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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Adopted Clandestine Issuer

Pursuant to Aphorism 13a-16 or 15d-16 of the

Securities Barter Act of 1934

For the ages of March, 2017

Commission Book Cardinal 1-15106

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of apprentice as authentic in its charter)

Brazilian Petroleum Association – PETROBRAS

(Translation of Registrant’s name into English)

 

 

Avenida República do Chile, 65

20031-912 – Rio de Janeiro, RJ

Federative Republic of Brazil

(Address of arch authoritative office)

 

 

Indicate by assay mark whether the apprentice files or will book anniversary belletrist beneath awning Anatomy 20-F or Anatomy 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by assay mark whether the apprentice by accommodation the admonition complete in this Anatomy is additionally thereby accommodation the admonition to the Bureau pursuant to Aphorism 12g3-2(b) beneath the Antithesis Barter Act of 1934.

Yes  ☐            No  ☒

 

 

 

Annual Accepted Affair and Extraordinary General Meeting MANUAL FOR SHAREHOLDER`S PARTICIPATION April 27th, 2017

INDEX Comments from the Chairman, Lath of Directors 3 Comments from the CEO 6 Invitation 9 Notice of Affair 13 Information to Vote by Adeptness Advocate appliance Cyberbanking Belvedere 18 Information to Vote by Ambit Voting Anatomy 20 Annex I – Ambit Voting Form 23 Public Adeptness of Advocate Abode 28 Assessment of the requirements and acknowledged and accustomed accouterments for nomination of Petrobras’s bread-and-er lath member 29 Annex I – Allotment Anatomy for Bread-and-er Lath Lath Affiliate 30 Items to be discussed in the Ordinary Accepted Affair (OGM): I. To assay management accounts, altercate and vote Report, Financial Statements and Bread-and-er Board’s Abode of Bread-and-er Year of 2016 Note: Annex 9.1-II of CVM Apprenticeship 481/09 was not presented, in to anniversary the accident in the bread-and-er year 2016. 37 II. Acclamation of 5 Assembly to the Bread-and-er Lath and their agnate alternates 38 Appendix I – Admonition apropos the assembly nominated to the Fiscal Council 39 Appendix II – Admonition apropos the assembly nominated by non- authoritative shareholders to the Bread-and-er Council 44 III. Enactment of the Advantage of Administering and Able Assembly of the Fiscal Council 54 Appendix I – Admonition on Anniversary 13 of the “Formulário de Referência”, acknowledging with Art. 12 of the Brazilian Antithesis and Barter Bureau (“CVM”) Apprenticeship Nº 481/09 55 Appendix II – Administering comments about Petrobras cyberbanking position 87 Appendix III - Information on Anniversary 5.3 of the “Formulário de Referência” 171 Items to be discussed in the Extraordinary Accepted Affair (EGM): I. About-face angle of Petrobras’s By-Law: 183 a. Annex I – Proposals of Petrobras’s By-Law changes 187 b. Annex II – Proposals changes 207

 

II. Accord of Petrobras’s By-Law to reflect the accustomed changes; 223 a. Annex I – Petrobras’s By-Law afterwards changes 224 III. Angle for Inclusion, in the Action for Adumbration of Assembly of the Fiscal Council, Lath of Admiral and Authoritative Lath of Petrobras, of added requirements for unblemished reputation, in accession to those complete in Law 13,303/16, and Decree 8.945/16, pursuant to Commodity 40, Anniversary XIII of Petrobras’ Bylaws. 245 Annex I – Added requirements to be included in the action of members of the bread-and-er council, lath of admiral and authoritative board. 246

 

MESSAGE FROM THE BOARD OF DIRECTORS CHAIRMAM Dear shareholders, advisers and business ally of PETROBRAS This bulletin has two aloft purposes. The aboriginal is to be the aboriginal Bulletin from the Lath of Directors, through its current Chairmam, at the end of the aboriginal year of abounding term. This Chairmam was initially captivated throughout 2015 on an acting basis, afterwards replacing its abounding holder, who firstly took a leave and afresh accommodated over the beforehand of the appellation in duty. Once this aeon of temporariness and backup was completed in April 2016, the Lath was allowable by shareholders for a abounding aeon of 02 (two) years, catastrophe in April 2018, and over the beforehand of its aboriginal year in duty, it faced the backup of the Ambassador of the Authoritative Board. As Mr. Pedro Parente was adumbrated to be the new President by the authoritative actor and was submitted to the aloft candor accomplishments check, in which he was approved, he was nominated by the Board. Aback then, a affiliation was accustomed with the admiral and the Authoritative Board, which has undertaken a fruitful, able interaction, continuing the high-level arrangement already developed beneath the admiral of Mr. Aldemir Bendine. As anon as he was affidavit in, President Pedro Parente took amid added initiatives the accommodation to backpack out a aeon of debates focused on an all-embracing assay of the Cardinal Planning of PETROBRAS; such action was absolutely authentic by the Lath of Directors, which accustomed and authentic the acclamation of 2 (two) basal goals beneath this new Plan, namely: seek a ample abridgement of accidents in our accessories and our activities – appropriately signaling the aloft ambition of absorption action and advancing safe alive conditions. Our targets in this absorption are ambitious, gluttonous a affecting abridgement of claimed incidents per actor hours worked, what has been achieved with abundant training, accelerated beforehand of action affirmation and awareness, and to decidedly abate the company’s debt and the cyberbanking leveraging. We are not appreciative to advertise the bigger accumulated debt in the oil and gas breadth on the planet. Incidentally, it was accustomed that the debt accomplished ever aerial levels and acclimation measures were acclimatized – such as envisaged in the Cardinal Plan – to refocus them to a best acceptable akin to Petrobras’ businesses. As it has already been declared by President Pedro Parente, to accomplish the allegation to beforehand in our bulk business – oil abstraction and ammunition industrialization – disinvestment in activities that are not anon accompanying to it is not a best amid authentic alternatives, it is a alarm – it is one of the basal bureau to ensure through alive portfolio administering the assets all-important to buck the assembly ambit we are able – and answerable – to action the market. Another key additive to ensure the banknote breeze that will accredit us to beforehand in our bulk activities consists of technological, exploration, production, and/or cyberbanking partnerships. The added basal purpose of this bulletin apropos the bookish almanac of the changes in accession Governance, of which the accepted Lath is decidedly proud. Let it be said first that, aback about the apperception of PETROBRAS in the 1950s, the accepted Lath is the first

 

one composed SOLELY of Assembly with no relations to any government agencies. Additionally, affliction has been taken in 2015, and the accepting was preserved in 2016, to compose a multidisciplinary Lath – acknowledged operators are present, cyberbanking reporting experts are present, accounting and auditing are present, investors are present, there is a representative adopted by the employees, there is an able in oil, gas, and abysmal water, all facets of the action of the company, ultimately, adding on experts and assembly in the Board. Immediately in 2015, already affidavit in, the Board congenital or able the mission and the Centralized Rules of 5 (five) Advising Committees to the Lath itself: an Auditing Committee, which over 2016 became Statutory, in acquiescence with the agnate requirements from Comissão de Valores Mobiliários – CVM (the Antithesis and Barter Bureau of Brazil) and the Antithesis and Barter Bureau – SEC, USA; a Cardinal Affairs Committee; a Accounts Committee; a Lath on Nomination, Compensation, and Succession; and a Health, Safety, and Ambiance Committee. More recently, a Boyhood Shareholders Lath was incorporated, which has the arrangement and prerogative to allege in beforehand on the affliction of accession interests in the basal transaction proposals with parties accompanying to the Federal Government, its Autachies and Foundations, that are aural the Board’s akin of authority. Each of these Committees is headed by a affiliate of the Lath of Directors. The Accustomed Audit Lath is composed alone by assembly of the Lath of Directors. In the added Committees, non-Board assembly who access adeptness and adeptness in affairs aural the scope of anniversary Lath participate. To accord an acumen into the acuteness of Lath operation, conceivably it should be said that in 2016 the Accustomed Audit Lath met 29 (twenty-nine) times, the Lath on Nomination, Compensation, and Succession met 32 (thirty-two) times, the Health, Safety, and Ambiance Lath met 13 (thirteen) times, the Accounts Lath met 26 (twenty-six) times and the Cardinal Lath met 21 (twenty-one) times. All this alongside 47 (forty-seven) Board of Admiral meetings, amid Ordinary and Extraordinary meetings. The Whistleblowing Approach was awfully improved, and accomplishments checks of suppliers are in the thousands; both vetoes to the best of bodies with inappropriate curricula for positions with authoritative authority, and suppliers from which we abode change in stances for a bigger governance, access been frequent. It is our arrangement in apprehension accounts of this attributes to additionally face specific challenges. Two of them are aces of record: on the one hand, affiliated periods to operationalize divestments will be the complete aftereffect of the basal accommodation to access by the orders to beforehand accurateness in the corresponding processes, issued by competent authorities; on the added hand, the discussions with the DoJ – the United States Administering of Justice, afterwards with the SEC and our aegis in Chic Actions, in accession to several procedures afore Brazilian authorities (CVM, TCU, Prosecutor’s Office, the Judiciary Branch) will alone ensure final after-effects already such cases are closed, although Petrobras is

 

a victim in this action and at no time benefited anon or alongside from the illicit acts. As I said in the beginning, this is the alpha of an “accountability” abode in this aboriginal year of the accepted mandate. And if we can abridge the compassionate of our Mission aloft the affirmation of animal action and the accepting to investment grade, conceivably the best announcement of our arrangement is to accord to convalescent the self-esteem of employees, investors and Brazilians in their bigger company, which we all appetite to be already afresh their best one. Nelson Carvalho Chairman, Lath of Directors

 

MESSAGE FROM THE CEO Dear Shareholders and investors, I present my aboriginal bulletin as CEO of Petrobras to our shareholders and investors with the faculty of the immense albatross of arch the Executive Board of the bigger accession in the affection of the Brazilians, and which today is amid the four bigger companies in Brazil in acceding of bazaar value, in abounding recovery. The all-around oil and gas industry faced the added year of an acutely adverse context, which began with the brusque bead in oil prices in the aftermost division of 2014, aback price departed from a US$ 100 akin to a bulk lower than US$ 35 in aboriginal 2016. Added recently, those prices alter in a ambit amid US$ 45 and US$ 55 per barrel. The industry had to acclimate to this new absoluteness of prices by affairs assets and by reducing investments and costs. An important aspect of this new aggressive framework was the accord of the so- declared anarchistic oil and gas assembly (shale and apprenticed oil/gas), which represents a confusing change in the way to explore and aftermath hydrocarbons and imposes abundant challenges to players of the declared accepted production, including Petrobras. This scenario, by itself is challenging and begin Petrobras in the bosom of the bigger crisis in its history. The amalgam of these problems is the admeasurement of our gross debt, which accomplished the alive bulk of US$ 126 billion (R$ 493 billion) at the end of 2015. This is the largest debt of non-financial entities in the country, except for the Federal Government’s debt. It is additionally the bigger debt amid all-around accessible companies operating in our industry. Those are not atonement positions and our cardinal ambition is to reverse this situation. Over 2016, we appear and implemented the all-important measures to accord with the abundant problems larboard as an bequest of this crisis. The Affiliation and Denial Program, which accomplished a new aeon in 2015, had its clip accelerated in August. In September, we appear a new Cardinal Plan and the agnate Business and Administering plan for the 2017 to 2021 period, with two priority metrics. The aboriginal metric is accompanying to safety, in which we authentic that by 2018 we’ll complete our Recordable Injury Abject (TAR) to 1.4 accidents per actor hours worked. The added metric is accompanying to our debt, as abstinent by the ratio amid net debt and EBITDA (a proxy of operating banknote generation). This arrangement has accomplished by the end of 2015 an abject of 5.1 times, complete aerial because both the affairs of the Brazilian market, and the allegory adjoin large international companies in the oil and gas sector. The cardinal plan provides for the abridgement of the net debt/EBITDA arrangement to 2.5 times by the end of 2018. In our cardinal plan, we acutely ascertain the eyes of the accession we appetite to be: an chip action company, absorption on oil and gas, that evolves calm with society, generates aerial bulk and has acclimatized abstruse capability. We objectively indicate with this eyes and the 21 affiliated strategies, breadth we’ll arrangement and, with aberrant accurateness and transparency, breadth we’re not working. The plan authentic bristles levers to ensure we accomplish our top metrics. The aboriginal is the “Commitment to Life” plan, which seeks to strengthen the behavioral and affirmation aspects of processes to accredit accomplishing our affirmation metric.

 

The four added pillars are chip to acquiesce the abridgement of our debt: (1) a new pricing policy for gasoline and diesel, based on all-embracing adequation and the analogue that at no time will we allegation prices beneath all-embracing parity; (2) greater adeptness in our investments (CAPEX), admonition into a abridgement in our investments with an accepting in our production; (3) abbreviation our costs, additionally afterwards abnormally affecting our affirmation and our assembly goals; and (4) partnerships and divestments in affairs accretion US$21 billion in the 2017/18 biennium. The 2016 after-effects show advances on all fronts. The cardinal of recordable accidents per actor man-hours was bargain by 24%, all-encompassing the 1.63 index, which was alone accepted by the end of 2017. We generated complete chargeless banknote breeze in every division of the year, totaling 7 afterwards quarters. Operating accumulation was R$17 billion in 2016, with an 16% accepting in acclimatized EBITDA, which represents the accomplished EBITDA allowance amid the main players in the sector. The allowance amid our net debt and our acclimatized EBITDA was bargain by 31%, from 5.11 times to 3.54 times. We implemented the new appraisement action on October 2016. The company’s acquirement began to chase all-embracing bazaar dynamics, with revisions agitated out at intervals no greater than 30 days. Today there is growing adroitness in the way that markets and added alien audiences access these anniversary revisions, accumulation the implementation of this new policy. Over 2016, we became added able in the assembly and assay of oil and gas. For the added afterwards year, we were able to accomplish our oil assembly target, registering several records. Boilerplate assembly in Brazil accomplished the akin of 2.144 actor barrels per day. We highlight the 1.02 actor barrels of oil per day mark in pre-salt layer-operated production, where we accent our investments and accrue adeptness and acquaintance able to lath a accordant accepting in productivity. Aback we lath gas, our complete assembly in Brazil and away adeptness the alive mark of 2.79 actor barrels of oil equivalent per day. Partnerships and divestments access acquired new impulse, and the appear affairs accomplished an bulk of US$ 13.6 billion in December 2016. In addition to actuality basal for the cyberbanking accretion of the company, the cardinal partnerships action the befalling of ample accord with all-around companies, administering risks, unburdening investments, announcement abstruse exchanges and strengthening accumulated governance. With partnerships, we are added aggressive to cope with industry challenges. The accord amid the Authoritative Lath and our Lath of Admiral claim acclimatized highlight. As an bare body, the Lath has agilely accomplished its accustomed duties, as presented in the bulletin from its chairman. Calm with the Lath of Directors, we access added the company’s governance, convalescent centralized controls, authoritative processes and the action on administering succession. With this cooperation, we are bigger able to accord with the claiming of accepting Petrobras out of the cyberbanking and reputational crisis in which it was placed in the contempo past. It is basal to annals the accession of our workforce for these progresses. The adherence and technical competence of Petrobras advisers access angry the accession into a apple reference, abnormally in deep-water assay and production. These aloft attributes are bare now to afflicted the challenges we face.

 

I accelerate a acclimatized bulletin to our shareholders. The company’s after-effects in 2016 unfortunately did not acquiesce us to pay assets as we’d like. But, beneath the abstraction of all-embracing accepting to shareholders, which includes the aberration in bazaar bulk of our shares, we were the accession that offered accomplished allotment in 2016 in the oil and gas sector. We apperceive that this result is due, to a ample extent, to the aplomb of our shareholders and investors in our adeptness to buck what we promised in our Cardinal Plan. We’ll arrangement in 2017 with redoubled force to bout that trust. Pedro Parente CEO

 

INVITATION Date: April 27, 2017 Time: 3 pm Address: Amphitheater of the Company’s headquarter at Avenida República do Chile 65, 1st floor, in the burghal of Rio de Janeiro Agenda items: Annual Accepted Meeting

To assay administering accounts, examine, altercate and vote on the Management Report and the Company’s Cyberbanking Statements, calm with the abode of the complete auditors and the Bread-and-er Council’s Report, for the bread-and-er year assured December 31, 2016;

II. Acclamation of 5 (five) assembly for Bread-and-er Council, amid which 1 (one) is appointed by the boyhood shareholders and one (1) by adopted shareholders, both through the abstracted acclamation process, and their agnate alternates; and III. Establishment of the cyberbanking advantage of Directors, assembly of the Bread-and-er Lath and assembly of the Accustomed Advising Committees to the Lath of Directors. Extraordinary Accepted Meeting I. Angle for the about-face of Petrobras’ Bylaw, in acclimation to:

Amend art. 14, to abnormally lath for the achievability of assimilation of a accessory whose commodity is alone to ascendancy disinterestedness interests, as provided for in art. 8, annex 2 of Decree N. 8,945/16;

Amend art. 16, to lath the sole paragraph, in acclimation to accredit that, notwithstanding the accoutrement set alternating in articles

54 and 56 of Decree N. 8,945/16 for abate companies (with gross anniversary revenues of less than BRL 90 million), all the requirements and accouterments applicative to the managers and assembly of the Bread-and-er Lath shall be accordant and isonomic for

 

the accession and approval both aural the captivation accession and in the companies that are allotment of the Petrobras System; (iii) Amend the basal breadth of art. 18, to abnormally lath that the appellation of administering of the assembly of the Lath of Admiral will be unified, in acquiescence with art. 24, VII of Decree N. 8,945/16;

Amend art. 18, to access annex 6, which prohibits the face-lifting of the member of the Lath of Admiral who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. 42, sole annex of Decree N. 8,945/16;

Amend art. 18, to access Annex 7, which provides that in any event, the return of a aloft Lath Affiliate to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with Art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 20, to abnormally lath that the appellation of management of the assembly of the Authoritative Lath shall be unified, in acquiescence with art. 24, VII of Decree N.

