Investor Presentaiton

US$/BI Continued focus on cost efficiency Lifting Cost US$/BI 8.7 8.6 8.2 7.7 7.1 - 7.8 2017 2018 2019 1Q20 2020 (e) Efficiencies in operational processes (Energy, Subsurface and Dilution) and entry of new production facilities Transported Barrel Cost 2017 3.3 3.3 2018 3.3 2.9 2019 1Q20 Costs and expenses optimization * Includes: Cost of Transport, Operational Expenses, Operational Costs. Calculated over Barrels Sold. US$/BI US$/BI Refining Cash Cost 5.0 4.8 4.8 4.5 2017 2018 2019 1Q20 Operational efficiencies and capture of synergies between both refineries Total Cost* 36.9 34.8 35.4 30.8 2017 2018 19.0-22.0 2019 1Q20 2020 (e) Following the premises of the business transformation plan and OPEX cuts 23

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