Ultrapetrol (bahamas) Limited · OTC:ULTRF
Ultrapetrol (bahamas) — Jefferies Fourth Annual Shipping, Logistics, and Offshore Services Conference (September 2007)
25 slides from Ultrapetrol (bahamas)'s conference presentation, Sep 25, 2007
Slide 1: Jefferies Fourth Annual Shipping, Logistics, and Offshore Services Conference
Slide 2: Forward-looking statements & EBITDA
Forward - looking statements & EBITDA (Our disclosure and analysis inthis presentation concerning our operations, cash fows and nancial postion, including, in particular, the likelihood of cur suscess n developing and expanding our busines, include forward-looking statements, Statements that sr pred
Slide 3: Fleet overview: river, PSVs, Suezmax OBOs, product tankers
Biggest ple e Very modern fleet of PSVs in Brazil and cover 40% mari i the North Sea Versatile fleet of Suezmax OBOs Three product tankers in South America
Slide 4: Recent public offerings substantially improved capital structure
USD 000's Recent public offerings substantially improved capital structure... Debt to Capitalization 300,000 1% 90% 76% 0% 250,000 78% + 70% 200,000 + + 60% 50% 150,000 + 40% 100,000 + + 30% 20% 50,000 + 10% 0 ‘ + 0% 31-Dec-04 31-Dec-05 mm Total Debt ——Total Debt / Capitalization 31-Dec-06 © 30-Jun-
Slide 5: While increasing profitability improved coverage
... While increasing profitability improved coverage... EBITDA Coverage Ratio 3.5x 3.4x 3.3x 3.2x 3.1« 3.0x 2.92x 2.9x 2.83x 2.8x 2.7% 2.6x 3.39x 3.28x 2.5x 4 2004 2005 2006 1H 2007 -# EBITDA Coverage Ratio EBITDA Coverage Ratio = EBITDA / Interest Expense
Slide 6: ...and reduced Debt to EBITDA
250,000 200,000 150,000 USD 000's 100,000 ...and reduced Debt to EBITDA Debt to EBITDA 4.83x 3.78x 3.54x 2004 2005 2006 mm Total Debt mm EBITDA ——Debt to EBITDA 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x Debt to EBITDA Ratio
Slide 7: Size grew together with diversification
250,000 200,000 150,000 USD 000's 100,000 Size grew together with diversification Revenues per Segment LTM Jun04 LTM Jun 05 River ™ Offshore LTM Jun 06 ™ Ocean LTM Jun 07 Passenger
Slide 8: Building profitable growth in all our business segments
We believe we are building profitable growth in all our LUABL < River Business > 535 barges & 25 pushboats: > over 40% market share > Significant volume growth > need for additional capacity > Barge enlargement > expansion of existing capacity > Barge building yard > construction of new capacity > R
Slide 9: River Business ambitious growth programs to secure market leadership
In the River Business we have 3 ambitious growth programs underway to secure our market leadership... 4) Barge enlargement - USD 30 million CAPEX through 2010 - 67% increase per barge enlarged > 130,000 additional ‘aooeo8 Sit capaolty, 41,200,000 2) Barge building yard 1,900,000 - USD 14 million ini
Slide 10: Capacity increases and improved fuel efficiencies
..through capacity increases and improved fuel efficiencies 3) Re-engining project + USD 43 million CAPEX through 2010 - LTM ended June 2007 fuel consumption was 40,000 mt = LTM ended June 2007 price gap* was UsD 255/ mt = 80% fuel substitution > USD 8.2 million savings "Source: OceanConnect -LTM en
Slide 11: Hidrovia Region's share of world soy production increasing
Hidrovia Region’s share of world’s soy production has been progressively increasing... 100% 80% 60% 40% 20% Hidrovia % of World Total 0% mm Hidrovia lm World Total —-Hidrovia % (1) Source: USDA 2) Hidrovia Region includes Argentina, Bolivia, Brazil, Paraguay and Uruguay "
Slide 12: Corumba iron ore production expected to grow
..-while Corumba iron ore production is expected to grow by 3.7x from its 2005 level Million Tons ca NwehHNane eo 2005 2006 «= 2007E_- = 2008E-) = 2009E- 2010E— 2011E @RIZ m= CVRD =EMMX (1) Sources: Rio Tinto PLC (RTZ), Companhia Vale do Rio Doce (CVRD) and Mineragao e Metdlicos S.A. (MX) public fli