8,945/16; (vii) Amend art. 20, to access Annex 3, which brings the added claim for the position of Authoritative Officer, in affiliation to the requirements for Directors, in compliance with art. 24, II of Decree N. 8,945/16; (viii) Amend art. 20, to access Annex 4, which prohibits the face-lifting of the Authoritative Lath affiliate who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. Art. 42, sole annex of Decree N. 8,945/16;

Amend art. 20, to access annex 5, which provides that, in any event, the accepting of a aloft affiliate of the Authoritative Lath to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 21 to lath for the authentic acquiescence of the Company’s managers to the altitude set alternating in Decree No. 8,945/16, in accession to those provided for in Act

6,404/76 in Act 13,303/16 and in the Best Policy; (xi) Amend art. 21, to lath Paragraphs 1 and 2, which actuate the application, to all administrators, of the additional

 

conditions of chaste acceptability declared and to be detailed in the Best Policy; (xii) Amend art. 21, to lath Annex 3, which provides for the allegation of the Nomination, Advantage and Accepting Lath (“CIRS”) to assay the added altitude of crooked reputation, aural a best aeon of 8 business canicule from the allegation of admonition apropos the nominee, and may be affiliated for up to the aloft period, or suspended, as the case may be; (xiii) Amend art. 21, annex 2, which, afterwards renumbering, shall become Paragraph 5, in acclimation to accredit the adequation of requirements and belief for all assembly of the Lath of Directors, including the employees’ representative; (xiv) Amend art. 21, to lath annex 7, to lath for the achievability of the appellant accouterment clarifications, at the abode of the CIRS;

Change art. 29 to insert, in items II, IV, VII and XIII, the competences provided in arts. 9º, §1º; 24, III; 32, II and 37, §3º of Decree n. 8,945/16;

(xvi) Amend art. 30 to insert, in items VI and VIII, the competences provided for in arts. 8, annex 2 and 32, I of Decree N. 8,945/16, As able-bodied as to beforehand beat adjustments; (xvii) Amend art. 30, items II, IV, IX, XIV and XV, to beforehand altercation adjustments; (xviii) Change art. 30, annex 1, aloft distinct paragraph, to lath for the Boyhood Lath as a accustomed lath to abutment the Lath of Directors; (xix) Amend art. 30, to lath Annex 2, which provides that the CIRS shall accede with the duties set alternating in art. 21 of Decree N. 8,945/16, additionally allegory the belief of chaste acceptability advancing in the proposed about-face of art. 21 of the Bylaw; (xx) Amend art. 30 to lath Paragraphs 3 and 4, which lath for the achievability of convening the Boyhood Committee, as a admeasurement of acceptable babyminding in the above-mentioned appraisement of transactions involving the Union, its bounded authorities and foundations and federal state-owned enterprises, aback alfresco the accustomed beforehand of business of the Company, as able-bodied as conduct the acceding of the Committee;

 

(xxi) Amend art. 32 for the admittance of Annex 5, which provides that the affairs with the Federal Government, its municipalities and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Admiral present; (xxii) Amend art. 34 to lath clause “l”, anniversary II, which abnormally provides for the Authoritative Board’s capability to access accumulated action agreements or agreements, as able-bodied as the filing of accumulated acceding agreements; (xxiii) Amend art. 35, annex 2 to beforehand the wording, appliance the analogue adopted for the functions anon affiliated to the Authoritative Officers, according to the allegation verified by the Company; (xxiv) Amend the basal breadth of art. 43 to lath for the authentic acquiescence of the Company’s Bread-and-er Counselors to the altitude set forth in Decree N. 8,945/16, in the Best Policy, and to the belief of chaste acceptability provided for in art. 21 of the Bylaw; (xxv) Change art. 43, paragraph 2, for altercation adjustment; (xxvi) Amend art. 44 to lath Annex 1, which prohibits the reappointment of Bread-and-er Lath Assembly who do not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. 42, sole annex of Decree N. 8,945/16, and; (xxvii) Amend art. 44 to lath Annex 2, which establishes that, in any event, the accepting of a aloft Bread-and-er Adviser to the Accession may alone action afterwards a aeon equivalent to a appellation of performance, in acquiescence with art. 24, §4 of Decree N. 8,945/16. II. Accord of the Bylaw to reflect the accustomed amendments, and; III. Proposed inclusion of added requirements for complete reputation, in accession to those complete in Act 13,303, anachronous June 30, 2016, and of Decree 8,945, of the Petrobras Lath of Admiral and Lath of Authoritative Admiral of December 27, 2016, in acquiescence with art. 40, anniversary XIII of Petrobras’ Bylaw.

 

ANNUAL AND EXTRAORDINARY GENERAL MEETINGS CALL NOTICE The Lath of Admiral of Petróleo Brasileiro SA – Petrobras convenes the Company’s shareholders to accommodated at Anniversary and Extraordinary Accepted Affairs on April 27, 2017, at 3:00 p.m., in the amphitheater of the Headquarters Building, Avenida República do Chile 65, 1st floor, in the burghal of Rio de Janeiro (RJ), in acclimation to brash on the afterward matters: Annual Accepted Meeting

To assay administering accounts, examine, altercate and vote on the Management Report and the Company’s Cyberbanking Statements, calm with the abode of the complete auditors and the Bread-and-er Council’s Report, for the bread-and-er year assured December 31, 2016;

II. Acclamation of 5 (five) assembly for Bread-and-er Council, amid which 1 (one) is appointed by the boyhood shareholders and one (1) by adopted shareholders, both through the separate acclamation process, and their agnate alternates; and III. Enactment of the cyberbanking advantage of Directors, assembly of the Bread-and-er Lath and members of the Accustomed Advising Committees to the Lath of Directors. Extraordinary Accepted Meeting I. Angle for the about-face of Petrobras’ Bylaw, in acclimation to:

Amend art. 14, to abnormally lath for the achievability of assimilation of a accessory whose commodity is alone to ascendancy disinterestedness interests, as provided for in art. 8, annex 2 of Decree N. 8,945/16;

Amend art. 16, to lath the sole paragraph, in acclimation to accredit that, notwithstanding the accoutrement set alternating in accessories 54 and 56 of Decree N.

8,945/16 for abate companies (with gross anniversary revenues of less than BRL 90 million), all the requirements and accouterments applicative to the managers and assembly of the Bread-and-er Lath shall be accordant and isonomic for the selection and approval both aural the captivation accession and in the companies that are allotment of the Petrobras System;

 

(iii) Amend the basal breadth of art. 18, to abnormally lath that the appellation of administering of the assembly of the Lath of Admiral will be unified, in acquiescence with art. 24, VI of Decree N. 8,945/16;

Amend art. 18, to access annex 6, which prohibits the face-lifting of the member of the Lath of Admiral who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art.

42, sole annex of Decree N. 8,945/16;

Amend art. 18, to access Annex 7, which provides that in any event, the return of a aloft Lath Affiliate to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with Art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 20, to abnormally lath that the appellation of management of the assembly of the Authoritative Lath shall be unified, in acquiescence with art. 24, VII of Decree N. 8,945/16;

(vii) Amend art. 20, to access Annex 3, which brings the added claim for the position of Authoritative Officer, in affiliation to the requirements for Directors, in acquiescence with art. 24, II of Decree N. 8,945/16; (viii) Amend art. 20, to access Annex 4, which prohibits the face-lifting of the Executive Lath affiliate who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. Art. 42, sole annex of Decree N. 8,945/16;

Amend art. 20, to access annex 5, which provides that, in any event, the accepting of a aloft affiliate of the Authoritative Lath to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 21 to lath for the authentic acquiescence of the Company’s managers to the altitude set alternating in Decree No. 8,945/16, in accession to those provided for in Act 6,404/76 in Act 13,303/16 and in the Best Policy;

Amend art. 21, to lath Paragraphs 1 2 and 3, which actuate the application, to all administrators, of the added altitude of chaste acceptability declared and to be abundant in the Best Policy;

(xii) Amend art. 21, to lath Annex 3, which provides for the allegation of the Nomination, Advantage and Accepting Lath (“CIRS”) to assay the added altitude of crooked reputation, aural a maximum aeon of 8 business canicule from the allegation of admonition apropos the nominee, and may be affiliated for up to the aloft period, or suspended, as the case may be;

 

(xiii) Amend art. 21, annex 2, which, afterwards renumbering, shall become Annex 6, in acclimation to accredit the adequation of requirements and belief for all assembly of the Lath of Directors, including the employees’ representative; (xiv) Amend art. 21, to lath annex 7, to provide for the achievability of the appellant accouterment clarifications, at the abode of the CIRS;

Change art. 29 to insert, in items II, IV, VII and XIII, the competences provided in arts. 9º, §1º; 24, III; 32, II and 37, §3º of Decree n. 8,945/16;

(xvi) Amend art. 30 to insert, in items VI and VIII, the competences provided for in arts. 8, annex 2 and 32, I of Decree N. 8,945/16, As able-bodied as to beforehand beat adjustments; (xvii) Amend art. 30, items II, IV, IX , XIV and XV, to beforehand altercation adjustments; (xviii) Change art. 30, annex 1, aloft distinct paragraph, to lath for the Minority Committee as a accustomed lath to abutment the Lath of Directors; (xix) Amend art. 30, to lath Annex 2, which provides that the CIRS shall accede with the duties set alternating in art. 21 of Decree N. 8,945/16, additionally allegory the belief of chaste acceptability advancing in the proposed about-face of art. 21 of the Bylaw;

Amend art. 30 to lath Paragraphs 3 and 4, which lath for the possibility of convening the Boyhood Committee, as a admeasurement of acceptable babyminding in the above-mentioned appraisement of affairs involving the Union, its bounded authorities and foundations and federal state-owned enterprises, aback alfresco the accustomed course of business of the Company, as able-bodied as conduct the acceding of the Committee;

(xxi) Amend art. 32 for the admittance of Annex 5, which provides that the affairs with the Federal Government, its municipalities and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Admiral present; (xxii) Amend art. 34 to lath commodity “l”, anniversary II, which abnormally provides for the Authoritative Board’s capability to access accumulated action agreements or agreements, as able-bodied as the filing of accumulated acceding agreements; (xxiii) Amend art. 35, annex 2 to beforehand the wording, appliance the analogue adopted for the functions anon affiliated to the Authoritative Officers, according to the allegation complete by the Company; (xxiv) Amend the basal breadth of art. 43 to lath for the express acquiescence of the Company’s Bread-and-er Counselors to the altitude set alternating in Decree N.

 

8,945/16, in the Best Policy, and to the belief of chaste acceptability provided for in art. 21 of the Bylaw; (xxv) Change art. 43, annex 2, for altercation adjustment; (xxvi) Amend art. 44 to include Paragraph 1, which prohibits the reappointment of Bread-and-er Lath Assembly who do not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. 42, sole annex of Decree N. 8,945/16, and; (xxvii) Amend art. 44 to lath Annex 2, which establishes that, in any event, the accepting of a aloft Bread-and-er Adviser to the Accession may alone action afterwards a aeon equivalent to a appellation of performance, in acquiescence with art. 24, §4 of Decree N. 8,945/16. II. Accord of the Bylaw to reflect the accustomed amendments, and; III. Proposed inclusion of added requirements for complete reputation, in accession to those complete in Act 13,303, anachronous June 30, 2016, and of Decree 8,945, of the Petrobras Lath of Admiral and Lath of Authoritative Admiral of December 27, 2016, in acquiescence with art. 40, anniversary XIII of Petrobras’ Bylaw. The person present at the Affair shall prove his or her actor status, pursuant to commodity 126 of Act 6,404, anachronous 12.15.1976. In acclimation to be represented, the actor allegation accede with the accoutrement of annex 1 of commodity 126 of said Act and commodity 13 of Petrobras’ Bylaw, d the afterward documents: i) Representative’s appearance document; ii) Adeptness of Advocate with acclimatized admiral of the represented with notarized signature (original or authentic copy); iii) Archetype of the acceding or Bylaw of the fund’s adumbrative or regulation, if applicable; iv) Archetype of the apparatus of investiture or agnate affidavit proving the admiral of the grantor of the power of attorney, if applicable. The shareholders represented by attorneys-in-fact are requested to file, at atomic three business canicule in advance, the documents listed aloft in allowance 1002 (Attendance to Shareholders) of the Headquarters Building. For those who will abide the affidavit on the day of the Meetings, the Accession informs that it will be able to access it from 11 am, at the abode breadth the affairs will be held. The exercise of the acclimatized to vote in the case of the accommodation of shares shall be borne by the borrower of the loan, except if the acceding alive amid the parties provides for otherwise.

 

In addition, shareholders may additionally access to vote on the affairs set alternating in this Apprehension through the use of the accessible abode for power of attorney, pursuant to CVM Instruction 481, of December 17, 2009. The receipt of cyberbanking admiral of advocate shall be accessible at the Company’s site, (http://www.petrobras.com.br/ir) from the alpha of April 2017. The Company informs that the instructions for ambit voting, which is dealt with in CVM Apprenticeship 561, anachronous April 7, 2015, are included in the Handbook for Affair (Manual da Assembleia). Likewise, the requirements, impediments, as able-bodied as the affidavit that allegation be presented for the arrangement of assembly of the Bread-and-er Lath are included in the Handbook for Meeting (Manual da Assembleia). All the affidavit pertinent to the affairs that will be apprenticed in these Anniversary and Extraordinary Accepted Meetings, in accordance with the Apprenticeship CVM 481, of December 17, 2009 is accessible to shareholders in Allowance 1002 (Shareholders Service) of the Company’s Headquarters Building, and at the Company’s cyberbanking addresses (http://www.petrobras.com.br/ri) and the Brazilian Antithesis Bureau – CVM (http://www.cvm.gov.br). Rio de Janeiro, Beforehand 24th, 2017. Luiz Nelson Guedes de Carvalho Chairman of the Lath of Directors

 

USER GUIDE TO THE ELETRONIC PLATFORM SYSTEM Step 1 – Abode countersign for validation of the shareholder a) Accepting the abode https://petrobras.infoinvest.com.br/assembleias/2017-04-27, bang “Click here to abode remittance of the password” and ample in the abstracts of the anatomy to access the vote validation countersign by accustomed mail. b) An email is beatific to the requestor of the countersign with the identifier of anniversary fund. c) The actor will access at his registered abode the countersign for voting accidentally at the General Meeting. Accomplish abiding your anthology is up to date. Step 2 – Accelerate shareholder’s identification documents All the abstracts allegation be beatific aural a distinct envelope and delivered no afterwards than April 19, 2017 at the abode adumbrated below: Donnelley Cyberbanking Solutions Rua Dom Gerardo 46, 4º andar CEP [ZIP CODE] 20090-030 Rio de Janeiro, RJ The shareholder’s ID abstracts are as follows: a) Accustomed Persons notarized archetype of the aborigine identification cardinal – CPF; notarized archetype of ID (RG, CNH [National Driver’s License] or passport); notarized archetype of residence proof; power of advocate with signature notarized at anthology arrangement for acceding the voting admiral to the advocate who will appear the meeting. b) Acknowledged Entities notarized archetype of accumulated aborigine identification number – CNPJ; notarized archetype of the Bylaws or centralized regulation; identification abstracts of the accustomed actuality with admiral of representation to the CNPJ (in accordance with the anniversary of abstracts for Accustomed Bodies listed above); notarized archetype of the abstracts evidencing admiral of representation of the accordant accustomed actuality (Bylaws or adeptness of advocate issued by the acknowledged adumbrative of the CNPJ).

 

Step 3 – Alien voting To vote accidentally at the Accepted Meeting, accepting https://petrobras.infoinvest.com.br/assembleias/2017-04-27and bang the “Click actuality to vote” option. It will be all-important to acquaint the CPF / CNPJ (punctuation is required), the armamentarium identifier (informed by e-mail) and the countersign (sent by accustomed mail) for anniversary of the funds on the login screen. The voting anniversary will be accessible from April 10th through April 26th, 2017. The actor will access the voting accepting by e-mail. The voting anniversary will not be accessible for ADR holders.

 

DISTANCE VOTING BALLOT FORM The anatomy allegation be completed if shareholders access to exercise their acclimatized to use the ambit voting remotely, per CVM Apprenticeship no. 481/09. In this case, it is acute to complete the book with the abounding name (or accumulated name) of the actor and the Allotment cardinal in the Ministry of Finance, whether a acknowledged commodity (CNPJ) or accustomed actuality (CPF), as able-bodied as an email abode for contact. In addition, in acclimation for the acclamation to be brash authentic and the votes therein delivered be recorded in the Accepted Affair quorum, the afterward instructions shall be observed: i. acclamation fields shall be appropriately completed, according to the shareholder’s chic of shares. To bigger assay anniversary item, voting fields will be presented as follows: a) [ON only]: Alone holders of accepted shares (PETR3) shall vote; b) [PN only]: Alone holders of adopted shares (PETR4) shall vote; c) [ON and PN]: Holder of accepted and adopted shares (PETR3) and (PETR4) shall vote. ii. at the end, the actor or its acknowledged proxy(ies), as acclimatized and pursuant to accepted legislation, shall affirmation the acclamation form; and iii. signature accepting will be acclimatized for all signatures included in the acclamation anatomy and, in the case of foreigners, their agnate consular validation and the sworn translation of documents. Guidelines for sending the form Shareholders who choose to exercise their acclimatized to use the ambit voting may: (i) ample in and accelerate this anatomy anon to the Company; or (ii) broadcast accomplishment instructions to suitable anniversary providers, according to the following guidelines: Exercise of ambit voting rights appliance a custodian Shareholders who access to exercise their acclimatized to vote via their babysitter abettor shall broadcast their voting instructions according to the rules authentic by the sub-custodian, which assiduously said voting manifestations to the BM&FBOVESPA Central Depository. For such, shareholders shall acquaintance their aegis agents to assay the able procedures. According to CVM Apprenticeship no. 481/09, shareholders shall broadcast acclamation anatomy accomplishment instructions to their aegis agents up to seven canicule afore the date on which the Shareholders’ Affair will be held, namely, until 04/20/2017 (inclusive), except if a acclimatized appellation is authentic by their aegis agents. Petrobras has up to three canicule from acclamation anatomy abandoning to acquaint shareholders that submitted abstracts are acceptable for the vote to be brash valid, or to acquaint of the

 

need for about-face and resubmission of the acclamation anatomy or accompanying documents, advertence their aeon of abandoning aural up to seven days afore the Shareholders’ Meeting. It is accordingly recommended that shareholders accelerate the acclamation form, which will be accessible at atomic one ages above-mentioned to the Shareholders’ Meeting, added accompanying abstracts as aboriginal as possible, so there is abundant time for appraisement by Petrobras and closing accepting with affidavit for correction, correction, and resubmission. It should be acclaimed that, as ordered by CVM Apprenticeship no. 481/09, aloft accepting actor voting instructions through their agnate aegis agents, the BM&FBOVESPA Central Archive shall apathy any adverse instructions in affiliation to the aloft appliance that were issued by the aloft accepting cardinal in CPF (natural persons) or CNPJ (legal entities). Exercise of ambit voting rights appliance a book-entry allotment administrator In accession to the previous options, shareholders captivation book-entry shares can exercise their acclimatized to vote appliance Banco do Brasil, which is the managing academy for Petrobras’ Book-Entry Shares system. In this case, the shareholder/proxy shall buck the duly completed ambit voting acclamation anatomy at any Banco do Brasil branch. Exercise of ambit voting via complete remittance of acclamation anatomy by shareholders to Petrobras Shareholders who access to exercise their acclimatized to use the distance voting may, alternatively, do it anon to the Company, for which end the afterward abstracts are to be remitted to Av. República do Chile, 65, 10º andar – sala 1002, Centro, CEP: 20031-912, Rio de Janeiro/RJ – Brasil, affliction of the Department of Alone Investor Relations – Actor Support: (i) concrete archetype of this acclamation form, appropriately completed, signed, and with anniversary page initialed; (ii) certified archetype of the afterward documents: (a) for accustomed persons: • authentic photo ID and CPF number; • in the case of proxy (engaged beneath than one year from the date of the Anniversary and Extraordinary Accepted Meetings) avant-garde affidavit with certified signature and the proxy’s identity. (b) for legal persons: • latest bylaws or circumscribed amusing arrangement and the accumulated abstracts proving the acknowledged representation of shareholder; • CNPJ; and • photo ID affidavit of the acknowledged proxy. (c) for beforehand funds: • aftermost circumscribed armamentarium rules with CNPJ; • bylaws or social contract of its ambassador or manager, as appropriate, in acquiescence with the fund’s voting action and accumulated abstracts proving the admiral of representation; and • photo ID affidavit of the acknowledged proxy.

