Teaser: Araucária Nitrogenados S.A. (ANSA)

Investment Opportunity

in the Brazilian Fertilizer Sector

September 2020

STRICTLY PRIVATE

AND CONFIDENTIAL

DISCLAIMER

Relevant legal information

This Opportunity Overview (the "Teaser") is being furnished to potential investors and published in Petrobras site (www.investidorPetrobras.com.br) with the purpose to present the Potential Transaction.

This document does not oblige Petrobras to start or to conclude a process for the sale of its assets.

This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of Petrobras' management. 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. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Petrobras. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.

This document has been issued by Petrobras in the context of the Potential Transaction. It is furnished to the recipient by Petrobras solely for its information and should not be relied upon and shall not confer rights or remedies upon, the recipient or any of its employees, creditors, holders of securities or other equity holders or any other person.

This Teaser has been assembled for the sole purpose of determining whether the potential investors wish to receive further information for analysis in connection with the Potential Transaction upon undertaking certain confidentiality obligations.

Although this document was prepared in good faith and the information provided herein may be obtained from publicly available sources, neither Petrobras nor any of its affiliates nor any of its associates, nor subsidiary companies (the "Petrobras Group"), nor any of their respective directors, officers, employees, representatives, advisers or agents, neither Banco Bradesco BBI S.A., its affiliates, employees, representatives or agents, are making any representations or warranties, expressed or implied, as to the fairness, accuracy, reliability, sufficiency, reasonableness or completeness of such information, statements or opinions contained in, or otherwise in relation to, this document or any written or oral information made available to any interested party, and no liability whatsoever is accepted by any such person in relation to any such information or opinion. Only those representations and warranties which may be made on a definitive agreement concerning the Potential Transaction (which will not contain any representations, warranties or undertakings as to this document) shall have any effect. In particular, any potential investor will, so far as permitted by law, be required to acknowledge in the definitive agreement relating to the Potential Transaction that it has not relied on or been induced to enter into such an agreement by any representation or warranty, save as expressly set out in such agreement.

This material was based on available information to date and considers, among others, market and economic conditions as per disclosed and in the way they may be evaluated. Bradesco BBI does not make any representation or guarantees to the precision of any information contained in this presentation. Bradesco BBI shall not be held responsible for updating this presentation (or any additional information), to correct any inaccuracies that may become apparent or to provide any additional information to any recipient. It shall be understood that subsequent developments may affect the information herein and that Bradesco BBI has no obligation to update

2 CONFIDENCIAL

or review this information. Bradesco BBI shall not provide any advice to recipients regarding any law or regulation potentially applicable to the Potential Transaction, including rules or procedures applicable to such transaction.

The information contained in this document is being delivered for information purposes only. Any financial information ("Financial Information") contained in this document regarding any part of the Petrobras Group has been obtained from information ("Source Data") prepared by Petrobras management for internal purposes only and not with a view toward disclosure to third parties and may not comply with IFRS, UK, BR or US GAAP. No attempt has been made by Petrobras to audit or verify the Source Data or the Financial Information or any other financial information. Furthermore, any information that might be contained in this document is subject to a number of factors and involve a number of risks which cannot be predicted by Petrobras Group.

This material is necessarily based upon information available to this date and considering market conditions, economic and other conditions in the situation where they are and how these can be evaluated at the moment.

Petrobras does not consider that the Financial Information that might be herein contained is or should be taken as a reliable indication of the projected financial performance or any other matter. The Financial Information may include certain forward-looking statements and forecasts including statements with respect to financial conditions and results of operations relating to certain business and cost savings, management's plans and objectives for relevant assets. These statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be based on certain assumptions with regard to the future evolution of a series of magnitudes and of the economy in general, which may not be fulfilled and, thus, the conclusions reached in this document may be altered accordingly. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Actual outcomes are highly likely to vary from any such forward-looking statements or projections and such variations may be material. There are a number of factors that could cause actual results and developments to differ materially from any of those expressed or implied by any such statements and forecasts, such as, but not limited to, the ability to achieve cost savings, exposure to fluctuations in exchange rates for foreign currencies, inflation and adverse economic conditions.

