Energy - api.mziq.com

Public

Follow OnCorporation

Follow OnPrivatization

Energy Transition

Turnaround

Equity Story Vibra

Vibra

State BR Privatization(BR Estatal)

most traded companieson Bovespa, above competitorsTOP 20

Success in follow-on completes VIBRA's path to becoming a corporation

Follow-On 2021

R$ 23 Bil in

investor demand,

2x the available lot

Highest offer

of shares in Brazilin 2021 up to now

+100 investors participated

in the offer,

with 5 placing orders >R$1B

28.75%

Free float

71.25%

@ IPO

62.5% 37.5%

@ Follow-on 2019

100% 0%

@ Follow-on 2021

True Corporation after Follow-On 2021 +40%

Continuous increase in liquidity

Volume (MM shares) Amount Traded (R$MM)

foreign shareholder base

Free float Free float

30 days before Follow

on 2021

Pre-Follow on

2019

After Follow on

2021

Pre-Follow

on 2019

30 days before

Follow on 2021After Follow

on 2021

Qty. of Shareholders

Total Shares %

67,963

2,621

Pessoa Física Pessoa Jurídica

57%43%

Nacional Estrangeiro

Individuals Companies

ForeignerNational

+R$4.6B +R$115/m³

Vibra Ebitda with robust growth

in recent years

Vibra has closed an efficiency gap and now has the largest unitary Ebitda margin in the

market

1.6x

Room forexpansion

with greaterleverage

EBITDA LTM (2T21)

EBITDA UNIT (2T21)

NET DEBT/EBITDA (AUG 21)

Absolute leaderin the Brazilian

market

MARKET SHARE (JUN 21)

28.9%

Vibra has posted consistent results, with vibrant Ebitda growth and low leverage

VIBRA HAS NOT ONLY CLOSED THE EFFICIENCY GAP OF THE PAST, BUT HAS BECOME A BENCHMARK

20182017 2019 2020

2.6

1H21

3.1 3.2

3.74.6

+24%

1H212017 2018 2019 2020

+55%

Adjusted Ebitda LTM(R$B)

Ebitda Margin(R$/m³)

Unit expenses(R$/m³)

2017 202020192018 1H21

-39%

Net Debt/Ebitda

2017

0.9

1.4

1H212018 20202019

1.31.2

1.4

Previous max leverage: 1.5x

Max approved: 2.5x

Space for organic expansion and M&A

To get here, we adopted different drivers to create value

Jul

F-On

2019 2020 2021

A NEW VALUE PROPOSITION

Integration ofBR Mania with Delivery

Platforms

LAME JV

Integration of payment platformsAgreement with Ame

Lubricant value creation program

Launch of Hangarar, new

aviation app

ITEMS FROM THE BALANCE

SHEET

Sale of CDGN

Acquisition of70% of Targus

Sale of Vibra's stake in Asfalto Stratura

Sale of Vibra's stake in thermoelectric power

plants

Debt term increased from 1.0 years

to 3.4 years

Follow-on of the remaining Petrobras

stake

F-On

OPERATIONALEFFICIENCY

Early settlementof Amazonas Energia's

R$1.4 billion debt

New procurement and hiring process

Vibra becomes the leadingfuel importer in Brazil in 2020

Final installment ofdebt of R$4.8B from

Eletrobras

Introductionof Zero-Based

Budgeting

New B2B2C/B2B pricing processes

Annual savings of R$200M from changes in

health plans

New model for contracting road

transport

New Pension Plan approved by the

boardNew Organizational Structure

Management of Expenses 2019

• Expressive cost efficiency gap compared to peers

• Rising cost, year-on-year, as a major drain on earnings

Management of Expenses 2020

•ZBB 2020: Contribution of BR$ 200+ million to Vibra earnings in 2020 alone, closing the cost efficiency gap

•Beginning of phase two of the ZBB seeking on more savings opportunities by comparing Vibra activities to market benchmarks

Management of Expenses 2021/22

• Over 200 action plans in progress, and more than 50% have now been completed

• ZBB under the Finance Department's leadership, with ZBB monitored monthly by the Executive Board (cascade report from the "Package Owners" to the "Sponsor Directors" and the Board)

TotalUtilitiesCorporateMaintenanceAviationBusiness

IT and Telecom

Equity Operations& Logistics

Operations& Logistics

- Others

Marketing Packaging and

Materials

Services Engineering OM Total Personnel- Direct

Personnel- Indirect

R$ 250MM+ of additional cost reduction, full on in 2022

• 2,840 cost centers, 1,591 ledger accounts, 3,557 contracts, 8,368 suppliers and all policies related to

expenses for: travel, telephone, laptops, taxi, food, benefits were evaluated. Over 1,500 hours of meetings

were held with more than 350 users and package owners

2019 Procurement and Contracting

Process

• Bidding in accordance with the Law of State-owned Companies

• 10-Step Bidding Process• 4-6 months to complete• Open to any supplier• Limited ability to

negotiate prices

2020 Procurement and Contracting

Process

• Simplified bidding process with reduced steps

• Completed on average in 41 days• Focus on top quality suppliers• Greater bargaining power - Better

technique, quality and price• Annual savings exceeding R$ 60 million• Total contracted value of

B$ 900 million

2021/22 Procurement and

Contracting Process

• Additional reduction in average term to 32 days

• Projected savings of around R$100 million• Total contracted value estimated at R$ 1,100

million• Savings on vehicle leasing contracts and

adoption of applications for sales force exceeding R$ 5 million

• Creation of catalogs for low value purchases

1Q19

1.9%

2Q19

14.4%

2020

8.3%

2Q21

11.4%

Average saving

180

2019 2020 2021

Average contraction time (days)

Transportation of Products 2019

• 157 Haulers

• Contracting processes similar tomid activities companies (under the Law of State-owned Companies)

