Ultrapar Participações S.A. January 2018 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.07

Financial performance...... p.14

Priorities and recent strategic initiatives...... p.22 Ultrapar – Multi-business company Ultrapar Financial highlights sep/17 R$ million 2014 2015 2016 • Engaged in specialized distribution and retail, specialty LTM chemicals and storage for liquid bulk Net revenue 67,736 75,655 77,353 77,519 ¹ % YoY 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 ¹ % YoY 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 Net debt 3,975 4,928 5,715 6,767 Net debt/EBITDA 1.3 1.2 1.4 1.6 • Best practices of corporate governance Market cap²: R$ 42 billion

• Strategy of differentiation and innovation Moody’s: Ba1 S&P: BB+

EBITDA³ contribution Shareholder structure

1% Key shareholders 4% Ipiranga Oxiteno Ultra S.A. Participações 22% 13% Ultragaz Standard Life Aberdeen PLC 8% 6% Ultracargo Parth do Brasil Participações Ltda 8% Extrafarma 75% BlackRock Inc. 5%

Others 57%

¹ Growth over the last 12 months ended September 30, 2016 ² As of September 30, 2017 4 ³ For the last 12 months ended September 30, 2017 Ultrapar – Multi-business company

 2nd largest fuel  Leader in specialty  Largest LPG  Largest provider of  Leadership position distributor in Brazil chemicals derived of distributor in Brazil storage for liquid in North and ethylene oxide in Latin  Network of 6 bulk in Brazil Northeast regions  7,814 service stations America thousand  6 terminals located in  366 stores in 11 independent resellers  Largest  12 production the main Brazilian different states ports convenience store facilities in 5 countries  11 million  2 distribution centers network in Brazil households attended  696 thousand m³ of  52 thousand storage capacity costumers in the bulk segment

Ultrapar is the 5th largest Brazilian group in terms of revenues¹ 16 thousand employees

¹Source: Valor 1000 2017 edition

5 Ultrapar – Corporate governance

Ultrapar corporate governance

1984/94 1999 2000 2002 2003 2007 2011 2014

• Company’s first • First Brazilian • First Brazilian • Compensation • Stock ownership • Separated roles • New corporate • Issuance of new and second stock company to be company to grant linked to program to of CEO and governance common shares ownership listed at B3 and 100% tag along economic value executives of the Chairman of the structure after as a result of the program NYSE rights to all added new generation Board of joining the Novo Extrafarma’s Mercado simultaneously shareholders 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 structure capacity Agile decision-making  Capital processes  People Long-term financial  Processes soundness

6 Ultrapar and strategy of its businesses Ipiranga – Continuous investments in the network and distribution infrastructure

Nationwide presence # of service stations and potential market for network expansion

N/MW/NE 7,814 Deep market 2017 = 28% 7,563 7,230 analysis 2007 = 0% 7,056 6,725 6,460 6,086 5,499 5,662 + Unbranded service stations Execution > 17 thousand capability 3,276 3,469 service stations across Brazil¹ = S/SE Optimization 2017 = 72% of network 2007 = 100% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sep/17 expansion % of Ipiranga stations ¹ Amounts for 2016 Scale, operational excellence and expansion of the company

CAPEX EBITDA 74 logistics facilities* across Brazil 134

1,327 ~ R$ 700 million CAPEX for expansion and construction of storage 3,104 $ terminals since 2011 61 591 3 million m³ handled per month 1,330 > 4,000 daily deliveries

735 thousand m³ capacity – +9% CAGR (2011-16) 2011 Sep/17 LTM 2011 Sep/17 LTM EBITDA (R$ million) Under construction/expansion: +30 thousand m³ Capex (R$ million) Margin EBITDA (R$/m³)

8 *28 owned, 25 pooled storage terminals and 21 leased storage in third parties Ipiranga – Diversification in products and services offered

“A complete service station waiting for you” am/pm – the largest convenience store network in Brazil 2009-2011 4th largest • KM de Vantagens: > 25 million members franchise network Top 20 largest in Brazil according franchisee networks based on sales • Eco-efficient service stations: > 1,000 stations to the ABF Ranking 2016 according to Abras Ranking 2016 • Bakeries: approximately 800 bakeries

 Model still incipient in Brazil compared with other countries

2012-2015  Consumers increasingly seeking convenient solutions • ConectCar  The am/pm + service station combination increases fuel sales by 15% to 20% • Virtual service station am/pm: 2,301 stores penetration: 29% • Beer Cave: > 400 units

• am/pm Supply: 4 DCs The strongest brand in the fuel market¹

• JetOil Digital  Relationship with resellers and final costumers

• Clube do Milhão

2016-2017 • Clube VIP

• New concepts for am/pm (Super Store e “Estação”) • Ipiranga’s Convention

• New products launches (DT Clean e Octapro)  Marketing campaigns

• Connected Station: > 500 stations with electronic • “Ask at the Ipiranga’s service station” panels and > 600 with beacons • Marketing plan • “Abastece Aí” app: > 1 million downloads ¹ Source: Valor Econômico, January 18, 2016 (CVA Solutions consultants)

