Petrobras announced yesterday that Banco Nacional de Desenvolvimento Econômico e Social – BNDES (the “Selling Shareholder”) has commenced an offering of up to 734,202,699 common shares, without par value, of Petrobras (the “Common Shares”), including Common Shares represented by American depositary shares, each of which represents two Common Shares (the “Common ADSs”), in a global offering that consists of:

(i) an international offering of Common Shares and Common ADSs in the United States and other countries outside Brazil, registered with the U.S. Securities and Exchange Commission (the “SEC”) under the U.S. Securities Act of 1933, as amended; and

(ii) a concurrent public offering of Common Shares in Brazil pursuant to the Comissão de Valores Mobiliários (the “CVM”) Instruction 400 and other applicable legal provisions.

Petrobras also announced that the Market Announcement (Aviso ao Mercado) relating to the Brazilian offering and a prospectus and preliminary prospectus supplement relating to the international offering were made available today. The global offering is expected to price on or about February 5, 2020.

This material fact should not be considered as an offer announcement, the realization of which will depend on the approval of the CVM and SEC, as well as favorable conditions in the national and international capital markets.

The other terms and conditions of the Global Offering are duly described and detailed in the Market Announcement and in the Preliminary Prospectus of the Global Offering, available on the company's website (www.petrobras.com.br/ri).