Petrobras announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) has delivered notices of redemption to the holders of the outstanding 4.250% Global Notes due 2023 (“4.250% Notes”) and 4.375% Global Notes due 2023 (“4.375% Notes” and, together with the 4.250% Notes, the “Notes”).

The redemption price for the 4.250% Notes will be the greater of (A) 100% of the principal amount of such Notes and (B) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Bund Rate plus 45 basis points (the “4.250% Notes Redemption Price”), plus in the case of each of clauses (A) and (B) above, accrued interest on the principal amount of such Notes from October 2, 2020 to (but not including) the Redemption Date. The 4.250% Notes Redemption Price will be determined and communicated to holders of the 4.250% Notes on the third Business Day preceding the Redemption Date.

The redemption price for the 4.375% Notes will be the greater of (A) 100% of the principal amount of such Notes and (B) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on an annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points (the “4.375% Notes Redemption Price”), plus in the case of each of clauses (A) and (B) above, accrued interest on the principal amount of such Notes from May 20, 2021 to (but not including) the Redemption Date. The 4.375% Notes Redemption Price will be determined and communicated to holders of the 4.375% Notes on the third Business Day preceding the Redemption Date.

The 4.250% Notes Redemption Price and the 4.375% Notes Redemption Price are hereby referred to as the “Redemption Prices.”

Payment on the 4.250% Notes will be made prior to 12:00 pm London time and payment on the 4.375% Notes will be made prior to 3:00 pm New York time, in each case on the business day preceding the Redemption Date by credit to the account of The Bank of New York Mellon, the trustee for the Notes (the “Trustee”), as paying agent for the Notes. For the 4.250% Notes, the Trustee will cause funds to be paid to The Bank of New York Mellon, London Branch, as common depositary for Clearstream and Euroclear, for further payment to its participants. For the 4.375% Notes, the Trustee will cause funds to be paid to The Depository Trust Company for further payment to its participants.

On the Redemption Date, the Redemption Prices, plus accrued interest, will become due and payable. Interest on the Notes will cease to accrue on and after the Redemption Date. Upon the redemption, the 4.250% Notes will cease to be listed on the Luxembourg Stock Exchange, the 4.375% Notes will cease to be listed on the New York Stock Exchange, and the Notes and the related guarantees by Petrobras will be cancelled and any obligation thereunder extinguished.

Because all of the Notes are held in book-entry form, payment of the Redemption Prices will be made directly to the registered holders.

PGF intends to fund the amounts necessary to redeem the Notes with available cash on hand.

For more information or if you have any questions regarding this notice, please contact the Company’s investor relations department at petroinvest@petrobras.com.br.