• Low level of optimization

• Limited ability to negotiate prices and other contractual conditions

Transportation of Products 2020

• "Clusterization" and reduction in the number of freight haulers (light products) from 157 to 57

• Improved price and better quality, including enhanced on-board fleet technology

• Focus on top quality suppliers

• Annual savings of R$ 150+ million

Transportation of Products 2021/22

• Advancement of drivers for other modes (river transport) and products (QAV, OC, Lubricants)

• Implementation of the "Control Tower" to increase efficiency, logistical control and real-time security management

• Additional savings of R$ 95 million/year

contraction

lots

P3

P7

P1

P4

P6

P5

P254

RS+

SC

SC+

PR

MS+SP

MT

AC+RO

AM+RR

PA

PA+

AP

BA+SE

MG+

GO MG

AL+PE+PB

CE+RN

SP coast

RJ+ES

MA+PA

+TO+PI

contraction

lots

17

perimeters

of "Supply"

7 perimeters of

"Deliveries"

16

Supply

Deliveri

es

Sourcing 2019• Imports with marginal

contribution in volumes

• Imports with marginal contribution for earnings

• Ethanol procurement via reverse auction, with an absence of negotiations leading to low competitiveness in product costs

Sourcing 2020• Largest fuel importer in the country

• Shift in the ethanol sourcing process, adopting best market practices

• Recurring contribution of Sourcing to Vibra's results

• Increased domain of import activities, with direct sourcing of ships

• Logistic capacity and scale enable higher efficiency imports, capturing arbitrage opportunities

Sourcing 2021/22• Expansion of scope for coke and

fuel oil

• Development of derivatives trading activity, positioning Vibrato handle the distribution market

• Expanding imports of basic lubricating oils

Jan/2

0

Aug/2

0

22.8%

May/2

0

17.0%

23.8%

Mar/

20

June/2

0

Apr/

20

July

/20

Sep/2

0

Oct/

20

Nov/2

0

Dec/2

0

Jan/2

1

Mar/

21

Feb/2

1

Fev/2

0

May/2

1

3.2%

June/2

1

26.8%

17.7%16.4%

22.5%

12.0%14.4%

18.4%

8.9%

18.1%16.6% 16.2%

13.4% 12.8%

6.7%

Apr/

21

Imports/Sales(Gasoline and Diesel)

People Management 2019

• Hiring through competitive exam

• Approval by the Governance of compensation of the Executive Board

• High and mostly fixed compensation

• Complexity in the suitability of the workforce (under the State-owned Law)

• Rigid organizational structure

• High level of outsourcing of core activities and total number of employees (5,500+) well above peer numbers

People Management 2020

• New organizational structure that is flexible and follows the best market practices

• Workforce trimmed to around 3,400 employees, with an Optional Dismissal Program for employees with public exams and elimination of outsourcing for core activities

• Rollout of compensation practices in line with best market practices, including compensation for Senior Management

• Total compensation includes fixed salary and variable short and long-term incentives

• Annual savings of R$ 650+ million

People Management

2021/22

• Development of a new Organizational Culture designed to motivate the workforce towards the desired behaviors at Vibra

• Recruiting and retaining talent

• Definition of Purpose and Principles

• Introduction of new corporate brand

• Implementation of the PDCA methodology in Managing Goals

Portfolio Management 2019

• Portfolio Management Limited by the Law of State-Owned Companies

• Supervision by TCU

• Sale of assets/M&A process in 10 steps

• 12-14 months to complete

• After privatization, sale of CDGN

Portfolio Management 2020

• Sale of Stratura Asfaltos

• Acquisition of Targus

• Creation of ES Gás

Portfolio Management 2021/22

• JV with Americanas for the Convenience business is in the final stage of approval by Cade

• Sale of Vibra's stake in thermoelectric power plants

• Sale of Brasil Carbonos

• Approval of the Ethanol Trading JV

• Trading Structuring for derivatives

• Demobilization of 250 gas station assets, with a partner recently selected and in the final stage of due diligence for subsequent allocation of the properties in a fund, in addition to the direct sale of stations to resellers (6 stations sold so far in 2021)

• 25 logistical assets with potential for demobilization or sharing. Advanced negotiations for 3 assets, with the potential to generate R$130MM by the end of 2021, with an asset being traded and R$22MM in cash available

• ESGAS included in privatization program by the ES state government and an indication to be divested by Vibra in 2022

Financial Management 2019

•After privatization, negotiation for early repayment of Amazonas Energia's debt of R$ 1.4 billion

•Distribution of a total of R$ 1.15 billion in dividends and IOC for 2019

Financial Management 2020

• Liability Management with debt restructuring, lengthening the term from 1 to 3.4 years, diversifying creditors and reducing costs

• Additional funding of R$ 2 billion to reinforce cash during the Covid 19 crisis

• Distribution of dividends and IOC reaching R$2.3 billion related to 2020

• Approval of a new leverage range, which could reach 2.5x (Net Debt/LTM EBITDA)

• Recovery of tax credits totaling R$ 1.4 billion (PIS and COFINS overpaid between April of 2012 and February of 2020 due to the inclusion of ICMS in the base calculation of those taxes)

Financial Management 2021/22

• Receipt of the final payment of Eletrobras' debt, coming to R$ 4.8 bi

• Approval of the Share Buyback Program at a total of R$1.5 billion and 18-month term

• Distribution of early remuneration to shareholders in the form of IOC for 2021, reaching R$ 554 million

• Recuperation of tax credits reaching R$ 280 in 2H21 as a result of our success in ICMS-ST reimbursements

Improvement in the Debt Profile (R$MM)