Nothing contained in this document is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this document speaks as of the date hereof. Neither the delivery of this document nor any purchase of any of the securities, assets, businesses or undertakings of Petrobras or any related entity shall, under any circumstances, be construed to indicate or imply that there has been no change in the affairs of the Petrobras Group since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by the Petrobras Group or its respective affiliates, advisers, directors or employees for updating this document (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information to any recipient. It should be understood that subsequent developments may affect such information and that the Petrobras Group have no obligation to update or revise such information.

This document does not constitute a prospectus or an offer for the sale or purchase of any shares or other securities in, or any underlying assets of, any member of the

Petrobras Group or otherwise enter into the Potential Transaction, and does not constitute any form of commitment on the part of any member of the Petrobras Group or any other person to enter into any transaction or otherwise. Neither this document, nor any other written or oral information made available to any recipient or its advisers will form the basis of any contract or commitment whatsoever. Any proposal regarding a potential transaction between any member of the Petrobras Group and the recipient will only give rise to any contractual obligations on the part of such member of the Petrobras Group when a definitive agreement has been executed.

Petrobras reserves the right without liability, to change, amend or replace this Teaser and the furnished information and to amend, modify, delay, accelerate or terminate the process, negotiations and discussions at any time and in any respect, regarding the Potential Transaction or to terminate negotiations with any potential investor/recipient of this document, provided such is informed to all participants. Petrobras undertakes no obligation to provide the recipients with access to any additional information.

The recipient acknowledges that it will be solely responsible for its own assessment of the market and the market position of any member of the Petrobras Group or any of its securities, assets or liabilities or any part thereof and that it will conduct its own analysis and be solely responsible for forming its own view of the value and potential future performance of the same. Nothing contained within this Teaser is, or should be, interpreted as or relied upon as a promiseor representationas to futureeventsor undertakings.

Recipients shall keep their relationship with Petrobras confidential with regard to the Potential Transaction and shall not disclose to any third party that they have received this document or that they are assessing their interest in the Potential Transaction. In no circumstances will any member of the Petrobras Group or any of its advisers be responsible for any costs or expenses incurred in connection with any appraisal or investigation of any member or part of the Petrobras Group or for any other costs and expenses incurred by a recipient.

Recipients of this document and their representatives should observe any applicable legal requirements in their jurisdiction. Accordingly, the recipient agrees that neither the recipient nor any of its agents or affiliates shall use such information save for the purposes specified in this notice or document and shall not use such information for any other commercial purpose. The distribution of this document in certain jurisdictions may be restricted by law and, accordingly, by accepting this document, recipients represent that they are able to receive it without contravention of any unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which they reside or conduct business. No liability is accepted by Petrobras Group in relation to the distribution or possession of the document in or from any jurisdiction.

This document does not purport to give legal, tax or financial advice and should not be considered as a recommendation by any member of the Petrobras Group or any of their respective representatives, directors, officers, employees, advisers or agents or any other person to enter into any transactions and recipients are recommended to seek their own financial, and other advice, and are expected to adopt their own decisions without basing them on this document. As indicated herein, this document is solely for your information and should not be relied upon and shall not confer rights or remedies upon the recipient or any other person.

By accepting this document, the recipient agrees to be bound by the foregoing limitations.

EXECUTIVE SUMMARY

Petróleo Brasileiro S.A. - Petrobras ("Petrobras" or "Seller") has retained Banco Bradesco BBI S.A. ("Bradesco BBI" or "Advisor") as its exclusive financial advisor to pursue a transaction involving the sale of 100% of Araucária Nitrogenados S.A. ("ANSA") ("Potential Transaction")

Transaction structure	Process
					• Should any recipient/participant who meet all the Eligibility
					Requirements ("Prospective Purchaser") be interested in participating
					in the Process, it will be required to formally notify Bradesco BBI
					of its interest through the Contact Information, described on this page,
		Transaction perimeter
		in order to receive the required documents to participate in the Process:
100%			(i) Confidentiality Agreement ("CA") and (ii) Compliance Certificate ("CC")
		• Petrobras reserves the right to adjust the Process as it may
		Araucária Nitrogenados S.A.		deem appropriate, according to current legislation
			• Petrobras may, during the Process, perform preventive risk analysis,
Araucária Nitrogenados S.A. ("ANSA") includes:	in compliance with Anti-Corruption Law and the Petrobras Program for
Preventing Corruption - PPPC, and may ask any participant to fill
• Nitrogen fertilizer industrial unit located in Araucária-PR
out a detailed questionnaire to verify the compliance of its practices
- Hibernated plant	and conducts with the Anti-Corruption Law
• ANSA's land site:	• Any general questions or inquiries not specific and directly related
- Total area: 636,640 sqm	to the Potential Transaction should be addressed to the following
- Located in Araucária-PR	website: http://transparencia.petrobras.com.br/

Contact information	Next steps
• Any questions related to the Potential Transaction should be directed	• For the non-binding phase of the process, the deadline to execute
solely to Bradesco BBI	the CA and the CC and obtain access to the CIM by the Prospective
Under no circumstances should any contact be made with the	Purchasers will be October 23, 2020
management or employees of Petrobras or any of its affiliates	- It is recommended that Prospective Purchasers execute the CA
			and CC as soon as possible, since any delays may affect its timeframe
Bradesco BBI | Project team	to analyze this opportunity
[e-mail]	• Any extension of this deadline will be communicated in due time
			• Distribution of the Confidential Information Memorandum ("CIM")
			will be communicated to Prospective Purchasers in the due time
3	CONFIDENCIAL	Source: Petrobras

KEY INVESTMENT HIGHLIGHTS

Fertilizer focused business

1. Strong fundamentals in the Brazilian fertilizer sector, driven by growth in the agribusiness

• Agribusiness as the main pillar of the Brazilian economy
  over the last years (y/y growth of 1.3% vs. 1.1% GDP growth, in 2019)
• Favorable perspectives for nitrogen fertilizers production growth in Brazil

• Fertilizers as one of the main drivers of the Brazilian agriculture yields expansion
• Brazil still presents a production deficit in fertilizers
  (15 million out of 17 million tons of the NPK consumption were imported in 20191)

2. Opportunity to tap into a unique platform in the nitrogen fertilizer sector in Brazil

• Production capacity of urea and ammonia of 1,975 t/day and 1,303 t/day, respectively
• The urea production capacity would represent approximately 13% of the Brazilian urea apparent consumption in 20191
• Well-positionedin the industrial urea and ARLA 32 markets, segments with higher margins

3. Industrial unit strategically located near the main Brazilian consumer markets and with favorable logistics for supply

• ANSA: located in the State of Paraná, near (i) the main consumer markets of the region and (ii) Presidente Getulio Vargas refinery (Repar)

4. Potential consolidation in the sector

• Fertilizer market in consolidation process
• Brazilian market has recently attracted the attention of global player

4 CONFIDENCIAL Source: Petrobras; IBGE. Note: (1) As of 7M19

Alternative investment purpose

1. Unique market potential coupled

with a favorable macroeconomic environment

• Brazil is going through a singular period of low interest and inflation rates while increasing industrial and consumer confidence indexes, despite the pandemic caused from COVID-19
• Impact from e-commerce still incipient in logistics sector in Brazil, despite the acceleration trend due to COVID

2. Asset strategically located in the South region

• Strategically located in Araucária - Paraná, near to metropolitan region of Curitiba and its industrial area
• Easy access to the main transportation axes, including high quality roads and Paranaguá port

