Ultrapar Participações S.A. Earnings conference call Comments on the company s 2Q15 performance and outlook

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1 Ultrapar Participações S.A. Earnings conference call Comments on the company s performance and outlook

2 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 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. In September 2013, Ultrapar entered into an association agreement with Extrafarma, one of Brazil s ten largest drugstore chains. The transaction was closed on January 31, 2014 upon the approval of the association by the Extraordinary General Meetings of Ultrapar and Extrafarma. Extrafarma s results were consolidated in Ultrapar s financial statements as from February 1, 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, ULTRAPAR > CC

3 Ultrapar performance One more quarter of earnings growth... allowing increasing dividend payments % 891 Net earnings +10% Dividends +12% % ROE 18% % Dividend yield 3% annualized One-off effects: +R$ 14 million related to the Extrafarma transaction, +R$ 16 million related to a lawsuit for the use of trademark, -R$ 75 million with expenses of the fire accident at the Santos terminal 1H14 1H15 Dividends announced Dividend per share (R$/share) even in an economy retraction environment, rising inflation and interest rate Brazilian GDP forecast 2015 Focus research Unemployment rate 6.9% Inflation (IPCA) 8.9% Selic (end of period) 13.75% 0% -0.6% 4.8% 6.5% 11.00% -1.0% -1.2% -1.3% -1.5% Jun-14 Jun-15 Jun-14 Jun-15 Jun-14 Jun-15 Sources: Brazilian Central Bank and Ipea ULTRAPAR > CC

4 Ipiranga performance Continued vehicle fleet growth 39.0 Brazilian light vehicle fleet (million vehicles end of period) # service stations +2% -21% +3% +4% 6,292 6, (1.4) 40.2 Investments to expand the service station network 6,824 7,096 Volume 2,866 +6% 3, m³ +59% ethanol -6% gasoline 3,337-1% 3,300 Fleet 2014 (R) Vehicles licensed Scrapping Average fleet: +4% Fleet 2015 (E) Source: ANFAVEA Differentiation in convenience and services Ask at the Ipiranga service station Jun/14 Investments in new service stations and conversion of unbranded Improved sales mix Jun/15 % Ipiranga s sales volume in the reseller segment Otto cicle 1 Diesel Others ¹ Gasoline, ethanol and NGV +10% Conveniência Serviços 74% 75% Increased flow, customer satisfaction and loyalty Greater share of the reseller segment ULTRAPAR > CC

5 Oxiteno performance Total volume Specialties Commodities +1% 000 ton -6% 000 ton 000 ton +54% % 18% % % 82% 113-8% 104 Specialties Glycols Brazil International Slowdown of the economic activity Worse commodity price conditions in Scheduled stoppage of the Camaçari plant in March 2015, postponing sales for Oil and ethylene Real devaluation Ethylene NWE FD Contract - ICIS - US$/ton Brent oil US$/barrel +38% Average R$/US$ +106% 1, , Ethylene Oil US$/ton ULTRAPAR > CC

6 Ultragaz performance Volume SG&A 000 ton +0% +25% -1% % % % Bottled Bulk R$ 11 million marketing expenses R$ 3 million legal expenses Marketing expenses Volume Commercial initiatives of new resellers Concentration of expenses in Capture new clients in small and medium business segments Effects partially offset by commercial initiatives Offsetting the effects of the economic downturn on the bulk segment ULTRAPAR > CC

7 Ultracargo performance Volume Effective storage (Monthly average) -16% 000 m³ +2% +8% Santos Other terminals Volume Reduced activity at the Santos terminal due to the fire accident Interruption of 185 thousand m³ Storage in other terminals: +2% Increased handling of fuels and fuel oil for thermoelectric plants Santos Fire accident in Santos Lower average storage Other terminals Resources applied to fire fighting and contention (R$ 75 million) other terminals: +8% ULTRAPAR > CC

8 Extrafarma performance Number of stores Gross revenues % % +17% % 14% % 86% Jun/14 Jun/15 Year 1 From year 2 onwards Abrafarma Abrafarma +8% +14% Gross revenues Growth of the drugstore retail market Same store sales: +12% Addition of expenses for more accelerated growth structuring, including new DC in Ceará Benefits will be produced in the coming years Gain of market share Investments in the opening of new drugstores ULTRAPAR > CC

9 Ultrapar Priorities and outlook Track record of significant earnings growth Compound annual growth rate Investments in the company s strengthening and expansion Ipiranga Investments in expansion of service stations network, focused on the Midwest, Northeast and North regions of Brazil Expansion of logistics infrastructure 20% 23% Oxiteno Focus on differentiation initiatives, increasing the offer of products, services and convenience Innovation and development of new products More favorable exchange rate scenario 3% 7% Ultragaz Capture new clients in residential condominiums and small- and mediumbusiness segments GDP Inflation (IPCA) Net earnings Ultracargo Management of costs and expenses Manage the impacts resulting from the recent accident in Santos Analyze opportunities derived from increasing demand for liquid bulk storage in Brazil Extrafarma Faster pace of store openings ULTRAPAR > CC

10 Ultrapar Participações S.A. Investor Relations

Ultrapar Participações S.A. Earnings conference call Comments on the company s 4Q15 / 2015 performance and outlook 02.19.16

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