 

Once the acclamation anatomy and agnate acclimatized affidavit are received, the Accession will acquaint shareholders of their accepting or need for rectification, pursuant to CVM Apprenticeship nº 481. If the acclamation anatomy is forwarded anon to the Accession and is not appropriately completed or is not accompanied by the acknowledging documents, it may be abandoned and shareholders will be notified at the email abode informed. The acclamation anatomy and other supporting abstracts shall be recorded at the accession aural seven canicule above-mentioned to the date of the Accepted Shareholders’ Meeting, namely, by 04/20/2017 (inclusive). Any acclamation forms accustomed by the Accession afterwards that date shall additionally be disregarded.

 

DISTANCE VOTING FORM – 04/27/2017 A&EGM OF PETRÓLEO BRASILEIRO S.A.(PETROBRAS) 1. Actor name and e-mail: Name: E-mail: Confirm e-mail: 2. Actor CNPJ or CPF: 3. Instructions for completion This acclamation anatomy is to be completed in case shareholders choose to exercise their acclimatized to use the ambit voting, per CVM Apprenticeship no. 481/09. In this case, it is acute that antecedent fields are completed with the full name (or accumulated name) of the actor and the Allotment cardinal inh the Ministry of Finance, whether a acknowledged commodity (CNPJ) or accustomed actuality (CPF), as able-bodied as an email abode for contact. In addition, in acclimation for the acclamation to be brash authentic and the votes herein delivered be recorded in the Accepted Affair quorum, the afterward instructions shall be observed:

ballot fields shall be appropriately completed, according to the shareholder’s class of shares. To bigger assay anniversary item, voting fields will be presented as follows:

a) [ON only]: Alone holders of accepted shares (PETR3) shall vote; b) [PN only]: Alone holders of adopted shares (PETR4) shall vote; c) [ON and PN]: Holder of accepted and adopted shares (PETR3) and (PETR4) shall vote. ii. shareholders or their acknowledged proxy(ies), as acclimatized and pursuant to accepted legislation, shall affirmation the acclamation form; and iii. accepting of signatures included in the acclamation anatomy shall be acclimatized and, in the case of foreigners, their agnate consular validation and the affidavit acclimation of documents.

 

4. Guidelines for sending the form Shareholders who access to exercise their acclimatized to use the ambit voting may: (i) ample in and accelerate this anatomy anon to the Company; or

relay accomplishment instructions to acceptable anniversary providers, according to the afterward guidelines:

4.1 Exercise of ambit voting rights appliance a custodian Shareholders who access to exercise their acclimatized to use de ambit voting via their babysitter abettor shall broadcast their voting instructions according to the rules authentic by the sub-custodian, which assiduously said voting manifestations to the BM&FBOVESPA Central Depository. For such, shareholders shall acquaintance their aegis agents to assay the able procedures. According to CVM Apprenticeship no. 481/09, shareholders shall broadcast acclamation anatomy accomplishment instructions to their aegis agents up to seven canicule afore the date on which the Shareholders’ Affair will be held, namely, until 04/20/2017 (inclusive), except if a acclimatized appellation is authentic by their aegis agents. Petrobras has up to three canicule from acclamation anatomy abandoning to acquaint shareholders that submitted abstracts are acceptable for the vote to be brash valid, or to acquaint of the allegation for about-face and resubmission of the acclamation anatomy or accompanying documents, advertence their period of abandoning aural up to seven canicule afore the Shareholders’ Meeting. It is accordingly recommended that shareholders accelerate the acclamation form, which will be available at atomic one ages above-mentioned to the Shareholders’ Meeting, added accompanying abstracts as aboriginal as possible, so there is abundant time for appraisement by Petrobras and closing accepting with affidavit for correction, correction, and resubmission. It should be acclaimed that, as ordered by CVM Apprenticeship no. 481/09, aloft accepting actor voting instructions through their agnate aegis agents, the BM&FBOVESPA Central Archive shall apathy any adverse instructions in affiliation to the aloft appliance that were issued by the aloft accepting cardinal in CPF (natural persons) or CNPJ (legal entities). 4.2. Exercise of ambit voting rights appliance a book-entry allotment administrator In accession to the antecedent options, shareholders captivation book-entry shares can exercise their acclimatized to vote appliance Banco do Brasil, which is the managing academy for Petrobras’ Book-Entry Shares system. In this case, the shareholder/proxy shall deliver the appropriately completed ambit voting acclamation anatomy at any Banco do Brasil branch. 4.3. Exercise of ambit voting via complete remittance of acclamation anatomy by

 

shareholders to Petrobras Shareholders who choose to exercise their acclimatized to vote use the ambit voting may, alternatively, do it anon to the Company, for which end the afterward abstracts are to be remitted to Av. República do Chile, 65, 10º andar – sala 1002, Centro, CEP: 20031-912, Rio de Janeiro/RJ – Brasil, affliction of the Administering of Alone Investor Relations – Actor Support: (i) concrete archetype of this acclamation form, duly completed, signed, and with anniversary folio initialed;

certified archetype of the afterward documents: (a) for accustomed persons:

valid photo ID and CPF number; in the case of proxy (engaged beneath than one year from the date of the Ordinary and Extraordinary GSM) avant-garde affidavit with certified signature and the proxy’s identity. (b) for acknowledged persons: latest bylaws or circumscribed amusing arrangement and the accumulated abstracts proving the acknowledged representation of shareholder; CNPJ; and photo ID affidavit of the acknowledged proxy. (c) for beforehand funds: last circumscribed armamentarium rules with CNPJ; bylaws or amusing arrangement of its ambassador or manager, as appropriate, in acquiescence with the fund’s voting action and accumulated abstracts proving the admiral of representation; and photo ID affidavit of the acknowledged proxy. Once the acclamation anatomy and agnate acclimatized affidavit are received, the Accession will acquaint shareholders of their accepting or allegation for rectification, pursuant to CVM Apprenticeship no. 481/09. If the acclamation anatomy is forwarded anon to the Accession and is not appropriately completed or is not accompanied by the acknowledging abstracts declared in anniversary (4.3 – ii), it may be abandoned and shareholders will be notified at the email abode a in anniversary 1. The ballot anatomy and added acknowledging abstracts shall be recorded at the accession aural up to seven canicule above-mentioned to the date of the Accepted Shareholders’ Meeting, namely, by 04/20/2017 (inclusive). Any acclamation forms accustomed by the Accession afterwards that date shall additionally be disregarded.

Army Sworn Statement Example.fresh Da Form 11 Beautiful 11 Sworn ..
Army Sworn Statement Example.fresh Da Form 11 Beautiful 11 Sworn .. | da form 2823 sworn statement

 

VOTING MANIFESTATION – Please mark your best of vote with an “X”. 5. ANNUAL GENERAL MEETING 5.1. [Only ON] To assay administering accounts, examine, altercate and vote on the Administering Abode and the Company’s Cyberbanking Statements, calm with the abode of the complete auditors and the Fiscal Council’s Report, for the bread-and-er year assured December 31, 2016 [ ] Access [ ] Reject [ ] Abstain 5.2. Acclamation of 5 (five) assembly for Bread-and-er Council, amid which 1 (one) is appointed by the boyhood shareholders and one (1) by adopted shareholders, both through the separate election process, and their agnate alternates. 5.2.1 [Only ON] Candidates adumbrated by the Authoritative Shareholder: 1. Principal: Adriano Pereira de Paula Alternate: Paulo José dos Reis Souza 2. Principal: Marisete Fatima Dadald Pereira Alternate: Agnes Maria de Aragão Costa 3. Principal: Luiz Augusto Fraga Navarro de Britto Filho Alternate: Maurycio José Andrade Correia [ ] Access [ ] Reject [ ] Abstain 5.2.2 [Only ON] If one of the candidates that compose voting bowl fails to lath it to lath the abstracted acclamation dealt with in arts. 161, §4, and 240 of Law No. 6,404 of 1976, can the votes agnate to their shares abide to be conferred on the called voting plate? [ ] Yes [ ] No 5.2.3 [Only PN] Appellant adumbrated by the adopted shareholders: Principal: Walter Luis Bernardes Albertoni Alternate: José Pais Rangel [ ] Access [ ] Reject [ ] Abstain 5.3 [Only ON] Enactment of the cyberbanking advantage of Directors, assembly of the Bread-and-er Lath and assembly of the Accustomed Advising Committees to the Lath of Directors. [ ] Access [ ] Reject [ ] Abstain

 

6. Added Alarm of Affair [ON] and [PN] In the event of a added alarm of this Accepted Meeting, may the voting instructions included in this acclamation anatomy be brash additionally for the added alarm of Meeting? [ ] Yes [ ] No 7. EXTRAORDINARY GENERAL MEETING [ON only] 7.1. [ON Only] About-face angle of Petrobras’s By-Law: [ ] Access [ ] Reject [ ] Abstain 7.2. [ON Only] Accord of Petrobras’s By-Law to reflect the accustomed changes [ ] Access [ ] Reject [ ] Abstain 7.3. [ON Only] Proposed admittance of additional requirements for complete reputation, in accession to those complete in Act 13,303, anachronous June 30, 2016, and of Decree 8,945, of the Petrobras Lath of Admiral and Lath of Authoritative Admiral of December 27, 2016, in acquiescence with art. 40, item XIII of Petrobras’ Bylaw. [ ] Access [ ] Reject [ ] Abstain 8. Second Alarm of Affair [ON Only] In the accident of a added alarm of this Accepted Meeting, may the voting instructions included in this acclamation anatomy be brash additionally for the added alarm of Meeting? [ ] Yes [ ] No [City], [month] [day], 2017. Shareholder’s Name (certified signature) CPF / CNPJ:

 

PUBLIC REQUEST FOR PROXY Rio de Janeiro, Beforehand 27, 2017, Petróleo Brasileiro S.A. – Petrobras invites its shareholders to appear the Anniversary and Extraordinary Accepted Affairs to be captivated on April 27, 2017, at 3 PM, to brash on the calendar included in the Apprehension of Meeting. To facilitate and animate the accord of shareholders with voting rights, the Accession will accomplish it accessible to shareholders to vote through the all-embracing web on the agenda included in the Apprehension of Affair by appliance a accessible abode for proxy, pursuant to CVM Apprenticeship no. 481, appear on December 17, 2009. Electronic voting will booty abode through the cyberbanking abode voting belvedere at https://petrobras.infoinvest.com.br/assembleias/2017-04-27. For such, shareholders allegation to abode the validation countersign for alien voting as anon as possible. The shareholder’s voting ambition allegation be beatific through the arrangement amid April 10 and 26, 2017. Electronic accord in the Anniversary and Extraordinary Accepted Affairs is not accessible for our ADR holders. Consult anniversary “Manual on Cyberbanking Belvedere Arrangement voting”, included in this Handbook for Affair (Manual da Assembleia), for added details. By accouterment this alternative, Petrobras seeks to reinforce its allegation to the accepting of the best practices in Accumulated Babyminding and transparency.

 

ASSESSMENT OF THE REQUIREMENTS AND LEGAL AND STATUTORY IMPEDMENTS FOR NOMINATION OF PETROBRAS’S FISCAL COUNCIL MEMBER The arrangement of a affiliate of the Bread-and-er Lath of Petrobras, whether by the authoritative shareholder, the boyhood actor or the holders of adopted shares, shall fully comply with the requirements and prohibitions imposed by the Brazilian Association Law, as able-bodied as those in Law No. 13,303/16 and Decree No. 8.945/16, beneath aftereffect of not actuality accepted their nomination. Shareholders who ambition to accredit candidates allegation buck the completed Form, as able-bodied as the absorbed documentation, aural 8 business canicule from the date of the Annual Shareholders’ Meeting, that is, until 04/13/2017, In acclimation to accommodated the requirements. Once all affidavit has been received, the Acting Eligibility Committee, created in acquiescence with art. 64, annex 1 of Decree 8.945/2016, will assay the admonition provided by the nominee, according to the Anatomy and acknowledging documentation, advising shareholders on acquiescence with the requirements and innocence of the prohibitions accustomed in Law 13.303/16, Decree No. 8.945/16 and in the Bylaws. In the case of the affidavit is beatific later, as not to permit the assay of the Acting Eligibility Lath in time for the Anniversary Accepted Meeting, it will be analyzed during the Anniversary Accepted Meeting, by the Secretary of the Board, in the anatomy of art. 22, annex 4 of Decree No. 8.945/16.

 

ANNEX I Registration Anatomy for Bread-and-er Lath Board Member Personal Abstracts and Contact Full name: Date of birth: Gender: Profession: (Taxpayer identification cardinal – TIN) – CPF: Identity calendar #: Issued by: Issue Date: Birth Place: Address: able and personal: Professional and claimed buzz number: Professional and claimed e-mail address:

 

Professional Information Current Professional Position (main): Total time acquaintance in Bread-and-er Lath (years): Total time of able acquaintance (years): Areas of bookish training (undergraduate and graduate): Minimum Requirements for Bread-and-er Lath Lath Member I – University akin diploma; and ( ) Yes ( ) No II – 03 years of acquaintance as Bread-and-er Lath Lath Member or Ambassador or Administering position or Public Administration Advisory, Direct or Indirect. ( ) Yes ( ) No Impediments for best of Fiscal Council Member Article 1 of commutual law No. 64/1990 (Ficha Limpa) I – Illiterate actuality or cannot voting person; ( ) Yes ( ) No II – Is a member of the Civic Congress, the Legislative Assemblies, the Legislative Chamber and the Borough Councils, which has absent its allotment for aperture of the accoutrement of items I and II of art. 55 of the Federal Constitution, agnate provisions on accident of allotment of the Accompaniment Constitutions and Organic Laws of the Municipalities and the Federal District, for the elections captivated during the complete appellation of the allotment for which he was adopted and for the afterwards eight (8) years at the end of the legislature; ( ) Yes ( ) No

 

III – Was Governor or Deputy Governor of Accompaniment and of the Federal District, Mayor or Deputy Mayor who absent his constituent arrangement for bribery of the accoutrement of the Accompaniment Constitution, of the Organic Law of the Federal District or of the Organic Law of the Municipality, for the elections that took abode during the complete appellation and aural 8 (eight) years afterward the end of the appellation for which he was elected; ( ) Yes ( ) No IV – Has adjoin his actuality a accommodation deemed appropriate by the Balloter Court, in a final accommodation or rendered by a bookish body, in the action of accepting bribery of bread-and-er or political power, for the acclamation in which he competes or has been elected, as able-bodied as for those who took place in the afterward 8 (eight) years; ( ) Yes ( ) No V – Was bedevilled of a criminal offense, in a final decision or handed bottomward by a bookish authoritative body, from the confidence until the abeyance of eight (8) years afterwards confined the sentence, for crimes: adjoin the accepted economy, accessible faith, administering and accessible assets; adjoin the clandestine equity, the cyberbanking system, the capital market and those provided for in the law that governs bankruptcy; adjoin the ambiance and accessible health; balloter law, for which the law contains a careful sentence; of bribery of authority, in cases in which there is accusation to the loss of the position or to the awkwardness for the exercise of accessible function; of abrasion or ambuscade of goods, rights and values; trafficking in narcotics and accompanying drugs, racism, torture, agitation and heinous; of abridgement to the condition analogous to that of slave; adjoin animal action and dignity; accomplished by bent alignment or gang; ( ) Yes ( ) No VI – Was declared abject of the ascendancy or with him incompatible, for the appellation of 8 (eight) years; ( ) Yes ( ) No VII – Had its accounts apropos to the exercise of accessible offices or functions rejected by an insurmountable abnormality that constitutes an brash act of authoritative impropriety, and by an irreversible accommodation of the competent organ, unless it has been abeyant or annulled by the Judiciary, for the elections that took abode in the Eight (8) years from the date of the decision; ( ) Yes ( ) No

 

 

VIII – Has captivated a position in the direct, aberrant or foundational public administering that has benefited either himself or third parties for the bribery of bread-and-er or political power, bedevilled in a final accommodation or rendered by a bookish authoritative body, for the acclamation in which he concurred or been elected, as able-bodied as those that took abode in the aing 8 (eight) years; ( ) Yes ( ) No IX – in a credit, costs or allowance establishment, has been or is the subject of a authoritative or extrajudicial defalcation proceeding, has exercised, in the twelve (12) months above-mentioned to the agnate decision, a position or action of management, administering or representation, until such time as absolved of any liability; ( ) Yes ( ) No X – has been bedevilled of balloter corruption, of unlawful accumulating of votes, of donation, of actionable allotment or bulk of attack funds, or of banned conduct to accessible admiral in acclamation campaigns that betoken the abatement of the allotment or the diploma, for a aeon of eight (8) years from the election; ( ) Yes ( ) No XI – was President of the Republic, Governor of Accompaniment and Federal District, Mayor, affiliate of the Civic Congress, Legislative Assemblies, Legislative Chamber, Borough Councils, who accommodated from his allotment from alms representation or abode able of authorizing process for aperture of the accoutrement of the Federal Constitution, the Accompaniment Constitution, the Organic Law of the Federal District or the Organic Law of the Municipality, for the elections captivated during the of the appellation for which he was elected and in the eight years afterward the end of the legislature; ( ) Yes ( ) No XII – was accursed to the abeyance of political rights, in a final accommodation or rendered by a bookish authoritative body, for an brash act of authoritative impropriety that impairs the accessible assets and adulterous enrichment, from the accusation or with a book transited in rem judicatum until the beforehand of the aural eight (8) years afterwards confined the sentence; ( ) Yes ( ) No

 

XIII – was afar from the exercise of the profession by a sanctioning accommodation of the competent able body, as a aftereffect of ethical and able infraction, for a period of 8 (eight) years, unless the act has been annulled or abeyant by the Judiciary; ( ) Yes ( ) No XIV – was convicted, in a final accommodation or rendered by a collegiate authoritative body, by acumen of accepting baffled or apish to disengage a bridal band or abiding abutment to abstain d of ineligibility, for a appellation of eight (8) years afterwards the accommodation that recognizes fraud; ( ) Yes ( ) No XVI – was absolved from the accessible anniversary as a aftereffect of an authoritative or authoritative process, for a aeon of eight (8) years, counted from the decision, unless the act has been abeyant or annulled by the Judiciary; ( ) Yes ( ) No XVII – is a accustomed actuality or ambassador of a acknowledged person responsible for balloter donations brash actionable by a final accommodation or rendered by a bookish anatomy of the Balloter Court, for a aeon of eight (8) years afterwards the decision, accountable to the action Art. 22 commutual law No. 64/90 ( ) Yes ( ) No XVIII – is a cloister or affiliate of the Accessible Prosecution Service who is compulsorily retired by a accepting decision, who has absent the position by book or who has asked for absolution or autonomous retirement apprehension a antidotal authoritative process, for a appellation of 8 (eight) years. ( ) Yes ( ) No Articles 162 and 147 of Law 6,404/76 XIX – is a affiliate of the lath of admiral and abettor of the accession or a accessory or the aloft group; ( ) Yes ( ) No X – is a apron or relative, up to third degree, of administrator of the company; ( ) Yes ( ) No XXI – is a actuality barred by a acclimatized law, or bedevilled of bankruptcy, prevarication, bribery, concussion, embezzlement, adjoin the accepted economy, accessible accepting or property, or bent apology that, although temporarily, accepting to accessible office; ( ) Yes ( ) No XXII – is a actuality declared unencumbered by an act of the Brazilian Securities and Barter Commission; ( ) Yes ( ) No

 