Debt Amortization Schedule

Average Debt

Term: 1.5 years

4Q19

Average Debt

Cost: 6.0%

3.5 years

2Q21

5.5%

4Q19 2Q21

4.145

131

628162 277 456

2020 2021 2022 2023 2024 2025+

0

1,080 1,1771,011

1,826

3,130

2021 2022 2023 2024 2025 2026+

Health and Pension Plans 2019

• Self-managed health plan boasting high costs due to reduced scale and rules that are misaligned with market practices

• A pension plan with a significant defined benefit component, featuring an actuarial deficit with the need for equalization by sponsor and participants

• High actuarial liabilities, with interest expenses on liabilities heavily impacting the Company's Ebitda

Health and Pension Plans 2020

• Migration of the workforce to a market Health Plan by the end of 2020, resulting in a significant R$ 200 million/year reduction in the Company's expenses

• Early settlement of the actuarial deficit of the pension fund that the Company is responsible for

Health and Pension Plans 2021/22

• Structuring and internal approval of the new defined contribution FlexPrev Pension Plan

• New Plan has been structured and announced to the workforce, and is under analysis by PREVIC

• Enrollments are expected to begin in Jan/22

• Potential reduction of actuarial liability

2019

Pension

2020

5,211

Health

1,870183

-64.1%

64% reduction in actuarial liabilities

2,361

2,850

1,687

We are present in the lives of millions of customers across the country

30 million unique customers carry out

transactions throughout our service station chain each month

8,000+ service stations in +1,800

municipalities, in 27 states and FD, with an expectation for

600 more gas stations in 5 years

80 out of 100of the biggest companies in Brazil

38% of the fuel

used by companies in the country

+19,000 consumption pointsin customer companies

90 airports

R$1.1B/year transacted

in our convenience stores

7 out of 10 commercial flights

in Brazil are fueled by Vibra

Lubrax products for more than

80,000 customers across the country

Public

...but what brought us here doesn't guarantee tomorrow's success

50 GtCurrent policies1

57 Gt

Gap

1. Assuming implementation of Paris Agreement commitments 2. Other: Agriculture, Garbage 3. International aviation and shipping;

4. Land Use, Change in land use and Forestry. Sources: IEA, World Energy Outlook; WRI; IMF; World Bank; Climate Action Tracker

Climate change is a global concernand Vibra wants to play an active role in the solution

Scenario of 2°C

23 Gt

Global greenhouse gas emissions (Gt CO2e)

20152010 2050

Shifting the energy matrix to less polluting sources to curb climate change

Other Energies

Energy generation

Buildings

Industry

Transport

Bunkers3

Industrial processes

Others2

LULUCF4

Vibra will play an active role in Brazil's energy transition

Global trends

of consumers want companies to incorporate environmental thinking into products, services and operations

80%+

Growth in green bondsBetween 2015 and 2019, resulting in a market of $257.7B10x

Investors turning to investments for climate change resilient companies

Assets under management earmarked for ESG investment estimated at one third of the total under management for 2025

$53T+

Countries hoping to target net zero1; others are also expected to commit between now and COP26120

1. Climate Ambition Alliance Sources: United Nations; Nielsen; Luc Hoffman Institute, National Centers for Environmental Information; World Economic Forum; TFCD Status report 2020

Increase of carbon prices European carbon prices rose from EUR 8 in 2017 to EUR 54 in 20206x

Consumer, investor and corporate attitudes towards sustainable options

Global trends

The commitment to lower emissions is gaining speed

20122005 2006 200920082007 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020

28.8%

Fortune 500 Global Company with Carbon Neutral Commitments (%)

Global trends

1 in 4 Fortune 500 companies have made voluntary commitments to reduce emissions

Energy transition to electricity and renewable sources

World energy consumption by source - IEA (Mtoe - %)

FOSSIL FUELS REMAINS RELEVANT, BUT WILL GRADUALLY LOSE THEIR WEIGHTING IN THE WORLD ENERGY MATRIX BY 2040

Increase in environmental awareness

Regulations and public policies

Pressure from investors in ESG

16%

28-32%

54%

18%

16%

2019

54%

2010

20%

17%

52%

2030e

23-25%

10-12%

17-18%

47-48%

13-14%

38-42%

2040e

9.7

11%

9.4 – 10.1

2000

16%

12%

13%16-18%

6.8

8.6

8.9 – 10.4

Fossils Natural Gas Biofuels Electricity

Note: Fossil fuels include derivatives and coal. Source: IEA World Energy Outlook 2020, Vibra Analysis

Energy transition is a global reality and the world is heading towards a scenario with less reliance on fossil fuels

Global trends

EV's1 are expected to represent 75%of global sales by the end of 2030

108% vs. 27% higher growth than supermarkets over the last 5 years

Major retailers moving into convenience

CONVENIENCE

MOBILITY

...and accelerating changes in mobility and consumption: future gas stations and conveniences will havenew formats

+4,000 new public EV charging stations per day

Private cars will account for less than half of global urban travel by 2035

Consumer’s search for convenience (delivery and last-mile services)

GAS STATION OF THE FUTURE

Global trends

Public

In Brazil, energy transition will be influenced by the local climate, such as policies on electricity, gas and biofuels

Opening of the market for natural gas, complementary supply with renewable sources and increased energy security

Policies to encourage the use of biofuels (RenovaBio) and strengthening agribusiness

Enormous national potential for the use ofrenewable sources such as wind, solar and biomass

Continued liberalization of the market for energy, expanding the scope of the free market

Brazil Trends

18%

6%

28%

48%

7%

2010

28%

46%

0.24 – 0.27

2019

21-23%

30-33%18%

5-7%

40-41%

2030e

24-26%

34-39%

4-6%

30-36%

0.15

2040e

23%3%

56%

2000

20%0.21

0.230.23 – 0.25

17-18%

18%

13%16% 12%

52%

16%

54%

2000

16%

54%

23-25%

10-12%

47-48%

28-32%

13-14%

38-42%

16-18%

2040e2019 2030e

17%

11%

2010

20%

6.8

8.6

9.7 8.9 – 10.49.4 – 10.1

Fossils Natural Gas BiofuelsEnergy consumption by source

Total consumption in the world (Btoe - %) Consumption in Brazil (Btoe - %)

