WHO WE ARE

Petrobras is a Brazilian company with over 63,000 employees committed to providing energy for society. We are one of the largest producers of oil and gas in the world, primarily engaged in exploration and production, refining, energy generation, trading and distribution of oil products. We have acquired expertise on deepwater exploration and production as a result of 48 years developing the Brazilian offshore basins, becoming world leaders in this segment.

SHAREHOLDERS

The controlling block, comprised of the Federal Government, BNDES, BNDESPar, Social Participation Fund and Caixa Econô-mica Federal, holds 64% of our voting shares and 45% of our total shares.

OUR STRATEGY

The company's five strategic pillars are: (a) maximization of return on capital employed (ROCE); (b) reduction of the cost of capital; (c) continued search for low costs; (d) meritocracy; (e) respect for people and the environment and focus on our operations safety.

Our attention is on value generation sources for our shareholders. Investments are concentrated in the oil and natural gas exploration and produc-tion, primarily for the increase of production in the Brazilian pre-salt, which is our great strength; we have expanded our divestment portfolio to better allocate capital; and we will seek opportunities for additional cost cuts, as well as other actions aimed at maximizing value and reaching our debt reduction targets (Net Debt/Adjusted EBITDA below 1.5 in 2020) and profitability (ROCE above 11% in 2020).

In the medium term, with the advantage of the huge potential for natural gas production in the pre-salt reservoirs, the sale and use of gas produc-tion as a source of energy will gain more relevance in our operations, following the trend of this fuel in the energy transition process towards a low-carbon economy.

Digital technology will support our activities aiming at reducing costs and increasing productivity.

STOCK EXCHANGES AND RATINGS

We are among the largest publicly traded companies in Latin Ame-rica, with a market value of US$ 99.3 billion as of 3-31-2019.

Our common and preferred shares are listed on the São Paulo Stock Exchange (B3 Level 2), New York (NYSE), Madrid (Latibex) and the Buenos Aires Stock Exchange. We have a base of over 600,000 sha-reholders and the 1Q19 average daily trading volume was more than US$ 900 million.

Our risk rating (corporate rating) is BB- by the S&P and Fitch agen-cies, and Ba2 by Moody's. Recently, S&P and Fitch Ratings have promoted an improvement in Petrobras' risk rating from bb- to bb and from BB- to BB, respectively, on a stand-alone base, which is a first step towards regaining the investment grade.

FACT SHEETwww.petrobras.com.br/ri

Updated 4-9-19

FEDERAL GOVERNMENT BNDES/BNDESPar/FPS

CAIXA ECONÔMICA FEDERAL BRAZILIANS IN B3

FOREIGNERS IN B3 NEW YORK STOCK EXCHANGE

29%

14%

2%19%

20%

16%

Controlling Block

45%

82%

0,50%2%

6%

10%

84.1US$ billion

TOTAL INVESTMENTS 2019 – 2023 (%)

16%

14%

70% 44%

56%48.4

US$ billion

PRODUCTION DEVELOPMENT

E&P

Gas & Energy

RTCP

Corporate

Renewables

68.8US$ billion

EXPLORATION & PRODUCTION(%)

Exploration

Infrastructure + R&D

Production development

Post-saltPre-salt

(%)

INVESTMENTS

Total investment planned for the next five years (2019-2023) totals US$ 84.1 billion, with a focus on the development of deepwater production, especially in the pre-salt areas.

MAIN UPSTREAM AND DOWNSTREAM ASSETS

RELATÓRIO ANUAL 2017PETROBRASRELATÓRIO ANUAL 2018PETROBRAS

SEGURANÇA

VISÃO GERAL E MODELO DE NEGÓCIOS

NOSSOS CAPITAIS

CONTEXTO EXTERNO

REMANAAC SABB

1

LUBNOR

LUBRIFICANTES E DERIVADOS DO NORDESTE

2

3 RPCCTIGUAR CLARA CAMARÃ

RNEST4

RLAMANDULPHO AL

5

REGAPGABRIEL PA

6

REDUCCAXIA

7

RPBC

REVAPLAGE

REPLANA

RECAPAPUAVA

8

REPAR. GETÚLIO VARGAS

SIXADE DE INDUSTRIALIZAÇÃO DO XISTO

9

REFAPTO PASQU

10

1

32

4

5

6

78

9

10

SERGIPE

JEQUITINHONHA

ESPÍRITO SANT

SOLIMÕES AMAZONAS

RECÔNCAVO

REFINARIAS

BACIAS MARÍTIMAS

BACIAS TERRESTRES

PARNAÍBA

CEAR

CAMAMU

ALMADA

CAMPOS

SANTOS

PARANÁ

PELOTAS

FOZ DO AMAZONAS

PARÁ O

BARREIRINHAS

Production operated in the pre-salt layer reached 1.75 million boed in 2018

Campos and Santos basins make up 85% of total production

9.6 billion BOE of reserves in 2018

(SEC criterion)