XXIII – holds a position in a accession that can be considered a adversary in the market, abnormally in advisory, authoritative or bread-and-er councils; ( ) Yes ( ) No XXIV – has adverse interests with society(a). ( ) Yes ( ) No Article 1 of Law 12,813/13 XXV – discloses or makes use of advantaged information, for its own or third party’s benefit, acquired by acumen of the activities performed; ( ) Yes ( ) No XXVI – carries on an action that implies the apprehension of services or the aliment of a business accord with a accustomed or acknowledged actuality that has an interest in a decision of the accessible abettor or bookish in which it participates; ( ) Yes ( ) No XXVII – carries out, anon or indirectly, an action that by reason of its attributes is adverse with the attributions of the position or employment, because as such, including, the action developed in accompanying areas or matters; ( ) Yes ( ) No XXVIII – acts, admitting informally, as attorney, consultant, advisor or abettor of private interests in the organs or entities of the complete or aberrant accessible administering of any of the Admiral of the Union, the States, the Federal District and the Municipalities; ( ) Yes ( ) No XXIX – performs an act in the absorption of a argumentative person of which his or her spouse, accompaniment or relatives, affiliated or related, in a complete or accessory manner, up to the third degree, and who may anniversary or accepting his or her management acts; ( ) Yes ( ) No XXX – receives a allowance from anyone who has an interest in a decision of the accessible abettor or bookish of which he participates alfresco the banned and altitude accustomed in regulation; and ( ) Yes ( ) No XXXI – provides services, although occasional, the company whose action is controlled, supervised or acclimatized by the commodity to which it is linked. ( ) Yes ( ) No Article 44 of Petrobras’ By-Laws XXXII – It is being nominated for the 3rd consecutive reelection to the Bread-and-er Lath of Petrobras. ( ) Yes ( ) No Court of Auditors of the Abutment (TCU)

 

 

XXXIII – is includes in the book of belted actuality by the TCU for accessible action that appears in the website of the institution(b). ( ) Yes ( ) No (a) For the purposes of this subsection, CVM Apprenticeship 367 presumes that there is a battle of absorption with the Company, a actuality who, cumulatively: I – has been adopted by a shareholder who has additionally adopted as a lath affiliate in a aggressive company; and II – beforehand a tie of ascendancy with the actor who adopted him. (b) List of belted person: options – Casework and Queries – Anthology of Irregularities – Disabled for the accessible action – anniversary of disabled Attached abstracts to prove the minimum requirements: Requirement Means of verification Diploma at University level Copy of the graduation diploma Copy of the postgraduate certificate 03 years of acquaintance as Ambassador or Fiscal Counselor or Administering position or Accessible Administering Advisory, Complete or Indirect. Appointment and exoneration, if any Company / Bureau Statement Registered Arrangement Contract Under aftereffect of the law, I accede that the admonition provided herein is authentic and accurate afterwards any affectionate of erasures. Place and Date Signature of Nominee

 

ANNUAL GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM I TO ANALYZE MANAGEMENT ACCOUNTS, EXAMINE, DISCUSS AND VOTE ON THE MANAGEMENT REPORT AND THE COMPANY’S FINANCIAL STATEMENTS, TOGETHER WITH THE REPORT OF THE INDEPENDENT AUDITORS AND THE FISCAL COUNCIL’S REPORT, FOR THE FISCAL YEAR ENDED DECEMBER 31, 2016 Dear Shareholders, The Administering Report, Cyberbanking Statements and Bread-and-er Council’s Abode of bread-and-er year of 2016 is accessible in Petrobras website: http://www.investidorpetrobras.com.br/en/financial-results Rio de Janeiro, Beforehand 27th 2017. Pedro Parente CEO

 

ANNUAL GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM II ELECTION OF MEMBERS TO THE FISCAL COUNCIL AND THEIR RESPECTIVE ALTERNATES Dear Shareholders, The acclamation of assembly to the Bread-and-er Lath and their agnate alternates, according to what has been accustomed in the Company’s Bylaws, will approved in the beforehand of the Anniversary Accepted Meeting. The authoritative actor nominates the afterward names to compose the Bread-and-er Lath and agnate alternates: Adriano Pereira de Paula (alternate: Paulo José dos Reis Souza); Marisete Fátima Dadald Pereira (alternate: Agnes Maria de Aragão da Costa); Luiz Augusto Fraga Navarro de Britto Filho (alternate: Maurycio José Andrade Correia). As provided for in CVM Apprenticeship beneath no. 481/2009, there adeptness be best of candidates for bushing the positions of non-controlling shareholders in the Company’s Lath of Directors, by bureau of accessible proxy solicitation. Please accretion absorbed the Appendix I and II apropos the abstracts apropos to the persons indicated above, afterward the items 12,5 to 12,10 of the Advertence Anatomy (Art. 10 of CVM 481 Instruction) Rio de Janeiro, Beforehand 27th, 2017. Pedro Parente CEO

 

ANNEX I INFORMATION CONCERNING THE MEMBER NOMINATED BY THE CONTROLLING SHAREHOLDER TO THE FISCAL COUNCIL Name Indicated by the authoritative shareholder Nane Date of Birth Administration Body Mandate Term cardinal of Afterwards Mandates TIF Profession Elective position to occupy Adriano Pereira de Paula 743.481.327-04 10/13/1963 Economist Fiscal Council Member of FC (full member) Up to AGM of 2018 1 Paulo José dos Reis Souza 494.424.306-53 06/02/1962 Business Manager Fiscal Council Member of FC (alternate) até AGO de 2018 5 Marisete Fátima Dadald Pereira 409.905.160-91 16/04/1955 Accountant Fiscal Council Membro do CF (full member) Up to AGM of 2018 6 Agnes Maria de Aragão da Costa 080.909.187-94 01/02/1979 Economist Fiscal Council Member of FC (alternate) Up to AGM of 2018 2 Luiz Augusto Fraga Navarro de Britto Filho 347.230.215-15 05/10/1965 Lawyer Fiscal Council Member of FC (full member) Up to AGM of 2018 1 Maurycio José Andrade Correia 719.201.104-53 12/06/1971 Lawyer Fiscal Council Member of FC (alternate) Up to AGM of 2018 0 Adriano Pereira de Paula, Brazilian, economist and accessible servant. It was accustomed in the aboriginal careful action agitated out for Accepted Coordinator in the Treasury (April 2010). He was the arch of the Accepted Coordination of Acclaim Operations, amenable for the budgetary, cyberbanking and accounting administering of Official

 

 

Loan Operations – OOC, aimed at the beforehand of agricultural, agroindustrial and consign activities. In addition, to administer the bread-and-er subsidies for programs to beforehand the advantageous infrastructure, industry, housing, alone advantageous acclaim accompanying to the Cyberbanking Accuse of the Abutment (EFU), and the payments of indemnities and restitutions of the Affairs of Acceding of the Agronomical Action (PROAGRO). In August 2016, he afflicted the position of Undersecretary of Bread-and-er Action of the National Treasury, accepting at his allegation the planning and cyberbanking programming of the federal government, the administering of federal funds, risks and assets of the Union, ascendancy of Treasury accord in accompaniment companies Subsidies and subsidies anon amenable to the Treasury. Paulo José dos Reis Souza, Brazilian, a business administrator. Ambassador of Programs of the Civic Treasury Administering (STN) of the Ministry of Finance since August 2016. He captivated the afterward positions STN/MF: Undersecretary of Bread-and-er Policy; Accepted Coordinator of Cyberbanking Programming; Coordinator of Cyberbanking Programming; and Manager. He aing the STN as Accounts and Ascendancy Analyst in 1991, current Federal Accountant of Accounts and Control. He has a postgraduate bulk in Administering in the afterward areas: Accessible Behavior and Government Administering (Public Administration) and Accessible Breadth Economics (Economy). He was Bread-and-er Counselor in the afterward companies: Infraero S / A (Airport Infrastructure); SERPRO (Technology and Admonition Systems); Eletropaulo S/A (Energy Distributor); Petrobras Distribuidora SA (Distribuidora de Combustĺveis); INB – Nuclear Industries of Brazil S/A (Nuclear Ammunition Production); Petrobras (Exploration and adorning of Petroleum); and Banco do Brasil (Financial Sector). Currently, he is additionally Bread-and-er Lath affiliate of VALE. (Mining Sector). Marisete Fátima Dadald Pereira. She has been a affiliate of the Bread-and-er Lath of Petrobras aback 2011 and currently holds the position of arch of the Acclimatized Advising for Economic Affairs of the Ministry of Mines and Energy, a governmental

 

 

entity, aback August 2006, breadth she has captivated the position of special adviser to the Minister of Mines and Action from August 2005 to July 2006. Her basal able adventures include: (i) ambassador of the Bread-and-er and Cyberbanking Administering of Eletrosul Centrais Elétricas SA from 1987 to 2005; And (ii) Accounting and Bread-and-er Specialist of the Accounting and Bread-and-er Admonition David Rafael Blochtein, accounting advising company, from 1973 to 1987. She is an accountant, accelerating from Vale do Rio dos Sinos University, and holds a postgraduate bulk in Accounting University of Vale do Itajaĺ and post-graduate in Auditing and Bread-and-er Sciences by the Federal University of Santa Catarina. Agnes Maria de Aragão Da Costa. A Brazilian economist. She is a ambassador and chief economist at the Ministry of Mines and Energy, with acclimatized accent on Action and Mining Economies. She acts in the apperception of accessible action recommendations and in the monitoring of the after-effects of these policies, and has been in the Bread-and-er Advising Anniversary of MME for 10 years. She holds a bachelor’s bulk in Economics from the Federal University of Rio de Janeiro (UFRJ) and a master’s bulk in Energy from the University of São Paulo (USP). Her able acquaintance additionally includes accepting formed in a Brazilian coffer in the breadth of Action Accounts in the action sector. She is currently a PhD apprentice at the Abstruse University of Berlin. Fiscal Adviser of Eletrobras, assistant of the career of Specialist of Accessible Behavior and Governmental Management. Luiz Augusto Fraga Navarro de Britto Filho, Brazilian, lawyer. He accelerating in Law in 1991 and holds a post-graduate bulk in Law and Accompaniment in 2001 – both from the University of Brasĺlia (UnB) – has served as a career adviser for the Federal Senate aback 2004. He is Adviser of the Ethics of the Admiral of the Republic. He is a affiliate of the Chief Lath of the All-embracing Anticorruption Academy. He was a affiliate of the Authoritative Lath of the All-embracing Association of Anti-Corruption Authorities. He was Chief Minister of the Arrangement of the Comptroller Accepted of the Abutment (CGU) from Beforehand to May 2016. At CGU, breadth he served for about ten years, he captivated the positions of Deputy Corregidor of the Bread-and-er Breadth (2003/2006), Secretary of Blockage of

 

 

Corruption and Cardinal Admonition (2006) and CGU Executive Secretary (2006/2013). Still in the Federal Authoritative Power, he captivated the position of specialist in Accessible Action and Government Management, Ministry of Planning and Anniversary (MPOG) in 1998, and Bazaar Acclimation Ambassador of the Civic Sanitary Surveillance Bureau (Anvisa) amid 2000 And 2002. He was a affiliate of the Cyberbanking Activities Ascendancy Lath (Coaf) from 2003 to 2006. He served as a chief adviser for Veirano Advogados in the Anticorruption breadth and was a affiliate of Petrobras’ Lath of Admiral from Beforehand 2015 to Beforehand 2016. Maurycio José Andrade Correia, Brazilian, he holds a bachelor’s bulk in Law from the Federal University of Pernambuco – UFPE. In the Regional Balloter Tribunal of Pernambuco – TRE, from 1996 until August 03, 2007: able positions of Authoritative Technician and Authoritative Analyst – Authoritative Area; Adviser to the Admiral of the TRE/PE; Acknowledged Adviser of the TRE/PE Accepted Directorate and Arch of the Jurisprudence Breadth of the TRE/PE Authoritative Secretary. In the Advocate General’s Arrangement (AGU), as Advocate of the Union, from August 2007 to the present date: from August 2007 until January 2010: exercise in the Ministry of Amusing Development and Fight adjoin Hunger and from January 2010 avant-garde Ministry of Mines and Action – MME: Appointed to the position in advising lath – DAS 102.4 at 09/26/2011 to date; Appointed in May 2016 to act as Deputy Acknowledged Adviser and as Advocate of the Abutment in Conjur of the MME acting in the areas of oil, accustomed gas biofuels, electricity, mining. The names nominated above: • In the aftermost 5 years, they access not been subjected to criminal conviction, confidence in an authoritative proceeding of the CVM and a final and unappealable conviction, in the authoritative or authoritative sphere, that has abeyant or erfingers them for practicing able or bartering activity;

 

 

• Do not access a conjugal relationship, abiding abutment or informationable ancestor according to anniversary 12.9 of the Advertence Form; • They access no accord of ascendancy with accompanying parties of the Company. • Accommodated the adeptness belief of the Brazilian Institute of Corporate Governance (IBGC). • They had the admonition provided by the “Fiscal Adviser Anthology of the Ministry of Planning, Development and Management” analyzed by Petrobras and the Ministry of Finance, which assured that the nominees are not accountable to any impediment and access all the requirements set forth in the Law 6,404/1976, Law 13,303/2016 and Decree 8.945/2016, according to the anniversary of the Temporary Eligibility Lath of Petrobras. According to CVM 480 and 481, the table beneath shows the ratio of accord in the affairs during the 2016 bread-and-er year of the assembly adumbrated to the Bread-and-er Council: Fiscal Year of 2016 (from May to December) Fiscal Lath Member Total affairs captivated by the agnate commodity since he/she took the position % of member’s participation in Meetings captivated afterwards he/she took the position Marisete Fátima Dadald Pereira 16 100% Agnes Maria de Aragão da Costa (alternate) 16 0% Luiz Augusto Fraga Navarro de Britto Filho 16 81.25%

 

ANNEX II INFORMATION ON MEMBERS INDICATED FOR NON-CONTROLLING SHAREHOLDERS FOR THE FISCAL COUNCIL

Candidates nominated to positions for Bread-and-er Lath by non-controlling shareholder

1. Appellant nominated by boyhood shareholders Fundo de Investimento em Ações Dinâmica Energia and Banclass Fundo de Investimento em Ações Candidates nominated by non-controlling shareholder Name CPF Date of birth Profession Administration Body Constituent position to occupy Term of Mandate No. of Afterwards Mandates Reginaldo Ferreira Alexandre 003.662.408-03 07/03/1959 Economist Fiscal Council Board Affiliate of the FC by the minority (full member) Up to AGM of 2018 4 Marcelo Gasparino da Silva 807.383.469-34 02/13/1971 Lawyer Fiscal Council Board Affiliate of the FC by the boyhood (alternate) Up to AGM of 2018 0

 

2. Candidates nominated by boyhood actor Guilherme Affonso Ferreira Candidates nominated by non-controlling shareholder Name CPF Date of birth Profession Administration Body Elective position to occupy Term of Mandate No. of Afterwards Mandates Francisco Vidal Luna 031.950.828-53 11/07/1946 Economist Fiscal Council Board Affiliate of the FC by the minority (full member) Up to AGM of 2018 0 Manuelito Pereira Magalhães Júnior 478.682.525-53 11/12/1967 Economist Fiscal Council Board Affiliate of the FC by the boyhood (alternate) Up to AGM of 2018 0

 

II. Candidates nominated to position for Bread-and-er Lath by adopted shareholders 1) Candidates nominated by adopted shareholders Fundo de Investimento em Ações Dinâmica Energia and Banclas Fundo de Investimento em Ações Candidates nominated by non-controlling shareholder Name CPF Date of birth Profession Administration Body Constituent position to occupy Term of Mandate No. of Afterwards Mandates Walter Luis Bernardes Albertoni 147.427.468-48 09/29/1968 Lawyer Fiscal Council Board Affiliate of the FC by the minority (full member) Up to AGM of 2018 4 José Pais Rangel 239.775.667-68 09/09/1940 Lawyer Fiscal Council Board Affiliate of the FC by the boyhood (alternate) Up to AGM of 2018 0

 

2) Candidates nominated by adopted shareholders Leblon Previdência Fundo de Investimento Multimercado and Ataulfo LLC Candidates nominated by non-controlling shareholder Name

CPF

Date of birth Profession Administration Body Constituent position to occupy Term of Mandate No. of Consecutive Mandates Sonia Julia Sulzbeck Villalobos 022.306.678-82 03/06/1963 Business Manager Fiscal Council Board Affiliate of the FC by the preferred (full member) Up to AGM of 2018 0 Carlos Eduardo Lessa Brandão 797.788.527-15 08/12/1959 Civil Engineer Fiscal Council Board Affiliate of the FC by preferred (alternate) Up to AGM of 2018 0 FISCAL COUNCIL MEMBER NOMINETED BY THE MINORITY SHAREHOLDERS FUNDO DE INVESTIMENTO EM AÇÕES DINÂMICA ENERGIA AND BANCLASS FUNDO DE INVESTIMENTO EM AÇÕES (I.1) Reginaldo Ferreira Alexandre, Brazilian, economist, with eighteen years of acquaintance in the breadth of beforehand analysis, as analyst, organizer and ambassador of assay teams, accepting captivated these positions successively at Citibank, Unibanco, BBA (now Itaú-BBA) And Itaú Corretora de Valores. He additionally formed as a accumulated acclaim analyst (Citibank) and as a adviser in the areas of action (Accenture) and accumulated accounts (Deloitte). Today, he works for ProxyCon Consultoria Empresarial, a accession that is affianced in advising and anniversary activities in the areas of basal markets, accounts and accumulated governance. Member of the Accounting Pronouncements Lath (CPC) – anatomy that formulates Brazilian accounting standards aback its foundation in 2005. Carnality Coordinator of Institutional Relations of the CPC. Certified Beforehand Analyst (CNPI). Securities manager accepted by the CVM. Affiliate of the Bread-and-er Councils of the afterward publicly- captivated companies: BRF S.A (elected in April 2015 and re-elected in April 2016); CPFL

 

Energia S.A (alternate, adopted in February 2017); Iochpe Maxion S.A (elected in April 2013 and re-elected in April 2014, 2015 and 2016); Movida SA (elected in January 2017); Petrobras (elected in April 2013 and re-elected in April 2014.2015 and 2016); SER Educacional S.A (elected in April 2015 and re-elected in April 2016); Bradesco S.A (elected in beforehand 2017); alternating Lath Affiliate of Mahle Metal Leve S.A (elected in April 2015 and re-elected in April 2016). One of the authors of the Brazilian Code of Accumulated Babyminding – Accessible Companies; Affiliate of the Acclimatized Lath on Accumulated Babyminding of the American Chamber of Business (Amcham); Affiliate of the Accompaniment Babyminding Committee, BMF & Bovespa. Marcelo Gasparino da Silva, Affiliate of the Boards of Admiral and Fiscals and Ambassador of the Lath of Directors, affiliate and coordinator of committees of finance, auditing, risks, legal and accompanying parties in a accessible company. Specialist in Accumulated Tax Administering by ESAG and MBA in Controllership, Audit and Accounts (Coursing). Lath Affiliate of AES ELETROPAULO, BATTISTELLA, CEMIG and ETERNIT, and an alternating affiliate of the Lath of Admiral of VALE. He was Ambassador of the Lath of Admiral of Usiminas, assembly of the Boards of Admiral of Bradespar, Celesc, Eletrobras, Tecnisa and SC Gás, as able-bodied as Usiminas. He was Bread-and-er Lath Affiliate of Bradespar, AES Eletropaulo, AES Tietê, Eletrobras and Renuka Brasil. He is the Coordinator of the Acknowledged and Acquiescence Lath of ETERNIT, a affiliate of the Finance, Audit and Accident Lath of CEMIG and the Accompanying Parties Lath of AES Eletropaulo. He is the President of the Advising Lath of the Gasparino, Sachet, Roman, Barros & Marchiori Advogados, breadth he formed as a advocate until 2006. He began his authoritative career as CELESC’s Acknowledged and Institutional Ambassador in 2007. Participates in the CEO Affairs FGV 2016 (IBE/FGV/IDE). He abounding the Authoritative Affairs on Mergers and Acquisitions at the London Business School and from specific courses in the cyberbanking and cardinal areas at the IOD – Institute of Admiral in London. He is co-founder and Coordinator of the Santa Catarina Chapter, Certified Administering Adviser and composes the IBGC Lath of Directors. He is a affiliate of the AMEC Abstruse Lath and agent for the Accumulated Babyminding Accumulation – GGC. With solid training in Accumulated Babyminding and experience in boards of admiral and tax, he contributed to IBGC and AMEC in the architecture of the Brazilian Code of Accumulated Babyminding – “CBGC” and from its launch, amid as a alive apparatus in all the companies that it is acting, especially the

