Petro Rio S A : CORPORATE PRESENTATION

CORPORATE PRESENTATION

September 2020

DISCLAIMER

This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation are forward-

looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers of this presentation not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree of

uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third-party contractors; labour disputes, disruptions or declines in productivity; increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which PetroRio may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage;

early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of factors is not exhaustive

and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this presentation are made as of the date of this presentation. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.

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EXECUTIVE SUMMARY

The largest independent Oil and Gas producer in Brazil

• PetroRio generates value in producing fields through cost reduction and production revitalization
• Unparalleled expertise in redeveloping fields
• Experienced technical team - Qualification as an A-Operator granted by
  ANP
• Well positioned to attract capital (Expected drop in Net Debt/EBITDA after recent asset acquisition allows for leverage; Governance level "Novo Mercado"; Current debt cost: 6,5%)
• Management extremely focused on capital discipline and improving operating costs
• Great potential for synergies, which makes PetroRio more competitive when compared to peers

M&A Timeline

• Unique M&A track-record with additional opportunities available on the market

Increase in Reserve Levels (MMboe)

						+242
		+167	276
+97					191
		114				34
17	24
	1P			2P	3P
3				D&M Dec-18		D&M Apr-20

Production Evolution (kboe/d)

38.1

*Pro-Forma figures, awaiting ANP approval.

EXECUTIVE SUMMARY

		TUBARÃO
FRADE	POLVO	MARTELO (TBMT) MANATI

	1 - D&M Certification Report - 30/04/2020
	2 - August/2020
	3	- Proportional to PetroRio's interest in asset (100% Frade; 100% Polvo; 80% TBMT; 10% Manati)
	4	- Considers Polvo + TBMT cluster
4	5 - Minimum consumption defined in the take-or-pay contract with Petrobras
6 - Pre Tieback: 100% of Polvo + 80% of TBMT/Post Tieback: 95% of Polvo+TBMT Cluster