ULTRAPETROL (Bahamas) Limited

Smart Rivers 2011 Presentation

“Long-term prospects of the Hidrovia Region in

New Orleans, LA September 15, 2011 Forward Looking Statements & EBITDA

Our disclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘estimates,’’ ‘‘projects,’’ ‘‘forecasts,’’ ‘‘will,’’ ‘‘may,’’ ‘‘should,’’ and similar expressions are forward-looking statements. Although these statements are based upon assumptions we believe to be reasonable based upon available information, including projections of revenues, operating margins, earnings, cash flow, working capital, and capital expenditures, they are subject to risks and uncertainties. These forward-looking statements represent our estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. As a result, you should not place undue reliance on any forward-looking statements. We assume no obligation to update any forward-looking statements to reflect actual results, changes in assumptions or changes in other factors, except as required by applicable securities laws.

Factors that might cause future results to differ include, but are not limited to, the following: – unexpected future operating or financial results – delays or increased costs in pending or recent acquisitions, deviations from our business strategy or unexpected increases in capital spending or operating expenses, including drydocking and insurance costs – changes in general market conditions and trends, including charter rates, vessel values, and factors affecting vessel supply and demand – our ability to obtain additional financing – changes in our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities – deviations from our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or vessels’ useful lives – delays or defaults by our contract counter-parties in performing their obligations to us – loss of one or more key members of our management team – changes in governmental rules and regulations or actions taken by regulatory authorities – adverse weather conditions that can affect production of the goods we transport and navigability of the river system – the highly competitive nature of the oceangoing transportation industry – the loss of one or more key customers – unexpected fluctuations in foreign exchange rates and devaluations – liabilities from future litigation – other factors discussed in the section titled ‘‘Risk factors” in our annual report on form 20-F for the year ended December 31, 2010 – Adjusted EBITDA consists of net income (loss) prior to deductions for interest expense and other financial gains and losses related to the financing of the Company, income taxes, depreciation of vessels and equipment and amortization of drydock expense, intangible assets, financial gain (loss) on extinguishment of debt and a premium paid for redemption of preferred shares. We have provided Adjusted EBITDA in this report because we use it to, and believe it provides useful information to investors to evaluate our ability to incur and service indebtedness. We do not intend for Adjusted EBITDA to represent cash flows from operations, as defined by GAAP (on the date of calculation) and it should not be considered as an alternative to measure our liquidity. This definition of Adjusted EBITDA may not be comparable to similarly titled measures disclosed by other companies. Generally, funds represented by Adjusted EBITDA are available for management’s discretionary use. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of our results as reported.

2 Hidrovia Waterway System – Navigation

 Navigation in this river started in the 16 th century

 Commercial navigation in the Hidrovia picked up momentum as of the second half of the 19 th century

Jesuitical Map 1667 3 Hidrovia Waterway System – Geography

 Flowing through Argentina, , Bolivia, Paraguay and Uruguay, the Hidrovia system is comprised by the Paraguay, Paraná and Uruguay rivers  From Mato Grosso do Norte (Brazil) to Nueva Palmira (Uruguay)

 These rivers are the main transportation arteries in the region, vital

for the development of mass production of bulk commodities Corumbá

 In 1992, Argentina, Brazil, Bolivia, Paraguay and Uruguay signed the Seasonal effect Hidrovia Treaty where the conditions for the utilization of the waterway were established

 The vast majority of the cargo carried through this river system is transshipped for export at the southern end

GUYANA VENEZUELA SURINAME FRENCH GUIANA

ECUADOR

PERU BRAZIL

BOLIVIA

PARAGUAY

URUGUAY CHILE

ARGENTINA

4 Hidrovia Waterway System – Navigation (cont’d)

Puerto Ladario – Paraguay River 6,00

5,00

4,00

3,00

1998 1999 2,00 2000 2001 2002 2003 2004 2005 1,00 Mediana 2006 2007 2008 2009 2010 0,00

Asunción: Paraguay River Annual Levels (1911-2007) (1)

