CORPORATE PRESENTATIONAUGUST 2018

DISCLAIMER

This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation are forward-lookingstatements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment, expectations of findingoil, 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 suchforward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-lookingstatements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers ofthis 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 theassumptions 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 ofuncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limitedoperating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment orprocesses; contractor or operator errors; non-performance by third-party contractors; labour disputes, disruptions or declines in productivity; increases inmaterials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which PetroRio may notbe able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Brazil; complex lawsthat can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead toan increase in liabilities and capital expenditures, including indemnity and penalties for environmental damage; early termination, non-renewal and other similarprovisions in concession contracts; and competition. We caution that this list of factors is not exhaustive and that, when relying on forward-looking statements tomake decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are madebased 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, theforward-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 includedin 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.

GROUP OVERVIEWOur strategy and results

460522

571663

722

2014 2015 2016 2017 2Q18

EXECUTIVE SUMMARY

Net Revenues BRL 230 million BRL 356 million

EBITDA BRL 66 million BRL 100 million

Net Income BRL 51 million BRL 73 million

Cash Position BRL 678 million BRL 722 million

One of the largest independent oil producers in Brazil

• Well positioned to attract capital (leverage potential; listed in BM&FBovespa)

• Experienced technical team - qualification as an A-Operator granted by ANP

• Successful track record in Polvo Field: can be replicated to new acquisitions.

• PetroRio seeks to generate value in producing fields via cost reduction andoperational efficiency

• Strong balance sheet with cash position of BRL 722 million (2Q18)

ASSETSFZA-M-254

FZA-M-539

Manati

Polvo

Cash Position – BRL million

Financial Highlights

Field Stake Production

POLVO 100% ~ 9,600 bbl/d

MANATI 10% ~ 3,200 boe/d

FZA-M-254 100% Exploration

FZA-M-539 100% Development

+39%

1H17 1H18

COMPANY DRIVERS

✓ PROFIT ORIENTED

✓ SHAREHOLDER VALUE CREATION

✓ FINANCIAL DISCIPLINE

All About People• Meritocracy and

Accountability

• Performance-based compensation

• Only top performers

Growth Strategy

• Growth through acquisition of producing assets

• Development of current assets

Cost Reduction Measures

• Operational costs optimization

• Lean G&A and G&G overhead

Safety and Environment

• World-class HSE practices

High Operational Efficiency

• Process revision and enhancement

• Quick response todaily events

• Increase in operational efficiencyfrom 80% to 97.4%

• Significant cost reduction (60%) compared to previous Operator

Polvo’s Lifting Costs – USD million

• Meticulous reservoir management, greater stability and lower decline rates, extending lifespan of the field

Estimated reserves – million bbl

• Assets seen as “small” by Majors receive special attention from PetroRio

• Operating leverage potential: Cost advantages and savingsopportunities with new assets

• Lean overhead

Polvo’s estimated decommissioning

PETRORIO BUSINESS MODEL

FOCUSCOST REDUCTION ENHANCED OIL RECOVERY 31 2

240

95

2013 (BP) 2017 (PetroRio)

D&M 2016

D&M 2015

BP 2013

5x

- 60%

BP 2013 2016

D&M 2015 2020

D&M 2017 2022

2Q18 HIGHLIGHTS

Net Revenue of R$ 239 million, highest quarterly Revenue in PetroRio's history

Highest Operating Results in the Company's history: R$ 118.4 million, up 132% over 2Q17

EBITDA of R$ 85.8 million for the quarter, up 30% over 2Q17

Net Income of R$ 70.6 million, 50% above 2Q17

Lifting Cost in Polvo of US$ 34.5/bbl in the quarter (US$ 27.8 by June 2018)

POLVO FIELD

9,600BARRELS PER DAY

98.8%OPERATIONAL EFFICIENCY

3 NEW WELLSDRILLING CAMPAIGN 2018

POLVO FIELD 100% PETRORIO – OVERVIEW

• Close to Cabo Frio City• Area: 134.24 km² • Shallow-water: 92 - 180m

Campos Basin

Reserves (2017)Exports destinations

Polvo Field

Proved (1P)

Proved + Probable (2P)

Proved + Probable + Possible (3P)

10.8

12.9

17.0

POLVO OIL (million bbl)

Source: D&M certification report – December 2017

POLVO PRODUCTION

Operational EfficiencyAverage Daily Production (bbl/d)

Average Daily Production and Operational Efficiency

5,124

6,927 6,4847,167

8,129 9,176

67.0%

95.6% 93.0%98.6% 98.3% 99.4%

0%

20%

40%

60%

80%

100%

0

2.000

4.000

6.000

8.000

10.000

jan-18 feb-18 mar-18 abr-18 mai-18 jun-18

2,000

4,000

6,000

8,000

10,000

apr-18 may -18

Brent x Lifting Cost* (USD/bbl)

*100% of the field (without depreciation, amortization and royalties)

