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

our 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

other 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.

2

that evolves

with society

An

integrated

company

of energy,

with focus

on 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

FinancialSafety

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

1.13Q17

1.0in 2018

Actual

2.22015

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

3.23Q17

2.5in 2018

Actual

5.12015

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$/US$)

4653 53

5866

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

3.443.55

3.623.69

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.

10

1,5

2

2,5

3

3,5

4

4,5

45 55 65 75

Net

Debt/

Ebit

da

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

11

Continuous reduction and improvement in debt profile

123

118115 114 114

102

10096 95

89 88

77

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

Gross debt Net debt

Indebtedness (US$ billion)

7.33 7.46 7.617.88

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)

12

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

14

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 divestments15

Note: incorporates reductions from divestments

Focus on the most profitable invesment projects

81%

18%1%

CAPEX 2018-2022

Refining and

Natural Gas

E&P

74.5US$ billion

Other segments

Capex was maintained at the same level of the

previous plan

14.2

11.9

8.4

12.013.9

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

60.3US$ 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

Retu

rn

BMP

14-18

43BMP

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

13.1US$ 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$

18

IPO of Petrobras

Distribuidora

Partnership in the

Roncador field in

the Campos BasinSale of Azulão Field

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

Total of US$ 4.5 billion in 2017

Divestment ProgramStrategic AlliancesIPO

Maintenance of our partnership and divestment program, with a target of

US$ 21 billion until 2018

19

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

20

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

ClosingBinding phaseNon-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)

21

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

of 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%)

394US$ billion

Others (3%)

Depreciation (15%)

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

131

57

10

137

59

23

With costs under control

Corporate

RNG

136.8US$ 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**

24

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

20062010 2013 2014 2015 2016 2017 2018

P-67P-66

Cid. de

MangaratibaCid. 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

28

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

Mero Field

Recoverable Volume

3.3 billion oil barrelsGood quality oil with high commercial value and

expressive presence of associated gas

Breakeven Price

~ US$ 35/barrel

Mero 2

2022Mero 1

2021Libra 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 only29

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 injectionwith intensive application of WAG

technology (Water Alternate Gas Injection)

Búzios 3.058MMboe

2018 2019 2021

P-76 Leased FPSOP-77P-75P-74

* 100% Petrobras WI30

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

our production

6 Under negotiation3 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 blocksBlocks 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 RoncadorTechnology 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 Pipeline355 Km extension for drainage of up to 18 millions m3/day.

The conclusion is planned for 2019.

Natural Gas Processing UnitTotal capacity to process 21 million m3/day of natural gas,

increasing the offer to the market. The operational start up

of 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 ACQUIREDRETURN 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%

of 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/2017September/2017

Estadão Empresas Mais AwardIG-SEST: Certificate of Excellence

in Governance Program for State-

Owned Companies

Petrobras request for joining the special listing segment Level 2

of 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 POLICYValuing people

Meritas a basis for recognition

CULTURAL

MANAGEMENTResults-oriented

transformation

In a process of cultural transformation oriented to results

Upgrade of the Remuneration and Carreer

Models

37