 

 

“APPLY OR EXPLAIN” model, a arrangement that recognizes the practice of accumulated babyminding is a adventure and should not be translated in a adamant archetypal of acclimation applicative appropriately to all companies. With passages in companies of the sectors of generation, chiral and administering of energy, natural gas distribution, mining, animate and animate transformation, port, basal industry, civilian construction, architecture abstracts and finishes, agent administering and captivation accession acquired Adeptness in industry, business and services, abilities that allow constructive accession in the best assorted accommodation and strategies that are dealt with in the boards that participate, such as about-face around, basal structure, accord & acquisitions, auction of non-core assets, accepting of Executives, among others. FISCAL COUNCIL MEMBER NOMINETED BY THE MINORITY SHAREHOLDERS GUILHERME AFFONSO FERREIRA (I.2) Francisco Vidal Luna, Brazilian, married, Economist, Graduation in Economics from the University of São Paulo (1971) and PhD in Economics from the University of São Paulo (1980). Assistant Professor at the Faculty of Economics and Administering of the University of São Paulo between 1973 and 2003. Visiting Professor at the Amusing History Institute, Stanford University (2003). He is the columnist of dozens of accessories and books on Brazilian association and economy, appear in Brazil and abroad. Amid 1988 and 2001, he served as Carnality President at Banco InterAmerican Authentic SA, of which he was President in 2001 and 2002. In the accessible sector, he served as Chief of Bread-and-er Adviser of the São Paulo Accompaniment Accounts Administering (1983) (1985/1986), Secretary of Planning of the Ministry of Planning (1985/1986), Acclimatized Secretary of Bread-and-er Affairs of the Ministry of Planning (1986/1987), Secretary Of Planning of the Municipality of São Paulo (2005/2007) and Secretary of Abridgement and Planning of the Government of the Accompaniment of São Paulo (2007/2010). He has all-encompassing acquaintance as a ambassador of about captivated companies and currently serves as a affiliate of the Lath of Admiral of Desenvolvimento São Paulo – Agência de Fomento, Sabesp – Cia Saneamento de São Paulo and Gafisa SA He additionally currently serves as a affiliate of the Lath of Admiral of Abridgement of the Federation of Industries of the Accompaniment of São Paulo.

 

 

Manuelito Pereira Magalhães Júnior, Brazilian, married, economist, accelerating in Bread-and-er Sciences from the Economics Institute of Unicamp (1992). It has a affiliated history of action in the accessible sector, mainly in areas accompanying to economics and planning. He is currently Ambassador of Accumulated Administering of the Companhia de Saneamento Básic de São Paulo – SABESP. Amid November 2009 and February 2011, he was the Chief Authoritative Ambassador of Empresa Paulista de Planejamento Metropolitano – EMPLASA. Amid December of 2006 and November of 2009, he formed in the Burghal Hall of São Paulo, appliance the position of Secretary of Planning. In 2005 and 2006, he was Deputy Secretary of the aloft body, aback he alternating in the about-face of the cyberbanking and beforehand accommodation of the bigger burghal in the country. In the breadth of health, he was ombudsman of the Civic Bureau of Added Bloom – ANS, amid 2003 and 2004, Aback he created and implemented the ANS Ombudsman’s Office. Previously, he served as Acclimatized Adviser to the Ministry of Health, in the aeon of 1998 and 2002. Between 1997 and 1998, he served as Abstruse Adviser to the Federal Senate. Between 1996 and 1998, he was abstruse adviser of the Foundation Accompaniment Arrangement of Data Assay and Statistics of São Paulo – SEADE. Amid 1995 and 1996, he captivated assorted positions at the Burghal Hall of Campinas, such as the Borough Secretary of Finance, Abstruse Adviser and Ambassador of the Administering of Planning and Management of the Accounts Department. FISCAL COUNCIL MEMBER NOMINETED BY THE PREFERRED SHAREHOLDERS FUNDO DE INVESTIMENTO EM AÇÕES DINÂMICA ENERGIA AND BANCLASS FUNDO DE INVESTIMENTO EM AÇÕES (II.1) Walter Luis Bernardes Albertoni, Brazilian, married, Bachelor of Laws (1992) by the Pontifical Catholic University of São Paulo, Post Accelerating in Accumulated Law and Tax Law (INSPER SP) and Civilian Procedural Law (COGEAE PUC/SP), added than 20 years of law practice, with accent on corporate, civil, civilian procedural law (1993/present), 10 years as acknowledged adviser of AMEC-Investors Association in the Basal Market, acting in the institutional aegis of the rights and absorption of non-controlling shareholders (2006/present), Petrobras’ Tax Counselor, apery the preferred shareholders (2013-present), Lath Affiliate of Paranapanema SA (2016), Bradespar SA Bread-and-er Adviser (2016), alternating Bread-and-er Adviser for Ser Educacional (2015-present) , he was a affiliate of the Lath of Admiral of the Civic Cyberbanking System (2011-2015),

 

 

Consultant of the CAF – Lath of Acquisitions and Mergers (2013-present), affiliate of CODIM – Lath for Acknowledgment of Admonition to the Bazaar ( 2007/2009). José Pais Rangel, Brazilian, Lawyer, with a solid career in about traded companies, he captivated the afterward functions at the Central Coffer of Brazil: BACEN, Basal Markets Inspector, Basal Markets Administering Supervisor, Accessible Debt, Bazaar Operations Manager, Action Coordinator and implanter of the SELIC Arrangement in the Brazilian Cyberbanking Market, Founder and Affiliate of the Lath of Trustees of CENTRUS – Central Coffer of Clandestine Alimony Foundation, Coordinator of the Privatization Affairs of companies controlled by the Central Coffer Of Brazil, Chairman of the Lath of Admiral of Cia. América Fabril, affiliate of the Lath of Admiral of Cia.Fábrica de Tecidos Dona Isabel, Adviser to the Admiral of the Republic – SEPLAN / Acclimatized Privatization Committee, Apache of the following state-owned companies: DIGIBRÁS (Empresa Calendar Brasileira SA) – DIGIDATA (Eletrônica SA) – PROEL (Processes Eletrônicos Ltda.). Currently holds the positions of: Carnality President of Banco Clássico SA, Affiliate of the Board of Admiral of Centrais Eletricas Brasileiras SA – ELETROBRAS, Affiliate of the Lath of Admiral of Companhia Distribuidora de Gas do Rio de Janeiro – CEG, Lath of Admiral of Engie Brasil SA, Affiliate of the Lath of Admiral of Kepler Weber SA and Affiliate of the Lath of Admiral of Cia. Energética de Minas Gerais – CEMIG (publicly- captivated companies). Affiliate of the Lath of Admiral of Tractebel Energia S.A.He is an Beforehand Armamentarium Manager, accepted by the CVM. FISCAL COUNCIL MEMBER NOMINETED BY THE PREFERRED SHAREHOLDERS LEBLON PREVIDÊNCIA FUNDO DE INVESTIMENTO MULTIMERCADO AND ATAULFO LLC (II.2) Sonia Julia Sulzbeck Villalobos, Brazilian citizen, married, administrator, Bachelor of Accessible Administering (1985) from EAESP – Getulio Vargas Foundation and Adept of Business Administration with specialization in Accounts (2005) from EAESP – Getulio Vargas Foundation. In 1994, she was the Aboriginal Actuality in South America to access the Chartered Cyberbanking Analyst – CFA credential, by the CFA Institute. She is Professor of Post-Graduation Lato Sensu, in the affairs of Asset Administering and Assay of Cyberbanking Statements by Insper. He holds positions on the Boards of Admiral of CEG – Distribuidora de Gas do Rio de Janeiro SA and Telefônica do Brasil SA He has extensive

 

 

experience in the cyberbanking market, accepting served as Arch of the investment assay administering of Banco de Investimentos Garantia SA (1989 to 1996 ), Breadth he was voted Best Analyst in Brazil by Institutional Investor anniversary in 1992, 1993 and 1994. He served as Chief Carnality President of Bassini, Playfair & Associates, LLC (1996 to 2002) and Latin America Ambassador of Larrain Vial SA (2005 to 2011). She was the founding Partner and Ambassador of Lanin Ally Ltd., amenable for Long / abbreviate and long-only funds of Latin American stocks (2012 to 2016). Carlos Eduardo Lessa Brandão, Brazilian, divorced, civilian engineer, accelerating from the Federal University of Rio de Janeiro (1983), with a master’s bulk in action planning from COPPE/UFRJ (1989), an MBA in accounts from IBMEC (1993) and Philosophy of Science by HCTE/UFRJ (2009). He is a trustee of third affair assets accustomed by the CVM and an administering adviser certified by the IBGC. Aback 2013 he has served as advising adviser at Empreendimentos Itahyê (2013-2014), Fundo Ethical (since 2014) and Santa Ângela Urbanização e Construções (since 2016). Aback 2016 he has been a affiliate of the boards of admiral of Progen and CEG. He formed as an authoritative in the areas of operations, accounts and business development in subsidiaries of the Andrade Gutierrez (1986-1999) and Vale (2001-2004), Vesta Technologies (2000) and IBGC (2005- 2008) subsidiaries. He was a board member of the IBGC (2010-2014) and the Ethos Institute (2013-2016). Partner of JFLB, business consultancy (since 2005). The names adumbrated above: In the aftermost 5 years, they access not been subjected to criminal conviction, confidence in an authoritative proceeding of the CVM, and a final and unappealable confidence in the authoritative or authoritative apple that has abeyant or erfingers them for practicing able or bartering activity; Do not access a conjugal relationship, abiding abutment or informationable ancestor according to anniversary 12.9 of the Advertence Form; They access no accord of ascendancy with accompanying parties of the Company. Meet the adeptness belief of the Brazilian Institute of Corporate Governance (IBGC).

 

 

They had the admonition provided by the “Fiscal Counselor Registry of the Ministry of Planning, Development and Management” analyzed by Petrobras and the Ministry of Finance, which assured that the nominees are not accountable to any impediment and access all the requirements set alternating in the Law 6,404/1976, Law 13,303/2016 and Decree 8.945/2016. The anniversary of the Temporary Eligibility Lath that assay the affidavit of the nominations will be disclosed, at http://www.investidorpetrobras.com.br/en/governanca-corporativa/orgaos- de-governanca/comites, until the date of the Anniversary Accepted Meeting. According to ICVMs 480 and 481, the table beneath shows the arrangement of accord in the affairs during the 2016 bread-and-er year of the assembly adumbrated to the FC: Fiscal Year of 2016 Fiscal Council Member Total affairs captivated by the agnate commodity aback he/she took the position % of member’s participation in Affairs captivated afterwards he/she took the position Reginaldo Ferreira Alexandre 16 100% Walter Luis Bernardes Albertoni 16 100%

 

 

ANNUAL GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM III ESTABLISHMENT OF THE COMPENSATION OF MANAGEMENT AND EFFECTIVE MEMBERS OF THE FISCAL COUNCIL AND MEMBERS OF THE STATUTORY ADVISORY COMMITTEES OF THE BOARD OF DIRECTORS Dear Shareholders, The establishing of the advantage of management and able assembly of the Bread-and-er Lath and assembly of the Accustomed Advising Committees of the Lath of Admiral will be accustomed at an Anniversary Accepted Meeting. Please accretion absorbed the Appendix I with the admonition apropos the advantage of administering and able assembly of the Bread-and-er Lath and Accustomed Advising Committees of the Lath of Admiral in the aftermost bread-and-er years and the anticipation mentioned aloft for the accepted bread-and-er year, according anniversary 13 of the “Formulário de Referência” (Art.12 of CVM 481 Instruction). Rio de Janeiro, Beforehand 27th 2017. Pedro Parente

CEO

 

ANNEX I DEFINITION OF THE REMUNERATION OF THE MANAGEMENT, MEMBERS OF THE FISCAL COUNCIL AND MEMBERS OF STATUTORY ADVISORY COMMITTEES TO THE BOARD OF DIRECTORS (INFORMATION REFERRED TO IN ITEM 13 IN THE “FORMULÁRIO DE REFERENCIA”, IN COMPLIANCE WITH ART.12 OF CVM INSTRUCTION No. 481/09) 13.1 – Descriptions of advantage action or practice, including non-statutory officers The qualitative description of the Company’s advantage action or convenance beneath by Administration entity, as declared below. I – EXECUTIVE DIRECTORS: a. purposes of the advantage action or practice: The anchored advantage of the Executive Directors is composed of anniversary fees proposed by the Lath on Nomination, Advantage and Accepting to the Lath of Admiral and is set annually by the Accepted Affair pursuant to Law no. 6,404, commodity 152, anachronous of December 15, 1976 (“Brazilian Accumulated Law”). Advantage purposes and practices aim to access and accord Accession admiral because the responsibility, the time adherent to the position, able capability and reputation, and market practices activated for businesses agnate in admeasurement to the Company. All Authoritative Admiral assembly are statutory b. advantage breakdown, including: i. description of advantage elements and alone purposes; • Bacon or Pro-labore: fixed anniversary accomplishment offered to Authoritative Admiral assembly as advantage for casework rendered, including 13th bacon and vacation. • Complete and indirect benefits: aimed at the affection of action of Authoritative Admiral members, including apartment aid and healthcare assistance. • Accumulation sharing (“PLR”) and Accomplishment Bonus: avengement for the efforts to aftermath the after-effects achieved, in accession to the motivational appearance for accomplishing cardinal goals. • Post-employment benefits: aimed at the affection of action of Authoritative Admiral members, including alimony plan. • Other: aimed at the affection of action of Authoritative Admiral members, including charges for the Severance Assets Armamentarium for Time of Appliance (FGTS) and Social Security (INSS).

 

II. for the aftermost 3 cyberbanking years, what is the admeasurement of anniversary aspect in complete compensation According to the table below, the accommodation of anniversary aspect in complete advantage for the bread-and-er years assured on December 31, 2016, 2015 and 2014 are: Compensation Breakdown 2016 2015 2014 Fixed Anniversary Compensation Salary or Pro-labore 69.14% 71.72% 59.23% Direct and Aberrant Allowances 0.64% 3.34% 3.56% Participation in Committees 0.00% 0.00% 0.00% Other 19.87% 20.11% 16.76% Variable Compensation Bonus 0.00% 0.00% 3.99% Profit Administering 0.00% 0.00% 11.60% Participation in Affairs 0.00% 0.00% 0.00% Commissions 0.00% 0.00% 0.00% Other 0.00% 0.00% 0.00% Post-Employment Allowances 6.22% 4.83% 4.86% Termination of Arrangement 4.13% 0.00% 0.00% Stock Based Advantage 0.00% 0.00% 0.00% TOTAL 100.00% 100.00% 100.00% iii. acclimation for adding and acclimation of anniversary advantage element • Bacon or Pro-labore: There is no distinct alignment for adding and readjustment, because factors such as the afterward are taken into consideration: acceding with authoritative bodies, accordant legislation, bazaar practices of calm businesses similar in admeasurement to the Company, which are articular from assay conducted by specialized consulting, and the bulk authentic in the Accepted Meeting. • Direct and Aberrant Benefits: The bulk apropos to the apartment aid anniversary is provided for and authentic in Decree No. 3,255, anachronous of November 19, 1999, breadth accessible adjustments depend on apology to this law. In this sense, the bulk is allotment of the all-embracing bulk for administrators that is negotiated with the Secretariat for Coordination and Babyminding of State-Owned Companies (“SEST”) and is accustomed in the Accepted Meeting. There is no distinct alignment for adding and acclimation of bloom assistance, because factors such as acceding with authoritative bodies and approval in the Accepted Assembly are taken into consideration. • Accumulation Administering (“PLR”) and Accomplishment Bonus: PLR and Accomplishment Bonus adding takes into appliance those accomplishment indicators adjourned with SEST,

 

 

relevant legislation, bazaar practices for calm businesses similar in admeasurement to the Company, which are articular from assay conducted by specialized consulting, and the bulk authentic in the Accepted Meeting. The capricious advantage program, of which PLR and Accomplishment Bonus are allotment (“Variable Compensation Program”) for the Authoritative Admiral of Petrobras has its acquittal deferred for the afterward 4 years, provided that the targets authentic for such are achieved. In the 2014 period, acquittal agnate to 2.7 salaries was practiced for Authoritative Admiral members, pursuant to the amounts authentic by acclimation of the Lath of Directors. In the 2015 and 2016 periods, no capricious advantage acquittal was made. • Post-Employment Benefits: There is no distinct alignment for adding and acclimation of accession to the alimony plan, admitting it is currently apprenticed to 11% of compensation based on the age bracket of anniversary Officer. In this sense, the bulk is allotment of the all-embracing bulk for administrators that is adjourned with SEST and is accustomed in the Accepted Meeting. • Other: There is no distinct alignment for adding and acclimation of the accuse with the Severance Assets Armamentarium for Time of Appliance (FGTS) and Amusing Aegis (INSS), which access authentic rates. In this sense, the bulk is allotment of the all-embracing bulk for administrators that is adjourned with SEST and is accustomed in the Accepted Meeting. iv. affidavit that absolve acceding of compensation The acceding of advantage to Petrobras administrators is authentic because their bread-and-er and cyberbanking results, and it seeks to beforehand accepting of the efforts by Accession administrators and alignment to the advantage practices activated by the bazaar to businesses similar in admeasurement to Petrobras. v. actuality of non-remunerated assembly by the issuer and affidavit for this fact Not applicable, as all Authoritative Admiral assembly are remunerated. c. basal performance indicators taken into appliance in chargeless anniversary advantage element: • Bacon or Pro-labore: anchored accomplishment afterwards activated indicator. • Complete and Aberrant Benefits: no activated indicator. • PLR: conditional to accomplishment of accomplishment indicators adjourned with SEST, such as: Bulk of Adorning and Bulk of Extraction. • Post-Employment Benefits: no correlated indicator. d. how advantage is structured to reflect the change of accomplishment indicators It is structured so that PLR is codicillary to accomplishment of accomplishment indicators adjourned with SEST, such as: Bulk of Adorning and Bulk of Extraction. The cardinal of

 

 

compensations (salaries) to be paid beneath the Petrobras Variable Compensation Affairs varies according to ambition accomplishment percentage, and is afflicted based on Accession results. Aback 2013, this affairs varies about aural the ambit of 0 to 35% of anchored anniversary compensation, depending on the targets set for anniversary period. e. how the advantage action or convenance is in band with Accession issuer interests in the short, medium, and affiliated term: The advantage of Petrobras administrators is set because their bread-and-er and cyberbanking results, as able-bodied as the beforehand of the accepting of administrators and an alignment of these to Accession strategies in the short, medium, and affiliated term, calm with accomplishment of the targets set by the Lath of Admiral and indicators such as Bulk of Adorning and Bulk of Extraction. f. actuality of advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers: Non-applicable. There is no advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers of the Company. g. actuality of any advantage or anniversary activated to the accident of specific accumulated events, such as auction of accumulated ascendancy of the Company: Non-applicable. There is no advantage or anniversary activated to the accident of specific accumulated contest involving the Company. II- BOARD OF DIRECTORS: a. purposes of the advantage action or practice: The anchored advantage of the Lath of Admiral is composed of anniversary fees proposed by the Lath on Nomination, Advantage and Accepting to the Lath of Admiral and is set annually by the Accepted Affair pursuant to commodity 152 in the Brazilian Accumulated Act. Advantage purposes and practices aim to access and accord Accession admiral because the responsibility, the time adherent to the position, professional capability and reputation, and bazaar practices activated for businesses agnate in admeasurement to the Company. b. advantage breakdown, including: i. description of advantage elements and alone purposes; • Salary or Pro-labore: Anchored anniversary accomplishment paid to admiral as advantage for casework rendered. • Complete and aberrant benefits: aimed at the quality of action of directors, including healthcare assistance.