OFFSHOREONSHORE

RELATÓRIO ANUAL 2017PETROBRASRELATÓRIO ANUAL 2018PETROBRAS

SEGURANÇA

VISÃO GERAL E MODELO DE NEGÓCIOS

NOSSOS CAPITAIS

CONTEXTO EXTERNO

DESEMPENHO DOS NEGÓCIOS

ESTRATÉGIAS E PERSPECTIVAS

OUTRASINFORMAÇÕES

GOVERNANÇA E CONFORMIDADE

RISCOS E OPORTUNIDADES

REMANAAC SABB

1

LUBNOR

LUBRIFICANTES E DERIVADOS DO NORDESTE

2

3 RPCCTIGUAR CLARA CAMARÃ

RNEST4

RLAMANDULPHO AL

5

REGAPGABRIEL PA

6

REDUCCAXIA

7

RPBC

REVAPLAGE

REPLANA

RECAPAPUAVA

8

REPAR. GETÚLIO VARGAS

SIXADE DE INDUSTRIALIZAÇÃO DO XISTO

9

1

32

4

5

6

78

9

10

SERGIPE LAGOAS

JEQUITINHONHA

ESPÍRITO SANTO

SOLIMÕES AMAZONAS

RECÔNCAVO

BACIAS TERRESTRES

PARNAÍBA

CEARÁ

CAMAMU

ALMADA

CAMPOS

SANTOS

PARANÁ

PELOTAS

FOZ DO AMAZONAS

PARÁ O

BARREIRINHAS

POTIGUAR

REFINARIES

MAIN RESULTS

Our results in 2018 allowed a return to our shareholders with a dividend payment in the total amount of R$ 7.1 billion.

We exceeded our financial goals, with the reduction of the net debt to adjusted EBITDA ratio to 2.34, lower than the target of 2.5 set for 2018.

CORPORATE GOVERNANCE

In recent years, we have promoted several actions to strengthen our governance, aiming to establish best practices aligned to our strategy, with emphasis on: (i) independent external reporting channel; (ii) integrity criteria and stricter requirements for the appointment of members of Senior Management; (iii) implemen-tation of shared authorization in decisions; (iv) a minimum of 40% of independent members in the Board of Directors and veto of political referrals; and (v) creation of new statutory committees to advise the Executive Board and the Board of Directors. Change in these practices requires, in most cases, the convening of a sha-reholders' meeting or a legislative amendment.

88.7 76.6 114.9

2016 2017 2018

AJUSTED EBITDA R$ billion

41.6 44.1 54.6

2016 2017 2018

FREE CASH FLOWR$ billion

-14.8 -0.4 25.8

2016 2017 2018

NET INCOMER$ billion

282.6 283.7 349.8

2016 2017 2018

SALES REVENUER$ billion

10.6 11.0 10.7

2016 2017 2018

LIFTING COSTUS$ boe

11.5 9.3 8.9

2016 2017 2018

GENERAL AND ADMINISTRATIVE EXPENSESR$ billion

MAIN PRODUCTS

2.22 2.22 2.10

2.80.57 0.55 0.53

2016 2017 2018 Target 2019

OIL AND NATURAL GAS PRODUCTIONmillion Boed

OILNATURAL GAS

176

185

193

110

106

100

126

126

125

67

53

54

178

200

196

393

439

444

715

692

775

2018

2017

2016

OIL PRODUCTS thousand bbl/day

DIESEL

GASOLINE

FUEL OIL

NAFTA

LPG

JET FUEL

OTHER OIL PRODUCTS

1,887

1,801

1,765

O EXTERNO

DESEMPENHO DOS NEGÓCIOS

ESTRATÉGIAS E PERSPECTIVAS

OUTRASINFORMAÇÕES

GOVERNANÇA E CONFORMIDADE

RISCOS E OPORTUNIDADES 14

SERGIPE LAGOAS

QUITINHONHA

AMPOS

POTIGUAR

SUSTAINABILITY

Respect for people and the environment and safety in our ope-rations should be a golden rule. We highlight the Commitment to Life program, which aims to strengthen safety guidelines at all stages of our processes and has a direct impact on the com-pany's TRI (total recordable injury rate per million man-hour). We have been able to reduce this rate by 53% since 2015, reaching the target set for 2018, and defined an alert threshold of 0.99 for the year 2019.

With regards to the environment, our efforts resulted in an 8% reduction in greenhouse gas emissions in 2018 when compared to the previous year. In the horizon up to 2025, our commitment is that there will be no increase in absolute operational emissions, even with increased production, taking 2015 as a reference. We are part of the Oil and Gas Climate Initiative (OGCI), an organization attended by 13 oil and gas companies, committed to invest US$ 1 billion over 10 years for a low carbon future.

We plan to operate in renewable energy businesses with profitabi-lity through partnerships, focusing on wind and solar energy in Brazil.

1.631.08 1.01

2016 2017 2018

TRI

2.79 2.77 2.63

+50%+23%

+24%

-4%-3%

14

GOVERNANCE

MAIN

IMPROVEMENTS

A

CCO

UNTA

BILI

TY

T

RANSPARENCY EQUITABLE ECO

NO

MIC SO

CIAL ENVIRONMENTAL

TREATMENT RESPON

SABILITY

COMPLIANCE WITH

FEDERAL GOVERNMENT CORPORATE GOVERNANCE

SPECIAL LI

STIN

G SE

GMEN

T

LAW NO. 13,303 PRO

GRAM FOR STATE-OWNED

LEVEL 2 OF C

ORPO

RATE

DECREE NO 8,945/2016 COMPANIES OF B3

GOVERNANCE

OF

B3

LEGISLATION