Slide 13: Offshore Supply gross profit expected to grow with fleet size
Gross profit from our Offshore Supply Business expected to grow consistently with fleet size over the next 3 years... > Current fleet of 5 PSVs > New buildings under construction are expected to take fleet up to 10 PSVs by 2010 > Currently negotiating 2 orders (option for further 2) with Chinese yar
Slide 14: Offshore Services' strong market fundamentals
..aligned with Offshore Services’ strong market fundamentals Year 2008 ‘2009 2010 54 17 161 Rigs on order (cumul. implied PSVs Required 32 799 2a PSVs on order (cumul.) a 72 35 Soe ecredae: Omshere! PSV shortfall over next 3 years = 179 300 _ ee _ —_ 250 | ! Fd 200 I-74 | 179 | = 150 | 127 \ * | | 1
Slide 15: Ocean Business: two different fleets
Ocean Business: two different fleets... Product Tankers consolidating our leading presence in the South American coastal market > —2new vessels in 2007 > Alejandrina in March & ‘Amadeo end August > Demand is led by major oil companies > Distribution of products normally done by smaller chemical / pr
Slide 16: Ocean Business: two different fleets (cont'd)
...Ocean Business: two different fleets (cont’d) Product Tankers consolidating our leading presence in the South American coastal market > One time events affecting 20 & 3Q 2007: = Miranda | double hull conversion kept her idle most of 2@ 2007 > she re-entered service under long term contract on Jun
Slide 17: Ocean Business: OBO / Capesize vessels
...Ocean Business: two different fleets (cont’d) OBO / Capesize vessels > Ships continue to operate under existing charters for 2007 / 1Q 2008 (partially) > We have used FFAs to lock in time charter rates for 2008 at attractive levels for a substantial portion of available days for our Capesize flee
Slide 18: Passenger Business
Passenger Business Passenger Segment is not a core business 2008 season in Aegean Sea for Blue Monarch: Agreements with major tour operators expected to increase substantially number of passengers over 2007 Possible partial / total exit through disposition of ships 18
Slide 19: Expansion CAPEX Program
Expansion CAPEX Program [All figures in USD Million | Segment 2009 2010 | Total iver Barge enlargement 12 2 30 Barge building yard 28 28 80 Re-engining project 28 : 42 Barges /tugs acquisitions & bottom replacement program 4 - 42 Offshore Supply 48 43| 145 Brazilian PSV (UP Rubi) = = 1 Indian PSVs (
Slide 20: Business Outlook
Business Outlook >» River = Volumes on the River Business are currently growing; freight rate scenario has been stable / strong * Our total transported cargo is expected to grow as we expand capacity * Significant growth in fleet 2009 onwards >» Ocean * Vessels fixed physically / through FFAs for ne
Slide 21: Thank you for your attention
THANK YOU FOR YOUR ATTENTION Q&A a
Slide 22: Appendix
APPENDIX 22
Slide 23: Ultrapetrol (Bahamas) Limited
ULTRAPETROL (BAHAMAS) LIMITED EBITDA consists of net income (loss) prior to deductions for interest expense and other financial gains and losses, income taxes, depreciation of vessels and equipment and amortization of drydock expense, intangible assets, financial gain (loss) on extinguishment of deb
Slide 24: Reconciliation of Net Income to EBITDA
Reconciliation of Net Income to EBITDA ‘Year Ended December 31, 2004 2005 2006 (USD 000s) Net income $5,139 $14,568 »=—-$10,526 Financial expense 16,134 19,141 19,025 Financial gain on extinguishment of debts (1,344) a Q Financial losses on extinguishment of debts 6422 1411 9) Income taxes 642 786 2
Slide 25: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ULTRAPETROL (BAHAMAS) LIMITED Dated: September 25, 2007 By: /s/ Felipe Menedez Ross Name: Felipe Menend