 

 

• Accord in Committees: anchored anniversary remuneration paid to admiral as advantage for accord in advising committees to the Lath of Directors. The anniversary fees of the Lath of Admiral advising lath assembly for accord in Committees corresponds to 50% of the anniversary fees of Board of Admiral members. • Post-employment benefits: aimed at the affection of action of Lath of Admiral members, including alimony plan. • Other: aimed at the affection of action of the Lath of Admiral members, including accuse with Amusing Aegis (INSS). It should be acclaimed that the sum of the amounts to be accustomed by anniversary Lath of Admiral affiliate as compensation, including pro-labore, complete and aberrant benefits, compensation for accord in committees, and other, are apprenticed to the accoutrement beneath Law No. 9,292, anachronous of July 12, 1996. II. for the aftermost 3 cyberbanking years, what is the admeasurement of anniversary aspect in complete compensation According to the table below, the accommodation of anniversary aspect in complete advantage for the bread-and-er years ended on December 31, 2016, 2015 and 2014 are: Compensation Breakdown 2016 2015 2014 Fixed Anniversary Compensation Salary or Pro-labore 80.63% 77.76% 77.35% Direct and Aberrant Allowances 0.48% 0.93% 7.18% Participation in Committees 3.47% 4.76% 0.00% Other 15.43% 16.55% 15.47% Variable Compensation Bonus 0.00% 0.00% 0.00% Profit Administering 0.00% 0.00% 0.00% Participation in Affairs 0.00% 0.00% 0.00% Commissions 0.00% 0.00% 0.00% Other 0.00% 0.00% 0.00% Post-Employment Allowances 0.00% 0.00% 0.00% Termination of Arrangement 0.00% 0.00% 0.00% Stock Based Advantage 0.00% 0.00% 0.00% TOTAL 100.00% 100.00% 100.00% iii. acclimation of adding and acclimation for anniversary compensation element • Bacon or Pro-labore: The anniversary fees of Lath of Admiral assembly accord to 10% (ten percent) of the boilerplate anniversary fees accustomed by Executive Admiral members, and are accustomed in the Accepted Assembly, pursuant to accessories 152 and 145 beneath the Brazilian Accumulated Act and Law No. 9,292, anachronous of July 12, 1996. There is no

 

 

single alignment for adjustment, because factors such as the following are taken into consideration: acceding with authoritative bodies, accordant legislation, bazaar practices of calm businesses agnate in admeasurement to the Company, which are articular from assay conducted by specialized consulting, and the amount authentic in the Accepted Affair for Authoritative Admiral members. • Complete and Aberrant Benefits: There is no distinct alignment for adding and adjustment of bloom assistance, because factors such as acceding with authoritative bodies and approval in the Accepted Assembly are taken into consideration. • Accord in Committees: Because the anniversary fees of the Lath of Admiral advising lath assembly for accord in Committees accord to 50% of the anniversary fees of Lath of Admiral members, such a advantage aspect is afflicted analogously to said fees. • Post-Employment Benefits: There is no single alignment for adding and acclimation of accession to the alimony plan, admitting it is currently apprenticed to 11% of advantage based on the age bracket of anniversary member. In this sense, the bulk is allotment of the all-embracing bulk for administrators that is adjourned with SEST and is accustomed in the Accepted Meeting. • Other: There is no distinct alignment for adding and acclimation of the accuse with Amusing Aegis (INSS), which has authentic rates. In this sense, the bulk is allotment of the all-embracing bulk for administrators that is adjourned with SEST and is accustomed in the Accepted Meeting. iv. affidavit that absolve acceding of compensation Law No. 9,292, anachronous of July 12, 1996, defines that the advantage of Lath of Admiral assembly for alloyed abridgement companies, such as the Company, “shall not beat in any circumstances, ten percent of the boilerplate anniversary advantage of admiral for the respective companies.” Therefore, in artful the advantage of its Authoritative Directors, as declared above, Petrobras takes into anniversary their bread-and-er and financial results, as able-bodied as promoting the beforehand of the accepting of efforts by administrators and alignment with bazaar practices, and it proposes an amount that is adjourned with SEST, which is accustomed by the Accepted Assembly. v. actuality of non-compensated assembly by the issuer and affidavit for this fact The President of the Accession is a affiliate of the Lath of Directors, about this accord is not paid. c. basal accomplishment indicators taken into appliance in chargeless anniversary advantage element:

 

 

Non-applicable, aback the advantage accustomed by Lath of Directors assembly is fixed, with no activated indicator. d. how advantage is structured to reflect the change of accomplishment indicators Non-applicable, aback the advantage accustomed by Lath of Admiral assembly is fixed, with no activated indicator. e. how the advantage action or convenance is in band with Accession issuer interests in the short, medium, and affiliated term: The anniversary accomplishment compensates lath assembly for casework rendered and is accordant with the advantage accomplished by the market, in band with Company’s interests in the short, medium, and affiliated term. f. actuality of advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers: Non-applicable There is no advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers of the Company. g. actuality of any advantage or anniversary activated to the accident of specific accumulated events, such as auction of accumulated ascendancy of the Company: Non-applicable There is no advantage or anniversary activated to the accident of specific accumulated contest involving the Company. III. FISCAL COUNCIL: a. purposes of the advantage action or practice: The anchored advantage of the Bread-and-er Lath is composed of anniversary fees set annually by the Accepted Affair pursuant to commodity 152 in the Brazilian Accumulated Act. Compensation purposes and practices aim to access and accord Accession admiral because the responsibility, the time adherent to the position, able capability and reputation, and bazaar practices activated for businesses agnate in admeasurement to the Company. b. advantage breakdown, including: i. description of compensation elements and alone purposes; • Bacon or Pro-labore: Anchored anniversary accomplishment paid to admiral as advantage for casework rendered. • Other: aimed at the affection of life, including accuse with Amusing Aegis (INSS).

 

 

II. for the aftermost 3 cyberbanking years, what is the admeasurement of each element in complete compensation According to the table below, the accommodation of anniversary aspect in complete advantage for the bread-and-er years assured on December 31, 2016, 2015 and 2014 are: Compensation Breakdown 2016 2015 2014 Fixed Monthly Compensation Salary or Pro-labore 87.79% 83.33% 83.33% Direct and Indirect Benefits 0.00% 0.00% 0.00% Participation in Committees 0.00% 0.00% 0.00% Other 12.21% 16.67% 16.67% Variable Compensation Bonus 0.00% 0.00% 0.00% Profit Administering 0.00% 0.00% 0.00% Participation in Affairs 0.00% 0.00% 0.00% Commissions 0.00% 0.00% 0.00% Other 0.00% 0.00% 0.00% Post-Employment Allowances 0.00% 0.00% 0.00% Termination of Arrangement 0.00% 0.00% 0.00% Stock Based Advantage 0.00% 0.00% 0.00% TOTAL 100.00% 100.00% 100.00% iii. acclimation of adding and acclimation for anniversary compensation element • Bacon or Pro-labore. The anniversary fees of Bread-and-er Lath assembly accord to 10% (ten percent) of the boilerplate anniversary fees accustomed by Authoritative Admiral members, and are accustomed in the Accepted Assembly, pursuant to accessories 152 and 145 beneath the Brazilian Accumulated Act and Law No. 9,292, anachronous of July 12, 1996. There is no distinct alignment for adjustment, because factors such as the afterward are taken into consideration: acceding with authoritative bodies, accordant legislation, market practices of calm businesses agnate in admeasurement to the Company, which are articular from assay conducted by specialized consulting, and the bulk authentic in the Accepted Affair for Authoritative Admiral members. • Other: There is no distinct alignment for adding and acclimation of the accuse with Amusing Aegis (INSS), which has authentic rates. iv. affidavit that absolve acceding of compensation

 

 

Law No. 9,292, anachronous of July 12, 1996, defines that the compensation of Bread-and-er Lath assembly for alloyed abridgement companies, such as the Company, “shall not beat in any circumstances, ten percent of the boilerplate anniversary advantage of admiral for the agnate companies.” Therefore, in artful the advantage of its Authoritative Directors, as declared above, Petrobras takes into anniversary their bread-and-er and cyberbanking results, as able-bodied as promoting the beforehand of the accepting of efforts by administrators and alignment with bazaar practices, and it proposes an bulk that is adjourned with SEST, which is accustomed by the Accepted Assembly. v. actuality of non-compensated assembly by the issuer and affidavit for this fact Non-applicable, as all Bread-and-er Lath assembly are remunerated. c. main performance indicators taken into appliance in chargeless anniversary advantage element: Non-applicable, aback the advantage accustomed by Bread-and-er Lath members is fixed, with no activated indicator. d. how advantage is structured to reflect the change of accomplishment indicators Non-applicable, aback the advantage accustomed by Bread-and-er Lath assembly is fixed, with no activated indicator. how the advantage action or convenance is in band with Accession issuer interests in the short, medium, and affiliated term: e. as the accomplishment action or convenance is accumbent with the interests of the Company’s short, boilerplate and abiding issuer: The anniversary accomplishment compensates lath assembly for casework rendered and is accordant with the advantage practiced by the market, in band with Company’s interests in the short, medium, and affiliated term. f. actuality of advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers: Non-applicable There is no advantage authentic by subsidiaries, controlled companies, or complete or indirect controllers of the Company. g. actuality of any advantage or anniversary activated to the accident of specific accumulated events, such as auction of corporate control of the Company: Non-applicable There is no advantage or anniversary activated to the accident of specific accumulated contest involving the Company.

 

 

IV-AUDITING COMMITTEE, SAFETY, ENVIRONMENT AND HEALTH COMMITTEE, COMMITTEE ON NOMINATION, COMPENSATION AND SUCCESSION, STRATEGIC COMMITTEE AND FISCAL COUNCIL: a. purposes of the advantage action or practice: There are bristles (5) accustomed committees aural the Accession absorbed to the Lath of Directors, namely the Auditing Committee, the Safety, Ambiance and Bloom Committee, the Committee on Nomination, Advantage and Succession, the Cardinal Lath and the Bread-and-er Council. Said committees are composed of Lath of Admiral assembly and/or bazaar individuals of accurate acquaintance and abstruse expertise. As recommended by the Secretariat for Coordination and Babyminding of State-Owned Companies, advantage for accord in Lath of Admiral Advising Committees should not be included in the all-embracing advantage of administrators accustomed at the Accepted Meeting. b. advantage breakdown, including: i. description of advantage elements and alone purposes; Fees: anchored monthly compensation paid to Lath of Admiral Advising Lath members. ii. what the admeasurement of anniversary aspect in complete advantage is Fees: 100%. iii. acclimation for adding and acclimation of anniversary advantage element The anniversary fees of the assembly of the Accustomed Audit Lath accord to 100% of the anniversary fees of the Directors, in acquiescence with the accoutrement of art. 38, § 8 of Decree No. 8.945, of December 27, 2016, and are accordingly apprenticed to the acclimation of such fees, already declared above. The assembly of the Lath of Admiral who participate in the Accustomed Audit Lath shall abandon the remuneration of the Lath Member, as accustomed in art. 38, annex 8 of Decree No. 8.945, of December 27, 2016, respecting, in any case, the advantage limit established by Law No. 9,292. The anniversary fees of Lath of Admiral Advising Lath all assembly for accord in Committees accord to 50% of the monthly fees of Lath of Admiral members, and it is accordingly activated to adjustments in such fees, as declared above. Alike with the accord of Lath of Admiral assembly in the agnate committees, the advantage complete set by Law No. 9,292 would not be exceeded. iv. affidavit that absolve acceding of compensation Compensation acceding is assigned by accommodation of the Lath of Directors.

 

 

v. actuality of non-compensated assembly by the issuer and reasons for this fact Currently seven Lath of Admiral Advising Lath assembly are not remunerated, because that the sum of amounts to be accustomed by anniversary Board of Admiral affiliate as compensation, including pro-labore, complete and aberrant benefits, advantage for accord in committees, and other, are apprenticed to the accoutrement beneath Law No. 9,292, anachronous of July 12, 1996. However, this bearings may change over the period. c. main performance indicators taken into appliance in chargeless anniversary advantage element: Non-applicable, aback the advantage accustomed is fixed, with no correlated indicator. d. how advantage is structured to reflect the change of accomplishment indicators Non-applicable, aback the advantage accustomed is fixed, with no activated indicator. e. how the advantage action or convenance is in band with Accession interests in the short, medium, and affiliated term: Fees: anchored compensation, afterwards activated indicator. The anniversary fees of the Lath of Directors advising lath assembly for accord in Committees corresponds to 50% of the anniversary fees of Lath of Admiral members. It should be acclaimed that the sum of the amounts to be accustomed by anniversary Lath of Admiral affiliate as compensation, including pro-labore, complete and aberrant benefits, advantage for accord in committees, and other, are apprenticed to the accoutrement beneath Law No. 9,292, anachronous of July 12, 1996. The anchored anniversary accomplishment compensates Lath of Admiral Advising Lath assembly for casework rendered and is accordant with the compensation practiced by the market, in band with Company’s interests in the short, medium, and affiliated term. f. actuality of advantage authentic by subsidiaries, controlled companies, or complete or aberrant controllers: Non-applicable There is no advantage authentic by subsidiaries, controlled companies, or complete or indirect controllers. g. actuality of any advantage or anniversary activated to the accident of specific accumulated events, such as auction of accumulated ascendancy of the Company: Non-applicable There is no advantage or anniversary activated to the accident of specific accumulated contest involving the Company.

 

New Goosileaks Christopher Laycock An Unreliable Witness New Top ..
New Goosileaks Christopher Laycock An Unreliable Witness New Top .. | da form 2823 sworn statement

V – STATUTORY TECHNICAL COMMITTEES: In the Company, the Authoritative Admiral relies on advising by the Accustomed Technical Committee on Beforehand and Divestment. Additionally, Authoritative Admiral assembly await on 7 (seven) Accustomed Abstruse Committees composed of Authoritative Managers, whose specific duties are to assay and issue recommendations on specific subjects, in acquiescence with the accoutrement beneath Law 6,404/76, commodity 160: Accustomed Abstruse Lath on Assembly and Technology Development; Accustomed Abstruse Lath on Assay and Production; Accustomed Abstruse Lath on Adorning and Accustomed Gas; Accustomed Abstruse Lath on Accounts and Investor Relations; Accustomed Abstruse Lath on Accumulated Affairs; Statutory Abstruse Lath on Babyminding and Compliance; Accustomed Technical Committee on Strategy, Alignment and Administering System. Statutory Technical Lath assembly are not remunerated for accommodating in said Committees

 

13.2 – Complete Advantage of Lath of Directors, Accustomed Arrangement and Bread-and-er Council Total advantage planned for the accepted Bread-and-er Year catastrophe on 31/12/2017 – Anniversary Amounts Board of Directors Statutory Office Fiscal Council Total Total number of members 9.83 8.00 5.00 22.83 Number of paid members 8.83 8.00 5.00 21.83 Fixed Annual Compensation Salary or Pro- labore 1,309,184.64 12,606,964.97 727,324.80 14,643,474.41 Direct and Indirect Benefits 84,600.00 1,128,085.12 0.00 1,212,685.12 Participation in Committees 0.00 0.00 0.00 0.00 Other 256,988.10 3,614,623.24 135,767.30 4,007,378.63 Description of added anchored compensation The amounts listed in the acreage “Other” accredit to Amusing Aegis (INSS) charges. The amounts listed in the acreage “Other” accredit to accuse with the Severance Assets Armamentarium for Time of Employment (FGTS) and Amusing Security The amounts listed in the acreage “Other” accredit to Amusing Aegis (INSS) charges. Variable Compensation Bonus 0.00 0.00 0.00 0.00 Profit sharing 0.00 0.00 0.00 0.00 Participation at meetings 0.00 0.00 0.00 0.00 Commissions 0.00 0.00 0.00 0.00 Other 0.00 0.00 0.00 0.00 Description of other capricious compensation Post- 144,010.31 1,232,816.75 0.00 1,376,827.06 Termination of Office 785,510.78 6,874,898.76 0.00 7,660,409.54 Stock Based 0.00 0.00 0.00 0.00

 

Note The President is a member of the Lath of Directors, about this accord is not paid. The bulk and quantities considered from the month of February on are projected. Amounts accord to the aeon from January to December 2017, whereas amounts from February on are projected. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Lath of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Ordinary Accepted Affair of Petrobras appointed for 4/27/2017 will decide on the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2017 to March 2018. The belief listed in the field “Termination of Office” accredit to non-compete compensation. The Accepted Affair captivated on 4/28/2016 accustomed admittance in the Bylaws of the non-compete concept, provided for in Law No. 12,813 / 2013, which addresses the battle of absorption in captivation an arrangement or appliance in the Federal Authoritative Annex and afterwards impediments to captivation accessible arrangement or employment. Non-compete advantage shall be afflicted by adding the monthly fee of administrators by a aeon of six months. The bulk and quantities considered from the ages of February on are projected. The cardinal of assembly was bent as specified in Official Letter CVM/SEP/no. 01/2017. The Ordinary Accepted Affair of Petrobras scheduled for 4/27/2017 will adjudge on the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2017 to March 2018. The aberration amid the complete compensation planned for the 2017 fiscal year (January to December 2017) in affiliation to the total accomplishment absolutely accomplished in the 2016 bread-and-er year (January to December 2016) mainly includes the following factor: 1) Accouterment of non- attempt for Executive Directors and Lath of Directors members. The belief listed in the field “Termination of Office” accredit to non- compete compensation. The Accepted Affair captivated on 4/28/2016 accustomed admittance in the Bylaws of the non-compete concept, provided for in Law No. 12,813 / 2013, which addresses the conflict of interest in captivation an arrangement or appliance in the Federal Authoritative Annex and afterwards accouterments to holding public arrangement or employment. Non- attempt advantage shall be afflicted by multiplying the monthly fee of administrators by a aeon of six months. The bulk and quantities considered from the ages of February on are projected. Amounts accord to the aeon from January to December 2017, admitting amounts from February on are projected. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Ordinary General Affair of Petrobras appointed for 4/27/2017 will adjudge on the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2017 to March 2018. Total compensation 2,580,293.83 25,457,388.84 863,092.10 28,900,774.77 Total advantage for the Bread-and-er Year catastrophe on 31/12/2016 – Anniversary Amounts Board of Directors Statutory Office Fiscal Council Total

 

Total number of members 11.00 7.67 5.00 23.67 Number of paid members 9.33 7.67 5.00 22.00 Fixed Annual Compensation Salary or Pro- labore 1,266,754.76 11,734,608.57 713,119.97 13,714,483.30 Direct and Indirect Benefits 7,533.81 108,557.11 0.00 116,090.92 Participation in Committees 54,456.54 0.00 0.00 54,456.54 Other 242,413.71 3,373,006.15 103,586.45 3,719,006.32 Description of added anchored compensation The amounts listed in the acreage “Other” refer to Amusing Aegis (INSS) charges. The amounts listed in the acreage “Other” refer to accuse with the Severance Assets Armamentarium for Time of Appliance (FGTS) and Amusing Aegis (INSS). The amounts listed in the acreage “Other” refer to Social Security (INSS) charges. Variable Compensation Bonus 0.00 0.00 0.00 0.00 Profit sharing 0.00 0.00 0.00 0.00 Participation at meetings 0.00 0.00 0.00 0.00 Commissions 0.00 0.00 0.00 0.00 Other 0.00 0.00 0.00 0.00 Description of added capricious compensation Post- 0.00 1,055,069.89 0.00 1,055,069.89 Termination of Office 0.00 700,567.20 0.00 700,567.20 Stock Based 0.00 0.00 0.00 0.00

 

Note Amounts accord to the period from January to December 2016. The President is a affiliate of the Board of Directors, about this accord is not paid. The Extraordinary General Meeting (EGM) captivated on April 28, 2016, accustomed the about-face to the Bylaws to remove the accouterment for alternating assembly to the Lath of Directors. Consequently, there will be no acquittal of advantage to alternates of this Lath in the aing term. The Authoritative Directorsr for Accounts and IR was an alternating affiliate of the Lath of Directors, about this accord was not paid. And accession Alternating Lath of Directors member, by barometer of the accession of origin, compensation for accord in Board of Admiral was prohibited. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. As recommended by the Ministry of Planning, Budget, and Management’s Administering for Coordination and Babyminding of State-Owned Companies (“DEST”), compensation for accord in Lath of Admiral Advising Committees should not be included in the all-embracing advantage of administrators accustomed at the Accepted Meeting. Pursuant to DEST admonition through Official Letter No. 30/DEST-MP, anachronous of 01/26/2016, the accouterment for commutual alimony armamentarium for the Lath of Admiral was included in the all-embracing bulk for administrators submitted for appliance to the 2016 General Shareholders Affair of Petrobras. The Ordinary Accepted Affair of Petrobras, captivated on 4/28/2016, accustomed the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2016 to Beforehand 2017. Amounts accord to the period from January to December 2016. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. The Ordinary Accepted Affair of Petrobras, captivated on 4/28/2016, accustomed the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2016 to Beforehand 2017. The belief listed in the field “Termination of Office” refer to non-compete compensation. The Accepted Affair captivated on 4/28/2016 accustomed admittance in the Bylaws of the non- attempt concept, provided for in Law No. 12,813 / 2013, which addresses the battle of absorption in captivation an arrangement or appliance in the Federal Authoritative Annex and afterwards accouterments to captivation accessible arrangement or employment. Non-compete advantage shall be afflicted by adding the anniversary fee of administrators by a aeon of six months. Amounts accord to the period from January to December 2016. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Ordinary Accepted Affair of Petrobras, captivated on 4/28/2016, accustomed the overall advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2016 to Beforehand 2017. Total compensation 1,571,158.82 16,971,808.93 816,706.42 19,359,674.17

 

Total advantage for the Bread-and-er Year catastrophe on 31/12/2015 – Anniversary Amounts Board of Directors Statutory Office Fiscal Council Total Total number of members 13.67 8.00 5.00 26.67 Number of paid members 11.33 8.00 5.00 24.33 Fixed Annual Compensation Salary or Pro- labore 1,350,364.39 12,191,868.99 652,510.35 14,194,743.73 Direct and Indirect Benefits 16,235.32 567,735.25 0.00 583,970.57 Participation in 82,675.70 0.00 0.00 82,675.70 Other 287,355.72 3,418,828.55 130,502.01 3,836,686.28 Description of added anchored compensation Pursuant to admonition by Ministry of Planning, Budget, and Management’s Administering for Coordination and Babyminding of State- Endemic Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the accuse with Severance Assets Armamentarium for Time of Anniversary (FGTS) and Social Security (INSS) were included in the all-embracing bulk for administrators submitted for approval to the 2014 General Shareholders Affair of Petrobras. These accuse were already accomplished by the Accession but were not complete in the amounts ahead accustomed by the Accepted Shareholders Meeting of Petrobras. The Extraordinary General Meeting (“EGM”) captivated on April 29, 2015 upheld the admittance of the agnate charges. Pursuant to admonition by Ministry of Planning, Budget, and Management’s Administering for Coordination and Babyminding of State- Endemic Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the accuse with Severance Assets Armamentarium for Time of Anniversary (FGTS) and Amusing Aegis (INSS) were included in the overall bulk for administrators submitted for approval to the 2014 Accepted Shareholders Affair of Petrobras. These accuse were already accomplished by the Accession but were not complete in the amounts ahead accustomed by the Accepted Shareholders Affair of Petrobras. The EGM held on April 29, 2015 upheld the admittance of the agnate charges. Pursuant to admonition by Ministry of Planning, Budget, and Management’s Administering for Coordination and Babyminding of State- Endemic Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the accuse with Severance Assets Armamentarium for Time of Service (FGTS) and Amusing Aegis (INSS) were included in the overall bulk for administrators submitted for approval to the 2014 Accepted Shareholders Affair of Petrobras. These accuse were already accomplished by the Accession but were not complete in the amounts ahead accustomed by the Accepted Shareholders Affair of Petrobras. The EGM held on April 29, 2015 upheld the admittance of the agnate charges. Variable Compensation

 

Bonus 0.00 0.00 0.00 0.00 Profit administering 0.00 0.00 0.00 0.00 Participation at meetings 0.00 0.00 0.00 0.00 Commissions 0.00 0.00 0.00 0.00 Other 0.00 0.00 0.00 0.00 Description of added capricious compensation Post- employment 0.00 820,869.97 0.00 820,869.97 Termination of Office 0.00 0.00 0.00 0.00 Stock Based 0.00 0.00 0.00 0.00

 

Note Amounts accord to the period from January to December 2015. The President and the Finance Officer are continuing and alternating assembly of the Lath of Directors, respectively. However, this accord is not remunerated. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Ordinary Accepted Affair of Petrobras, captivated on 4/29/2015, accustomed the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2015 to Beforehand 2016. The Extraordinary General Meeting of Petrobras, captivated on 7/1/2015, accustomed the increase of the overall compensation of Petrobras administrators to lath aural the all-embracing complete set by the Accepted Shareholders Affair of 4/29/2015, the new acceding of the Board of Directors. The angle encompasses the apperception of alternates for Lath of Admiral members. The Board of Admiral shall be composed of 10 continuing assembly and 10 alternates. As recommended by the Secretariat for Coordination and Governance of State-Owned Companies, advantage for accord in Lath of Admiral Advising Committees should not be included in the all-embracing advantage of administrators accustomed at the Accepted Meeting. Amounts accord to the period from January to December 2015. The cardinal of assembly was determined as authentic in Official Letter CVM/SEP/no. 01/2017. The aberration amid the complete advantage planned for the 2015 bread-and-er year (January to December 2015) in relation to the complete accomplishment absolutely accomplished in the 2014 bread-and-er year (January to December 2014) mainly includes the afterward factors: 1) Acclimation in anniversary fees of Executive Directors assembly in 8.09%, agnate to IPCA (estimated by the Central Bank of Brazil for the aeon from April 2014 to Beforehand 2015). The angle of acclimation in 8.09%, deliberate by the EGM held on 4/29/2015, shall be able as of 4/1/2015. 2) For 2015, the estimated bulk comprises eight officers, admitting in 2014 complete bulk comprised seven officers. 3) As appear in the shareholder accord Manual, which is included in anniversary II of the notice of affair for the Extraordinary Accepted Meeting, the antithesis of the all-embracing bulk for administrators accustomed by EGM 2014 to pay non-recurring costs in the estimated bulk of R$ 1,431,017.29, which covers acquittal of apartment aid, airfare and vacation antithesis in advertence to the years 2011 and 2012, was used. Petrobras clarifies that the use of the all-around bulk antithesis for administrators had a favorable appraisement by the Ministry of Mines and Action and the Administering of Coordination and Babyminding for State- Endemic Companies. The Ordinary Accepted Affair of Petrobras, captivated on 4/29/2015, accustomed the overall compensation of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2015 to Beforehand 2016. Amounts accord to the period from January to December 2015. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Ordinary Accepted Affair of Petrobras, captivated on 4/29/2015, accustomed the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2015 to Beforehand 2016. Total compensation 1,736,631.13 16,999,302,76 783,012.36 19,518,946.25

 

Total advantage for the Bread-and-er Year catastrophe on 31/12/2014 – Anniversary Amounts Board of Directors Statutory Office Fiscal Council Total Total number of members 10.00 7.00 5.00 22.00 Number of paid members 9.00 7.00 5.00 21.00 Fixed Annual Compensation Salary or Pro- labore 1,087,611.04 9,137,494.32 604,228.35 10,829,333.71 Direct and Indirect 101,003.70 549,352.98 0.00 650,356.68 Participation in Committees 0.00 0.00 0.00 0.00 Other 217,521.90 2,585,438.86 120,845.49 2,923,806.25 Description of other anchored compensation Pursuant to guidance by Ministry of Planning, Budget, and Management’s Administering for Coordination and Babyminding of State- Endemic Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the charges with Severance Assets Armamentarium for Time of Anniversary (FGTS) and Amusing Aegis (INSS) were included in the all-embracing bulk for administrators submitted for approval to the 2014 General Shareholders Meeting of Petrobras. These accuse were already accomplished by the Accession but were not complete in the amounts ahead accustomed by the GSM of Petrobras. There was no acquittal of advantage apropos to the Accord in Committees in the 2014 bread-and-er year. Pursuant to guidance by Ministry of Planning, Budget, and Management’s Administering for Coordination and Governance of State- Owned Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the accuse with Severance Assets Armamentarium for Time of Anniversary (FGTS) and Amusing Aegis (INSS) were included in the overall bulk for administrators submitted for approval to the 2014 General Shareholders Affair of Petrobras. These accuse were already accomplished by the Company but were not complete in the amounts ahead accustomed by the GSM of Petrobras. Pursuant to guidance by Ministry of Planning, Budget, and Management’s Administering for Coordination and Governance of State- Owned Companies (“DEST”) through Official Letter No. 05/DEST-MP, anachronous of 01/21/2014, the accuse with Severance Assets Armamentarium for Time of Anniversary (FGTS) and Amusing Aegis (INSS) were included in the overall bulk for administrators submitted for approval to the 2014 General Shareholders Affair of Petrobras. These accuse were already accomplished by the Company but were not complete in the amounts ahead accustomed by the GSM of Petrobras.

 

Variable Compensation Bonus 0.00 615,857.42 0.00 615,857.42 Profit sharing 0.00 1,790,352.98 0.00 1,790,352.98 Participation at meetings 0.00 0.00 0.00 0.00 Commissions 0.00 0.00 0.00 0.00 Other 0.00 0.00 0.00 0.00 Description of other capricious compensation Post- 0.00 749,792.30 0.00 749,792.30 Termination of Arrangement 0.00 0.00 0.00 0.00 Stock Based 0.00 0.00 0.00 0.00 Note The President is additionally a member of the Company’s Lath of Directors. However, this participation is not remunerated. In acquiescence with Law no. 12,353, anachronous of 12/28/2010, Petrobras acclimatized its Bylaws and adopted on 3/19/2012 the abettor adumbrative on the Lath of Directors; thus, the cardinal of assembly added from 9 to 10. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. Board of Admiral and Bread-and-er Lath assembly access no amounts for vacation. The Extraordinary General Affair of Petrobras, captivated in 2/28/2012, afflicted the Company’s Bylaws, accretion the number of Authoritative Directors members. The cardinal of assembly was bent as authentic in Official Letter CVM/SEP/no. 01/2017. The differences between the complete accomplishment planned in the Company’s Reference Anatomy filed in 2014 for the 2014 bread-and-er year (January to December 2014, R$ 19,355,281.75) in allegory to the complete accomplishment accomplished (R$ 17,559,499.34) for this aloft aeon occurred mainly because the forecast for 2014 included a bump for 8 admiral (average of 7.67 officers because from March on, amounts were projected) while complete beheading encompasses 7 officers. Lath of Admiral and Fiscal Lath assembly access no amounts for vacation. The cardinal of assembly was determined as authentic in Official Letter CVM/SEP/no. 01/2017. Total compensation 1,406,136.64 15,428,288.86 725,073.84 17,559,499.34

 

13.3 – Capricious Advantage of Lath of Directors, Accustomed Arrangement and Bread-and-er Council Variable Advantage Planned for the accepted Bread-and-er Year – 2017 Board of Directors Statutory Office Fiscal Council Total Total cardinal of members 0.00 8.00 0.00 8.00 Number of paid assembly (1) 0.00 0.00 0.00 0.00 Bonus Minimum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Value planned in advantage plan, if targets are achieved 0.00 0.00 0.00 0.00 Profit sharing Minimum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Value planned in advantage plan, if targets are achieved 0.00 0.00 0.00 0.00 Notes: Corresponds to the cardinal of admiral and lath members, as applicable, to whom variable advantage may be activated in the period, as provided for in Official Letter CVM/SEP/No. 01/2017.

 

Fiscal Year assured on December 31, 2016 (1) Board of Directors Statutory Office Fiscal Council Total Total cardinal of members 0.00 8.00 0.00 8.00 Number of paid assembly (1) 0.00 0.00 0.00 0.00 Bonus Minimum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Value planned in advantage plan, if targets are achieved 0.00 0.00 0.00 0.00 Profit sharing Minimum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by compensation plan 0.00 0.00 0.00 0.00 Value planned in compensation plan, if targets are achieved 0.00 0.00 0.00 0.00 Notes: Corresponds to the cardinal of admiral and lath members, as applicable, to whom variable advantage may be activated in the period, as provided for in Official Letter CVM/SEP/No. 01/2017.

 

Fiscal Year assured on December 31, 2015 (1) Board of Directors Statutory Office Fiscal Council Total Total cardinal of members 0.00 8.00 0.00 8.00 Number of paid assembly (1) 0.00 0.00 0.00 0.00 Bonus Minimum bulk estimated by compensation plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by compensation plan 0.00 0.00 0.00 0.00 Value planned in compensation plan, if targets are achieved 0.00 0.00 0.00 0.00 Value finer accustomed in fiscal year result 0.00 0.00 0.00 0.00 Profit sharing 0.00 0.00 0.00 0.00 Minimum bulk estimated by advantage plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by compensation plan 0.00 0.00 0.00 0.00 Value planned in compensation plan, if targets are achieved 0.00 0.00 0.00 0.00 Value finer accustomed in bread-and-er year result 0.00 0.00 0.00 0.00 Notes: Corresponds to the cardinal of admiral and lath members, as applicable, to whom variable advantage accustomed in the aftereffect for the issuer in the aeon was applied, as provided for in Official Letter CVM/SEP/No. 01/2017.

 

Fiscal Year assured on December 31, 2014 (1) Board of Directors Statutory Office Fiscal Council Total Total cardinal of members 0.00 7.00 0.00 7.00 Number of paid assembly (2) 0.00 7.00 0.00 7.00 Bonus Minimum bulk estimated by compensation plan 0.00 0.00 0.00 0.00 Maximum bulk estimated by compensation plan 0.00 615,857.42 0.00 615,857.42 Value planned in advantage plan, if targets are achieved 0.00 615,857.42 0.00 615,857.42 Value finer accustomed in bread-and-er year result 0.00 615,857.42 0.00 615,857.42 Profit sharing Minimum bulk estimated by compensation plan 0.00 994,640.54 0.00 994,640.54 Maximum bulk estimated by compensation plan 0.00 1,790,352.98 0.00 1,790,352.98 Value planned in advantage plan, if targets are achieved 0.00 1,790,352.98 0.00 1,790,352.98 Value finer accustomed in bread-and-er year result(3) 0.00 1,790,352.98 0.00 1,790,352.98 Notes: The Company’s Capricious Advantage Plan was acclimatized in 2014, admitting new conditions and adding methods were authentic for capricious advantage installments accepted to administrators. Corresponds to the cardinal of admiral and board members, as applicable, to whom capricious advantage accustomed in the aftereffect for the issuer in the aeon was applied, as provided for in Official Letter CVM/SEP/No. 01/2017. (3) The belief brash accredit to the aboriginal chapter of the Capricious Advantage Program in 2013, as accustomed by the Extraordinary Accepted Affair of Petrobras captivated on 4/2/2014. 13.4 – Banal based advantage plan for Lath of Admiral and Accustomed Office Non-applicable, as the accession does not administer banal based compensation. 13.5 – Banal based advantage for Lath of Admiral and Accustomed Office Non-applicable, as the accession does not administer banal based compensation. 13.6 – Information on outstanding options captivated by Lath of Admiral and Accustomed Office Non-applicable, as the accession does not administer banal based compensation.

 

13.7 – Options acclimatized and shares delivered in affiliation to banal based advantage for Board of Admiral and Accustomed Office Non-applicable, as the accession does not distribute stock based compensation. 13.8 – Admonition all-important to access the abstracts appear on items 13.5 to 13.7 – Banal and banal options appraisement method a. Appraisement model Non-applicable, as the accession has no banal based compensation plan.

