Petrobras : publishes Climate Booklet

CLIMATE CHANGE SUPPLEMENT

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CLIMATE CHANGE

SUPPLEMENT

Disclaimer

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This document may contain forecasts about future events, which reflect only the expectations of the Company's management regarding future conditions of the economy, in addition to the industry in which it operates, the performance and financial results of the Company, among others.

The terms "anticipates", "believes",

"expects", "forecasts", "intends", "plans", "projects", "aims at", "should", as well as other similar terms, are intended to identify those predictions, which, evidently, involve risks and uncertainties foreseen or not by the Company (such as risks related to changes in general economic and

commercial conditions, prices of crude oil and other commodities, refining margins and current exchange rates, uncertainties inherent to estimates of our oil and gas resources and reserves, risks related to our Strategic Plan and our ability to implement it, events in the Brazilian and international political, economic, legal and social

scenarios, obtaining government approvals and licenses and our ability to obtain financing) and, consequently, are not guarantees of the Company's future results. Therefore, the results may differ from current expectations, and the reader should not rely exclusively on the information herein.

The Company to update presentations and forecasts in light of new information or future developments. The values reported for 2024 onwards are estimates. The goals, commitments, ambitions, and perspectives presented throughout this Climate Change Supplement may be affected by external and/or internal factors. The commitments presented herein do not constitute guarantees of future performance by the company and are

subject to assumptions that may not materialize, and to risks and uncertainties that are difficult predict. Among the factors that could cause future results to differ materially from our expectations, we refer to the factors described in the "Risk Factors" section on Form 20-F and on the Petrobras Reference Form referring to base date December 31, 2023.

Additionally, this document contains some financial indicators that are not recognized by BR GAAP or IFRS. These indicators do not have standardized meanings and may not be comparable to similarly described indicators used by other companies.

We provide these indicators because we use them as measures of the company's performance and, therefore, they should not be considered in isolation or as a substitute for other financial metrics that have been disclosed in accordance with BR GAAP or IFRS.

The performance results in emissions in 2023 presented in this Climate Change Supplement will still be verified by a third party, therefore, variations may occur, and no significant changes are expected.

This Climate Change Supplement follows the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD), being structured according to the four thematic areas of the initiative: Governance; Strategy; Risk Management; Metrics and Targets.

Climate Change

Supplement WORLDWIDE SCENARIO AND BRAZILIAN CONTEXT

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Global Stocktake requires transforming the energy system Brazil has a distinct profile of emissions

Energy emissions predominate globally, in Brazil account for 23%

World GHG (%), 2022: 57,4 Bilion tCO2e

4,1

11,2		Energy
10,8		Process
7,5		Agro
66,4
	LULUCF
		Waste

Brazil, GHG (%), 2020: 1,7 Bilion tCO2e

4,2

23,2	Energy
	Process
38,0	Agro
6,1
	LULUCF
28,5	Waste

SIRENE/MCTI, 2024 (base 2020); BEN 2023 (EPE/MME, 2023), Emissions Report Gap 2023, UNEP

Climate Change

Supplement

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POSITIONING, STRATEGIES AND COMMITMENTS

Transparency,

Carbon Management and

Just Transition

O&G Competitiveness	Low Carbon business and
Resilience and value of	Scope 3
fossil portfolio in Energy	Reduction of portfolio
Transition	exposure to carbon risk

The Pillars of Carbon Management and Climate Change

INTERNA

Climate Change

Supplement	POSITIONING, STRATEGIES AND COMMITMENTS
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Transparency,	O&G Competitiveness	Low Carbon business and
Resilience and value of	Scope 3
Carbon Management and
fossil portfolio in Energy	Reduction of portfolio
Just Transition	Transition	exposure to carbon risk

The Pillars of Carbon Management and Climate Change

INTERNA

Climate Change Supplement

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POSITIONING, STRATEGIES AND COMMITMENTS

Our scenarios consider deceleration and retraction of O&G markets. All investment must be positive under our 3 scenarios.

We continue to invest in oil and gas, and project the peak of our production for the early 2030s.

Aligned with IEA's projections with greater participation of Latin America oil.

MMbpd

120

110

100

90

80

70						New Discoveries
60
50						Probable Development
40						Under Production and Development
2010	2020	2030	2040	2050

Global Production forecast

Significant differences in production emissions from existing fields persist in 2023

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Climate Change	PORTFOLIO FINANCIAL RESILIENCE ANALYSIS
Supplement
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Negotiation scenario

STEPS	APS
+18%	-6.6%

7%

Brent Carbon Brent

-13%

Carbon

Commitment scenario

NZE -30%

-10%Brent

-20%Carbon

IEA Scenarios

STEPS - Stated Policies Scenario: Prevailing direction of

energy system progression : does not meet 2oC

APS - Announced Pledges Scenario (50% chance of 1.7oC)

NZE - Net Zero: Normative scenario to achieve net-zero CO2 emissions by 2050 (50% chance of 1.5oC)

All our E&P projects have positive NPV under price assumptions of APS

70% of our E&P projects have positive NPV under price assumptions of NZE

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Climate Change

Supplement

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DIFFERENTIATED REGION

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Climate Change

Supplement

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POSITIONING IN GROWING MARKETS

Ambitions

Operational Emissions (Scope 1 and 2)

Scope 3: Reducing exposure to carbon

Expected peak of fossil production in the early 2030s

• Net Zero by 2050
• 2022 level not to be exceeded in the five- year period (40% reduction since 2015)
• Near Zero Methane 2030

• Expanding renewable fuels supply
• Renewable electricity integrated with efficient and safe thermoelectricity

Potential to expand biofuel production capacity (by volume) by up to 4x between 2022 and 2030

Potential of 50% of total electricity generation capacity through renewable sources by 2030

Potential for up to 3% reduction in the portfolio's emissions intensity by 2030, measured in GHG emissions / energy contained in energy products (base year 2022)

Expand share of non-energy products which are transition-resilient

(e.g., lubricants, petrochemicals)

Emissions as a variable compensation metric for 100% of executives and employees

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Climate Change	LOW CARBON INVESTMENTS
Supplement
-	SCOPES 1 AND 2	PORTFOLIO - SCOPE 3
	Operational Emissions	Providing better products

R&D in low-carbon

• Net Zero Ambition by 2050
• 2022 level not to be exceeded in the five-year period
• Near Zero Methane 2030

Potential of 50% of total electricity

generation capacity through renewable sources by 2030

Potential to expand biofuel production capacity (by volume) by up to 4x between 2022 and 2030

Expand share of non- energy products which are transition- resilient

US$ 3.9 billionUS$ 5.5 billion US$ 1.5 billion

DECARBONIZATION	LOW CARBON	BIOREFINING
OF OPERATIONS	ENERGIES
Investments in emissions mitigation	Wind and Solar	Renewable diesel
(scopes 1 and 2) - E&P, RTM and G&P	Photovoltaic Energies	Bio Jet Fuel
US$ 2.9 billion	US$ 5.2 billion
Decarbonization Fund	Hydrogen, CCUS and CVC
US$ 1.0 billion	US$ 0.3 billion

US$ 11.5 billion (11% of total CAPEX)

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US$ 0.7 billion

INCREASING OVER

THE FIVE-YEAR

PERIOD

15% of the total R&D

budget in 2024,

reaching 30% by the

end of the period