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SAO PAULO, Brazil, May 14 /PRNewswire-FirstCall/ -- Ultrapar Participacoes S.A. (BOVESPA: UGPA4 / NYSE: UGP), a company engaged in the distribution of fuels (Ultragaz/Ipiranga), the production of chemicals (Oxiteno), as well as integrated solutions for special bulk cargo (Ultracargo), hereby reports its results for the first quarter of 2008.

In the beginning of this year we have carried out the segregation and handover of the Petrochemical and Northern Distribution assets to Braskem and Petrobras. Concurrently, we have continued our investments in the expansion of the company and in the implementation of our business plan at Ipiranga, aiming at obtaining benefits through increased volume and economies of scale.

  - Ipiranga sales volume increased 5.5%, Oxiteno's specialty chemicals
    sales volume increased 11.8%, average storage volumes at Ultracargo
    increased 14.1% comparing to 1Q07

  - Ultrapar's EBITDA amounted to R$ 223 million in 1Q08, up 93% on 1Q07

  - Net earnings at Ultrapar amounted to R$ 90 million in 1Q08, up 142% on
    1Q07

  - Average daily trading volume in Ultrapar's shares amounted to
    R$ 32 million in 1Q08, A 218% increase on 1Q07

"A year on from the acquisition of the control of Ipiranga, we have successfully concluded the segregation and handover of the Petrochemical and Northern Distribution Assets with the receipt of respective payments from Braskem and Petrobras. In parallel, we have continued our work on the expansion of the company through the investment in additional production capacity, particularly at Oxiteno. Having re-established the financial position we had before the acquisition, we will continue to focus on the sustainable growth of all our businesses, also seeking to exploit opportunities arising from the favourable moment of the Brazilian economy." Pedro Wongtschowski - CEO.

  Results Conference Calls

  National Conference Call
  Date: May 16, 2008
  10:00 am (local time)
  Telephone for connection: 55 11 2188-0188
  Code: Ultrapar

  International Conference Call
  Date: May 16, 2008
  12:00 midday (local time)
  Participants in Brazil: 0-800-891-9722
  Participants in US: 1-800-418-6854
  International: Participants 1 (973) 935-8893
  Code: 43826483

  Ultrapar Participacoes S.A.
  UGPA4 = R$ 61.70/ share
  UGP = US$ 34.47/ ADR
  (03/31/08)

  Contact:
  Renato Galotti Pereira
  55 11 3177-6595