Petrobras Investor Day - London 2018

1. Ivan Monteiro
CEO
PETROBRAS DAY
2018
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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. Summary
—
• Petrobras became stronger
• Business and Management Plan deliveries
• Highlights in Exploration and Production
• Setting the company for the future
3

4. SAFETY
2.2
1.6
1.1 1.06
2015 2016 2017 2T18
TOTAL RECORDABLE INJURIES
(TRI)Performed
2.2
4Q15
PNG 18-22
1.0
in 2018
Safety remains our greatest value
—
4

5. We continue reducing our net debt and
increasing our free cash flow
—
37
55
72
95
106
100 96
85
69
-15.2
-7.6
-12.8
-18.9
-8.1
4.5
12.4 13.9 15.0
2010 2011 2012 2013 2014 2015 2016 2017 2018E
US$ billion
Net debt
Free cash flow
5

6. —
59 62 53
63 59
77
89
77
56
80
111 112 109
99
52 44
54
71
2010 2011 2012 2013 2014 2015 2016 2017 1H 2018
28% 25% 19% 21% 18%
24%
31% 27%
35%
Brent
Adjusted EBITDAR$ billion
While delivering sustainable results
6
US$/bbl
Adjusted EBITDA
margin
Note: In 2017, excluding the Class Action settlement, the adjusted EBITDA would be R$ 88 billion

7. Towards our leverage target and with growing profit
-8.6
-4.3
0.2
4.9
2015 2016 2017 1H 2018
Net Profit
(US$ billion)
PNG 18-22
2.5
in 2018
Performed
5.1
4Q15
Net Debt /
Adjusted EBITDA
—
7
5.11
3.54 3.67
3.23
2015 2016 2017 1H 2018
3.20* 2.86*
* Excluding Class Action setttlement

8. —
as
Confidence Recovery
New management system
Efficient governance mechanisms
We overcame “car wash”
More than R$ 2.5 billion recovered
Class Action settlement agreement
Value creation
Dividends distribution
Focus on return on capital
The crisis is over
Solid Liquidity
Robust cash generation
✓
Active portfolio management
Acquisitions and divestments as opportunities
Greater competition in the Brazilian market
Debt reduction
After Net Debt / EBITDA of 2.5x in 2018, we
will continue to reduce to the peers level
✓
✓
8
but the challenges
continue...
The company became
stronger...

9. Deliveries of our Business
and Management Plan
—
9
Rafael Grisolia
Chief Financial and
Investor Relations Officer

10. Traded at B3’ Level 2
New governance and compliance measures took the company to
a higher level
—
Related Party Transactions PolicyR
Elimination of all material weaknessesR
Employee Minority ShareholdersCEO
B3’ State-owned Companies Certification
R
R81% of independent members (minimum of 40%)
• Banning of political indications
• Independent members nominated by the Union: selected from a triple list
• Assessment of individual members
Board of Directors
10
Board of Directors Committees
Executive Bodies

11. —
US$ billion
International Capital Markets
2016-2018
Banking Market*
2016-2018
* Includes commercial banks and BNDES
22
28
7
Issuances Repurchases Exchange*
* Exchange of securities with maturities in 2019, 2020 and 2021
for securities with maturities in 2025 and 2028
A large liability management program was implemented
Note: Considers the position of transactions up to 8/31/2018.
US$ billion
11
Exchange*
24
36
6
Fundraising Pre-payments Maturities
Extension

12. —
12
AMORTIZATION SCHEDULE
2015 vs 2018
Which improved our debt profile
5.5
Cash available
in 08/31/2018
Revolving credit
lines
US$ Billion
CASH
16.1
22.6
15.3
10.6
4.2
8.0
5.7
2.7
1.8
0.8 0.9 1.11.6
2.5
5.4
7.7
11.7
12.8
9.9
7.8
6.0
5.0
6.0
2.8
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Dec/15 Aug/18
14.1

13. —
Prices aligned to the international market
13

14. 14
Reduction in break-even (point forward)
PNG 2014-2018
43
PNG 2018-2022
29
• Pre-salt learning curve
• Focus on the most
profitable projects
• Rig fleet optimization
• Low oil price resilience
• Competitive costs
• Technology development
US$/bbl
PNG 2017-2021
30
Capex efficiency focusing on deep water
—

15. Pre-salt stands out by its global competitiveness
—
Source: Bain, Rystad, EIA, IEA 15
25 50 75 100
OPEC
North America
Tight Oil Tier 1
pre-salt
Oil Sands
North America Conv.
North America
Tight Oil Tier 2
North America
Deep Water
Russia
Rest of the World
Shallow Water
Rest of the World
Deep Water
North America Tight Oil
Tier 4
North America Tight Oil
Tier 4
North America Shale
Tier 4
125
100
75
50
25
0
Breakeven Cost (US$/bbl)
Cumulative Production (MMBD)

16. Operating costs under control
—
Lifting cost
US$/boe
Refining cost
11.7
10.3
11.3
10.5
2015 2016 2017 1S18
US$/bbl
• Upstream logistic cost optimization
• Rig fleet efficiency and optimization
• Renegotiation of contracts
16
• Maintenance Optimization
• Reduction in personnel expenses
G&A
US$ billion
• Reduction in staff
• Cut in managerial positions
• Zero based budget
2.5 2.6 2.9
2.6
2015 2016 2017 1S18
3.4 3.3
2.9
1.3
2015 2016 2017 1S18

