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Disclaimer

FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not based on historical facts and are not assurances of future results. Such forward-looking statements merely reflect the Company’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "seek", "should", along with similar or analogous expressions, are used to identify such forward-looking

• statements. Readers are cautioned that these statements are only projections

and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company with the SEC, specifically the Company’s most recent Annual Report on Form 20-F, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil and other commodity prices, refining margins and prevailing exchange rates, uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and

• ur ability to obtain financing.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any

• ther reason. Figures for 2017 on are estimates or targets.

All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. We are providing these measures because we use them as a measure of company performance; they should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS. NON-SEC COMPLIANT OIL AND GAS RESERVES: CAUTIONARY STATEMENT FOR US INVESTORS We present certain data in this presentation, such as oil and gas resources, that we are not permitted to present in documents filed with the United States Securities and Exchange Commission (SEC) under new Subpart 1200 to Regulation S-K because such terms do not qualify as proved, probable or possible reserves under Rule 4-10(a) of Regulation S-X.

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that evolves with society An integrated company

• f energy,

with focus

• n oil and

gas with a unique technical capability

ACTIVE PORTFOLIO MANAGEMENT RESTRUCTURING OF THE ELECTRIC ENERGY BUSINESS EXPLORATORY PORTFOLIO E&P PROJECTS PORTFOLIO EXIT FROM NON-CORE BUSINESSES MAXIMIZATION OF GAS VALUE STRENGTHENING OF GOVERNANCE RECOVERY OF CREDIBILITY LOW CARBON ECONOMY DIGITAL TRANSFORMATION TECHNOLOGICAL COMPETENCIES DEEP WATER PRODUCTION DEVELOPMENT LOW BREAKEVEN PRICE PROJECTS

creating high value

COST DISCIPLINE BEST PRACTICES PROCUREMENT WITH A VALUE FOCUS MERITOCRACY RESERVES INCORPORATION PRICING POLICY FINANCIAL AND RISK MANAGEMENT

Continuous strategic monitoring: long term focus and 3 new strategies

3

Developing high value businesses for renewable energies Reducing carbon emissions on our production processes Investing and promoting new technologies to reduce impacts on climate changes

Preparing the company for a future basedon a low carbon economy

4

Value generation through digital solutions for reservoir management and geological processes (geophysics, geochemistry and petrophysics) Automation Big data Cloud computing Artificial intelligence High performance computing

Capturing opportunities generated by the digital transformation

5

Improvement on cash management, increasing predictability and optimizing size and allocation Reduction on risks associated to the company’s cash flow Optimizing the company’ s financial and risk management

6

OUR MAIN METRICS

NET DEBT/ADJUSTED EBITDA

Financial Safety

1.0 in 2018 2.5 in 2018

Anticipated in 2 years Target maintained TOTAL RECORDABLE INJURY FREQUENCY RATE (TRI)*

*Number of reportable injuries per million man-hours

7

Peers average

Actual

1.1

3Q17

1.0

in 2018

Actual

2.2

2015

TOTAL RECORDABLE INJURY FREQUENCY RATE (TRI)* 50% reduction

2.2 1.6 1.1 1.0 2015 2016 2017 2018

TRI

Safety

8

By 2022: metric converges to the global average of the main oil and gas companies rated as investment grade Actual

3.2

3Q17

2.5

in 2018

Actual

5.1

2015

NET DEBT / ADJUSTED EBITDA 40% reduction

5.1 3.2 2.5

4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18

Net Debt / Adjusted Ebitda

Financial

9

Main planning assumptions

Brent Prices (US$/barrel) Nominal exchange rate (R$/US$)

46 53 53 58 66 70 73

0,0 20,0 40,0 60,0 80,0 100,0

2016 2017 2018 2019 2020 2021 2022 Range of Estimates

3.48 3.17 3.44 3.55 3.62 3.69 3.80 2016 2017 2018 2019 2020 2021 2022

Focus Range (11/03/2017)

Source of estimates: IHS – Jul/2017 (Scenarios Rivalry and Autonomy), PIRA – Sept/2017 (Scenario Reference, High and Low), EIA – International Energy Outlook Sept/2017 (High Price, Low Price, Reference). 2017 values represent the average until Nov 7, 2017.