 Most of the river system is navigable (at full load) year-round except in the Upper Paraguay river (north of Maximum Asuncion) where the dry season between October and February Average Water levels (Incm) levels Water Minimum

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(1) Source: “Estudio del Sistema de Transporte Fluvial de Granos y Productos Procesados en la Hidrovia Paraguay-Paraná”, CSI Ingenieros – July 2010 Hidrovia Waterway System – Comparable to Mississippi River

Hidrovia Region Mississippi River Region

BOLIVIA

 Commodities flowing through Corumba Wisconsin UABL Brazil BRAZIL the system include BRAZIL Minnesota

 Dry Cargo: Soybean and PARAGUAY soybean derivatives, B Asunción Iowa wheat, iron ore, maize, UABL Paraguay manganese ore, clinker, Illinois D Tres Fronteras cement, coal, cotton Wanda Dos Fronteras Missouri sunflower, forest San Gotardo Kentucky products, etc C Tennessee  Liquid Cargo: Petroleum and petroleum Arkansas A derivatives, vegetable oils, etc ARGENTINA A 42 Barge Limit Mississippi URUGUAY B 16 / 20 Barge Limit Louisiana

Buenos Aires C 16 / 20 Barge Limit UABL Argentina D 6 Barge Limit Number of Barges: ~1,900 Number of Barges (1) : ~21,000

Differences with Mississippi River System  No buoys or navigational signals, no dredges or maintenance vs. highly developed Mississippi River System

 No locks in Hidrovia  Over 200 locks in Mississippi River System

 Jumbo size barges of 2,500 tons versus Mississippi size barges of 1,500 tons

 The number of ports throughout the Mississippi system relative to those in the Hidrovia are approximately 2.5x 6

(1) Source: ACL 10-K filed on March 10, 2010. Hidrovia Waterway System – Road and Railway System

Between Rosario and Confluencia the road and railway systems are significantly developed

Confluencia Paraguay River (North of Asunción) shows no development in infrastructure

Rosario Asunción

7 Hidrovia Waterway System – Ton movement and Production

 The Hidrovia region is currently estimated to increase its loadings by 1.0 million tons a year  Over the last 10 years, both seeded area and production for soybean has had a Compounded Annual Growth Rate of approximately 9% Paraguayan Seeded Area & Production (1) 9 8,3 8 Seeded Area Production 6,9 7,2 7 5,9 6 5 4,5 3,9 4,0 4,0 4 3,5 3,5 3,6 3,0 3,0 2,9 2,8 2,7 2,6 2,7 2,8 3 2,2 2,4 2,4 2,4 1,8 1,9 2,0 2 1,6 1,4 1,4 1,6 1,0 1,0 1,1 1,1 1,0 1,1 1,2 1,2 1,2 0,6 Million Hectares MillionHectares & Tons 1 0,4 0,6 0

Hidrovia Regional Iron Ore Production (2) 7 6,0 6

5 4,6 4,2 4,4 4 3,5

3 2,3 1,8 1,9 2 1,6 1,3 1,1 1 Production(In Million Tons) 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 8 (1) Source: USDA Foreign Agricultural Service – Updated August 3, 2011 (2) Industry Sources Hidrovia Waterway System

The Challenges

1. To find a solution for an efficient transportation system that can serve the entire region taking into account the physical and political barriers of the region

2. To create a business model that optimizes transportation solutions, reduces costs and is able to grow in parallel with demand on a sustainable basis

3. Sustainability of the business model as the basic element of long- term growth

9 Integrated River Business Model

Re-engining to average 30% increase in power – Heavy fuel engines instead of Diesel  Lowest Pushboats fuel cost per ton achievable

Inland Transshipment Load Ports Fleet Logistics Sustainable pricing  Export Freights adjust for fuel increases / decreases and costs but otherwise the company keeps pricing at a level that does not create incentives for excess capacity Barges