3. Wide constructive potential in the land

• Relevant potential construction area

ANSA OVERVIEW

Nitrogen fertilizer industrial unit with urea production capacity of 1,975 t/day

Overview

• Petrobras' wholly-owned subsidiary, ANSA started its operations in 1982
• Main raw materials used in the process: - 1,000 t/day of asphalt residue (RASF)
  - 430,000 m3/day of natural gas - 50 t/day of fuel oil
  - 60 t/h of steam
• Logistics through (i) bulk loading stations,
  (ii) loading platforms and packing facility (iii) railway terminal
• Current status: Hibernated since January 2020

Production capacity

Urea	1,975 t/day
Ammonia1	1,303 t/day
ARLA 322	450 m3/day
Carbon Dioxide	200 t/day
Carbon pellets	75 t/day
Sulphur	6 t/day

Geographic presence

ANSA

Araucária-PR

5	CONFIDENCIAL	Source: Petrobras. Note: (1) Of the total ammonia produced, approximately 180 t/day are destined
to the market and the remaining to urea production; (2) Also known as AdBlue or Diesel Exhaust Fluid (DEF)

ANSA'S LAND OVERVIEW

Overview

Curitiba

Located in the southern part of REPAR

Rod. do Xisto

24km from the Curitiba's downtown

Area: 636,640 sqm

ANSA

Source: Petrobras. Note: (1) Considers only Land asset value, and does not reflect value related to construction/building,

6 CONFIDENCIAL equipment and improvements ; (2) This work is classified as Grade I of Rationale and Grade I of Precision, according to Brazilian Standard NBR 14.653-2 - Valuation of assets - Part 3: Urban Properties, from ABNT

PROSPECTIVE PURCHASERS ELIGIBILITY REQUIREMENTS

In order to participate in this Process, the Prospective Purchaser must meet the following criteria ("Eligibility Requirements")

1. In order to participate in the Process, a Prospective Purchaser must meet at least one of the Eligibility Requirements described below:
2. 1. Hold a shareholders' equity of more than US$24 million; and/or
   2. In case of being a financial player, hold assets under management (AuM) of more than US$104 million
3. In addition, the Prospective Purchaser shall not be included in the following restrictive lists:
4. 1. "Cadastro de Empresas Inidôneas e Suspensas" (available at: http://www.portaldatransparencia.gov.br/ceis);
   2. "Cadastro Nacional de Empresas Punidas" (CNEP)
      (available at http://www.portaltransparencia.gov.br/sancoes/cnep);
   3. "Empresas impedidas de transacionar com a Petrobras" (available at: http://transparencia.petrobras.com.br/licitacoes-contratos).
5. In case the Prospective Purchaser is identified in the abovementioned hypothesis or fail to meet any of the above mentioned requirements, it will be excluded from the Process at any time, in compliance with the rules applicable to Petrobras
6. In case the Prospective Purchaser or any of its subsidiaries:
7. 1. Is subject, owned or controlled by a person or entity subject to (i) any economic, financial or trade sanctions, (ii) regulatory sanctions, (iii) embargoes or (iv) restrictive measures that have been administered, enacted, imposed or applied by the World Bank, the United Nations Security Council, the United States of America, the Canada, the United Kingdom, the European Union, the Netherlands, Brazil,
      and the respective governmental institutions and agencies of any mentioned previously (Sanctioned Person);
   2. Is located, have been constituted, incorporated, organized or resident in a country subject to any (i) economic, financial or commercial sanctions, (ii) regulatory sanctions, (iii) embargoes or (iv) restrictive measures that were administered,

enacted, imposed or executed by the World Bank, the United Nations Security Council, the United States of America, the Canada, the United Kingdom, the European Union, the Netherlands, Brazil and the respective governmental institutions and agencies of any mentioned previously (Sanctioned Country); or

1. Has the predominant part of its commercial affiliation or business with any Sanctioned Person or in a Sanctioned Country

Petrobras will evaluate if the relations or situations described prevent the participation of the Prospective Purchaser in the Process

due to non‐compliance with Sanctions applicable to Petrobras, and will inform the exclusion of the Prospective Purchaser from the Process, if the case may be

