PETROPERÚ makes corrections to the IPE report published in the El Comercio newspaper

Mr:
Diego Macera Poli

General Manager Instituto Peruano de Economía – IPE

Calle Amador Merino Reyna 460, San Isidro

City.-

Of our greatest esteem:

We are pleased to greet you and, at the same time, request the rectification and clarification of the inaccurate information contained in the report entitled: "The results of the Entrepreneur State", published on page 14 of the printed edition of the El Comercio newspaper dated 05.26.2021 and on the website of the Peruvian Institute of Economics - IPE (https://www.ipe.org.pe/portal/los-resultados-del-estado-empresario/), and which we will specify below.

The aforementioned report states the following: "In particular, the case of Petro-Peru stands out, which accumulated losses of more than S/ 13 billion between 2011 and 2020." This information lacks support and veracity, since, in the aforementioned period, PETROPERÚ had a total profit of S/ 3.7 billion and paid S/ 1.4 billion for Income Tax, as can be corroborated in the affidavits submitted timely to SUNAT. Likewise, it is important to specify that PETROPERÚ periodically reports its audited results to the Superintendency of the Securities Market (SMV).

In the same paragraph, it is indicated that the "modernization of the Talara Refinery implies losses close to USD 1,650 million". This is inaccurate information, considering that the New Talara Refinery will begin to generate income in 2022 from its commissioning, therefore it cannot be said that it has involved losses.

For the aforementioned, we regret not having contacted us before publication, a situation that would have allowed them to contrast the data in a timely manner.

Likewise, for the sake of transparency, we request that you inform us of the origin of the information disseminated, given that PETROPERÚ's financial results are totally different. For your validation, we attach a summary of the accounting period 2011-2020.

Without further ado, we are waiting for the corresponding rectification in terms, means and proportions similar to those used to disseminate the aforementioned information, and without prejudice to reserving the right to initiate the corresponding legal actions.

Best regards,

Carla Santa Cruz S.

Communications Department Manager