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 in services provided  Sales team training program  App for the costumer  6.1 thousand registered  162 thousand downloads  Close relationship with costumers salespersons

Expanding scale, geographical coverage and capillarity E-Vale Ultra synergies

Geographical footprint  Supermarkets as a sales  Loyalty program: KMV channel of LGP bottled 5.8 thousand resellers  Integrated store: Ultragaz and  ~800 thousand vouchers Extrafarma (CE) sold per year > 52 thousand  Vouchers sold in pharmacies customers in the bulk segment Bulk

 Digital intelligence in new clients prospecting Volume 1,760  Ultrapronto: 1/3 of time reduction in the installation process 550 1,242  ~1,000 new installations in the last twelve months

428  Diversification: solutions for different uses of LPG 1,210 Filling plants  Synergies among Ultra’s businesses: car wash at Ipiranga service 815 Satellite plants, affiliates and similar stations Geographical reach of Ultragaz network  Asphalt producers 1999 3Q17 LTM 12 Bottled Bulk Ultracargo – Strengthen port operations of bulk terminals

Competitive advantages

1 The largest provider 2 Operational excellence 3 Strategic Focus of storage for liquid  Flexibility  Increase scale bulk in Brazil  Expand geographical  Agility coverage  Quality

Positioning in strategic locations

 Storage capacity of 696 thousand m³ Port of Santos  Handling of liquid bulk ~8.2 ton LTM 28% of chemicals/corrosives  The largest handling port in Latin America  Presence in the main Brazilian ports 58% of fuels  Approximately 30% of Brazilian exports and imports

Port of Aratu Itaqui  Approximately 20% of all cargo handled in maritime modal in Suape Bahia  Serves the petrochemical Camaçari complex Aratu Rio de Janeiro Santos Port of Itaqui Paranaguá  Third largest Brazilian port in handling of liquid bulk, with approximately 15% share

Area of influence

Source: Brazilian Ministry of Foreign Trade and ABTL

13 Extrafarma – Initiatives in retail pharmacy management and accelerated stores opening

Network expansion in a market with high growth potential

High market growth – Revenues Aging population Expansion in 13 (August LTM) in millions of people > 60 years old North and

Northeast 92 Retail pharmacy 7.9% 60 19 regions 108 42 Books/newspapers/ 1.1% 35 10 12 magazines 30 29 5 24 2 Clothing 3.3% 20

Overall retail 2.3% 2010 2015 2020 2025 2030 Number of stores as of 15 Source: IBGE Sep/17 (366 stores)

Initiatives to raise stores quality standards

Launch of the new brand Category management

and new stores model Nail Polish

 Customer receptiveness

 Cost reduction OTC¹

 Partnership opportunities with the industry

¹ Over the Counter Medicines 14 Financial performance Ipiranga – 3Q17 performance

Sales volume resumes growth

000 m³ 000 m³ Economic indicators Otto cycle Diesel  Total volume: 2% growth to 2% 2% 3% 3% +2% 2% 2% 2% 2,814 +3% 2,762 3,156 6,059 thousand m³ in 3Q17 657 -10% 592 3,072  Otto cycle: growth supported by network 13.7% 13.6% 13.3% 13.0% 12.8% expansion and market share 12.6% 12.4% 2,040 +6% 2,159 recovery  Diesel: growth influenced by Mar/17 Apr/17 May/17 Jun/17 Jul/17 Aug/17 Sep/17 3Q16 3Q17 3Q16 3Q17 economic recovery

Unemployment D Average income - YoY Gasoline Ethanol NGV

Accelerating investments in the network expansion EBITDA

R$ million # Ipiranga service stations Expansion and strengthening of Higher sales volume the network - LTM 7,814 +21% Inventories’ effects due 7,743  420 service stations added (71 QoQ) to fuels costs’ volatility 954 7,648  297 new am/pm stores (42 QoQ) Higher expenses with 788 freights and association 7,563 in lubricants’ business  172 new bakeries (25 QoQ) Sign up to the Special  121 new beer caves (16 QoQ) Tax Renegotiation Program (PERT) 4Q16 1Q17 2Q17 3Q17 3Q16 3Q17 “Ask at the Ipiranga service station”

