Federal Accounting Court (TCU) authorizes resuming the Divestment Program


Rio de Janeiro, March 15, 2017 – Petróleo Brasileiro S.A. – Petrobras, in
continuation to the material facts disclosed on 12/8/2016 and 12/20/2016,
reports that the decision by the Federal Accounting Court (TCU) issued today,
repealed the preventive order preventing the company from initiating new
divestment projects and concluding those in progress and, as for the merit,
ordered Petrobras to adopt its reviewed divestment process methodology for the
divestment projects of the company.

The decision also allows Petrobras to conclude two of its projects –  sale of
interest in the Baúna and Tartaruga Verde fields and sale of interest in Saint
Malo field in the U.S. Gulf of Mexico – which were already included in the list
of five projects authorized by TCU in the 12/7/2016 preventive order, using the
reviewed divestment process methodology, as of the currently stage, and to apply
the reviewed divestment process methodology to other projects from the
beginning.

Petrobras also informs that the divestment process methodology is subject to
continuous improvement, always observing the best market practices in
acquisition and divestment transactions. In order to improve its competitive
process, based on the recommendations suggested by the TCU, the divestment
process methodology was then reviewed and presented to the Court, culminating
with the decision issued today.

Such decision is crucial for the company to move forward with its Divestment
Plan, which is considered one of the main pillars to achieve the goal of
reducing leverage.

Petrobras reaffirms the maintenance of its partnership and divestment target
established in the Strategic Plan of US$ 21 billion for the 2017/2018 biennium.


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Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I e-mail:
petroinvest@petrobras.com.br
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RJ | Phone: 55 (21) 3224-1510 / 3224-9947

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