Petrobras Announces Voluntary Severance Program

Rio de Janeiro, April 24, 2019 – Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors has approved a new Voluntary Severance Program – PDV. Employees of Petrobras holding who are retired through the INSS (Brazilian Social Security Institute) by June 2020, when the enrollment ends, will be eligible.

The purpose of the Program is to promote renewal in the company’s staff when identified the need. Its regulation also provides for retention actions in key processes, in order to guarantee the continuity of operations and maximum security in the execution of the company’s activities.

In conjunction with other actions, the program is one of the levers for value generation of the Resilience Plan, announced on 03/08/2019.

PDV was developed taking into consideration the cost of replacing company staff, preservation of the workforce required for operational continuity and adherence to the Business and Management Plan in force. For an estimated participation of around 4,300 employees, the anticipated cost for the Program’s implementation is R$ 1.1 billion with an expected return of R$ 4.1 billion during the period of 2019-2023.

The cost and return values may vary based on actual accession, as well as other variables, since these estimates are based on assumptions and criteria currently applicable.

The impact on the financial statements will occur as the accessions takes place.

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