Slide 1: Fourth Quarter & FY 2011 Earnings Call Presentation
Fourth Quarter & FY 2011 Earnings Call Presentation March 16, 2012
Slide 2: Forward Looking Statements & EBITDA
Forward Looking Statements & EBITDA | paw ir \ ‘Our disclosure and analysis in this presentation concerning our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our business, include forward-looking statements. Stateme
Slide 3: Ultrapetrol FY 2011 Adjusted EBITDA vs. FY 2010
Ultrapetrol FY 2011 Adjusted EBITDA vs. FY 2010 ; Year ended Year ended % au a0 % ($000's) December 34, 2011 December 34, 2010 Change Change Revenues $304,482 $230,445 32% $96,151 $56,999 69% Adjusted EBITDA $54,028 $61,293 12% $16,140 $10,004 61% Net (loss) as reported (818,805) (85,371) 250% ($6,4
Slide 4: Ultrapetrol 4Q 2011 Adjusted EBITDA vs. 4Q 2010
Ultrapetrol 4Q 2011 Adjusted EBITDA vs. 4Q 2010 Adjusted EBITDA per segment 4014 440 Difference __% Change River Business 10,552 3,874 6.678 172% Offshore Supply Business 5,990 4,497 1,493 33% Ocean Business 168 208 (40) 19% Total Segment Adjusted EBITDA $16,710 $8579 $8,131 35%, Items not included
Slide 5: Ultrapetrol
ULTRAPETROL
Slide 6: River Business FY 2011 & 4Q 2011 vs. same period of 2010
\ River Business FY 2011 & 4Q 2011 vs. same period of 2010 FINANCIAL HIGHLIGHTS RIVER Vea vended ane ral ‘ if (5000's) December34, 2011 _December31, 7010 Change, _ “011 401 Change Net Tons Transported 4520,698 3919473 14% 1037848 1001473 4% Revenues $174,594 9120024 45% © $61976 $30,125 103% Voyage
Slide 7: FY 2011 vs. FY 2010 — Breakdown per Net Ton Transported
Wr , FY 2017 vs. FY 2010 — Breakdown per Net Ton Transported (in $f Ton) FY 2011 FY 2010 Difference INet Fuel Expense per Metric Ton (7.28) (7.95) 0.66 or 8.3% Voyage Expenses other than fuel 6.72) (EEO) 7.82 or 46.6% increase in Running Cost (10.11) (8.62) 1.49 or 17.3% frotal OPEX excluding Fuel 1
Slide 8: Paraguayan soybean production & iron ore
| Wr \ Paraguayan soybean production & iron ore \ Paraguayan Seeded Area & Production“) Hidrovia Regional Iron Ore Production @ 72 G 42 44 48 38 23 4s 2 ill e eEE, a 2009 2010. 20% “UR 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 9) mSeeded Area Production 8 Si : mi: Million Hectares & Ton
Slide 9: Relevant Commodity Prices
i fg \ Relevant Commodity Prices Monthly Soybean Prices - Feb 09 - Feb12 (In $ per metric ton) ® SASL FIL EE FPS GH Monthly tron Ore Prices - Feb 09 - Feb 12 (In $ per Dry Metric Ton) & FP PLE EEF FP PEPE (1) Source: Index Mundi and International Monetary Fund : Wi 9 ‘\ULTRAPETROL
Slide 10: Offshore Supply
i ULTRAPETROL Offshore Supply
Slide 11: Offshore Supply Business FY 2011 & 4Q 2011 vs. same periods of 2010
[TA Offshore Supply Business FY 2011 & 4Q 2011 vs. same periods of 2010 FINANCIAL HIGHLIGHTS OFFSHORE SUPPLY Year ended Year ended % 4a 4010. % ($0005) December 31, 2011_December31, 2010 Change, change, Revenues 64,606 54283 19% 17972 14,998 21% Voyage Expenses (4,083) (3.493) 17% (1,370) (723) 88%
Slide 12: Offshore Supply Business Market Update
| f/ {J \ Offshore Supply Business Market Update Brazilian Market = Brazilian offshore market is growing at an unprecedented pace driven by Petrobras’ investment plans in the region
Slide 13: Petrobras' CAPEX Program
[TA Petrobras’ CAPEX Program = 2011-2015 Business Plan suggests a $224.7 billion investment which includes 26 oil rigs contracted and 28 to be built by 2020 = Number of drilling rigs above 2,000 meters operating today is approximately 30 which compares to the 15 rigs announced by Petrobras in the 20
Slide 14: Current Fleet List and Upcoming charter renewals
lit h, Current Fleet List and Upcoming charter renewals Wessat Capac (aw) — Deck Area Year Bult — Warket —— Status — Approx. Expiry OP agua Marina 4200 saon? 2008 Brazil Chartered —~—«Sep-12 UP Topazio 4.200 eam? 2008 -«= Brazil Chartered. 12 UP Diamante 400 eaom® © 2007 ~—=Brazii___ Chartered. ©=—=
