CORPORATE PRESENTATIONNOVEMBER 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

EXECUTIVE SUMMARY

Net Revenue BRL 340 million BRL 581 million

Gross Profit BRL 108 million BRL 287 million

EBITDA BRL 87 million BRL 192 million

Net Income BRL 67 million BRL 144 million

One of the largest independent oil producers in Brazil

• Well positioned to attract capital (leverage potential; listed inBM&Fbovespa; Reporting Issuer in Canada)

• 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 net cash position of BRL 530 million (3Q18)

ASSETS M&A’S

Financial Highlights

9M17 9M18

Field Stake Production

POLVO 100% 10,218 bbl/d

MANATI 10% 3,200 boe/d

FRADE* 18.26% 3,120 bbl/d

FZA-M-254 100% Exploration

FZA-M-539 100% Development

* Signed a Share Purchase Agreement on Oct-18 pending on precedente conditions

FZA-M-254FZA-M-539

PolvoFrade

Manati

4

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

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• Operational efficiency above 98% (industry benchmark)

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

• Lean overhead

Polvo’s Lifting Costs – USD million

• Meticulous reservoir management, greater stability and lower decline rates, extending useful life of thefield

• Interventions and Drilling

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

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

Polvo’s estimated decommissioning

PETRORIO BUSINESS MODEL

FOCUSCOST REDUCTION ENHANCED OIL RECOVERY 31 2

240

95

2013 (BP) 2017 (PetroRio)

- 60%

BP 2013 2016

D&M 2015 2020

D&M 2017

2021

D&M 2018

2024

6

3Q18 HIGHLIGHTS

Net Revenue of R$ 224.6 million, highest quarterly Revenue in PetroRio's history

Highest Operating Results in the Company's history: R$ 130.1 million

Adjusted EBITDA of R$ 107.1 million for the quarter

Net Income of R$ 71.4 million

Lifting Cost in Polvo of US$ 26.6/bbl in the quarter (US$ 25.0 by August 2018)

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POLVO FIELD

(100% PETRORIO)

10,200BARRELS PER DAY

98.1% 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 (2018)Exports destinations

Polvo Field

Proved (1P)

Proved + Probable (2P)

Proved + Probable + Possible (3P)

12.9

20.9

32.0

POLVO OIL (million bbl)

Source: D&M certification report – July 2018

10

POLVO PRODUCTION

Average Daily Production and Operational Efficiency

Operational EfficiencyAverage Daily Production (bbl/d)

8,040 7,654 7,3656,153

8,15710,081

96.9% 98.4% 99.1%

84.8%

98.8%98.1%

0%

20%

40%

60%

80%

100%

-1.000

1.000

3.000

5.000

7.000

9.000

11.000

2T17 3T17 4T17 1T18 2T18 3T18

33%

24%

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

11,000

9,000

7,000

5,000

3,000

1,000

-1,000

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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

35.21

47.03 46.9951.06

54.6150.79 52.17

61.4667.23

74.83 75.84

35.7

28.2 28.431.3 30.6 31.2 32.0

40.344.2

34.5

26.6

20

40

60

80

1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18

12

REVITALIZATION – (2018) DRILLING CAMPAIGN

CAPEX US$ 42 MM

Drilling: April/May

Distance: 3.6km

Carbonate

Drilling: June/July

Distance: 5.3km

Sandstone

Drilling: August/September

Distance: 5.5km

Sandstone

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

13

MANATI NATURAL GAS FIELD

(10% PETRORIO)

Steady 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 760 million m³ (net to Petrorio’s 10% stake)*

• Potential upside reducing accrual for abandonment

* D&M report February 23, 2018 Total Production

100,000

200,000

300,000

400,000

500,000

600,000

700,000

jan-18 fev-18 mar-18 abr-18 mai-18 jun-18 jul-18 ago-18 set-18

Volume Manati - Produção de Gás (m3) Referentes à Participação de 10% da PetroRio no Consórcio

1T18: 38,5MM m³ 2T18: 40,7MM m³ 3T18: 44,3MM m³

+5,9% +8,8%

Jan/18 Feb/18 Mar/18 Apr/18 May/18 Jun/18 Jul/18 Aug/18 Sep/18

1Q18: 38.5MM m³ 2Q18: 40.7MM m³ 3Q18: 44.3MM m³

+8.8%+5.9%

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

16

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

• Ongoing studies for potential assessment and drilling campaign

FZA-M-539

FZA-M-254

17

FRADE FIELD

(18.26% PETRORIO)

FRADE FIELD

• Increases Company net production in approximately

25% of boepd, as well as 150% in oil reserves

• Distance from Polvo Field allows for short term

synergies

• Subject to certain conditions precedent as well as

internal and external approvals

Oil Field Located in Campos Basin

Working Interest in the Frade Concession August Daily Production(in barrels of oil equivalente per day - Boepd)