Note: Fossil fuels include derivatives and coal. Source: IEA World Energy Outlook 2020, Vibra Analysis

Electricity

Electricity and biofuels will gain ground, but fossil fuels will remain relevant up to 2040

ENERGY TRANSITION IN BRAZIL WILL ALSO RAMP UP. ENERGY CONSUMPTION CONTINUES TO CLIMB IN BRAZIL, EVEN WHILE STAGNATING WORLDWIDE

Brazil Trends

49

(46%)

55

(60%)

62

(72%)

33

(36%)

21

(24%)

2019 2030

45

(42%)

11

(10%)

2040

8793

107

Oil

Bioenergy

Electricity¹

Other Fuels

10 (13%)

9 (12%)

32

(42%)

82

18

(23%)

7 (10%)

2019

8 (10%)

33

(40%)

21

(26%)

12 (15%)

7 (8%)

37

(40%)

2030

7 (8%)

27

(29%)

3 (3%)

12 (13%)

6 (6%)

2040

76

92

Renewables¹Oil

Bioenergy

Electricity

Natural gas

Coal

15%

2019

18%

3%

17%18%

61%

8%2%

68%

6%

5%2%

2030

39

6%

71%

3%

2040

42

50

Renewables¹Oil

Bioenergy

Electricity

Natural gas

Coal

Transport Industrial

Commercial, Services

and Residential

Final consumption of energy - Mtoe (% total)

Electricity and biofuels will gain ground, but fossil fuels will remain relevant up to 2040

Brazil Trends

Derivatives drop in importance, but remain significant, with +30% of consumption in 2040

Faster decline in dirtier fuels (e.g.: OC)

Biofuels will gain momentumand become the main source for transportation in 2040 with ~50% of consumption

Gas will gain prominence, with 15% of industrial consumption by 2030 and great off-grid potential for Vibra.

Electricity will go from 20% to ~30% of consumption in 2040 with significant weighting in the industrial sector

Green H2 in early discussions. But comparative advantages can make Brazil a platform for green H2 development

EVs will become more relevant, representing +30% of sales and a +10% share in the fleet as of 2030

Our vision is one of relevant impacts on fuel distribution in Brazil...

Brazil Trends

Public

We're now beginning to define what the Vibra of the future will be

Big bets on the energy transition

Our positioning in the energy market

Facilitating elements: ESG, digitalization and culture

Perspective of creating long-term value

In light of the transforming market, we're now beginning to define what the Vibra of the future will be

To successfully navigate a transitioning market, we have decided where Vibra should position itself

Strengthening the current portfolio

Distributionof fuels

Lubricants

Aviation

Convenience

Trading of ethanoland derivatives

Saleand trading of electric energy

Gradual bets on spaces for innovation

Hydrogen and fuel cells

New types of biofuels and e-fuels

New solutions for mobility

Spaces of lesser interest

Production of fossil fuels and traditional biofuels

Scaled generation and distribution of electricity

Infrastructure for natural gas transport and distribution

New vectorsof growth

Off-grid and on-grid offer of natural gas and biomethane

Reinforcing the position in electrical energy - Self-production and GD

EV charging solutions

Relationship program

Expanded convenience


Focus on the customer, tracking

their energy preferences and

challenges

Progressive bets in new energies with room to

accelerate/break through the uncertainties of the

energy transition

Neutral sales channel: provider of energy solutions among

competitive sources, regardless of asset

investments

Resilience to the uncertainties of an energy transition through a focus on customers, sales neutrality and progressive bets


Vibra's integrated offering of the future provides an enhanced value proposition for customers

CLIENTS

• Digital relationship platform• Means of Payment

Relationship ecosystem

Convenience• BR Mania Chain

• JV LASA

Infrastructure/Logistics• Logistics and warehousing• Business enabler

(ex: Self-production and Distributed generation)

Solutions• Energy transition

services and other services for B2B clients

• Chain of service stations• EV Charging• Last-mile logistics• Advanced mobility

Mobility

Energy

• Liquid fuels• Natural Gas• Electricity• Derivatives and Ethanol Trading


Public

+2%¹of VMM increase above market

1. Considering market growth of 20% 2. Considers lower average performance for incoming service stations 3. Does not consider improvements in the EBITDA/replacement profit ratio (i.e. costs) (corresponds to a ~1.2–1.5B gain in gross profit of repositioning) Source: Vibra Data; BCG Analysis

R$0.9B(+59%)Gain in

annual EBITDA3

1.8 p.p.(1.16)

Increase of

market share

R$ 30(+36%)

Increase in EBITDA/m³

Revised B2B2C value proposition has a potential upside of R$0.9B in annual EBITDA by 2025

+850delta of service stations in the network2

Main drivers impacted byvalue proposition (variations 20-25)

20 %increase from 11% to 20% penetration of additives

Public

...by improving key value drivers, promoting greater flow to points and greater consumer awareness

Legend: Current value (2020) Ambition value (base scenario)1. 2019 VMM was 217; 20% market growth has VMM to 236 2. 240 for existing stations, 200 for new stations (which have a 2-year ramp up)

Gain in Convenience

Relationship Program

Gain in Fuels

Penetrationof additives Size of the chain

Average Monthly Volume (m³)

Active users

Earningsmonthly

Gross Margin franchise

BR Mania Penetration

1971

2362

11%

20%8,022

8,872

14%

21%85k

140k35%

45%

1M

8M

Integrated implementation of the value proposition will enhance Vibra's perception of the future by customers and resellers

