Petrobras announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), plans to offer additional notes of its 8.375% Global Notes due 2021 and 8.750% Global Notes due 2026 , subject to market and other conditions. The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras.

The additional 2021 Notes will be consolidated, form a single series, and be fully fungible with PGF’s outstanding US$ 5 billion aggregate principal amount of 2021 Notes issued on May 23, 2016. The additional 2026 Notes will be consolidated, form a single series, and be fully fungible with PGF’s outstanding US$ 1,75 billion aggregate principal amount of 2026 Notes issued on May 23, 2016. PGF intends to use the net proceeds from the sale of the Notes to repurchase notes validly tendered and accepted for purchase by PGF in the tender offers described below, and to use any remaining net proceeds for general corporate purposes.

Petrobras also announces the commencement of offers by PGF to purchase for cash PGF’s notes of the series set forth in the table below for an aggregate purchase price of up to US$2.0 billion (all such notes, collectively, the “Old Notes” and each a “series” of Old Notes), subject to the “Acceptance Priority Level” of such series of Old Notes and subject to proration (the “Tender Offers”). The Tender Offers are conditioned upon the consummation of the Notes offering, among other customary offering conditions.