares subject to the Agreement, provided for in Clause 10.1 and Clause 10.2 above, must advise the
selling and purchasing Agreeing Parties, by registered mail or by hand delivered requiring the signature of the recipient, with a copy to be sent to the other Agreeing Parties and to the management of The Company, within 30
(thirty) days of having knowledge of the transaction. 

  

	10.4	The sale to another Agreeing Party or third party of shares or rights subject to the Agreement, having a value equal or greater than 10% (ten percent) of the total amount of
shares and rights subject to the Agreement, or which represent the sale of control of The Company, shall only be effective through the simultaneous express declaration in writing by the purchaser of a commitment to also purchase, for the same
price, in the same currency of payment and under the same conditions, those shares of the other Agreeing Parties who wish to sell, in accordance with the terms of Clauses 10.1 and 10.2 herein. 

  
 XI – ADHERENCE TO THE AGREEMENT IN THE EVENT OF VOLUNTARY SALE 
  

	11.1	The validity of the sale to third parties of the shares and rights subject to the Agreement is conditional on this same purchasing third party adhering to the terms of this
Agreement, without exception or reserve, being automatically applied to the said party, his or her heirs and successors, irrevocably and unretractably. 

  
 XII – ADHERENCE TO THE AGREEMENT IN THE EVENT OF NON-VOLUNTARY SALE 
  

	12.1	In the event of a judicial transfer of shares issued by The Company, subject to the Agreement, including this resulting from an inventory or judicial separation,
divorce, long-term conjugal relationship or liaison, bankruptcy, liquidation, lien, public or private auction, the judicial acquirer is obliged to adhere, without reservation or exception, to all the terms of the current Agreement.

  

 11 

 XIII - SALE OF AN AGREEING PARTY HOLDING COMPANY – SPIN OFF 
  

	13.1	If any of the Agreeing Parties wishes to sell the control of his or her holding company, the sale of which involves the indirect transfer of shares and rights subject to the
Agreement, the said Agreeing Party will be obliged to spin off the said holding company, with the aim of transferring that part of the company’s assets corresponding to these shares and rights to another Brazilian holding company, in
which the Agreeing Party, his or her parents in direct line of ascent and descendants, will exclusively participate, the holding company having the specific purpose of holding a stake in the capital of The Company.

  

	13.2	The shares or quotas of the special-purpose holding company resulting from the spin-off will be subject to the same restrictions of sale, transfer, and encumbrance as the shares and
rights subject to the Agreement, established above. 

  
 XIV -
LIQUIDITY MECHANISM – EXCHANGE OF SHARES 
  

	14.1	The Agreeing Party may request the executive board of The Company to entire or partially exchange his or her shareholding in The Company, be they represented by common or preferred
shares, for preferred shares in Ultrapar. 

  

	14.2	The Agreeing Party will receive, in exchange, the amount of preferred shares issued by Ultrapar needed to secure directly the same stake in the capital of this latter company, in
terms of common and preferred shares that he or she indirectly held in the capital of Ultrapar through The Company, in the same proportion as the shares subject to exchange. Thus, as an example, if the exchanging party’s holding of
common and preferred shares in the capital of The Company were to be equivalent of an indirect stake in Ultrapar of 10% (ten percent), and the whole of his or her shareholding were to be exchanged, the exchanging party would receive preferred
shares, issued by Ultrapar which would secure a direct stake of 10% (ten percent) in the capital of the latter company. 

  

	14.3	To request this, the Agreeing Party must send the executive board of The Company a request for the exchange of his or her shares, either by registered mail or by the hand delivery
requiring the signature of the recipient, stating the number and class of shares to be exchanged. 

  

	14.4	The executive board has up to 5 (five) days from receiving the share exchange request defined in Clause 14.3 above, to send correspondence informing the requesting party and all the
Agreeing Parties, if the proposed exchange could result in: (i) a loss by The Company of majority control (51%) of the voting capital of Ultrapar; or (ii) violation of the percentage limit of preferred shares allowed as a
percentage of all the shares issued by The Company or by Ultrapar (2/3), according to the terms of the prevailing legislation. In both hypothetical cases, the exchange of shares would obligatorily be refused by the executive board.

  

 12 

	14.5	If implementing the exchange is feasible, The Company, upon due deliberation by its board of directors, must establish the most convenient method for acquiring the preferred
shares of Ultrapar, they being able to opt between: (a) converting The Company’s common shares issued by Ultrapar into preferred shares issued by Ultrapar; or (b) give Ultrapar preferred shares resulting from a
capital increase based on reserves or profits to Ultrapar shareholders. 

  

	14.6	The Agreeing Parties are obliged to take action to make Ultrapar adopt the statutory and administrative measures necessary to fulfill the terms contained in the
clauses above, in the most rapid manner possible, observing the legal minimum time limits and the respective terms of the respective company bylaws. 

  

	14.7	Having acquired the preferred shares issued by Ultrapar, The Company will exchange all the shares issued by it that are held by the Agreeing Party
carrying out the exchange. 

  

	14.8	The shares issued by The Company that are the subject of the exchange will be held in treasury, observing the legal limits, or cancelled or sold off, at the criteria
of the board of directors of The Company. 

  
 XV–VALIDITY AND SUCCESSION 
  

	15.1	The current Shareholders’ Agreement is valid from the date of signing, and becomes effective at the moment that the Agreeing Parties acquire direct ownership of
the shares issued by The Company, as a result of the winding up of Igel Participações S/A and Avaré Participações S/A. 

  

	15.2	This Agreement will be in force for 5 (five) years from the initial term stipulated in Clause 15.1 above, being renewable, by unanimous agreement, within The Company itself,
or in the event of the deliberate winding up of the same, in its most recent version, also by the unanimous agreement of the Agreeing Parties, within Ultrapar. 