Vibra ecosystem• Cashback in fuels• Financial services• Mobility services

New channel of Businesses• CRM of Service Stations• Order handling

End Client Resellers Vibra

Convenience store• New assortment and food service• Fair prices

Quality service

Competitive price

Proper level of service with clear expectations

Economic equation• Higher VMM and % additives• Convenience income

Customer knowledgevia relationship program

Greater reseller satisfactionwith improved economic equation and business channel

Focus on strategic segments, allowing for greater operational efficiency

R$0.9BAdditional EBITDA

23%

25%Market Share

81

111EBITDA/m³

197

236

VMM

11%

20%

% Additives

14%

21%

% BR Mania

1M

8M

# of Users

B2B2C value proposition helps BR stem recent market share losses and reach a new position

Bridge mkt. share 20-25

Source: BR Data; BCG Analysis

0,9% 1,0%

0,2%

1,6%

2025 (full proposal)Chain expansion

23.1%

Consolidated 2020 Market growth (lag)

22.2%

"As is" baseline - 2025 Relationship program Convenience

24.9%

+ 1.8

p.p.

0.2%

0.9%

22.2%

1.0%

1.6%

Value proposition helps Vibra to stem market share losses that have occurred over the last few years

2024E

23.9%

1Q20 2023E

23.9%

2Q213Q20 2022E 2025E

23.7%23.8%

2Q20

21.9%

2021E1Q21

22.9%

24.9%

4Q20

Fuel market share – Reseller market (%)

Public

Value proposition also affects three value drivers for the reseller and their relationship with Vibra

Improving the economic equationof Vibra and the reseller through a number of value drivers (ex: VMM, % additives, resale margin and additional earnings)

Greater reseller satisfaction leading to lower renovation and re-branding costs and lower store churn

Vibra will focus on the most relevant segmentsin an attempt to reduce strategic and high-volume churn, with an increased effort into higher value relationships

Value proposition leads to an improved economic equation for the reseller

Fuels1

Increased VMM, resale margins and mix of additives

Convenience storeIncreased profitability in convenience

30kR$/month/store

63kR$/month/store

90kR$/month/service station

126kR$/month/service station

1. Gross margin on resale2. Gross margin on convenience stores, considering 35% current and 45% in the target via a LASA partnership, including stores that convert the format from standard to premium

Initiatives focused on ramping up penetration and improving BR Mania's offer to resellers, consumers and BR...Current challenges

nd hurdles

Store formatsNew store formats that can be adapted to the needs of the service station, the region and the retailer: from full service stores to stand-alone stores for greater brand penetration and attractiveness to the reseller

New image and new offer to the consumerNew image introduced in Jul/20, which included an overhaul of the store format with streamlined layout, simplified operation, review of the product mix and inclusion of a new 'food service' product, creating greater appeal to the final consumer and higher margin for the reseller (18% sales growth compared to previous results)

JV with Americanas S.AA new company that will combine the strength of the partners, adding greater scale and a supply and logistics structure to physical and digital stores, improving the economic equation for resellers and providing operational support in the activities, including access to technologies and innovation

Operating modelsExpansion of operational models to be implemented in stores (e.g. proprietary operation, master-franchise, professional franchises)

Key Initiatives

Low attractiveness to the franchisee

Low penetration of convenience

Complexity in operation

ConvenienceSolutions

Value to the consumer Value to the franchisee

...allow the stores to be adapted to the resale and to the consumer

Increased attractiveness to the consumerthrough the new image, portfolio of offerings (e.g. via food service,

assortment), pricing and adapting formats to consumer needs

1

Differentiated sourcing with lower costs to the franchisewith integration to the americanas sa supply chain (differentiated commercialconditions: “americanas sa purchase cost”)

2

Professionalization of the supply chainthrough the introduction of digital platforms such as market place offered via theamericanas sa partnership and improvements in the level of service

3

Introduction of omnichannel and higher brand valuefor the digital sale of products, with the support of innovation and technology offeredthrough a americanas sa partnership and a new image with greater appeal

5

Training individual stores and greatersupport for franchiseswith assistance from LASA to define the assortment and display of products, includingtraining of employees and support in defining the ideal store model

4

Key Initiatives...Convenience Solutions

~140kR$/mo

Turnover at BR Mania stores in 2026, versus

R$ 85k/month current

45%

Gross margin from the convenience store to the reseller, versus

35% current

Note: Figures subject to revision upon completion of the LASA agreement

~21%

Store Penetration in 2026 and 27% in 2030 vs.

14% current (~2,000 stores)

New store types

New image and offer

JV with Americanas S.A.

New operating models

Public

New Models

PREMIUM

Complete food service-intensive store..

For locations with a potential for high revenue and with a vocation for food outside the home.

STANDARD

Full service standard store. Layout recommended for most of the chain. Higher return with less investment. Our "done right basic". "Worlds" to plug in accordinglywith the general public.

COMPACT

Store with an optimized assortment and a simplified food service offering. Ideal for smaller spaces. Easy to operate and low cost.

PIT STOP

Format in partnership with Ambev focused on beverages, tobacco and snacks. Does not have food service. Suitable for cities in the interior with less than 300K inhabitants.

AUTONOMOUS

Technology-intensive store. Autonomous system that allows self ordering through totems, tablets or apps. Recommended for major hubs.

VENDING

Hybrid store offering products through vending machines. Low cost to operate. For large centers with logistical feasibility. Only 1employee per shift.

+ 60m²

+ 30m² + 20m²

25m²

+ 60m²+ 100m²

R$ 180,000

R$ 100,000

R$ 60,000

R$ 120,000

R$ 60,000

R$ 40,000

Restructuring of store profiles enables increased adaption to the needs of each service station

Note: Container-type stores as a construction alternativeExpected turnover (R$/month/store) Store footage

Partnershipdifferentiators

Supply Chain Solution•LASA transfer of the economic benefit of the supply chain to the JV• Commitment to supply the "LASA procurement cost" and direct logistics• Plug & Play operation

1

Retail expertise and own-store operation• Solution for own store operation in high-potential locations for uninterested resellers• Know-how in assortment, pricing, promotions, etc.

