Petrobras announces commencement of cash Tender Offers

RIO DE JANEIRO, BRAZIL – May 21, 2018 – Petróleo Brasileiro S.A. – Petrobras (“Petrobras”) (NYSE: PBR) announces the commencement of offers by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) to purchase for cash PGF’s notes of the series set forth in the tables below (all such notes appearing under either such heading, the “Notes” and each a “series” of Notes) for an aggregate purchase price, excluding accrued and unpaid interest, of up to US$4.0 billion, divided as follows:  (i) up to US$2.0 billion for Notes of the series set forth below under the heading “Tender Group 1” (the “Tender Group 1 Notes”) and (ii) up to US$2.0 billion for Notes of the series set forth below under the heading “Tender Group 2” (the “Tender Group 2 Notes”), in each case subject to the “Acceptance Priority Level” for each Tender Group (as defined below) and subject to proration (each a “Tender Offer” and together the “Tender Offers”). Tender Group 1 and Tender Group 2 are referred to herein individually as a “Tender Group” and collectively as the “Tender Groups”.  Each Tender Offer is conditioned upon certain customary offering conditions. The consummation of the Tender Offer with respect to a Tender Group is not conditioned on the consummation of the Tender Offer with respect to the other Tender Group.

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