Ultrapar Participações S.A. (NYSE:UGP) Q4 2019 Earnings Conference Call February 20, 2020 10:30 AM ET Company Participants Fred Curado – Chief Executive Officer Andre Pires – Chief Financial and Investor Relations Officer Conference Call Participants Frank McGann – BofA Merrill Lynch Pedro Soares – BTG Pactual Julia Park – UBS Operator Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to Ultrapar's Fourth Quarter 2019 Results Conference call. There is also a simultaneous we ...

Ultrapar Participações S.A. Earnings Conference Call – 4Q19 02.20.2020 Disclaimer 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 tre ...

Financial Data and Key Metrics Changes - Ultrapar's EBITDA reached BRL 888 million in Q3 2019, an increase of 4% compared to Q3 2018, driven by EBITDA growth in all businesses except Oxiteno [46] - Net earnings were BRL 321 million, virtually flat compared to Q3 2018, but 153% higher than Q2 2019, primarily due to the increase in EBITDA [48] - Total investments year-to-date were BRL 1.1 billion, a 30% decrease from the same period in 2018, reflecting greater selectivity in capital allocation [49] - Net debt at the end of the quarter was BRL 8.6 billion, an increase of BRL 482 million from Q2 2019, mainly due to dividend payouts and FX variation [50] Business Line Data and Key Metrics Changes Ipiranga - Ipiranga's sales volume was flat compared to the same period last year, with a 4% growth in Otto cycle and a 4% decline in Diesel [21] - EBITDA increased by 24% compared to Q3 2018, reaching BRL 676 million, driven by improved margins and reduced SG&A [27] - SG&A fell by 10% in Q3 2019 due to cost reduction initiatives and improved credit portfolio [27] Oxiteno - Specialty chemical sales volume fell by 5% in Q3 2019, while commodities volumes declined by 4% compared to Q3 2018 [29] - EBITDA was BRL 74 million, a decrease of 58% year-on-year, but a 91% increase compared to Q2 2019 [32] Ultragaz - Ultragaz's EBITDA increased by 9% year-on-year, reaching a record BRL 174 million due to improved gross margins and higher sales volume [35] - Recent cuts in LPG prices are expected to contribute to continued sales volume increases [35] Ultracargo - Ultracargo's EBITDA reached BRL 36 million, with an increase of 12% compared to the same period last year, mainly due to greater handling of products [38] Extrafarma - Extrafarma's gross revenues grew by 5% in Q3 2019, but EBITDA was BRL 5 million negative due to competitive pressures and store closures [42] Market Data and Key Metrics Changes - Ipiranga ended the quarter with a total network of 7,151 service stations, a net reduction of 35 stations compared to the last quarter [22] - The am/pm business unit had 2,386 stores, a net reduction of 23 stores, focusing on quality over quantity [24] - The number of participants in the loyalty program Km de Vantagens reached 32 million, representing 34% of service station sales [26] Company Strategy and Development Direction - The company is focusing on improving management models, governance, and operational efficiency across its five businesses [14][15] - Ipiranga is enhancing its pricing models using artificial intelligence and optimizing logistics to improve cost structures [5][58] - Oxiteno is prioritizing execution and adjusting its cost structure to adapt to the current commodity price environment [8][9] - Ultragaz is positioned to benefit from potential privatization of Petrobras assets, which could enhance competitiveness in the LPG market [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the Brazilian economy and its positive impact on business performance [86] - The company anticipates continued improvements in market dynamics and operating results in Q4 2019 [28][96] - Management highlighted the importance of strategic partnerships and potential acquisitions in refining to enhance value creation [105] Other Important Information - The company has undergone significant leadership renewal, with a 45% turnover in the first two levels of management over the past 18 months [19] - The company is implementing a new pricing system and focusing on operational excellence to drive future growth [96] Q&A Session Summary Question: Cost performance at Ipiranga and sustainability of improvements - Management noted that cost reductions were due to various initiatives and a reversion of provisions for bad debt, indicating sustainability in improvements [55][56] Question: Competitive environment and market dynamics - Management acknowledged strong competition from independent distributors but expects improved competitiveness with economic recovery and potential privatization of refining assets [60][61] Question: Petrobras' downstream assets and potential synergies - Management sees potential value creation opportunities in acquiring Petrobras' assets, emphasizing the strategic alignment of Ipiranga, Ultragaz, and Ultracargo in the value chain [72][105] Question: SG&A tariff reversion and Oxiteno's U.S. operations - Management confirmed ongoing SG&A improvements with a potential of BRL 150 million to BRL 200 million annually, and expects U.S. operations to reach breakeven by mid-2020 [82][83] Question: Diesel market trends and sales expectations - Management believes that improving market dynamics will continue into Q4, with expectations of recovering market share in the diesel segment [96][97]

Ultrapar Participações S.A. Earnings conference call – 3Q19 11.07.2019 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 ...

Ultrapar Participações S.A. Earnings conference call – 2Q19 08.15.2019 Considerations 2 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 ...

Table of Contents As filed with the Securities and Exchange Commission on April 22, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ ...