Petroreconcavo S A : Dados Econômico-Financeiros

(Convenience Translation into English from the Original Previously Issued in Portuguese)

PetroRecôncavo S.A.

Individual and Consolidated Financial

Statements for the Year Ended

December 31, 2021 and

Independent Auditor's Report

Deloitte Touche Tohmatsu Auditores Independentes Ltda.

Deloitte Touche Tohmatsu Av. Tancredo Neves, 620 ‐

30º andar ‐ Edifício Mundo Plaza 41820‐020 ‐ Salvador ‐ BA Brasil

Tel.: + 55 (71) 2103‐9400

Fax: + 55 (71) 2103‐9440

www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

INDEPENDENT AUDITOR'S REPORT ON THE INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS

To the Management and Shareholders of

PetroRecôncavo S.A.

Opinion

We have audited the accompanying individual and consolidated financial statements of PetroRecôncavo S.A. ("Company"), identified as Parent and Consolidated, respectively, which comprise the balance sheet as at December 31, 2021, and the related statements of profit and loss, of comprehensive income, of changes in equity and of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements referred to above present fairly, in all material respects, the individual and consolidated financial position of PetroRecôncavo S.A. as at December 31, 2021, and its individual and consolidated financial performance and its individual and consolidated cash flows for the year then ended, in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards ‐ IFRS, issued by the International Accounting Standards Board ‐ IASB.

Basis for opinion

We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the individual and consolidated financial statements" section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical requirements set out in the Code of Ethics for Professional Accountants and the professional standards issued by the Brazilian Federal Accounting Council ("CFC"), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the current period. These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Revenue recognition

As described in note 19 to the individual and consolidated financial statements, the Company's and its subsidiaries' net revenue derive mainly from the provision of oil and natural gas production services and sale of oil and natural gas. In the year ended December 31, 2021, the Company and its subsidiaries accounted for consolidated net revenue of R$1,041 million.

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The accounting for revenue involves processes implemented by the Company's Executive Board that support its recognition and that must address the following risks, among others: (a) revenue must be accounted for after the minimum criteria necessary for its recognition in the Company's normal course of business are met; and (b) the service or sales revenue amount must be determined based on the terms and conditions set forth in a contract. Due to these aspects, we considered revenue recognition as a key audit matter.

Accordingly, our audit procedures included, without limitation: (i) obtaining an understanding of the flow of revenue recognition, considering the nature of the Company's main revenue lines, the aspects set forth in a contract, among others; (ii) assessing the design, implementation and effectiveness of the relevant internal controls determined by the Executive Board on revenue recognition; (iii) obtaining an understanding of the main systems used in the revenue recognition and review process; (iv) testing, on a sampling basis, the occurrence, integrity and accuracy of the revenue recognized by the Company, as well as whether they were accounted for in the proper accrual period; and (v) assessing the disclosures made by the Executive Board in the individual and consolidated financial statements.

In the course of our audit, we identified a deficiency in the control to check the entries related to revenue recognition, which was remediated by the Company within the year, which led us to change our audit approach and expand the extent of our substantive procedures planned to obtain sufficient and appropriate audit evidence.

Based on the audit procedures described above and the audit evidence obtained, we consider that revenue recognition and the related disclosures are acceptable in the context of the individual and consolidated financial statements taken as whole.

Emphasis of matter

Concentration of revenue in one single customer

Without modifying our opinion, we draw attention to notes 1 and 22.3 to the individual and consolidated financial statements, which state that, as a result of the characteristics of the Company's and its subsidiaries' transactions, their revenues derive from one single customer (Petróleo Brasileiro S.A. - Petrobras). Consequently, any interpretation or analysis of the individual and consolidated financial statements must take these circumstances into consideration.

Restatement of comparative financial information

On March 21, 2022, we issued an unmodified independent auditor's report on the Company's individual and consolidated financial statements for the year ended December 31, 2021, which are now being restated, to adjust the disclosure of basic and diluted loss per share of the comparative period, as described in note 2.8 to the individual and consolidated financial statements. This audit report, issued on this date, considers the restatement and replaces the audit report previously issued on the abovementioned date. Our opinion is not modified in respect of this matter.

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Other matter

Statements of value added

The individual and consolidated statements of value added ("DVA") for the year ended December 31, 2021, prepared under the responsibility of the Company's Executive Board and disclosed as supplemental information for purposes of the IFRS, were subject to audit procedures performed together with the audit of the Company's individual and consolidated financial statements. In forming our opinion, we evaluated whether these individual and consolidated statements of value added are reconciled with the individual and consolidated financial statements and the accounting records, as applicable, and whether their form and content are in accordance with the criteria set out in technical pronouncement CPC 09 ‐ Statement of Value Added. In our opinion, these statements of value added were appropriately prepared, in all material respects, in accordance with the criteria set out in such technical pronouncement and are consistent in relation to the individual and consolidated financial statements taken as a whole.

Other information accompanying the individual and consolidated financial statements and the independent auditor's report

The Executive Board is responsible for the other information. The other information comprises the Management Report.

Our opinion on the individual and consolidated financial statements does not cover the Management Report, and we do not express any form of audit conclusion thereon.

In connection with our audit of the individual and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement in the Management Report, we are required to report that fact. We have nothing to report in this regard.

Executive Board' responsibilities and those charged with governance for the individual and consolidated financial statements

The Executive Board is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with accounting practices adopted in Brazil and the IFRS, issued by the IASB, and for such internal control as the Executive Board determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the individual and consolidated financial statements, the Executive Board is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Board either intends to liquidate the Company and its subsidiaries or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's and its subsidiaries' financial reporting process individual and consolidated.

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Auditor's responsibilities for the audit of the individual and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements individual and consolidated.

As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and its subsidiaries' internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Executive Board.
• Conclude on the appropriateness of the Executive Board use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and its subsidiaries' ability to continue as going concerns. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and its subsidiaries to cease to continue as going concerns.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the individual and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, related safeguards.

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