16 Oxiteno – 3Q17 performance

Record sales volume with growth in specialties and commodities

000 ton 000 ton Total volume Specialties  Brazil: distribution, automotive fluids +5% 211 and HPC segments 200 +2% 18% 169 173 15% +21%  International markets: increased 54 +1% 54 exports to the US due to the pre- marketing +2% 82% 85% 115 119 +3%  Glycols: volatility in product prices and demand 3Q16 3Q17 3Q16 3Q17 Specialties Glycols Brazil International markets

Stronger Real against the US Dollar and non-recurring events impacting EBITDA

Average exchange rate EBITDA (R$/US$) (R$ million) Higher sales volume

99 100 R$ 26 million impact from PKO 3.25 inventory loss and technical 71 26 3.16 problems during the restart of 37 Oleoquímica plant after 74 scheduled stoppage at the end 34 of 2Q17

3Q16 3Q17 3Q16 2Q17 3Q17 Stronger Real (R$ 0.08/US$) Reported EBITDA Non-recurring

17 Ultragaz – 3Q17 performance

Volume EBITDA

000 ton R$ million

+46% -1% 467 460 157

152 -6% 143 108

315 +1% 317

3Q16 3Q17 3Q16 3Q17

Bottled Bulk

Volume EBITDA  Bottled: investments to add new resellers  Commercial initiatives to capture new clients and resellers  Bulk: increased sales volume to industrial clients in 3Q16 and  Differentiation strategy based on innovation migration of some clients to natural gas  Management of costs and expenses 3Q16 - R$ 15 million in marketing expenses 3Q17 - reduction in freight costs and LPG bottles requalification and maintenance costs

18 Ultracargo – 3Q17 performance

Volume EBITDA

Effective storage 000 m³ R$ million (Monthly average) +72% +7% 40 729 683 23

3Q16 3Q17 3Q16 3Q17

Volume EBITDA

 Increased fuels handling in the ports of Suape, Itaqui and Santos  Growth in average storage

 Growth in vegetable oils handled at Paranaguá  Partial resumption of the operations at the Santos terminal  93% capacity utilization  Increased productivity

 Lower expenses related to the fire at Santos

19 Extrafarma – 3Q17 performance

Number of stores Gross revenue EBITDA

R$ million R$ million +25% 366 +16%

293 28% 501 +10% 51% 22% 43% 7 23% 433 6 21%

57% 49%

Sep/16 Sep/17 3Q16 3Q17 3Q16 3Q17

Up to 1 year Abrafarma Abrafarma 2 to 3 years Mature stores +7% +9%

Gross revenue EBITDA 18% revenue growth in the retail segment Revenues growth

 Increased number of stores: Initiatives to improve management standards in retail  88 openings YoY pharmacy  30 openings QoQ Better results from productivity and trade marketing  SSS: +7% (mature stores +4%, mature stores ex-mobile phones +6%) Increased share of still maturing stores:  Annual price adjustment set by the Regulator: +3% 3Q17: 51% up to 3 years (43% in 3Q16)

20 Ultrapar – 3Q17

Gradual recovery in economic activity and earnings growth

R$ million R$ million EBITDA Net income  Operating figures reflecting economic recovery +20% +46%  Continuous investments in Ipiranga’s 1,239 network expansion 1,029 556  Accelerated expansion pace of Extrafarma network with 30 new 380 stores in the quarter  Growth in EBITDA at all the businesses with the exception of Oxiteno, impacted by specific events 3Q16 3Q17 3Q16 3Q17

Strengthening and preparation of Ultra for a new growth cycle

Solid financial position and discipline in capital allocation:  R$ 1,511 million invested up to September 2017  Approval of R$ 355 million in additional investments to be allocated into Ipiranga’s network expansion and of R$ 123 million originally allocated for Ale’s CAPEX  Net debt/LTM EBITDA of 1.6x as of September 30, 2017

