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Ultrapar Participações S.A. November 2017 Considerations

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Ultrapar Participações S.A. November 2017 Considerations Ultrapar Participações S.A. November 2017 Considerations Forward-looking statements This document may include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Investors are cautioned that such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of Ultrapar Participações S.A. (“Ultrapar”) are based on current expectations that are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Ultrapar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. For this reason, readers should not place undue emphasis on these forward-looking statements. Standards and criteria adopted in preparing the information The financial information presented in this document has been prepared according to International Financial Reporting Standards (IFRS). The financial information of Ultrapar corresponds to the company’s consolidated information. The financial information of Ipiranga, Oxiteno, Ultragaz, Ultracargo and Extrafarma is reported without elimination of intercompany transactions. Therefore, the sum of such information may not correspond to the consolidated financial information of Ultrapar. In addition, the financial and operational information presented in this document is subject to rounding off and, consequently, the total amounts presented in the tables and charts may differ from the direct sum of the amounts that precede them. EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization, and EBIT— Earnings Before Interest and Taxes, are presented in accordance with CVM Instruction No. 527, issued by CVM on October 4, 2012. Agenda Ultrapar and strategy of its businesses...........................................................................p.08 Financial performance.......................................................................................................p.15 Priorities and recent strategic initiatives........................................................................p.23 Ultrapar – Multi-business company Ultrapar at a Glance Financial Highlights 3Q17 • Ultrapar is one of the largest corporations in Brazil (R$mm) 2014 2015 2016 LTM • Engaged in specialized distribution and retail, specialty Net Revenue 67,736 75,655 77,353 77,519 chemicals and liquid bulk storage (3) YoY Growth (%) 11.2% 11.7% 2.2% -1.7% • Leadership position in its markets, with long-term EBITDA 3,158 3,953 4,217 4,118 competitive advantages (3) YoY Growth (%) 8.2% 25.2% 6.7% -3.6% • Businesses leveraged on the economic growth and Net Income 1,251 1,513 1,571 1,609 resilient to economic downturns Net Debt 3,975 4,928 5,715 6,767 • Best practices of corporate governance Net Debt/EBITDA 1.3x 1.3x 1.4x 1.6x • Strategy of differentiation and innovation Operating Segments Shareholder Structure (2) EBITDA Contribution Ba1 Market Cap(1): 4%1% R$42Bn BB+ 13% Key Shareholders % 6% Ultra S.A. Participações 22% Standard Life Aberdeen 8% Parth do Brasil Participações Ltda 8% 76% Black Rock Inc. 5% Others 57% (1) As of September 30, 2017 (2) For the last twelve months ended September 30, 2017 (3) Growth over 3Q16LTM 4 Ultrapar – Multi-business company 2nd largest fuel Leader in The largest LPG The largest Sixth largest distributor in specialty distributor in provider of drugstore chain Brazil chemicals Brazil storage for in Brazil derived from liquid bulk in Network of 6 366 stores in 11 7,814 service ethylene oxide Brazil thousand different states stations in Latin America independent 6 terminals resellers 2 distribution located in the Largest 12 production centers 11 million convenience facilities in 5 main Brazilian households store network countries ports Leadership in attended NO and NE in Brazil 696 thousand regions 52 thousand m³ of storage customers in the capacity bulk segment Ultrapar is the 5th largest Brazilian group in terms of revenues¹ 16 thousand employees Market capitalization of R$ 42 billion ¹ Source: Valor 1000 2017 edition 5 Ultrapar – Investments were leveraged by the attributes of our businesses Resilient businesses Leveraged on Differentiation the Brazilian through economic innovation growth Markets under consolidation Synergies and among the formalization businesses process Corporate governance designed to sustainable value creation 6 Ultrapar – Corporate governance Ultrapar Corporate Governance 1984/94 1999 2000 2002 2003 2007 2011 2014 • • First Brazilian • First