2

Access to the LASA Universe• AME/B2W commercial partnerships• Access to digital platforms, logistics solutions, payment methods and systems

3

Alliance Project - JV

Partnership withLASA via JV tocreatecompetitivenessin supply chain & store operation

+ 1,100 stores+ R$1,100M selloutFranchisees

+ 50 units+ R$60M revenueOwn stores

BP Project Aliança| Operationaland financials projections JVStory base - NewCo – Franchises and Vibra’s stores(# EoP) / Anual variation GMV and monthly sales per store (R$ MM; R$ k/store)

NET revenue

National coverage to serve current

and new customers

throughout Brazil

Off-grid offering

Sales of LNG to industrial customers who are in regions that are not connected to the distribution grid

On-grid offering

With the opening of the market, Vibra will also start selling to customers connected to the grid

20-30% Vibra 2030 EBITDA in

gas and electricity

+70% of current Vibra customers transitioning from OC to natural gas are off-grid

Infrastructure and logistics for LNG distribution

Offtaking contracts with producers

Complementing the offer with biomethane

Opening of the gas market

Alternative to Fuel Oil(~R$100M Vibra EBITDA)

More sustainable energy than derivatives

Growth in demand for gas

Vibra will complement its overall energy offering with a scalable positioning in natural gas

Energy


Vibra and ZEG Biogás signed a cooperation agreement to offer sugar and ethanolproducers an integrated solution for producing biomethane and together to induce thegrowth ok biomethane market in Brazil

+

Downstream

Increasingly demanding market for renewables

Biomethane can replace many fossil fuels (diesel, natural gas,LPG)

Vibra & ZEG combine market intelligence, business modelingand competitive pricing for efficient product placement on themarket

Vibra has more than 8,000 service stations and 18,000 B2Bcustomers

Value Proposition

Renewable alternative, adding to the complete decarbonization ofthe sugar and ethanol industry value chain

Environmental solution for vinasse and improved soil productivity

Decentralized production throughout the entire agribusiness chain, with Vibra and ZEG playing a prominent role in complying with thelow carbon agenda (ESG)

Upstream

Vibra and ZEG have an excellentrelationship with the leading sugar andethanol producers in Brazil

ZEG has the best stillage biodigesteroption in the world

Potential market for biomethanein Brazil

superior to

10 billion m 3 per annum

Technology

ZEG's proprietary technologicaldevelopment and ongoing optimization

The production process developed byZEG for biomethane production is verycompetitive, particularly in terms ofoperating costs

Vibra is in a prime position for growth in trading electricity

We are reinforcing our current position to better support large-scale customers and expanding offer for future pulverized demand

+40%Of the total energy of the free market is consumedby B2B customers of Vibra

Distributed generation at service stations

Customized projects to tailor the energy supply to large-scale customers

Service to smaller-scale customers with progress in liberalization

Trading in the free market

47

2020 2030

20

2025

3546

583266

8094

Higher potential with the growth of ACL

Projected total load (GWm) 3x '30 vs. '20

Vibra will be among the top 5 electricity traders in the free market by 2025

Energy


DIGITALIZATION IN ORDER TO SERVE A SCATTERED CUSTOMER BASE

Top 5Traders

of electricityas of 2025

20-30% Vibra 2030 EBITDA

in gas and electricity

TARGUS (2021)

500 MWm traded300 Clients served (energy sales + services)

DG plants under contract to serve 700+ customers by the

end of 2021

R$400MEBITDA in 2022

Fortifying the position as a

market leader

Ongoing projects to strengthen position in lubricants

Authorized distributor program

Strengthening of international position

Use of BI and analytics in integrated marketing and sales planning

Expansion of premium portfolio

Synergy with broad offering for B2B

customers

Completion of the expansion of the Lubrax plant in RJ

500,000 m³/yearNew capacity

Among the 5 largest manufacturers

of lubricants in the world

Integrated concept from factory to customer

Production Distribution Sales

Predictive planning Increased efficiency

The Lubricants business is about to embark on a new, even more prosperous stage

Energy


In aviation, we are positionedto maintain leadership in the market recovery

20202019 2021 2025

>R$500MEBITDA expected to resume robust growth after COVID-19

Market ShareAirports

We have the relevance and penetration required to continue leading the aviation market

Sufficient infrastructure for additional growth without relevant investment

Reduction of business risk, with lower capital employed

65%

Energy


+90

Creation of new onshore and offshore entities for derivatives trading and offices abroad

New independent trading company for the biofuels sector

Fuel trading will open opportunities in refining and is expected to become an independent business at Vibra

Energy

R$1Biin savings over the last 5 years

Largestimporter of fuels from Brazil,with

3.4 MM m³imported in 2020

Excellence in sourcing

Optimization of the value chain

Asset-backed trader

Trading has matured at Vibra and will increase value generation over and above optimizing sourcing

Vibra Vision1

2

3

Path to success


4xAmbition to grow in the upcoming yearsDerivatives desk to mitigate the risk of

exposure

Partnership between VIBRA and Copersucar createsBrazil's leading Ethanol Trader andone of the largest in the world

Trader of Ethanol

• "Asset light" model• Alignment to the ESG agenda• National reach and presence• Synergies generate value for the business

and provide more efficiency to the market

Opportunities between harvest and off-season

Import and exports, in addition toworking in the domestic market

Scale gain and logisticaloptimization

Main drivers of value

Two solid Brazilian companies reinforcing theircommitment to the country through the reliable andcompetitive offer of biofuel to society

