Rio de Janeiro, October 24, 2016 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved the creation of a Minority Shareholders Committee to monitor the revision process of the Transfer of Rights Agreement.

The Committee will be composed of two Board members elected by the minority shareholders, Mr Guilherme Affonso Ferreira and Mr Marcelo Mesquita de Siqueira Filho, and by an external independent member with notorious knowledge in technical-financial analysis of investment projects.

Due to the importance of this subject, Petrobras believes that the creation of an independent committee to monitor the revision process is in line with the best corporate governance practices, ensuring the transparency and impartiality of the transaction for the non-controlling shareholders.

The revision process has been ongoing since the declaration of commerciality, carried out between Dec/2013 and Dec/2014 involving representatives from Petrobras and from the Federal Union, composed by the Mines and Energy and the Finance Ministries, as well as ANP (the Brazilian National Petroleum, Natural Gas and Biofuels Agency). The figures should be agreed upon from the reports of independent certifiers. The revision is monitored by TCU (the Brazilian General Accounting Office) and should, pursuant to the Brazilian Law No. 12,276/2010 and to the Agreement, be approved by the National Energy Policy Council (CNPE – Conselho Nacional de Política Energética).