  

	15.3	The current Agreement applies, in all its terms and conditions, to the heirs and successors of the Agreeing Parties. 

  
 XVI – SPECIFIC EXECUTION 
  

	16.1	Any non-fulfillment by the Agreeing Parties, their heirs and successors, of any of the obligations stipulated in this Agreement, will result in the specific execution of the
obligation to do so, declaring their willingness to do so through the procedure of self-regulation set out in paragraphs 8 and 9 of article 118 of Law 6,404, 1976, as well as the judicial execution set out in paragraph 3 of the same article 118 of
Law 6,404, 1976, and in articles 639 and 641, of the Code of Civil Procedure. 

  

	16.2	For the implementation of article 118 of Law 6,404, 1976, a copy of the current Agreement will, on the initiative of any of the Agreeing Parties, be filed at the head offices
of The Company and Ultrapar, which must rigorously observe all its terms. 

  

 13 

	16.3	The obligations resulting from this Agreement will be annotated in the books of The Company and Ultrapar by the financial institution charged with the task, these
annotations constituting an impediment to the carrying out of any corporate acts or business in violation of that agreed upon in this instrument, The Company and Ultrapar thus being legitimately authorized, in such an event, to refuse
to register such acts or business, and as a consequence, to refuse the transfer of ownership or title of any rights over the shares and rights encompassed in this covenant, as well as, in particular, the exercising of the voting right thereby
derived from them. 

  
 XVII – GENERAL PROVISIONS

  

	17.1	The current Agreement replaces and supplants, any other previous agreement signed by the Agreeing Parties in The Company. However, the terms of the shareholders’
agreement signed at Ultrapar by the Agreeing Parties, on 22 March 2000, which covers direct and indirect controlling shareholders, remaining wholly and fully in force. 

  

	17.2	The Agreeing Parties, from this date, may not sign any other shareholders’ agreement, either between themselves or with any future shareholders of The
Company or Ultrapar. 

  

	17.3	Any invalidation, annulment or inefficacy of any of the clauses in the current Agreement will not imply, ipso facto, invalidation, annulment or inefficacy of the others.

  

	17.4	The tolerance of any of the Agreeing Parties in regard to possible delays, on the part of the others, in fulfilling the obligations herein assumed will not imply any
new adjustment to the terms contained in this legal instrument, or renouncement of the rights empowered by them and thus attributed. 

  

	17.5	The current Agreement may only be altered through a written instrument, signed by all the Agreeing Parties; such change thus becoming an integral part of the current
Agreement, in the form of an annex. 

  

	17.6	The Agreeing Parties hereby commit themselves to ensuring that the resulting necessary changes are made to the bylaws of The Company and Ultrapar, as a result
of the consummation of this Agreement and its execution, throughout the period that it remains in force. 

  

	17.7	In the case of omissions, doubts, questions or conflicts between Agreeing Parties, these must be submitted to a single arbitrator, unanimously designated by the
Agreeing Parties, who will commit themselves to respecting, without restriction or reservation, the decision handed down by the arbitrator. 

  

	17.8	If the necessary unanimous agreement is not reached on the appointment of a single arbitrator, the issues arising will be determined by arbitration procedure carried out by the
Brazil-Canada Chamber of Commerce, according to the rules of that entity and the terms of Law 9,307, 1996. 

  

 14 

 Being thus duly in agreement, the Agreeing Parties hereby sign the 15 (fifteen) counterparts, of
identical content and form, of this agreement, in the presence of two undersigned witnesses. 
  
 São Paulo, September 22nd, 2004 
  
 (This page of signatures is an integral part of the Shareholders’
Agreement of Ultra S/A – Participações, dated this 22 day of September 2004.) 
  

	
	Agreeing Parties:
	
	 
	ANA MARIA LEVY VILLELA IGEL
	
	 
	FÁBIO IGEL
	
	 
	MÁRCIA IGEL JOPPERT
	
	 
	ROGÉRIO IGEL
	
	 
	JOYCE IGEL DE CASTRO ANDRADE
	
	 
	LUCIO DE CASTRO ANDRADE FILHO
	
	 
	PAULO GUILHERME AGUIAR CUNHA
	
	 
	FÁBIO SCHVARTSMAN
	
	 
	JOSÉ CARLOS GUIMARÃES DE ALMEIDA
	
	 
	PEDRO WONGTSCHOWSKI
	
	 
	CHRISTY PARTICIPAÇÕES LTDA

  

 15 

 (This page of signatures is an integral part of the Shareholders Agreement of Ultra S/A –
Participações, dated this 22 day of September 2004.) 
  
 represented by: 
  

	
	Consenting parties:
	
	 
	PATRÍCIA LOBO IGEL
	
	 
	ROBERTO LUIZ JOPPERT
	
	 
	MARIA TERESA IGEL
	
	 
	LEA REZENDE DE QUEIROZ CUNHA
	
	 
	MÔNICA BASTOS RENNÓ
	
	 
	MARIA CECÍLIA SALLES ANDRADE GUIMARÃES DE ALMEIDA
	
	Intervening parties:
	
	 
	 ULTRA S/A – PARTICIPAÇÕES
 represented by:

	
	 
	 ULTRAPAR PARTICIPAÇÕES S/A
 represented by:

  
  
  

									
	 Witnesses:
	 	 	 	 
					
	 1.
	 	 	 	 	 	 2.
	 	 
	 Name:
	 	 	 	 	 	 Name:
	 	 
	 RG:
	 	 	 	 	 	 RG:
	 	 
	 CPF/MF:
	 	 	 	 	 	 CPF/MF:
	 	 

  

 16

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