B2B solutions are an important part of Vibra's offering to its customers during the energy transition

Helping in carbon offsetting

Energy management and CCEE representation

Providing guidance on the transition to cleaner energy sources

Operations Inventory management and automatic resupply

Engineering and operation of customer sites

Closer relationship with customers and increased retention

Fleet

Fleet management

Shared garages

B2B Solutions

Energy

Non-exhaustive


ESG, Innovation and Digitalizationare fundamental pillars of our business

Facilitating elements

Innovation will become even more important for Vibra in the energy transition, and we will pursue positions that ensure optionality

Investment for an even more active role in developing innovation

Focus on sectors that are related to Vibra's forward-looking vision and associated with improving the

consumer experience:

OTHER EMERGING TECHNOLOGIES

NEW SOURCESOF ENERGY

MOBILITY

OPEN INNOVATION: Partnerships with startups and companies for business development and joint go-to-market

INVESTMENT IN STARTUPS: Corporate Venture Capital Strategy connected with our proposition for the future.

R$140-160MM for investment in different domains of innovation in the upcoming years

Legal

People

HSE

Strategic focus on Energy and Mobility

Israel's Startup Ecosystem

30 connectedSTARTUPS+

We are launching our VIBRA INNOVATION HUB

Cooperation Agreements with:

INNOVATION GOVERNANCE: Alignment with BR's new strategy and tracking the results

The creation of the innovation hub will leverage connections and help speed up the delivery of innovative solutions to the market

Provide solutions to current problems in order to build a future and generate results along with new sources of revenue within the innovation ecosystem.

INNOVATION WITH RESULTS

A culture of mistakes with quick learning. Conception projects to make new opportunities feasible, including rapid experimentation and testing.

EXPERIMENTATION & RAPID PROTOTYPING

Core relationship competence used to exchange ideas with innovation entities, generating new business opportunities and providing a competitive advantage in the market.

CONNECTIONS

Promoting the innovation mindset. To be an agent for transforming the future. To be the brand desired by new talent and acquisitions.

INNOVATIVE POSITIONING


Public

Our digital transformation is in-line with VIBRA's strategy of optimizing the present and enabling the future


Digitalizer the

experience

of customers

Enabling

transformation

Digitalizer the

organizationDigitalizer the

operations

Digitization is one of our pillars, facilitating personalization and efficiency in large-scale customer care

Digital channels allow us to relate to the customer in an efficient and personalized way

Orders are transacted through the Business Channeland other apps from the Vibra network

95% of orders are made through the

Business Channel

Efficiency in serving customers, digitizing the way to do business

App + Business

App Hangarar

Franchisee Portal

Energy Portal has been used in Distributed Generation

Digital platforms for selling energy

Leveraging of the platform for efficient service to a more dispersed customer base

Digitalization of the sales funnel with new CRM Salesforce

Dynamic pricing

Customer service channel on Whatsapp

• View Orders

• View Invoices

• Check on Bank Payment Slips

…and much more!


A new Premium App that is lighter, incorporating tier logic while including integrated paymentLoyalty program

Payment in the app

Offers based on consumption and profile

ClosenessVibra - Final customer

Gamification

Benefits according to each level


Introduction of a digital supply chain solution and creation of the control tower


SAFETY INTEGRATED LOGISTICS CONTROL TOWER (SAVINGS OF R$ 95 MM)

Integrated view of operations

Maximizing fleet productivity

Digital programming and scripting

Monitoring and alerts in real

time Focus on safety 24 hours

DIGITAL SUPPLY CHAIN

Layer of analytics integrated into

planningwith KPIs that are relevant to logistics and

commercial areas

S&OP process supported by

a planning tool

Increased accuracy of sales

forecasting focusing on the bases with the highest deviations

Improved communication between

logistics and commercial areas with

structured meetings and well-defined indicators

More dynamic stocking policyallowing for a reduction in inventory levels

And adding efficiency to our activities through the use of robotics, with RPA and AI technologies


Robot based on an RPA tool

Robotic Process Automation

0503

0201

Jan/2021Campaign in areas

+ 25,000 hoursreturned

04

06

07


May/2021100-day plan

Dec/2020 2020 Results


Dec/2019Start of the pilot project

Apr/2020Project + CoE Governance

+10,000 hours returned

August / 2021 Strategic Initiatives+ 80,000 hours

returned

For 2022 Greater Investment.

Return of 10x + 200,000hours returned annually

- Automated Look Up on various external sites that do not offer integration

- Automatic execution of daily operational routines at headquarters and at 80 bases

- Elimination of repetitive tasks that have little added value

WHICH WAS ONLY POSSIBLE USING RPA

+ R$ 16Min potential earnings

How to optimize processes

for Vibra in 12 months

Working towards a healthy, pro-competitive and asymmetry-free regulatory environment

• Constructive dialog with the Executive, Legislative and Regulatory agencies• MP 1063, direct sale of ethanol: addressing the tax issue, seeking to eliminate any

asymmetries• MP 1063, "white bomb": retaining an express provision that favors exclusivity

contracts freely agreed upon between the parties

Active participation in the Legal Fuel Institute

Tracking regulatory changes that may have an impact on VIBRA's performance

350MM of

fuel apprehended

1250Denunciations done in the last 12 months

14BI Monetary loss

Cconstruction of an ethical and loyal environment in the fuel sector

3159employeesheard in the Barrett_2020 survey

Conversations with Customers, partnersShareholders and experts

100%of leadership

+100employeesDiscussion groups

Diagnosis performed in 2020, in which we heard: ACTIVE LISTENING as the CENTRAL FOCUS OF THE WORK

CULTURAL TRANSFORMATION

3300employeesheard in the PULSO Cultura_2021 survey

CurrentCulture

Workshop to define thePurpose, Behavior Principles

Desired Culture

x

Always ready to move Brazil with its best energy

Public

Always ready to move Brazil with its best energy.

at each time; present;in the daily lives of Brazilians;sense of urgency;continued improvement.