Average Brent Price Lifting Cost

POLVO FIELD: LIFTING COST VS. BRENT

Resilient performance and activelyresponding to market environment

35.2

47.0 47.0 51.1

54.6 50.8 52.2

61.5 67.2

75.0

35.728.2 28.4

31.3 30.6 31.2 32.0

40.344.2

34.5

20

40

60

80

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

5.0x

REVITALIZATION – (2016) ENHANCED OIL RECOVERY

2.8

8.3

12.613.0

Estimated oil production curve (million bbl)

Expected production (2016-2021) grew by five times Results

5,0x✓ New, high-quality reservoirs, mainly sandstone, were

successfully accessed

✓ Production gains of 20% vs. previous estimate of 7.5kbbl/d

✓ Potential to extend field’s lifespan in more than a year and

proven reserves’ estimate in more than 1 million bbl

✓ Estimated savings of ~USD 1 million as a result of lower diesel

consumption driven by the higher gas production

✓ Total investment of USD 17.9 millionBP estimates 1P developed D&M 2015 D&M 2016reserves

2.2

1.61.2

2.42

1.61.3

1

2.82.2

1.71.4

1.1

2015 2016 2017 2018 2019 2020 2021

Previous operator DeGolyer and MacNaughton 2015 DeGolyer and MacNaughton 2016

In Progress

REVITALIZATION – (2018) DRILLING CAMPAIGN

CAPEX estimated between US$ 50-60 MM

Drilling: April/May

Distance: 3.6km

Carbonate

Drilling: June/July

Distance: 5.3km

Sandstone

Drilling: August/September

Distance: 5.5km

Sanstone

POL – H

POL – Z

POL – M

ProductionAreas

km

New wells

No Production

Producing

Production fields

POLVO-A Reach

Bathymetry

Decomissioned

Injector

Producer

Others/ n.a.

Key

MANATI NATURAL GAS FIELD

Stable and predictable cash flow from ‘take-or-pay’ contract with Petrobras

Project EBITDA margin: 70%

MANATI FIELD

Natural Gas producing field

• Located in the Camamu-Almada basin, 65km from Salvador, BAHIA

• Proved reserves of 0.9 billion m³ (net to Petrorio’s 10% stake)*

• Additional upsides with the development of Camarão Norte

Manati - Gas production (m³/d) (Related to PetroRio’s 10% W.I.)

* D&M report December 31, 2016

Total Production Daily Capacity (m³)

100.000

200.000

300.000

400.000

500.000

600.000

700.000

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18

Volume Manati - Gas production (m3)(Related to PetroRio's 10% W.I.)

1Q18: 38.5MM m³ 2Q18: 40.7MM m³

700,000

600,000

500,000

400,000

300,000

200,000

100,000

1Q18: 38.5MM m³ 2Q18: 40.7MM m³

ASSETS IN FOZ OF AMAZONAS

• Natural Gas Discovery

• Two wells drilled

• Estimates of potential reserves of 18 billion cubic meters of natural gas

with the possibility of expansion to 28 billion m³

• Water Depth: 130m

• Oil asset

• Phase of studies for potential assessment and well drilling scheduling

FZA-M-539

FZA-M-254

OIL & GAS INDUSTRYImpacted by oversupply, geopolitics, and advances in technology, the O&G industry is in constant motion

O&G INDUSTRY WORLDWIDE

Oil prices have experienced a strong decline since 2014, impacted by the global economic slowdown and imbalance between

supply and demand. The commodity gained strength in 2018 and estimates point to the long-term Brent above $65.00

Brent price (US$/bbl) Jun/17 to Jun/18

$20

$30

$40

$50

$60

$70

$80

$90

Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18

Average Brent 2Q18: US$ 74.97

94%

6%

ANP National Oil Operators Ranking – April 2018

OIL PRODUCTION IN BRAZIL

OPERATOR PRODUCTION (bbl/d)

Petrobras 2,419,056

Statoil Brasil O&G 61,382

Shell Brasil 40,846

Total E&P do Brasil 39,555

Chevron Frade 17,370

PetroRio O&G 7,167

Dommo Energia 6,947

Maha Energy 1,429

SHB 1,327

Petrosynergy 414

Partex Brasil 309

Nova Petróleo Rec 285

Petrogal Brasil 174

Source: ANP/SDP/SIGEPApril/2018

2.08%

1.38%

1.34%

0.24%

0.24%0.24% 0.13%

READY FOR GROWTHDefined growth strategy, strong liquidity, a team prepared and motivated to achieve its goals

UNIQUE OPPORTUNITIES IN O&G MARKET

Political and economic environment bring opportunities

O&G companies in financial distress due to oil price drop

Shell-BG USD30 billion global divestment plan

Brazil’s political and economic crisis

2015-2016 2017-2018

US$13,6 B

Petrochemicals

Biofuels

Gas Pipelines

Distribution

Foreign assets

StrategicPartnerships

Petrobras’ divestment program

US$21 B

PETRORIO: POTENTIAL FOR VALUE CREATION

A strong balance sheet, coupled with the skills and competitive advantages in a distressed business environmentlead to M&A opportunities in the Oil and Gas industry in Brazil and abroad