17. US$ 11.5 bi cashed-in from partnerships and divestments since 2017
—
• Guarani
• Distribution
Chile
• BR IPO
• Roncador
(1st stage)
0.6
4.2
1.7 2.5 2.5 2.0
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18
13.5
• Iara and Lapa
• São Martinho
• Liquigás (fine)
• Carcará
(2nd stage)
• NTS • Suape/Citepe
• Azulão
• Roncador
(2nd stage)
Projected
Strategic Partnerships
Note: Cash inflow amounts
Maintaining the goal of US$ 21 billion in signing
US$ billion
17

18. 18
Financial discipline
—
• Towards an optimal capital structure
• With continuous cost control
• Efficient capex allocation
• Active portfolio management
• Adequate remuneration to our shareholders

19. Exploration &
Production
Highlights
—
Hugo Repsold
Chief Production Development and
Technology Officer
19

20. 20
31% expansion in exploratory area
• 20 new blocks of high potential
• 90% of the assets in partnership
Sector SC-AP3
Dois Irmãos
Alto de Cabo Frio
Central
Três Marias
Peroba
Uirapuru
Sector SC-AP5
Entorno
de Sapinhoá
Sudoeste de
Tartaruga
Verde
4th Round (operator)
5th PSA Round: pre-emption right
Santos
Basin
Campos
Basin
Non-operator
Operator
Improvement in the regulatory framework
Peroba exploratory effort
• Record: 9 months between signing and drilling
20
—

21. —
10 years of pre-salt production
—
Petrobras Parceiros2008 Jun/2018
1.5 million
bpd
Record
04/27/18
2.0 billion boe
Cumulative Production
Average production 1H2018
1.38 million bpd
• 21 FPSOs
• 150 wells
• lifting cost down by 40%
• new technologies and
project conception
• high productivity
21
Partners

22. d
Campos Basin: cumulative production exceeds 11 billion barrels
—
Management of production decline and
systems operating at full capacity
Marlim, Marlim Sul, Roncador and
Albacora fields have already produced
more than 1 billion barrels each
Production fields
Exploratory blocks
22

23. 2017
2.1 2.1 2.2 2.1
0.5 0.5 0.5 0.5
0.2 0.2 0.1
0.1
2.8 2.8 2.8 2.7
2015 2016 2017 2018E
Brazil Oil Brazil Gas Abroad
Target delivered for 3 consecutive years
Production Records
BRAZIL
OIL
2.6
MMBBL/D
GAS
110
MMm3/D
Millionsboed
23
May
2018
Delivering production targets in recent years
—

24. WELLS
35%
FPSO
35%
SUBSEA
30%
INCREASED EFFICIENCY
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017
months
Ramp-up time
Typical pre-salt project
—
CAPEX
150,000 bpd
8 production wells
7 injection wells
11 months ramp-up
25-30 years of production
0
100
200
300
2010 2011 2012 2013 2014 2015 2016 2017
days
Well construction time
Completação
PerfuraçãoDrilling
25% average capex reduction
24
Completion

25. Búzios 1 - FPSO P-74
• Start of operation: April/2018
• 7 completed wells
(88% expected for 2018)
• Current production: 30 kbpd (1 well)
Tartaruga Verde e Mestiça
FPSO Cid. de Campos
• Start of operation: June/2018
• 7 completed wells
(83% expected for 2018)
• Current production: 25 kbpd (2wells)
Lula Norte - FPSO P-67
• Baia de Guanabara (RJ)
• Start of operation: 4Q18
• 11 completed wells
(100% expected for 2018)
Lula Extremo Sul - FPSO P-69
• At location
• Start of operation: 4Q18
• 8 completed wells
(100% expected for 2018)
Búzios 2 - FPSO P-75
• At location
• Start of operation: 4Q18
• 4 completed wells
(100% expected for 2018)
Búzios 3 - FPSO P-76
• Techint Shipyard (Pontal do Paraná)
• Start of operation: 4Q18
• 3 completed wells
(100% expected for 2018)
Startup of six systems in 2018
—
25

26. Mero 1
Sépia
Under procurement
Mero 2
Integrated Parque das Baleias
Búzios 5
Marlim 1 Revitalization
Marlim 2 Revitalization
And ten new systems in the next years
—
26
Búzios 4 FPSO P-77
Lula Extremo SulBerbigão FPSO P-68
Atapu
2021+FPSO Carioca
150,000 bpd
180,000 bpd150,000 bpd
FPSO Guanabara 180,000 bpdFPSO P-70 150,000 bpd

27. 15
Preparing the
company for the future
—
Nelson Silva
Chief Strategy and Performance Officer
27

28. Moving towards a low carbon economy
—
• Technology driving 30% reduction of NOx emissions
• Investments in CCUS
• 15% reduction in GHG since 2015
28
28

29. —
Developing high performance products
—
• Gasoline: components for high performance
• Lubricant oil: reduction of frictional power losses and engine wear
• Transmission fluid: increase durability and performance
Partnership with McLaren and Renault
29

30. • Improved safety and governance
• Substantial debt reduction
• Solid cash generation
• Creating value for society and shareholders
• Active portfolio management, with great
exploratory opportunities and strengthening
partnerships
• Preparing the company for a low carbon future
and digital transformation
Setting the company for the future
—
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31. PETROBRAS
DAY 2018
—www.petrobras.com.br/ir
petroinvest@petrobras.com.br
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