Brazilian Company’s first • Compensation • Stock ownership • Separated roles • New corporate • Issuance of new company to be company to and second linked to program to of CEO and governance common shares listed at B3 and grant 100% tag stock ownership economic value executives of the Chairman of the structure after as a result of the NYSE along rights to joining the Novo program added new generation Board of Extrafarma’s simultaneously all shareholders Mercado Directors Merger • Corporate • Ultrapar restructuring becomes a corporation Corporate Governance designed to value creation Alignment of interests Track record of prospecting, analyzing and executing Accountability Continuous process High standards of controls and Engagement of the Company transparency Lean management Strong investment capacity structure Agile decision- Capital making processes People Long-term financial Processes soundness 7 Ultrapar and strategy of its businesses Ipiranga – Constant investments in the service station network and logistics infrastructure Investments to capture the market growth potential, ...resulted in the company’s growth focused on N/MW/NE regions… % of unbranded service Car penetration by country 1 Investment in the network and logistics infrastructure stations vs. Ipiranga’s (as a % of population) 41% 83% 29% 63% 1,327 59% 23% CAGR 15% 32% 13% 29% 591 20% 2011 3Q17 LTM N/MW/NE S/SE Brazil US Japan United Mexico Argentina Growth in the number of service stations and sales mix Kingdom 2 Ipiranga 76% Unbranded service stations 70% 14,000 (34%) service stations in Brazil, 27% of total sales volume 7,814 6,086 # stations CAGR Source: Sindicom’s 2016 Annual Report and ANFAVEA’s 2017 Annual Report Sales volume in the # stations 4% reseller segment ...and on the expansion of the logistics infrastructure 2011 3Q17 LTM 3 EBITDA and EBITDA margin 134 83 logistics facilities* across Brazil 61 CAGR margin 15% 3,104 EBITDA (R$ M) R$ 712 million CAPEX for 1,330 EBITDA margin (R$/m³) expansion and construction CAGR EBITDA 16% of terminals since 2011 2011 3Q17 LTM 4 Future inorganic growth: JV with Chevron in lubricants * 54 owned terminals and pools 9 Ipiranga – Differentiation in convenience and services Diversification of products and services at Ipiranga service stations, with constant innovation 2,301stores Reduced 774 bakeries Brazil’s largest loyalty environmental JV with Itaú 1,434 franchises impacts and costs 431 Beer Cave program 4 DCs in operation ~24 million members 1 million tags 247 Jet Oil Motos 1,193 stations As of Sep/17 The strongest brand in the fuel market¹ Convenience stores penetration Relationship with resellers and final customers 26 37 5 12 3 7 7 4 Clube do Milhão Incentive 95% programs 88% 90% Clube VIP 81% 75% Km de Vantagens, loyalty program 60% Marketing campaigns 29% 30% “Ask at the Ipiranga’s service station” 19% Marketing plan Brazil Chile Canada Argentina US United Uruguay Australia Kingdom Novelties Stores/Service station Thousand people/store “Abastece Aí” app am/pm is the largest convenience store network in Brazil present in 29% DT Clean premium gasoline of Ipiranga’s service stations ¹Source: Valor Econômico, January, 18, 2016 (CVA Solutions consultants) Source: Sindicom’s 2016 Annual Report 10 Oxiteno – Investments in innovation and international expansion to strengthen the company Leadership position Strategy Sole producer of ethylene oxide in Brazil and oleo- chemicals in Differentiation in technology and innovation Latin America, with production capacity ahead of domestic ~ 90 new products launched in the last 3 years demand 4 R&D centers Deep knowledge of surfactants technology Strong production capacity expansion cycle made between 2007 and 2011 Scale comparable to the largest players in the world Focus on higher value-added products 3rd largest ethoxylation company in the world Camaçari unit: one of the world’s largest producer of ethylene Sales Mix 18% oxide 3Q17 Wide presence in several Specialties 82% segments of the economy Glycols Investments in the U.S. Diversification of feedstock base More competitive costs Access to the world’s largest ethoxylates market Beginning of pre-marketing sales After ramp up: 10-15% of Oxiteno’s EBITDA 11 Ultragaz – Differentiation through commercial initiatives Focus on services differentiation, boosted by Ultra 79 years of tradition and commitment to the market partnerships Bottled Pioneer in the Brazilian LPG market UltraTop Ultragaz Connect Excellence
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