Public

It's about availability;convenience, securityand ease. To be presentwhere, when and howeverthe customer wishes.


Public

Drive; evolve; breaking free from the same old place; it's about moving people and business. Moving is about getting closer and finding paths.


Public

Our roots; our people, our collaborators. It reflects our presence, penetration and reach. It's about being within the lives of all Brazilians (people and businesses).


Public


Which is the employee, the customer, our partners, each of us.

Public

That it's cleaner, more affordable, more convenient; that it represents the best for society, for Brazil and for the planet.


Public

What refuels us to keep us going; what allows us to go from one place to another; what moves us and pushes us forward.


We are convinced that

our customer's bottom

line is ours as well, that's

why we're always

dedicated to fulfilling

their needs and

surpassing their

expectations.

MOVEDBY THE CUSTOMER

WE SIMPLIFY EVERYDAY LIFE

DARINGTO GO FURTHER

We look for solutions in a

simple and flexible way

and implement

processes as enablers. We adapt to the context

to deliver better results

with flexibility.

We ask questions to find

best practices and take

courageous and

responsible risks. We're a

step ahead in the search

for solutions to continue

leading the market.

OUR PRINCIPLES

COMMITTED TO A SUSTAINABLE FUTURE

We are driven by the desire to have a positive impact on society. We believe that the future of the company depends on the sustainable management of the business and involves the participationof each employee.

OUR PRINCIPLES

TEAM THAT "VIBRAS" TOGETHER

We encourage an environment of diversity and trust, where everyone is committed to achieving our goals. We "vibrate" in harmony with employees, customers and partners, because we all share the same energy, optimism and positivity.

ESG is essential to Vibra and is at the core of our priorities

Conviction of the importance of energy

transition and sustainability

Commitment to our surrounding communities

and to the social development of Brazil

Focus on diversity and inclusion


E

S

G

We currently have ESG impact initiatives recognized by leading institutions

• Reduction of GHG emissions in the transportation of our products

• Expanding the use of renewable energy• Reduction of effluents generation and water consumption

• Community engagement: Circo Crescer e Viver and Meta Educação partnership

• Volunteering: Entrepreneurial Trail• Initiative for fighting the Covid pandemic• Increased diversity: the percentage of women rose from 23.56%

to 27.03% and that of Afro-Brazilians from 29.53% to 40.21%

• Vibra became a true corporation

• CA with all independent members• Effective integrity program that prevents corruption and

builds credibility

Key ESG Initiatives

Top 15% in the industry by

the S&P Global 2021 Sustainability Yearbook

Listed for 2 consecutive yearsin ISE; included in ICO2 for the 1st time

Listed for 2 consecutive years on

the FTSE4Good Index of the FTSE, a division of the London Stock Exchange

Emphasis among national fuel

distributors

National and international recognition in ESG:


We'll takeESG to thenext levelwith Vibra Net Zero

Net ZeroScopes 1 and 2

up to 2025

Scope 1: direct emissions from activity (energy generators, boilers, trucks, forklifts)

Scope 2: indirect emissions from the purchase of energy (electricity and steam)

Net ZeroScope 3 up to,

at the maximum,

2050

Scope 3: indirect emissions

from the activity, such as the

use of the product sold and part

of the transport of products

Elementos facilitadores

We'll take ESG to the next level with Vibra Net Zero

Total emissions (thousand t CO2e, 2020)

Scopes 1 and 2

Scope 3

Commitments

146,000(0.2%)

75 million(99.8%)

Net Zero up to 2025

Intermediate intensity of reduction targets

Net Zero up to 2050

Main Initiatives

• Thermal plant deactivation • Increase in renewable energy• Increased operational efficiency in

the units and in the transport of products

• Compensation for emissions

• Investment in new fuels • Encouraging customers to change

their consumption variety • Carbon capture projects • Compensation for emissions

Investment estimated (R$/year)

To be estimated, given the variations in future

emissions and fluctuations in the

future price of carbon

~R$ 5M – 20M

Source: BCG Analysis

~R$190MAcquisition of CBIOS by BR

in 2020 (Renovabio)

Public

Today's strategic initiatives are focused on maintaining the company's value generation

We will continue to deliver robust earnings and new businesses will play a significant part

20252021 2030 20252021 2030

Revenue Ebitda

20-30% Vibra 2030 Ebitda

from new business

Electricity trading is expected to be

3-4xhigher in 2030

+50% growth +30% growth

Vibra Current Business New businesses (Natural gas, electrical energy expansion, EV charging, LASA JV)

Creation of value

Increased cash generation despite CAPEX in new businesses 2021 2025 2030

Vibra Current Business New businesses (Natural gas, electrical energy expansion, EV charging, LASA JV)

Operational cash flow

CAPEX

Investments in the service station chain

Logistics infrastructure in situations that are needed to make energy sales viable

+180% growth

~30% Vibra 2021-2030 CAPEX

intended for new businesses

70-80%+Operating cash flow due

to new business and higher leverage

POSSIBILITY OF HIGHER LEVERAGE FOR ADDITIONAL INVESTMENT AND M&A OPPORTUNITIES

Creation of value

Execution of the new strategy will result in higher total shareholder return

Three key drivers for TSR

MultiplesCapital structure

Operationalearnings

Greater weight of businessin growth, with strengthened convenience, digitizationand new energy sources

Leverage adequacy with reduced cost of capital and a dividend policy linked to indicators of liquidity and indebtedness

Revenue growth with strategyresilient to energy transition scenariosContinuity of earnings fromefficiency and strengtheningof current business

Creation of value

Public

Thank you!

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