1. Furthermore, by participating in this Process, the Prospective Purchaser shall undertake not to take any action or omission that violates any applicable law regarding business ethics, including, but not limited to, the US Foreign Corrupt Practices Act, the UK Bribery Act, Brazilian Anti- Corruption Laws (specially the Brazilian Federal Law n. 12.846/2013)
   (hereinafter "Anti-Corruption Laws")
2. In order to participate in the Process and comply with the requirements set forth above, Prospective Purchaser shall sign a Compliance Certificate (CC) and indicate, if applicable, whether it is subject
   to any kind of sanction, even if it considers that the sanction does not prevent its participation in the Process. If the Prospective Purchaser is subject to sanctions, it shall describe in the Compliance Certificate the relation, the nature and the details of the sanction, as well as indicate the restrictions arising from it
3. The accuracy of the declaration and the fulfillment of the requirements mentioned above will be verified by Petrobras after the acceptance, by the Prospective Purchaser, of the confidentiality obligations necessary to participate in the Process

7	CONFIDENCIAL	Source: Petrobras

Joint Offer Formation

1. A Prospective Purchaser will be allowed to form a consortium, association or present a joint offer ("Joint Offer") with an independent party, or independent parties, to participate in this Process
2. 1. The Joint Offer must have a leader, which is the Prospective Purchaser that will lead negotiations with Petrobras and will be the main communication channel between Petrobras and the involved members of the Joint Offer ("Joint Offer Leader")
   2. In such case, the Prospective Purchaser will be required to immediately inform Petrobras of its intention to present a Joint Offer, including information such as who is the Joint Offer Leader and who are the involved members of the Joint Offer ("Joint Offer Member(s)") according to the deadline previously set in the Instruction Letter delivered together with the CIM
   3. The Joint Offer must contain (i) powers of attorney granting powers to the Joint Offer Leader assigned by the other participants of the Consortium; and (ii) a statement by the Joint Offer Leader confirming that he is not acting as an intermediary in the Potential Transaction.
3. The Joint Offer might be approved at the discretion of Petrobras, in accordance with the legal criteria and the rules established herein and further detailed in the Instruction Letter. After approved by Petrobras and verified compliance with Eligibility Requirements and Joint Offer formation rules, the Prospective Purchaser will be allowed to participate in the Process

1. The formation of a Joint Offer is permitted only if the Joint Offer Leader meets the Financial Criteria described in item 1 and all the requirements described in items 2,3,4,5,6 and 7 of the Eligibility Requirements section. In addition, each Joint Offer Member, other than the leader, must individually meet all the requirements described in items 2,3,4,5,6 and 7 of the Eligibility Requirements section
2. For the non-binding phase of the process, such Joint Offer Member(s) or any Prospective Purchaser must execute, until October 23, 2020, its own CA and CC directly with Petrobras in order to access any non-public information related to the Potential Transaction or the Asset
3. The rules applicable for the modification in the composition of the Joint Offer will be further detailed in the Instruction Letter of the non-binding phase or in the Process Letter of the binding phase

8	CONFIDENCIAL	Source: Petrobras

FURTHER CONSIDERATIONS

1. During the Process, Petrobras may perform preventive risk analysis, in compliance with Anti-Corruption Law and the Petrobras Program for Preventing Corruption - PPPC, and may ask any Prospective Purchaser to fill out a detailed questionnaire to verify the compliance of its practices and conducts with the Anti-Corruption Law
2. A Declaration of Independent Proposal shall be submitted until the submission of each offer (non-binding and binding)
3. In order to prevent a conflict of interest, it will not be allowed the participation in the Process of any Prospective Purchaser that is considered an affiliated company of the financial advisor of Petrobras in the Process
4. The Prospective Purchaser may, under its sole responsibility and bearing all related expenses, retain financial, technical and, or legal consultants to advise on the Process, provided that such advisors are institutions with an undoubted reputation, experience and are not subject to any conflict of interests related to Petrobras whatsoever, being the existence of conflict determined in accordance with criteria specified by Petrobras

9	CONFIDENCIAL	Source: Petrobras