Petrobras on CDB prepayment

December 16, 2019

Petróleo Brasileiro S.A. – Petrobras, following up on the press
release disclosed on August 14, 2019, reports that it has prepaid today a US$ 5 billion loan with China Development Bank (CDB), due in 2027.

This prepayment will lead to the termination of the obligation to preferentially supply, under market conditions and for the term of financing, a total volume of 100,000 barrels of oil equivalent per day to Chinese companies.

The transaction is in line with the company’s liability management strategy, which aims to improve the amortization profile and debt cost, considering the deleveraging goal set out in its 2020-2024 Strategic Plan.