Ultrapar Participações S A : 2Q21 ITR

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Ultrapar Participações S.A.

Parent's Separate and Consolidated

Interim Financial Information as of and the

Six-month Period

Ended June 30, 2021 and

Report on Review of Interim Financial

Information

KPMG Auditores Independentes

Ultrapar Participações S.A. and Subsidiaries

Parent's Separate and Consolidated Interim Financial Information

As of and the Six-month Period Ended June 30, 2021

Table of Contents

Report on the Review of Quarterly Information	1-2
Statements of Financial Position	3-4
Statements of Profit or Loss	5
Statements of Comprehensive Income	6
Statements of Changes in Equity	7-8
Statements of Cash Flows - Indirect Method	9-10
Statements of Value Added	11
Notes to the Interim Financial Information	12-131

KPMG Auditores Independentes

Rua Arquiteto Olavo Redig de Campos, 105, 6º andar - Torre A 04711-904 - São Paulo/SP - Brasil

Caixa Postal 79518 - CEP 04707-970 - São Paulo/SP - Brasil

Telefone [phone]

kpmg.com.br

Reportonthereviewofquarterly information-ITR

To the Shareholders, Directors and Management of

Ultrapar Participações S.A.

São Paulo, SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Ultrapar Participações S.A. ("Company"), comprised in the Quarterly Financial Information - ITR Form for the quarter ended June 30, 2021, which comprise the statements of financial position as of June 30, 2021, and related statements of income, comprehensive income for the three and six-month period then ended and changes in shareholders' equity and cash flows for the six-month period then ended, including the explanatory notes.

The Company's Management is responsible for the preparation of the interim financial information in accordance with Technical Pronouncement CPC 21 (R1) Interim Financial Information and with International Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, such as for the presentation of these information in a manner consistent with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of the Quarterly Financial Information - ITR. Our responsibility is to express a conclusion on these interim financial information based on our review.

Scope of the review

Our review was conducted in accordance with the Brazilian and international Review Standards of interim information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

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Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, issued by the Accounting Committee and by IASB applicable to the preparation of Quarterly Financial Information - ITR and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission - CVM.

Other matters - Interim statements of value added

The individual and consolidated interim statements of value added (DVA) for the six-month period ended June 30, 2021, prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34, were submitted to the same review procedures followed together with the review of the Company's interim financial information. In order to form our conclusion, we evaluated whether these statements are reconciled to the interim financial information and to the accounting records, as applicable, and whether their form and content are in accordance with the criteria set on Technical Pronouncement CPC 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added are not prepared, in all material respects, according to the criteria defined in this Standard and consistently in accordance with the individual and consolidated interim financial information taken as a whole.

São Paulo, August 11, 2021

KPMG Auditores Independentes

CRC 2SP014428/O-6

Original report in Portuguese signed by

Márcio Serpejante Peppe

Accountant CRC 1SP233011/O-8

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

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Ultrapar Participações S.A. and Subsidiaries

Statements of Financial Position

As of June 30, 2021 and December 31, 2020 (In thousands of Brazilian Reais)

		Parent		Consolidated
	Note	06/30/2021	12/31/2020	06/30/2021	12/31/2020
Assets
Current assets
Cash and cash equivalents	4.a	3,705	948,649	2,860,287	2,661,494
Financial investments and hedging instruments	4.b	214,302		88,100		3,355,993		5,033,258
Trade receivables	5.a	-	-	3,819,996	3,318,927
Reseller financing	5.b	-		-		543,152		549,129
Inventories	6	-	-	4,888,796	3,846,196
Recoverable taxes	7.a	486		154		1,069,766		1,044,850
Recoverable income and social contribution taxes	7.b	37,858	47,913	353,374	366,080
Dividends receivable		213		150,301		1,029		1,152
Other receivables		84,924	58,300	114,903	56,955
Prepaid expenses	10	10,215		3,684		159,755		132,122
Contractual assets with customers - exclusive rights	11	-	-	514,410	478,908
Total current assets		351,703	1,297,101	17,681,461	17,489,071
Non-current assets
Financial investments and hedging instruments	4.b	-		-		762,460		977,408
Trade receivables	5.a	-	-	66,792	72,195
Reseller financing	5.b	-		-		434,023		419,255
Related parties	8.a	402,790	753,459	22,229	2,824
Deferred income and social contribution taxes	9.a	62,358		64,993		1,081,597		974,711
Recoverable taxes	7.a	-	-	1,463,750	1,474,808
Recoverable income and social contribution taxes	7.b	39,445		39,446		193,423		261,205
Escrow deposits	22.a	2	2	862,669	949,796
Indemnification asset - business combination	22.c	-		-		123,522		204,439
Other receivables		-	-	22,554	20,238
Prepaid expenses	10	2,802		3,888		66,757		70,507
Contractual assets with customers - exclusive rights	11	-	-	1,297,184	1,227,423
Total long term assets		507,397	861,788	6,396,960	6,654,809
Investments
In subsidiaries	12.a	10,456,648		10,530,177		-		-
In joint ventures	12.a; 12.b	-	-	146,480	139,100
In associates	12.c	-		-		25,863		25,588
Others		-	-	2,793	2,793
		10,456,648	10,530,177	175,136	167,481
Right-of-use assets	13	34,463	35,062	2,057,477	2,150,286
Property, plant, and equipment	14	23,962		14,328		8,030,896		8,005,860
Intangible assets	15	253,383	254,242	1,631,249	1,782,655
Total non-current assets		11,275,853	11,695,597	18,291,718	18,761,091
Total assets		11,627,556	12,992,698	35,973,179	36,250,162

The accompanying notes are an integral part of the interim financial information.

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