Ultrapar Participacoes S A : Minutes of the meeting of the Board of Directors

ULTRAPAR PARTICIPAÇÕES S.A.

Publicly Traded Company

CNPJ Nr. 33.256.439/0001 -39

NIRE 35.300.109.724

MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS

Date, Hour and Place:

February 23, 2022, at 10:00 a.m., at the Company's headquarters , located at Brigadeiro Luís Antônio Avenue, Nr. 1.343, 9th floor, in the City of and State of São Paulo, also contemplating participation through Microsoft Teams.

Members in Attendance :

1. Members of the Board of Directors undersigned; (ii) Secretary of the Board of Directors, Mr. André Brickmann Areno; (iii) Chief Executive Officer, Mr. Marcos Marinho Lutz; (iv) Chief Financial and Investor Relations Officer, Mr. Rodrigo de Almeida Pizzinatto; (v) other executive officers of the Company, namely, Mrs. Décio de Sampaio Amaral, João Benjamin Parolin, Leonardo Remião Linden, Marcelo Pereira Malta de Araújo and Tabajara Bertelli Costa ;

1. in relation to item 1 and 2 below, the President of the Fiscal Council, Mr. Flávio Cesar Maia Luz .

Matters discussed and resolutions :

1. To approve, after being examined and discussed, the financial statements of the Company, including the balance sheet and management report for the fiscal year ended on December 31, 2021, as well as the destination of net earnings for the year and the distribution of dividends, supported by the independent auditors report, and recommend their approval by the General Shareholders ' Meeting.

(Mi nut e s of t he Me eti ng of t he Boa rd of Di rect ors of Ul t rapa r Pa rti cip aç ões S . A . ,

he l d on Fe b rua ry 23, 2022)

2. To approve, "ad referendum" to the Annual General Shareholders ' Meeting, the following destination of net earnings for the year end ed on December 31, 2021, in the amount of R$850,463,948.89 (eight hundred and fifty million, four hundred and sixty -three thousand, nine hundred and forty-eight Reais and eighty -nine cents of Real), as described below:

1. R$42.523.197,44 (forty-two million, five hundred and twenty -three thousand, one hundred and ninety -seven Reais and forty -four cents of Real) will be allocated to the legal reserve ;
2. R$403,970,375.73 (four hundred and three million, nine hundred and seventy thousand, three hundred and seventy -five Reais and seventy-three cents of Real) will be allocated to the statutory reserve for investments; and
3. R$403,970,375.73 (four hundred and three million, nine hundred and seventy thousand, three hundred and seventy -five Reais and seventy-three cents of Real) will be allocated to the payment of dividends to holders of common shares, of which R$218,073,611.40 (two hundred and eighteen million, seventy -three thousand, six hundred and eleven Reais and forty cents of Real) were paid as interim dividends as approved by the Board of Directors on August 11, 2021, in the proportion of R$0.20 (twenty cents of Real) per share; (ii) R$185,896,764.33 (one hundred and eighty -five million, eight hundred and ninety -six thousand, seven hundred and sixty - four Reais and thirty -three cents of Real) shall be paid to the shareholders as outstanding amount of the dividends approved herein, as of March 11, 2021, without remuneration or monetary adjustment, in the proportion of R$0. 17040 per share.

(Mi nut e s of t he Me eti ng of t he Boa rd of Di rect ors of Ul t rapa r Pa rti cip aç ões S . A . ,

he l d on Fe b rua ry 23, 2022)

	The record dates for receiving the dividend approved herein will
	be March 3, 2022 in Brazil and March 7, 2022 in the United States of
	America. The Company's shares will be traded " ex-dividends" on
	B3 S.A. - Brasil, Bolsa e Balcão and on the New York Stock Exchange
	from and including March 4, 2022 onwards.
3.	The members of the Board of Directors of the Company confirmed the
	issuance of 43,925 (forty -three thousand, nine hundred twenty -five)
	common shares within the limits of the authorized capital stock

pursuant to Article 6 of the Company's Bylaws, due to partial exercise of the subscription warrants issued by the Company as of the approval of the merger of shares issued by Imifarma Produtos Farmacêuticos e Cosméticos S.A. by the Company, approved on the Extraordinary Shareholders' Meeting held in January 31, 2014. The managemen t of the Company shall provide the necessary subscription bulletins for signing and formalization of the new shares' subscription by the referred subscription warrants holders. The common shares will have the same rights assigned to the other shares previo usly issued by the Company.

The Company's capital stock will therefore be represented by 1,115,151,608 (one billion, one hundred and fifteen million, one hundred fifty-one thousand, six hundred and eight) common shares, all of them nominative with no par value. The adaptation of Article 5 of the Company's Bylaws to reflect the new number of shares in which the capital stock of the Company is divided shall be subject to a resolution of the Extraordinary General Shareholders' Meeting, to be called in due course.

	(Mi nut e s of t he Me eti ng of t he Boa rd of Di rect ors of Ul t rapa r Pa rti cip aç ões S . A . ,
	he l d on Fe b rua ry 23, 2022)
4.	The members of the Board of Directors were updated on the proposals
	that will be submitted for shareholders' approval upon the calling of
	the Annual General and Extraordinary Shareholders' Meeting and
	manifested positively to these proposals .
5.	The members of the Board of Directors approved the calling of the
	Annual General and Extraordinary Shareholders' Meeting, that shall
	be held on April 13, 2022.
6.	The members of the Board of Directors approved the changes o n the
	Corporate Executive Compensation Policy, with immediate effect, as
	submitted by the Executive Board and recommended by the People
	Committee.
7.	The members of the Board of Directors approved the election of Mr.
	Frederico Pinheiro Fleury Curado to compose the Strategy Committee,
	with a term coinciding with the term of office of the other members.
8.	The members of the Board of Directors were updated o n the annual
	report of the Audit and Risks Committee, as well as its
	recommendations to the Board of Directors .

Notes: The resolutions were approved, with no amendments o r qualifications, by all Board Members.

There being no further matters to discuss, the meeting was concluded, and these minutes were written, read, passed, and signed by all the Board members present.

(Mi nut e s of t he Me eti ng of t he Boa rd of Di rect ors of Ul t rapa r Pa rti cip aç ões S . A . ,

he l d on Fe b rua ry 23, 2022)

Pedro Wongtschowski - Chairman

Frederico Pinheiro Fleury Curado - Vice-Chairman

Alexandre Teixeira de Assumpção Saigh

Ana Paula Vitali Janes Vescovi

Flávia Buarque de Almeida

Jorge Marques de Toledo Camargo

José Galló

José Luiz Alquéres

José Mauricio Pereira Coelho

Otávio Lopes Castello Branco Neto

André Brickmann Areno - Secretary of the Board of Directors