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1,5 2 2,5 3 3,5 4 4,5 45 55 65 75 Net Debt/Ebitda Brent (US$/bbl)

62.4

Monthly average values for ICE Brent futures contracts for 2018 (Feb to Dec/18)

Net Debt/EBITDA Sensitivity to Brent

BRENT US$/BBL Net Debt Adjusted Ebitda 50.0 3.7 53.0 3.3 60.0 2.7 62.4 2.5 64.0 2.4 70.0 2.0

Futures prices* Planning assumption Spot Prices*

*Data from December 20, 2017

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Continuous reduction and improvement in debt profile

123 118 115 114 114 102 100 96 95 89 88 77 3Q16 4Q16 1Q17 2Q17 3Q17 4Q18 Gross debt Net debt

Indebtedness (US$ billion)

7.33 7.46 7.61 7.88 8.36 6.3 6.2 6.2 6.1 5.9 3Q16 4Q16 1Q17 2Q17 3Q17 Maturity Average rate

Average maturity (years) and Average rate (% p.y.)

48.1 27.5 Position in 12/31/2014 Position in 11/30/2017*

Total amortizations of principal in 2018, 2019 and 2020 (US$ billion)

* Does not include pre-payment of US$ 2.8 billion with CDB (due in 2019)

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Additional initiatives with impacts on cash flow Increase in market-share through an active pricing policy Additional reduction in disbursements (opex and capex) Acceleration in divestments with a US$ 5 billion increase in potential portfolio

13

Start- up of 19 new production units by 2022

2018 2019 2020 2021 2022

LULA EXTREMO SUL P-69 (91%) BÚZIOS 2 P-75 (92%) BÚZIOS 1 P-74 (96%) BÚZIOS 3 P-76 (93%) BERBIGÃO P-68 (88%) BÚZIOS 4 P-77 (90%) ATAPU 1 P-70 (88%) LULA NORTE P-67 (99%) EGINA Egina FPSO (85%) TARTARUGAS VERDE E MESTIÇA (99%)

POS-SALT TRANSFER OF RIGHTS PRE–SALT (CONCESSION)

OWNED

PSA Completion (%)

LEASED

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BÚZIOS 5 MERO 1

• REVIT. DE MARLIM

MÓD. 1

• REVIT. DE MARLIM

MÓD. 2 MERO 2 ITAPU INTEGRADO PARQUE DAS BALEIAS SÉPIA SERGIPE-ÁGUAS PROFUNDAS

Increase in oil and gas production

2.1 2.9 2.6 3.4 2.7 3.5

2018 2019 2020 2021 2022

OIL BRAZIL

NATURAL GAS BRAZIL OIL + GAS INTERNATIONAL

Million boe/d

Note: Considers divestments

15

Note: incorporates reductions from divestments

Focus on the most profitable invesment projects

81% 18% 1%

CAPEX 2018-2022

Refining and Natural Gas E&P

74.5

US$ billion

Other segments

Capex was maintained at the same level of the previous plan

14.2 11.9 8.4 12.0 13.9 2.9 3.8 1.9 2.0 2.6 2018

17.3 15.8

2019 2020

10.5

2022

16.6

2021

14.2

Annual Capex

16

11% 77% 12%

CAPEX 2018-2022 E&P

Exploration Production Development Infrastructure + R&D

Pre-salt

58%

Post- Salt

42%

E&P Investments

60.3

US$ billion

Investments by layer

58% of the 2018-2022 capex will be deployed on the pre-salt, which presents a higher profitability relative to post-salt assets

Active portfolio management Reduction on break-even Brent

Risk Return

BMP 14-18

43

BMP 17-21

30

BMP 18-22

29

Focus on the most profitable projects More competitive costs Resilience to price levels Increase in value associated to capex allocation, strategic partnerships and divestments

17

Refining and Natural Gas Investments

66% 28% 6%

CAPEX 2018-2022 RNG

Refining, Transportation and Marketing Natural Gas and Power Distribution and Biofuels

13.1

US$ billion

Natural Gas Logistics

Investments in pipelines, gas pipelines and natural gas processing units to offload pre-salt production

Diesel Quality and Refining Expansion Operational Maintenance

Investments focused on diesel quality and the 2nd phase of the RNEST refinery, for which partnerships are still being sought Investments in safety, maintenance and focus on the assets’ operational efficiency

$

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IPO of Petrobras Distribuidora Partnership in the Roncador field in the Campos Basin Sale of Azulão Field

R$ 5 billion US$ 2.9 billion US$ 55 million

Total of US$ 4.5 billion in 2017

Divestment Program Strategic Alliances IPO

Maintenance of our partnership and divestment program, with a target of US$ 21 billion until 2018

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• Partnership in Lapa and

Iara fields

• Partnership in

Termobahia

• Agreement for alliances

in the upstream and downstream segments and technological cooperation covering the areas of operation, research and technology

• Signed deals of US$ 2.2

billion

• Partnership in the

Roncador field in Campos Basin

• Strategic agreement

for technical cooperation in order to increase recoverable volumes

• Sharing of gas exports

infrastructure

• Signed deals of US$ 2.9

billion

• Consortium to explore

the area of Peroba

• MOU for cooperation

in opportunities in Brazil and abroad in all segments of the oil and gas chain, including potential financing arrangements.