 Ramallo repair facility   2010 New Building Yard  Largest in the River System Fully automated and the most modern in South America  2 Floating drydocks  Currently producing 2 jumbo  16 slots for major repairs 2,500 ton barges per week 10 3 Fronteras Terminal

11 2 Fronteras Terminal

12 Zonda I, 8,300 HP heavy-fuel pushboat

13 42-barge tow Ramallo repair facility Punta Alvear barge-building facility Robotic Welding Gantry Alianza G2 Transshipment Station Typical Cargo Mix and Market Share

Our Average Typical Cargo Mix (1) UABL’s Market Share (2)

Petroleum Other Products 10% UABL 13% 33% Others (15+) 44%

Iron Ore 13% Soybean 64%

Competitor A 13% Competitor B 10%

 UABL Market Leader  Market share and fleet capacity allows for a hub system (as opposed to dedicated convoys) and certain control over market conditions

 Primary focus on soybean and soybean derivatives  Relative stronger margin versus Iron Ore and other commodities except petroleum products

19 (1) Average for 2010, 2009 and 2008 (2) Source: Doll Shipping Consultancy as of 9/30/10 Built a barge-building facility to satisfy future needs

 As of June 30, 2011, total static capacity was approximately 1.1 million dwt  In order to ensure the static capacity required to keep up with future transport demand in the river, the Company has scaled up the production rate of Punta Alvear yard to 2 barges per week  Capacity to produce 3 barges per week by way of implementing additional shifts

Pro-Forma Static Capacity Potential Growth (1)

3.500.000

3.000.000 2.867.032

2.500.000 2.282.032

2.000.000 130.000 1.697.032 130.000 130.000 1.500.000 130.000 65.000 1.112.032 1.000.000

500.000

- 30-Jun-11 2H 2011 2012 2013 2014 2015 Total 1 Shift Total 2 ShiftsTotal 3 Shifts

By December 31, 2015

Building jumbo-sized barges estimated to be 40% cheaper than alternative cost of acquiring barges 20 Re-engining Program will bring significant cost cuts

Re-engining program:  Contracted to acquire 25 new engines 75% of our line  4 pushboats already re-engined and balance to be ready progressively by pushboats to be mid 2013 re-engined as part of our  Will change cost structure of the business program  Heavy Fuel – Diesel price gap is widening (~$289/MT)  Potential annual savings of $17.5 million Potential Annual Fuel Savings per Heavy Fuel / Diesel price gap When re-engining program is completed 30 27,3 25,8 24,3 25 22,8 21,2 19,7 20 18,2 16,7 15,2 13,7 15 12,1 10,6 9,1 10

5 Savings (In (In (In $$ Millions) Millions) Savings Savings Heavy Fuel / Diesel - price gap 150 175 200 225 250 275 300 325 350 375 400 425 450 contemplated in original investment $180 / MT $289 / MT Price Gap (In $ / MT) decision Fuel Oil / Diesel price gap as of July 18, 2011, was $289 (1) / MT, which equivalent to a $17.5 million saving per year 21

(1) BunkerWorld: Spot gap between IFO 380 and Diesel in Singapore as of July 18, 2011 General Company Updates

Ultrapetrol has laid the foundation of its future growth with a 5-year investment plan

CAPEX Plan:

 Ultrapetrol has invested (and is continuing to invest) approximately $550 million over the last 5 years (2007-2011)

Historical Consolidated CAPEX 200 180,6 180 160 135,9 140 120 100 90,1 89,4 82,0 80 68,2 In $ $ Millions In 60 40 20 0 2007 2008 2009 2010 2011 (P) 2012 (P)

22 Long-term opportunities

5 years from now?

 Ultrapetrol / UABL will have tripled its carrying capacity through fleet expansion and increased power  lowest operational cost per ton

 Consuming heavy fuel  Lowest fuel cost per ton

 We intend to build 6 ports for loading / discharging bulk cargoes (agriproducts + minerals)  Consolidate the lowest cost for logistics

 Maintain pricing at a level that does not create incentives for excess capacity  Maintain market leadership on a sustainable basis

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