As of Sep/17 9 Oxiteno – Investments in innovation and internacional expansion

Leadership position  Sole producer of ethylene oxide in Brazil and oleo-chemicals in Latin America Sales mix

 Deep knowledge of surfactants technology 18%

 Scale comparable to the largest players in the world Specialties 3Q17 • 3th largest ethoxylation company in the world Glycols

• Camaçari unit: one of the world’s largest ethylene oxide production units 82%

 Current capacity allows growth in Brazil without significant new investments

Segments of operation USA Investments

Cosmetics Detergents Oil  The largest ethoxylates market in the world

 Access to ethylene oxide derived from natural gas, more competitive than naphtha

 Texas: 30% of the total US refinery capacity and 40% of the petrochemical output

 A state with an excellent logistics infrastructure Hydraulic fluids Agrochemicals Coatings • Annual production capacity: 120 kton • Start up in operations: 1st quarter of 2018

10 Ultragaz – 80 years of constant evolution

Innovation and investment in technology increase productivity and the services portfolio

 Mature but highly dynamic market Uses for LPG still not permitted in Brazil Growth  Constantly renewing company opportunities

 Use of digitalization for future growth Delivery Generators Water pumps trucks Sauna • In the relationship with the end consumer: greater customer satisfaction and loyalty

• In internal processes: greater responsiveness and productivity Swimming Vehicles Car wash water pool heaters • Through the combination of data to maximize opportunities pressurizer

Bottled Expanding scale, geographical coverage and capillarity

Volume (tons) 1,760  ~ 6,000 resellers in 2017 550  Training of more than 500 resellers 1,242

428 Bulk 1,210 815

1999 Sep/17 LTM Filling plants

 New uses of LPG: > 400 clients and additional 7.5 kton in Bottled Bulk Satellite plants, affiliates and similar 2017 Geographical reach of Ultragaz network

11 Ultracargo – Strengthening of port operations

 The largest provider of storage for liquid bulk in Brazil

 Operational excellence: flexibility, agility and quality Itaqui  Storage capacity of 696 thousand m³ Suape 28% of chemicals/corrosives  Handling of 8.2 M ton of liquid bulk in 3Q17 LTM 58% of fuels Aratu

Positioning in strategic locations Rio de Janeiro Santos Aratu Suape Santos Paranaguá  Capacity: 219 thousand m³  Capacity: 218 thousand m³  Capacity: 158 thousand m³

 Products handled:  Products handled:  Products handled: chemicals, corrosives, chemicals, petrochemicals, chemicals, petrochemicals, Area of influence of ports where Ultracargo has operations lubricants, fuels and vegetable fuels/biofuels, ethanol and fuels/biofuels, ethanol and oils vegetable oils vegetable oils

Area: 183.9 thousand m² Area: 94.5 thousand m²  Area: 78.1mil m²

Potential for ~30% Itaqui Paranaguá Rio de Janeiro increase in capacity over  Capacity: 55 thousand m³  Capacity: 28 thousand m³  Capacity: 17 thousand m³ the next 3 years  Products handled:  Products handled:  Products handled: caustic chemicals, petrochemicals, vegetable oils, chemicals and soda and lubricants corrosives fuels/biofuels, ethanol and  Area: 10.9 thousand m² vegetable oils  Area: 26.9 thousand m²  Area: 52.9 thousand m²

12 Extrafarma – Accelerated expansion and initiatives in retail pharmacy management

Extrafarma in Brazil 366 • Leader in Pará, Maranhão and Amapá drugstores (Sep/17) • Vice leader in Ceará

• Densification in Rio Grande do Norte and 88 openings LTM Piauí

• Recent debuts in the states of Pernambuco, Bahia, Paraíba, Tocantins and São Paulo Presence in 11 states • 2 distribution centers (Pará and Ceará)

Gross store openings (LTM) and number of stores Initiatives to raise stores quality standards 366 Rebranding and Iniciatives for category management (examples) revitalization of stores 341 OTC medicines Nail polish 88 321 315 78 76 293 71 280 261 60 254 244 52

40 37 36 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Large share of still maturing stores Short-term: curbs EBITDA margin

Significant and accelerated Long-term: significant revenue growth with large impact on operational leverage and growing EBITDA margin expansion of the drugstore network 13 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 Inventories’ effects due +21% 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’s service station”

15 Oxiteno – 3Q17 performance

Record sales volume with growth in specialties and commodities

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

100 3.25 99 R$ 26 million impact from PKO 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

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

16 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

17 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

18 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)

19 Ultrapar – 3Q17

Gradual recovery in economic activity and earnings growth

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

20 Ultrapar – Solid financial profile

Debt breakdown¹ (%) – 3Q17 Debt amortization profile (R$ million) – 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$ million) and Net Debt/ EBITDA (x) - LTM Operational cash flow - LTM (R$ million)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 21 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 Strategic initiatives  Focus on differentiation through diversification and innovation in products and services  CADE’s authorization to create a joint venture with Chevron in the lubricants’ segment Oxiteno  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  Focus on the approval of Liquigás acquisition by  Resuming activities in the Santos terminal CADE  Focus on modernization of safety, reliability and integrity systems  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

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