Slide 15: Ocean Business
ULTRAPETROL
Slide 16: Ocean Business FY 2011 & 4Q 2011 vs. same periods of 2010
Ocean Business FY 2011 & 4Q 2011 vs. same periods of 2010 \ 0 FINANCIAL HIGHLIGHTS OCEAN Were Ver ated % * 6000's) December 31, 2011 December 31, 2010 Change Sha 40.10 change Revenues ($65,282 $86,138 16% $17,103 $11,976 Bh Voyage Expenses (21,148) (11,429) 85% (6,148) (3,149) 95%. Running Costs (21
Slide 17: Feeder Container Trade Evolution
t/ i \ Feeder Container Trade Evolution TEUs Transported 4,000 o Feeder Container Vessels - MV Asturiano & MV Argentino = Port calls in every region diminish as long distance containership, sizes increase = Reliance on effective feeder services to distribute cargo locally = We currently operate a fl
Slide 18: Year-on-Year Ultrapetrol's Income Statement
t/ Year-on-Year Ultrapetrol’s Income Statement ‘Year ended December Year ended December % (3000's) 34, 2014 34, 2010 SChanes sort 401 change Revenues ‘Attnbutable to River Business 174.594 siz0024 45% $61,078 $80,125 103% ‘Attnbutable to Offshore Supply Business| 4,606 54,283 19% 17972 148982196 ‘At
Slide 19: Year-on-Year Ultrapetrol's Income Statement
IT Year-on-Year Ultrapetrol’s Income Statement ($000's) FY 2014 FY 2010 4Q41___ 4010 Revenues $304,482 $290,445 $96,151 $56,999 Voyage Expenses (112,252) (61,583) (41,861) (17,043) Running Costs (112,385) (89,339) (33,111) (24,620) Depreciation and amortization (69,144) (4371) (9.977) 856) ‘Administ
Slide 20: Ultrapetrol's Balance Sheet
IT Ultrapetrol’s Balance Sheet (8000's) ‘At December 31, 2011 ‘At December 31, 2010 % ASSETS Cash & Cash Equivalents $34,096 $105,570 68% Accounts Receivables 32,205 24,875 31% Other Current Assets 41,044 32,750 25% Vessels and Equipment, Net 671,445 612,696 10% Non-current Other Receivables 15,370
Slide 21: Debt Repayment Schedule
IT Debt Repayment Schedule * Balanced yearly principal repayments in the medium term = No refinancing in the short and medium term = Our $180.0 in 2014 = Our $80.0 mil jon note does not have any loan to value ratios to be maintained and has bullet repayment in ible note is senior with a bullet in 20
Slide 22: Thank You
Thank You Q&A
Slide 23: Appendix
IT Appendix ‘Adjusted EBITDA consists of net income (loss) prior ‘ofthe Company, Year ended (5000's) Dec-11___Dec-10 “Total cash flows provided by operating actviues Th Total cash flows (used in) investing activities (97,863) (64,139) Total cash flows (used in) from financing activities 11,632 87,61
Slide 24: Appendix (cont'd)
Appendix (cont'd) Fourth quarter ended December 31, 2011 (8000's) River___Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit $6,201 $3,495 ($2,371) $7,325 Depreciation and amortization 4,883 2.586 2.508 9.977 Investment in affiliates / Net income (loss) attributable to non- 357) (90) 12 (
Slide 25: Appendix (cont'd)
Appendix (cont'd) Fourth quarter ended December 31, 2010 (8000's) River___Offshore Supply _Ocean_TOTAL ‘Segment operating (loss) profit ($441) $2,703 ($2,321) ($59) Depreciation and amortization 4,646 1,922 2,288 8,856 Loss on write-down vessels : E : : Investment in affliates / Net income (loss) at
Slide 26: Appendix (cont'd)
Appendix (cont'd) Year ended December 31, 2011 ($000's) River__ Offshore Supply _Ocean__ TOTAL ‘Segment operating (loss) profit $13,138 $10,999 ($4,753) $19,384 Depreciation and amortization 20,139 9,436 9.569 39,144 in affiliates / Net (loss) to T (1,042) (670) 1) (1,643) interest in subsidiaries N
Slide 27: Appendix (cont'd)
Appendix (cont'd) Year ended December 31, 2010 ($000's) River__Offshore Supply _Ocean TOTAL ‘Segment operating (loss) profit $10,244 $10,611 ($2,197) $18,718 Depreciation and amortization 17,248 7178 9,945 34,371 in affiliates / Net (loss) to li (322) (451) (19) (792) interest in subsidiaries Net ga