• Consortium to explore

the areas of Peroba and Alto de Cabo Frio Central

• LOI for cooperation on

exploration, production, refining, gas transportation and marketing, LNG, oil trading, lubricants, jet fuel, power generation and distribution, renewables, technology and low carbon initiatives

• Consortium to

explore 6 off-shore blocks in Campos Basin

• MOU for cooperation

in exploration, production, gas and chemicals both inside and outside Brazil.

Strategic Alliances

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Ongoing divestment processes

• 70 onshore fields
• 31 shallow water fields
• Distribution in Paraguay
• North/Northeast Gas Pipelines

New process for partnerships and divestitures

• Fertilizer Units
• Upstream assets in Africa
• Divestment of BSBios

Closing Binding phase Non-binding phase * Teaser

* If aplicacble

Sale of 90% of Transportadora Associada de Gás S.A. ("TAG")G Divestment of 100% equity interest of Petrobras Oil & Gas B.V. (“POGBV”) Assignment of all rights in three sets of onshore fields (RN e BA) Assignment of all rights in shallow-water fields Assignment of all rights in five sets of onshore fields (CE, RN e SE) Sale of 100% of PBIO’s stake in BSBIOS Approval by Top Management and contracts signing Sale of Assets in Paraguay Sale of Azulão Field (AM) US$ 54.5 million Divestments in the Fertilizer Sector (Ansa e UFN-III) Sale of Maromba Field (RJ)

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We will keep our pricing policy

• Alignment to

international prices

• Quest for

competitiveness Key Drivers

22

Operational costs and expenses 2018-2022

OPEX 2018-2022

(US$ Billion)

• Operational costs at the same level
• f the previous business plan
• 2018 forecast for operational costs

and expenses is US$ 74.4 billion (38% in E&P) Manageable operational Costs (35%) Government take (14%) Purchase of feedstock (33%)

394

US$ billion

Others (3%) Depreciation (15%)

*Average cost of the BMP – Brazil and abroad **average cost of the BMP - Brazil

131 57 10 137 59

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With costs under control

Corporate RNG

136.8

US$ billion

MANAGEABLE OPERATING COSTS 2018-2022

(US$ billion) E&P

62.2 62.9 11.7

* Brazil **Average of 2018-2022 BMP

Lifting costs (US$/bbl) Refining costs* (US$/bbl)

3.0 2.6 9M17 2018-2022** 11.0 9.9 9M17 2018-2022**

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21.0 8.1 25.7 54.2 74.5

162.5 Source 141.5 Uses 162.5 Partnerships and Divestments Operating Cash Flow (after dividends) Cash Buildup Financial Expenses Amortizations Investments

Sources and Uses

US$ billion

25

Main Projects

26

Main Projects

27

LULA: two new systems to start production in 2018, totaling 9 production systems

DISCOVERY

2006

2010 2013 2014 2015 2016 2017 2018

P-67 P-66

• Cid. de

Mangaratiba

• Cid. de

Saquarema

• Cid. de

Maricá

• Cid. de

Itaguaí

• Cid. de

Paraty

• Cid. de Angra

dos Reis P-69

Daily Operated Production

> 1.0 MMboe/d

Accumulated Production

> 800 MMboe

Wells

> 120 drilled > 40 in production

* Petrobras WI only

CAPEX from 2018 to 2022*

> US$ 4.5 Billion

0.03 1.06 2010 2011 2012 2013 2014 2015 2016 2017 Oil Gas Highest Monthly Production

1.2 1.0 0.8 0.6 0.4 0.2 0.0

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MERO: 1st field under production sharing regime will have 2 systems until 2022 Mero Field

Recoverable Volume

3.3 billion oil barrels

Good quality oil with high commercial value and expressive presence of associated gas

Breakeven Price

~ US$ 35/barrel

Mero 2

2022

Mero 1

2021

Libra Area

Exploratory activity continues Period extended for additional 27 months 12 exploratory wells drilled +2 until 2019 CAPEX from 2018 to 2022* US$ 2.3 Billion

* Petrobras WI only

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BÚZIOS: 5 new production systems within the plan period

CAPEX from 2018 to 2022*

US$11.4 Billion

5 FPSOs with capacities of:

750 kbpd OIL

Wells:

45 production 40 injection

with intensive application of WAG technology (Water Alternate Gas Injection)

Búzios

3.058

MMboe

2018 2019 2021

P-76 Leased FPSO P-77 P-75 P-74 * 100% Petrobras WI

30

CAMPOS BASIN: value maximization for the basin responsible for 50% of

• ur production

6

Under negotiation

3

Signed off

Extension of Concessions 4 new systems until 2022

Tartaruga Verde & Mestiça 2018 Integrated Parque das Baleias 2021

• Revit. Marlim 1 2021
• Revit. Marlim 2 2021

91 projects to increase the recovery factor 6 new exploratory blocks

Blocks acquired during ANP 14th Bidding Round, contiguous to the Pre-Salt polygon

CAPEX from 2018 to 2022*

US$ 18.9 billion

* Petrobras WI only. Includes all investments in the Basin

Partnership with Statoil in Roncador

Technology sharing and increase of recovery factor

31

Integrated Project Route 3: Infrastructure Project for offloading and processing of natural gas from Santos Basin Pre-Salt

• Gas Pipeline

355 Km extension for drainage of up to 18 millions m3/day. The conclusion is planned for 2019.

• Natural Gas Processing Unit

Total capacity to process 21 million m3/day of natural gas,

increasing the offer to the market. The operational start up

• f this unit is forecasted to 2020. Located at Comperj.
• Additional Natural Gas Treating Unit at

Cabiúnas Terminal (TECAB)

Located at Macaé. 32

Paving the future

33

Petrobras is recomposing its exploratory portfolio

NEW AREAS ACQUIRED RETURN OF EXPLORATORY ACTIVITIES NEW DISCOVERIES ON CAMPOS BASIN PRE-SALT

15 29 2016-2017 2018-2022

Average of exploratory wells per year 14th Concession Round + 2nd e 3rd Production Sharing Rounds

• 10 new exploratory blocks
• 11.4 thousand km2 of

exploratory area (increase in 17%

• f our actual portfolio)
• R$ 2.9 billion invested in

signature bonus

Poraquê Alto Carimbé Tracajá Brava (RDA* in 2018) Forno (APS** in 2019)

* RDA: Reservoir data acquisition ** APS: Anticipated production system

By 2019 + 4 bidding rounds + 2 rounds for marginal accumulations 34

Keep strengthening its governance

Incentive for improvement of partners´ compliance programs DDI Integrity Due Diligence Development of collective actions against corruption in Brazil BRAZILIAN NETWORK OF GLOBAL PACT Signatories of the Business Pact for Integrity and against Corruption ETHOS INSTITUTE Discussion forum for compliance and integrity policies IBP´s COMPLIANCE COMISSION

Improvement of Business Environment High Administration Compromise

Participation and incentive to the training realization LEADERSHIP THROUGH EXAMPLE Approval of Politics and revision of the Conduction Guide, amplifying it´s comprehensiveness for all Petrobras´ system DOCUMENT APPROVAL Internal commissions for investigations Independent denunciation channel Correction Committee CONSEQUENCES MANAGEMENT Mandatory trainings about compliance and ethics IMPROVEMENT OF COMPLIANCE CULTURE

35

The initiative intends to improve corporate governance practices in listed state-owned. Petrobras has complied with all the compulsory measures of the Program and obtained 56 points among others required measures.

And being recognized by the improvements implemented

A continuous monitoring instrument for measuring compliance with Law 13.303/16, with the aim of monitoring the performance of the governance quality of the state-owned companies. The company scored 10 in all items and reached Level 1 of Governance. Ranking developed by Grupo Estado in partnership with Austin Rating and FIA (FEA/USP) elected the most efficient companies in 22 sectores of the economy and by region, with the best Corporate Governance practices. The Board of Directors of Petrobras won the 1st place in its category.

B3: Certification in the Corporate Governance Program for State- Owned Companies

August/2017 November/2017 September/2017

Estadão Empresas Mais Award IG-SEST: Certificate of Excellence in Governance Program for State- Owned Companies

Petrobras request for joining the special listing segment Level 2

• f Corporate Governance of B3

36

Improve Relationship Model with Stakeholders Intensify mobility to balance staff New working arrangements New Program of Meritocracy Trails of technical and managerial knowledge Career and Managerial Succession Executive Talent Base

HR POLICY

Valuing people Merit

as a basis for recognition

CULTURAL MANAGEMENT

Results-oriented transformation

In a process of cultural transformation oriented to results

Upgrade of the Remuneration and Carreer Models

37