Petróleo Brasileiro S A Petrobras : Petrobras signs Amendment to Transfer of Rights Agreement

Petrobras signs Amendment to Transfer of Rights Agreement

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Rio de Janeiro, November 1, 2019 - Petróleo Brasileiro S.A. - Petrobras, following the press release issued on October 31, 2019, reports that it has signed today the Amendment to the Transfer of Rights Agreement.

The signing of the Amendment occurred prior to the Transfer of Rights surplus bidding round, after reaching the budget solution for the payment by the Federal Government to Petrobras and after meeting other conditions established by the company's Board of Directors.

The amendment provides for the reimbursement to Petrobras of US$ 9.058 billion (nine billion and fifty-eight million dollars), which converted to Real according to the rules of the Transfer of Rights Agreement and updated by the Selic rate until September 30, 2019, reach a total amount of around R$ 34.1 billion (thirty-four billion and one hundred million reais). The amount of the reimbursement will be adjusted by the Selic rate until its effective settlement, which will occur together with the receipt - by the federal government - of an amount equal to or higher than the signing bonus of the Transfer of Rights surplus bidding round or until December 27, 2020, whichever happens first.

www.petrobras.com.br/ir

Contacts:

PETRÓLEO BRASILEIRO S.A. - PETROBRAS | Investor Relations Department I e-mail: [e-mail]

Av. República do Chile, 65 - 18th floor, 1803 - 20031-912 - Rio de Janeiro, RJ | Phone: [phone]

FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements 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 subject to risks and uncertainties. The forward-looking statements, which address the Company's expected business and financial performance, among other matters, contain words such as "believe," "expect," "estimate," "anticipate," "optimistic," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," and similar expressions. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date on which they are made. There is no assurance that the expected events, trends or results will actually occur. 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.

The Company's actual results could differ materially from those expressed or forecast in any forward-looking statements as a result of a variety of assumptions and factors. These factors include, but are not limited to, the following: (i) failure to comply with laws or regulations, including fraudulent activity, corruption, and bribery; (ii) the outcome of ongoing corruption investigations and any new facts or information that may arise in relation to the "Lava Jato Operation"; (iii) the effectiveness of the Company's risk management policies and procedures, including operational risk; and (iv) litigation, such as class actions or proceedings brought by governmental and regulatory agencies. A description of other factors can be found in the Company's Annual Report on Form 20-F for the year ended December 31, 2017, and the Company's other filings with the U.S. Securities and Exchange Commission.