FORWARD-LOOKING STATEMENTS: DISCLAIMER The presentation may contain forward-looking statements about future events within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E 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.

2. 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

3. 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

4. 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 futurebasedon a low carbon economy
4

5. 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

6. 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

7. 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

8. 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

9. 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

10. Main planning assumptions
Brent Prices
(US$/barrel)
Nominal exchange rate
(R$/US$)
46
53 53
58
66
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
3.44
3.55
3.62
3.69
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

11. 1,5
2
2,5
3
3,5
4
4,5
45 55 65 75
NetDebt/Ebitda
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

12. Continuous reduction and improvement in debt profile
123
118
115 114 114
102
100
96 95
89 88
77
3Q16 4Q16 1Q17 2Q17 3Q17 4Q18
Gross debt Net debt
Indebtedness (US$ billion)
7.33 7.46 7.61
7.88
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

13. 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

14. 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

15. 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
Millionboe/d
Note: Considers divestments
15

16. Note: incorporates reductions from divestments
Focus on the most profitable invesment projects
81%
18%
1%
CAPEX 2018-2022
Refining and
Natural Gas
E&P
74.5
US$ billion
Other segments
Capex was maintained at the same level of the
previous plan
14.2
11.9
8.4
12.0
13.9
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

17. 11%
77%
12%
CAPEX 2018-2022 E&P
Exploration
Production Development
Infrastructure + R&D
Pre-salt
58%
Post-
Salt
42%
E&P Investments
60.3
US$ 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
Return
BMP
14-18
43
BMP
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

18. Refining and Natural Gas Investments
66%
28%
6%
CAPEX 2018-2022 RNG
Refining, Transportation and Marketing
Natural Gas and Power
Distribution and Biofuels
13.1
US$ 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

19. IPO of Petrobras
Distribuidora
Partnership in the
Roncador field in
the Campos Basin
Sale 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

20.  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

21. 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

22. We will keep our pricing policy
 Alignment to
international prices
 Quest for
competitiveness
Key Drivers
22

23. 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%)
394
US$ 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

24. 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

25. 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

26. Main
Projects
26

27. Main Projects
27

28. LULA: two new systems to start production in 2018,
totaling 9 production systems
DISCOVERY
2006
2010 2013 2014 2015 2016 2017 2018
P-67P-66
Cid. de
Mangaratiba
Cid. 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

29. MERO: 1st field under production sharing regime will have 2 systems until 2022
Mero Field
Recoverable Volume
3.3 billion oil barrels
Good quality oil with high commercial value and
expressive presence of associated gas
Breakeven Price
~ US$ 35/barrel
Mero 2
2022Mero 1
2021
Libra 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 only
29

30. 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 injection
with intensive application of WAG
technology (Water Alternate Gas Injection)
Búzios 3.058
MMboe
2018 2019 2021
P-76 Leased FPSOP-77P-75P-74
* 100% Petrobras WI
30

31. 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 blocks
Blocks 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 Roncador
Technology sharing and increase of recovery factor
31

32. Integrated Project Route 3: Infrastructure Project for offloading and
processing of natural gas from Santos Basin Pre-Salt
 Gas Pipeline
355 Km extension for drainage of up to 18 millions m3/day.
The conclusion is planned for 2019.
 Natural Gas Processing Unit
Total 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

33. Paving the
future
33

34. Petrobras is recomposing its exploratory portfolio
NEW AREAS ACQUIRED
RETURN 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

35. 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

36. 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 Award
IG-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

37. 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
POLICY
Valuing people
Merit
as a basis for
recognition
CULTURAL
MANAGEMENT
Results-oriented
transformation
In a process of cultural transformation oriented to results
Upgrade of the Remuneration and Carreer
Models
37