Incorporation of Nova Fronteira by São Martinho S.A. concluded

Rio de Janeiro, February 23, 2017 – Petróleo Brasileiro S.A. – Petrobras, in addition to material fact of 12/15/2016, announces that its wholly owned subsidiary Petrobras Biocombustível S.A. (“PBIO”) concluded today the incorporation of the Nova Fronteira by São Martinho S.A.

The operation was completed with the receipt, by PBIO, of 24 million new ordinary shares issued by São Martinho, representing 6.593% of the voting and total capital of this company, in replacement and in the proportion to Nova Fronteira shares held by PBIO.

These shares will not be subject to any type of restriction (lock-up) and eventual sale should carried out in an organized manner, with the colaboration of São Martinho, for a period of up to four years.

This divestment project is part of the five transactions that may have their contracts signed, in accordance with the preventive order of the Federal Accounting Court (TCU), as disclosed in the material fact of 12/20/2016.

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