PETROBRAS ANNOUNCES COMMENCEMENT OF CASH TENDER OFFERS

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 (all such notes appearing in either tables below, the “Notes” and each a “series” of Notes), for an aggregate purchase price, excluding accrued and unpaid interest, of up to US$1,500,000,000, divided as follows: (i) up to US$1,000,000,000 for Notes of the series set forth in the table below under the heading “Tender Group 1” (the “Tender Group 1 Notes”) and (ii) up to US$500,000,000 for Notes of the series set forth in the table below under the heading “Tender Group 2” (the “Tender Group 2 Notes”), in each case at a purchase price to be determined pursuant to a modified “Dutch Auction” in accordance with the procedures set forth in the offer to purchase dated December 6, 2018 (as may be amended or supplemented from time to time, the “Offer to Purchase”) and subject to proration (each a “Tender Offer” and together the “Tender Offers”).

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