Opportunities: Organic: Ongoing expansion of Ipiranga, Ultragaz and Extrafarma’s networks and investments in the Oxiteno’s alkoxylation plant in the US Inorganic: acquisition of Liquigás under CADE’s analysis and creation of a new lubricants business with Chevron

21 Ultrapar – Solid financial profile

Debt breakdown(1) (%) – 3Q17 Debt amortization profile(R$mm) – 3Q17

Duration: 4 years Average cost of debt: 96.4% of CDI 3,4% 6,356

68,6% 31.4% 28,1% 3,064 2,955 2,747 2,149 1,309 898

Cash and Short term 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years > 5 years Local currency Foreing currency Without hedge With hedge Equivalents

Net Debt (R$ mm) and Net Debt/ EBITDA (x) - LTM Operational cash flow - LTM (R$mm) (2)

1.5x 1.2x 1.5x 1.3x 1.4x 1.4x 1.5x 1.6x 1.6x 2,557 2,306 1,979 1,819 1,858 1,640 1,486 6,767 5,659 5,902 5,838 5,715 6,286 6,216 1,227 4,928 5,506 1,253

3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Net Debt Net Debt/ EBITDA

(1) Does not include swap losses (2) Calculated as EBITDA - CAPEX - Change in Working Capital. Working capital includes short-term and long-term accounts receivable, inventories and suppliers 22 Priorities and recent strategic initiatives Priorities and recent strategic initiatives

Investments in expansion to boost earnings and profitability growth

Ipiranga  Expansion of service stations, am/pm and Jet Oil networks  Expansion of the logistics infrastructure  Focus on differentiation through diversification and innovation in products and services Strategic initiatives

Oxiteno  CADE’s authorization to create a joint venture with Chevron in the lubricants’ segment  Aspire leadership in surfactants in the Americas  International expansion – construction of the new alkoxylation plant in Pasadena, Texas (USA)

Ultragaz  Focus on differentiation initiatives, creating new niche markets and sales channels

Ultracargo  Resuming activities in the Santos terminal  Focus on the approval of Liquigás acquisition by  Focus on modernization of safety, reliability and integrity systems CADE  Expansion to strengthen position as port operator

Extrafarma  Retail pharmacy management: roll out of the new store model for the network  Faster stores opening pace

24 Liquigás – Overview

Liquigás figures (2016)

5 thousand resellers 23 bottling facilities

Volume sold: 1,600 thousand tons Market share  Bulk: 21% EBITDA of R$ 320 million  Bottled: 20%

25 million LPG bottles

Operational Financial

000 tons R$ million 22.7% 22.6% 22.5% 21.6% 1,662 1,668 1,653 1,600 3,9% 5,0% 6,5% 8,9% 405 410 398 383

3.589 2.899 2.978 3.296 1,251 1,263 1,255 1,218

320 113 148 214

2013 2014 2015 2016 2013 2014 2015 2016 Net income EBITDA EBITDA margin (%) Bottled Others Market share (%)

25 Accretive acquisition, generating benefits and value for the company

Enterprise Value: R$ 2.8 billion

 After-synergy multiple below 5x EV/EBITDA

Gross debt as of Dec/16: R$ 45 million STRUCTURE

Improve efficiency and competitiveness, producing benefits to consumers, resellers and to the society

 Efficiency gains in logistics, in administrative management and in operating practices, resulting in better services

Strengthen the company and the relationship with resellers through Ultra’s investment RATIONALE capacity

26 Strategic initiatives in Ipiranga

JV with Chevron in lubricants

Non cash transaction

2nd largest lubricants company in Brazil

23% market share 204 thousand m³ 145 thousand m³ 44% of the JV capital Sharing of best practices 56% of the JV capital

Optimization and increased capillarity of the sales channels New company

More diversified product portfolio

27 ULTRAPAR Ultrapar Participações S.A. Investor Relations  55 11 3177-7014 [email protected] ri.ultra.com.br