Total Frade Field Production

Net Production (PetroRio – 18.26%)

Frade Japão

18.26%

Chevron

51.74%

Petrobras

30.00%

Working Interest in the Frade Concession

3,120

17,085

- 5,000 10,000 15,000 20,000

Net Production (PetroRio - 18.26%)

Total Frade Field Production

August Daily Production (in barrels of oil equivalent per day - Boepd)

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

$20

$30

$40

$50

$60

$70

$80

$90

set-17 out-17 nov-17 dez-17 jan-18 fev-18 mar-18 abr-18 mai-18 jun-18 jul-18 ago-18 set-18

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) Sep/17 to Sep/18

Average Brent 3Q18: US$ 75.84

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

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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

34.64%

20.05%

22.32%

9.80%

4.05%3.92% 2.22%

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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

Companies reviewing their asset portfolios due to oil price decline since 2014

Shell-BG USD30 billion global divestment plan

Brazil’s political and economic crisis

Petrobras’ divestment program

US$20 Bi2017 - 2019

Petrochemicals

Biofuels

Gas Pipelines

Distribution

Foreign assets

StrategicPartnerships

24

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 + Asset

SalesLower oil prices

PETRORIO Current Business Environment

WELL POSITIONED FOR GROWTH THROUGH M&A’S

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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

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PETRORIO: BRAZIL’S LARGEST INDEPENDENT OIL PRODUCER

Investor Relations

ri@petroriosa.com.br

www.petroriosa.com.br

+55 (21) 3721 3810

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

R$ thousand

Proforma Income Statement 9M18 9M17 D 3Q18 3Q17 D

Revenues 581,187 340,307 70.8% 224,627 110,014 104.2%

Cost of products/services (247,046) (199,099) -24.1% (76,608) (62,058) -23.4%

Royalties (45,771) (33,054) -38.5% (17,911) (10,028) -78.6%

Gross profit 288,370 108,154 166.6% 130,107 37,928 243.0%

G&A, G&G and Project expenses (77,292) (61,234) -26.2% (23,000) (15,090) -52.4%

Other revenues/expenses (19,264) 40,582 n.a (15,906) (1,849) -760.5%

EBITDA 191,814 87,502 119.2% 91,202 20,989 334.5%

EBITDA Margin 33% 26% 7 p.p 41% 19% 22 p.p

Adjusted EBITDA 211,078 46,920 349.9% 107,108 22,838 369.0%

Adjusted EBITDA Margin 36.3% 13.8% 22.5 p.p 47.7% 20.8% 26.9 p.p

Depreciation and amortization (67,151) (61,603) -9.0% (23,132) (21,313) -8.5%

Financial results 45,812 46,518 -1.5% 29,143 14,224 104.9%

Income tax and social contribuition (25,763) (4,910) -424.7% (25,754) 2,664 n.a.

Profit (loss) for the period 144,712 67,507 114.4% 71,458 16,564 331.4%

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ANNEX II: BALANCE SHEETIn thousands of BRL

Assets Liabilities and shareholders' equity

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

Cash and cash equivalents 92,445 28,160 Suppliers 70,535 92,833

Securities 511,863 501,935 Labor obligations 9,979 5,192

Restricted cash 17,965 - Taxes and social contributions 20,076 56,227

Accounts receivable 62,046 37,097 Loans and financing 75,011 -

Oil inventories 41,174 79,501 Debentures 21,621 771

Consumable inventories - 2,314 Derivative financial instruments 7,129 4,781

Recoverable taxes 59,492 82,211 Advances from partners - 13,445

Advances to suppliers 28,781 34,684 Other liabilities 12,500

Advances to partners 3,639 3,178 Total current liabilities 216,851 173,249

Prepaid expenses 3,106 2,534

Other receivables 828 1,226 Non-current liabilities

Total Current assets 821,339 772,840 Suppliers 13,456 13,161

Debentures 31,391 31,241

Non-current assets available for sale 28,316 27,467 Provision for abandonment (ARO) 74,119 91,480

849,655 800,307 Provision for contingencies 15,120 14,882

Deferred taxes and social contributions 36,177 2,108

Non-current assets Others - -

Advances to suppliers 12,596 12,596 Total non-current liabilities 170,263 152,872

Deposits and pledges 16,010 17,448

Recoverable taxes 51,669 36,135 Shareholders' equity

Deferred taxes 18,480 12,438 Realized capital 3,265,256 3,273,114

Property, plant and equipment 61,286 60,338 Capital reserves 73,852 50,510

Intangible assets 260,548 346,504 Other comprehensive income 91,800 39,086

Total non-current assets 420,589 485,459 Accumulated losses (2,598,629) (2,547,777)

Income (loss) for the period 50,851 144,712

Total shareholders’ equity 883,130 959,645

Total do Ativo 1,270,244 1,285,766 Total liabilities and shareholders’ equity1,270,244 1,285,766

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