Ultrapar reviews its financial guidance for 2021

ULTRAPAR PARTICIPAÇÕES S.A.

MATERIAL NOTICE

Ultrapar reviews its financial guidance for 2021

São Paulo, November 3, 2021 - Ultrapar Participações S.A. (B3: UGPA3 / NYSE: UGP, "Ultrapar" or "Company"), pursuant to CVM Resolution 44/21 and CVM Instruction 480/09, hereby announces the review of its financial guidance for 2021 disclosed in the Material Notice of February 24, 2021:

EBITDA 2021		Initial guidance		Revised guidance
(R$ million)
Ultrapar¹		≤ ∆ ≤	4,650		≤ ∆ ≤	4,130
	3,800		3,750
Ipiranga¹	2,100	≤ ∆ ≤	2,500	1,800	≤ ∆ ≤	2,000
Oxiteno¹	800	≤ ∆ ≤	1,100	1,050	≤ ∆ ≤	1,150
Ultragaz¹	670	≤ ∆ ≤	750	700	≤ ∆ ≤	740
Ultracargo	340	≤ ∆ ≤	370	380	≤ ∆ ≤	400
Extrafarma	100	≤ ∆ ≤	140	60	≤ ∆ ≤	80
Holding and Others			(210)				(240)
¹ Adjusted EBITDA, according to CVM Instruction 527/12

At Ipiranga, the EBITDA guidance was cut mainly due to more pressured margins resulting from inventory positions taken and the pass-through of cost increases, and a lower volume compared to the original guidance.

At Oxiteno, the EBITDA guidance was raised to reflect higher-than-expected sales volume and more favorable margins.

At Ultracargo, the improvement in the EBITDA guidance results from the start-up of operations of the Itaqui and Vila do Conde terminals ahead of schedule, in addition to productivity gains above those projected for the year.

At Extrafarma, the competitive environment in the North and Northeast regions combined with lower sales drove the reduction in the EBITDA guidance. Extrafarma's projection excludes the non- recurring effect of the impairment registered in 2Q21. The lower result of the Holding and Others reflects mainly increased expenses with M&A transactions and lower-than-expected results of the Refinaria de Petróleo Riograndense.

The projections are based in information currently available, estimates and assumptions of the Company's Executive Board, and do not include the effects of potential acquisitions or divestments. Such estimates are not guarantee of performance and involve risks and uncertainties, since they refer to future events and depend on circumstances which may or may not occur. General economic conditions and market conditions, among other factors, may lead to results which differ materially from the figures disclosed.

Rodrigo de Almeida Pizzinatto

Chief Financial and Investor Relations Officer

Ultrapar Participações S.A.