Research Disclosures & Disclaimers

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Ultrapar ON (UGPA3.SA)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (R$)	Price Target (R$)	Rating
2022-03-30	14.55	20.00	Buy
2022-04-27	13.46	19.00	Buy
2022-07-20	12.72	18.00	Buy
2023-01-17	12.72	16.00	Buy
2023-03-27	13.35	15.00	Neutral
2023-06-25	18.11	-	No Rating
2023-06-26	18.09	15.00	Neutral
2023-06-28	17.86	22.00	Buy
2023-11-26	24.34	30.00	Buy
2024-03-06	29.12	36.00	Buy
2024-05-22	24.48	33.00	Buy
2024-09-09	23.79	32.00	Buy
2024-12-16	16.40	27.00	Buy
2025-04-23	17.40	25.00	Buy

Disclosures

UBS has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.
Within the past 12 months, UBS has received compensation for investment banking services from this company/entity or one of its affiliates.
UBS expects to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
UBS beneficially owned 1% or more of a class of this company`s common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end).
UBS Securities LLC makes a market in the securities and/or ADRs of this company.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.