Technical team with solid

experience

Profit oriented instead of

production oriented

Successful track record with

offshore assets

Bold growth plan: 100,000

bbl/d

Economy’s slower growth

cycle

International competitors leaving Brazil

Petrobras crisis

Low oil prices

PETRORIO Current Business Environment

WELL POSITIONED FOR GROWTH THROUGH M&A’S

BEST LATIN AMERICAN E&P COMPANY

PETRORIO AWARDED BY BRITISH MAGAZINE WORLD FINANCE

PETRORIO RECEIVED THE AWARD OF BEST INDEPENDENT OIL AND GAS COMPANY IN THE CATEGORY "BEST E&P COMPANY, LATIN AMERICA" FOR THE SECOND YEAR IN A ROW.

https://www.worldfinance.com/markets/petrorio-flourishing-in-the-face-of-adversity

https://www.youtube.com/watch?v=3U7-WSI0EJE

PETRORIO: BRAZIL’S LARGEST INDEPENDENT OIL PRODUCER

Investor Relations

ri@petroriosa.com.br

www.petroriosa.com.br

+55 (21) 3721 2129

ANNEX I: PRO FORMA INCOME STATEMENTIn thousands of BRL unless otherwise stated

R$ thousand

Proforma Income Statement 6M18 6M17 D 2Q18 2Q17 D

Sales Volume - Oil (thousand bbl) 1,255 1,401 -10.4% 792 898 -11.8%

Sales Volume - Gas (thousand m³/d) 79,216 41,763 89.7% 40,735 37,257 9.3%

Revenues 356,560 230,293 54.8% 239,405 155,507 54.0%

Cost of products/services (170,803) (137,041) -24.6% (104,237) (89,442) -16.5%

Royalties (27,494) (23,026) -19.4% (16,732) (15,029) -11.3%

Gross profit 158,263 70,226 125.4% 118,436 51,036 132.1%

G&A, G&G and Project expenses (54,291) (46,144) -17.7% (25,738) (27,285) 5.7%

Other revenues/expenses (3,360) 42,431 -107.9% (6,893) 42,325 -116.3%

EBITDA 100,612 66,513 51.3% 85,805 66,076 29.9%

EBITDA Margin 28.2% 28.9% -0,7 p.p. 35.8% 42.5% -6,7 p.p.

Adjusted EBITDA 103,972 24,082 331.7% 92,698 23,751 290.3%

Adjusted EBITDA Margin 29.2% 10.5% 18,7 p.p. 38.7% 15.3% 23,4 p.p.

Depreciation and amortization (44,018) (40,107) -9.8% (27,096) (27,391) 1.1%

Financial results 16,670 32,294 -48.4% 12,177 10,692 13.9%

Income tax and social contribuition (10) (7,574) 99.9% (326) (2,270) 85.6%

Profit (loss) for the period 73,254 51,125 43.3% 70,560 47,107 49.8%

ANNEX II: BALANCE SHEETIn thousands of BRL

Assets Liabilities and shareholders' equity

Current assets 31-dec-2017 30-jun-2018 Current liabilities 31-dec-2017 30-jun-2018

Cash and cash equivalents 92,445 69,331 Suppliers 70,535 91,620

Securities 511,863 652,191 Labor obligations 9,979 7,996

Restricted cash 17,965 - Taxes and social contributions 20,076 32,505

Accounts receivable 62,046 88,073 Loans and financing 75,011 199,166

Oil inventories 41,174 47,596 Debentures 21,621 318

Recoverable taxes 59,492 63,079 Derivative financial instruments 7,129 6,445

Advances to suppliers 28,781 28,615 Advances from partners - 10,587

Advances to partners 3,639 3,089 Other liabilities 12,500 286

Prepaid expenses 3,106 2,598 Total current liabilities 216,851 348,923

Other receivables 828 982

Total Current assets 821,339 955,554 Non-current liabilities

Suppliers 13,456 13,161

Non-current assets available for sale 28,316 29,535 Debentures 31,391 31,241

849,655 985,089 Provision for abandonment (ARO) 74,119 88,930

Provision for contingencies 15,120 17,486

Non-current assets Deferred taxes and social contributions 36,177 18,859

Advances to suppliers 12,596 12,596 Others - -

Deposits and pledges 16,010 16,619 Total non-current liabilities 170,263 169,677

Recoverable taxes 51,669 57,390

Deferred taxes 18,480 17,692 Shareholders' equity

Property, plant and equipment 61,286 60,786 Realized capital 3,265,256 3,273,114

Intangible assets 260,548 309,432 Capital reserves 73,852 49,067

Total non-current assets 420,589 474,515 Other comprehensive income 91,800 93,347

Accumulated losses (2,598,629) (2,547,778)

Income (loss) for the period 50,851 73,254

Total shareholders’ equity 883,130 941,004

Total assets 1,270,244 1,459,604 Total liabilities and shareholders’ equity1,270,244 1,459,604