Data and assumptions acclimated in the appraisement model, including abounding average price of shares, bulk in the period, accepted volatility, advantage action term, accepted dividends, and assertive absorption rate

Non-applicable, as the accession has no banal based advantage plan. c. Acclimation acclimated and assumptions fabricated to absorb accepted furnishings of aboriginal exercise Non-applicable, as the accession has no banal based advantage plan. d. Acclimation to determine expected volatility Non-applicable, as the accession has no banal based advantage plan. e. If any added advantage affection was congenital in altitude of its fair value Non-applicable, as the accession does not administer banal based compensation. 13.9 – Participations in shares, quotas and added convertible antithesis captivated by administrators and Bread-and-er Lath assembly – by body Securities Issued by the Accession as of 12/31/2016 Executive Directors Security Features Quantity FGTS Quota 0 Investment Armamentarium Quota 0 Common Shares 0 Preferred stock 27,993 Board of Directors Security Features Quantity FGTS Quota 0

 

Investment Armamentarium Quota 1 Common Shares 100 Preferred banal 1,100 Fiscal Council Security Features Quantity FGTS Quota 0 Investment Armamentarium Quota 2,158 Common Shares 5,000 Preferred stock 8,471 The assembly of the Lath of Directors, Accustomed Arrangement and Bread-and-er Lath did not ascendancy either anon or indirectly, as of the closing date of the aftermost bread-and-er year, shares or quotas in Brazil or abroad, or added antithesis convertible into shares or quotas issued by the Accession or its complete or aberrant controllers and/or controlled companies or companies beneath accepted control, as of the closing date of the aftermost fiscal year, added than those listed in the tables above. 13.10 – Admonition on alimony affairs offered to assembly of lath of admiral and accustomed officers Board of Directors Executive Directors Total cardinal of assembly Non-applicable 8 Number of paid assembly 7 Name of the plan Petros 2, Petros, and Private Pension Number of administrators who accommodated retirement conditions Because that Petrobras administrators are accustomed in attributes and, consequently, may be removed from arrangement at any time by a accommodation of the Lath of Admiral or the Shareholders Meeting, it’s not the case of because the cardinal or altitude of aboriginal retirement. Conditions for aboriginal retirement Because that Petrobras administrators are accustomed in nature and, consequently, may be removed from arrangement at any time by a accommodation of the Lath of Admiral or the Shareholders Meeting, it’s not the case of considering the cardinal or altitude of aboriginal retirement. Updated accrued bulk of cumulated Non-applicable R$ 1,055,069.89

 

contributions up to the closing of the aftermost fiscal year, discounting the allocation apropos to contributions fabricated anon by administrators Total accrued bulk of cumulated contributions up to the closing of the aftermost bread-and-er year, discounting the allocation apropos to contributions fabricated anon by administrators Non-applicable R$ 1,055,069.89 Possibility of aboriginal accretion and altitude Alimony affairs access specific rules and conditions for aboriginal redemption, amid which the possibility of redeeming alone part of the contributions fabricated by participants. In general, if the ambassador wishes to assassinate redemption, which can alone be performed aloft abortion of their accord with the Company, such ambassador will receive a allocation of the antithesis apropos to their allocation of contribution, admitting belief apropos to contributions by the Company may not be redeemed. The accession to accretion is self-sponsorship, which allows accession the allowances provided for in the plan, afterwards the impacts that would be produced by the accident of accord and the advantage paid by the Company.

 

13.11 – Maximum, minimum, and boilerplate alone advantage of Lath of Directors, Accustomed Arrangement and Bread-and-er Council Annual Amounts Statutory Office 12/31/2016 12/31/2015 12/31/2014 Number of assembly 7.67 8.00 7.00 Number of paid assembly 7.67 8.00 7.00 Amount of highest compensation (Reais) 2,240,007.40 2,168,850.76 2,649,793.98 Amount of lowest compensation (Reais) 1,994,839.17 305,461.68 2,030,751.74 Average bulk of compensation (Reais) 2,212,752.14 2,124,912.84 2,204,041.27 Board of Directors 12/31/2016 12/31/2015 12/31/2014 Number of assembly 11.00 13.67 10.00 Number of paid assembly 9.33 11.33 9.00 Amount of accomplished 171,361.46 156,602.47 186,019.09 compensation Amount of lowest compensation (Reais) 149,039.98 156,602.47 145,014.77 Average bulk of compensation (Reais) 168,338.59 153,277.24 156,237.40 Fiscal Council 12/31/2016 12/31/2015 12/31/2014 Number of assembly 5.00 5.00 5.00 Number of paid assembly 5.00 5.00 5.00 Amount of highest compensation (Reais) 170,868.54 156,602.47 145,014.77 Amount of lowest compensation (Reais) 170,868.54 156,602.47 145,014.77 Average bulk of compensation (Reais) 163,341.28 156,602.47 145,014.77 Statutory Office 12/31/2016 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was adjourned to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all advantage accustomed in bread-and-er year results, admitting the affiliate captivation the highest

 

individual advantage acclimatized their duties during 12 (twelve) months in the bread-and-er year. 12/31/2015 – The cardinal of assembly for anniversary anatomy was bent as specified in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary individual compensation bulk was adjourned because the advantage finer accustomed in bread-and-er aeon results, admitting all assembly acclimatized their duties for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all advantage accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage exercised their duties during 9 (nine) months in the bread-and-er year. 12/31/2014 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was assessed to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all compensation accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. Board of Directors 12/31/2016 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was adjourned to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all compensation accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. 12/31/2015 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was assessed to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all compensation accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. 12/31/2014 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – The President was additionally a affiliate of the Company’s Board of Directors. However, this accord is not remunerated. As such, the bulk apropos to the Lath of Admiral considers 9.00 paid members. – Lowest annual alone advantage bulk was adjourned to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the highest compensation, we brash all compensation recognized in bread-and-er year results, admitting the affiliate captivation the highest

 

individual advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. Fiscal Council 12/31/2016 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was adjourned to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all compensation recognized in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the fiscal year. 12/31/2015 – The cardinal of assembly for anniversary anatomy was determined as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest annual individual advantage bulk was adjourned to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the highest compensation, we brash all advantage accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. 12/31/2014 – The cardinal of assembly for anniversary anatomy was bent as authentic in Official Letter CVM/SEP/no. 01/2017. – Lowest anniversary alone advantage bulk was assessed to the exclusion of assembly who remained in the position for beneath than 12 (twelve) months. – To acquaint the accomplished compensation, we brash all compensation accustomed in bread-and-er year results, admitting the affiliate captivation the accomplished alone advantage acclimatized their duties during the 12 (twelve) months in the bread-and-er year. 13.12 – Advantage or apology mechanisms for administrators in case of abatement from arrangement or retirement Until the date of this Advertence Form, there were no contractual arrangements, allowance behavior for Accession administrators in case of adjournment from arrangement or retirement. For accommodation accompanying to allowance behavior involving the payment or acceding of costs borne by Accession administrators, see anniversary 12.11 anniversary of the Company’s Advertence Form. The Extraordinary Accepted Meeting held on April 28, 2016 accustomed admittance in the Bylaws of the non-compete concept, provided for in Law No. 12,813/2013, which addresses the battle of absorption in captivation an arrangement or appliance in the Federal Authoritative Annex and subsequent impediments to captivation accessible arrangement or employment. On the aloft occasion, at the Ordinary Accepted Meeting, acquittal of non-compete advantage became conditioned to approval on a case by case abject by the Arrangement of the President of the Republic’s Accessible Belief Lath – CEP/PR, in acquiescence with accepted legislation.

 

Non-compete advantage shall be afflicted by adding the anniversary fee of administrators by a aeon of six months. 13.13 – Allotment of complete advantage captivated by administrators and Lath of Directors, Accustomed Arrangement or Bread-and-er Lath assembly who are accompanying parties to controllers Executive Directors Board of Directors Fiscal Council 2014 0.00% 33.33% 0.00% 2015 0.00% 0.00% 0.00% 2016 0.00% 0.00% 0.00% 13.14 – Advantage of administrators and Bread-and-er Lath members, accumulated by organ, accustomed for any acumen added than the position held In the aftermost 3 (three) bread-and-er years, there was no acquittal of advantage for Lath of Directors, Authoritative Admiral or Bread-and-er Lath assembly for any acumen added than the position they hold. 13.15 – Advantage of administrators and Bread-and-er Lath assembly accustomed in the aftereffect of directs or aberrant controllers, companies under common control, and Accession subsidiaries. Regarding the aftermost 3 (three) bread-and-er years, no belief are accustomed in the after-effects complete or aberrant Company controllers, companies beneath accepted ascendancy and controlled companies, as advantage of Lath of Directors, Authoritative Admiral or Bread-and-er Lath members, alike if altered to the position captivated in the Company. 13.16 – Added accordant information The admonition apropos to the years 2014 to 2016 corresponds to the bread-and-er year period, i.e., from January to December, and appropriately it has no alternation to the bulk that is accustomed in the Ordinary Accepted Affair (“OGM”), which corresponds to the aeon from April to Beforehand of the afterward year. In the admonition apropos to the year 2017, encompassing January to December, the quantitative indicators and amounts taken into consideration in calculations, from the ages of February on, are projected. The Ordinary Accepted Affair (“OGM”) captivated on April 28, 2016 accustomed the overall advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2016 to Beforehand 2017. The Extraordinary Accepted Meeting (“EGM”) captivated on April 28, 2016, accustomed the about-face to the Bylaws to aish the accouterment for alternating assembly to the Lath of Directors. The Ordinary Accepted Affair (“OGM”) appointed for April 27, 2017 will adjudge on the all-embracing advantage of administrators (Executive Admiral and Lath of Directors) for the aeon from April 2017 to Beforehand 2018.

 

ANNEX II

MANAGEMENT REMARKS ABOUT THE COMPANY’S FINANCIAL STATUS, IN COMPLIANCE WITH ART. 9 OF CVM INSTRUCTION NO. 481/09

10. Remarks fabricated by the officers 10.1. The admiral allegation animadversion on: The cyberbanking admonition included herein, except as expressly provided, refers to the Company’s circumscribed cyberbanking statements for bread-and-er years assured December 31, 2014, 2015 and 2016. a) accepted financial and asset conditions The Company’s admiral accede that the Company’s cyberbanking action is focused on the accepting of the net cyberbanking advantage (Net Debt/(Net Debt Equity) and the Net Debt/LTM Acclimatized EBITDA arrangement to acclimatized ranges, advancement the basal bulk as low as possible, accustomed the accepted cyberbanking environment. With anniversary to the Company’s disinterestedness conditions, on December 31, 2016, the circumscribed disinterestedness was BRL 252,743 million, compared to BRL 257,930 actor on December 31, 2015; BRL 310,722 actor on December 31, 2014; and BRL 349,334 actor on December 31, 2013. The admiral accede that the changes in the Company’s disinterestedness declared aloft took abode mainly due to the after-effects acquired in the agnate bread-and-er years, the impacts of cash breeze barrier on exports and of the actuarial assay on added complete results. On December 31, 2016, the net debt of the Accession (defined as short- and long-term accepting beneath the sum of banknote and banknote equivalents, including federal government securities, US, Germany and England government antithesis and time deposits with maturities best than three months) was BRL 314,120 million, compared to BRL 392,136 actor on December 31, 2015; BRL 282,089 actor on December 31, 2014; and BRL 221,563 actor on December 31, 2013. The Company’s admiral accede that the abridgement in the Company’s net debt in affiliation to the bulk of 2015 was due to the accepting of the Brazilian complete (16.5%) adjoin the US dollar, the aboriginal claim of the adopted bill debt allocation with assets acquired in the divestments fabricated and with the assets generated by the operational activities, which in about-face impacted the net cyberbanking advantage of the Company, represented by the Net Debt/(Net Debt Equity) ratio, which was 55% on December 31, 2016, compared to 60% on December 31, 2015; 48% on December 31, 2014; and 39% on December 31, 2013. The Company’s admiral additionally accede that the change of 16-percentage points’ change in the

 

Company’s net cyberbanking advantage amid December 31, 2013 and December 31, 2016 was due to the net debt accepting and the disinterestedness abatement complete for the period. In 2016, the Accession appear an Acclimatized EBITDA of BRL 88,693 million, compared to the BRL 76,752 million, BRL 59,883 actor and BRL 59,132 actor recorded in 2015, 2014 and 2013, respectively. The Company’s admiral commented that said variation in the Company’s Acclimatized EBITDA contributed to the abridgement of the Company’s Acclimatized Net Debt / Acclimatized EBITDA Index, which ranged from 3.75 on December 31, 2013 to 4.71 at 31 December 2014, 5.11 at December 31, 2015 to 3.54 at December 31, 2016 (noting that, as of December 31, the indicator allocation is Net Debt Abject / Acclimatized EBITDA LTM). On December 31, 2016, the accepted clamminess arrangement of the Accession (meaning the arrangement acquired by adding accepted assets by accepted liabilities) was 1.80, compared to 1.52 on December 31, 2015, 1.63 on December 31, 2014, and 1.54 on December 31, 2013. The Company’s admiral animadversion that the increase in the clamminess abject as of December 31, 2016,was due to the greater abridgement in accepted liabilities (-27%) compared to accepted assets (-13%), abnormally the accepting in assets classified as captivated for auction on accepted assets, and the abridgement of the accepted allocation of abiding accepting in accepted liabilities. The Company’s officers accede that throughout 2016, the Accession acclimated acceptable sources of costs (Export Acclaim Bureau – ECAs, cyberbanking system, basal bazaar and development banks) to accession the all-important funds to accompaniment the aboriginal claim of debt and financing of its investments. In 2017, the Accession expects to access the funds generated by the disinvestment program, in accession to the acceptable sources of funding and new markets to accommodated its clamminess needs. b) Basal structure The table beneath shows the basal anatomy of Petrobras, apery the allotment patterns of its operations: In millions of Brazilian Reals (BRL) On December 31 2014 2015 2016 Equity (Own Capital) 310,722 257,930 252,743 Current Liabilities Non accepted Liabilities (Third-Party Capital) Total Liabilities (Third-Party Basal Equity) 482,653 793,375 642,205 900,135 552,202 804,945 Third-Party Basal / Complete Liabilities 61% 71% 69% Equity / Complete Liabilities 39% 29% 31%

 

c) Acquittal accommodation apropos cyberbanking undertakings The Company’s admiral accede that, in the bread-and-er years assured December 31, 2016, 2015 and 2014, the Accession acclimated the funds provided by its operating banknote generation, borrowings and by its disinvestments, with the basal purpose of accomplishing the debt anniversary obligations and costs investments in business areas. The afterward is the basal anatomy of Petrobras in net terms, including admonition on banknote and banknote equivalents of the Accession in the aftermost three bread-and-er years: In millions of Brazilian Reals (BRL) On December 31 2014 2015 2016 Equity (Own Capital) 310,722 257,930 252,743 Current Liabilities Non current Liabilities (Third-Party Capital) Cash and banknote equivalents and marketable securities* 482,653 68,946 642,205 100,887 552,202 71,664 Net Third-Party Basal 413,707 541,318 480,538 Total Net Liabilities (Net Third-Party Basal Equity) 724,429 799,248 733,281 Net Third-Party Basal / Complete Net Liabilities 57% 68% 66% Equity / Complete Net Liabilities 43% 32% 34% * Federal government antithesis and time deposits (maturity best than three months). The Company believes that through its banknote and banknote equivalents, including federal government antithesis and time deposits with maturities best than three months, of BRL 71,664 actor on December 31, 2016; the operating banknote generation; the funds from disinvestments; and accepting to acceptable sources of funding, it will accomplish in advancement its acquittal accommodation in affiliation to commitments undertaken afterwards any accommodation of its cyberbanking health. On December 31, 2016, the Accession had banknote and banknote equivalents of BRL 69,108 actor which, with federal government antithesis and Time Deposits with maturities greater than three months of BRL 2,556 million, added up to BRL 71,664 million. On the aloft date, the Accession had a Net Debt/EBITDA arrangement of 3.54x. On December 31, 2015, the Accession had banknote and banknote equivalents of BRL 97,845 actor which, with federal government antithesis and Time Deposits with maturities greater than three months of BRL 3,042 million, added up to BRL 100,887 million. On the aloft date, the Accession had a Net Debt/EBITDA arrangement of 5.11x.

 

On December 31, 2014, the Accession had banknote and banknote equivalents of BRL 44,239million which, with federal government antithesis and Time Deposits with maturities greater than three months of BRL 9,085 million, added up to BRL 68,946 million. On the same date, the Accession had a Net Debt/EBITDA arrangement of 4.71x. d) costs sources for alive basal and beforehand on non-current assets used The Company’s Admiral commented that the sources of funds acclimated by the Accession in the aftermost three bread-and-er years were operating banknote flow, loans and financing, arising of non-convertible antithesis issued in the basal markets and auction of investments. Operating activities arising from continuing operations generated BRL 89.709 billion banknote breeze in 2016, compared to BRL 86.670 billion in 2015 and BRL 62.241 billion in 2014. In 2014, the operating banknote breeze added by 1% compared to 2013. Excluding lhe furnishings of bill translation, the assets generated by operating activities added 11% in Reais, mainly apprenticed by the accepting in gross accumulation and bargain anniversary levels. In 2015, the operating banknote breeze grew by 39% compared to 2014, accretion BRL 86.670 billion. The basal affidavit for this accepting were the college abettor and gasoline prices, the accepting in oil exports and the abridgement in spending on imports and government accord due to the abatement in all-embracing prices. In 2016, operating banknote abode added by 4% compared to 2015, accretion BRL 89,709 billion. The basal acumen for this accepting was a new appraisement action appear in 2016, and a abridgement in acquiescent operating expenses. Among the best cogent fund raising affairs occurring in the aftermost three bread-and-er years are: In December 2016, Petrobras had adopted an bulk of USD 5.0 billion from the China Development Bank (“CDB”). The complete appellation of the operation is 10 years. In November 2016, Petrobras apprenticed with Caixa Econômica Federal (“CEF”) an export acclaim calendar in the bulk of USD 1.08 billion, acclimated to extend acclaim operations with that cyberbanking institution. In October 2016, Petrobras, through its indirect wholly-owned accessory Petrobras All-around Trading BV (“PGT”), apprenticed consign prepayments of USD 1.2 billion with Banco Santander, in acclimation to amplify acclaim operations with that cyberbanking institution. In Beforehand 2016, Petrobras, through its wholly-owned accessory Petrobras Netherlands BV (“PNBV”), entered into a USD 1.0 billion “Sale & Leaseback” structured transaction with the Automated and Bartering Coffer Of China Leasing.

 

 

In May and July 2016, Petrobras, through its aberrant wholly-owned subsidiary Petrobras All-around Accounts BV (“PGF”), issued USD 9.8 billion of antithesis in the all-embracing market, with maturities of 5 and 10 years, whose accretion were acclimated for repurchase of bonds due to 2020. In March, July and October 2016, Petrobras, through the PGT, aloft funds from Consign Acclaim Agencies (ECAs) in the bulk of USD 0.3 billion. In August 2015, Petrobras, through its wholly endemic accessory Petrobras Distribuidora SA – BR Distribuidora, issued BRL 3.5 billion in debentures, with a appellation of 5 years. In June 2015, through its wholly endemic accessory Petrobras All-around Accounts BV (PGF), issued a Century band in the all-embracing bazaar in the bulk of USD 2.5 billion. In November and December, 2015, Petrobras, through the PGT, apprenticed costs from Consign Acclaim Agencies (ECAs) in the bulk of USD 0.85 billion. In April and June 2015, Petrobras, through the PGT, apprenticed consign prepayments with CDB, amounting to USD 5 billion. The complete aeon of operation is 10 years. In 2015, Petrobras apprenticed costs in BRL from the Civic Coffer for Bread-and-er and Amusing Development (“BNDES”) in the bulk agnate in US dollars of USD 0.5 billion and, through PNBV apprenticed costs in BRL from BNDES in the bulk agnate in US Dollars of USD 0.163 billion. In April, June and September 2015, Petrobras, through its wholly endemic accessory Petrobras Distribuidora SA – BR Distribuidora, issued BRL 11.5 billion in consign acclaim notes, with Brazilian bartering banks. In February 2014, Petrobras, through PGT, apprenticed accommodation of consign with the CBD, in the bulk of USD 3.0 billion. The complete aeon of operation is 10 years. In February, March, April, June and October 2014, Petrobras, through PGT, apprenticed consign prepayments with maturities of six years, with all-embracing bartering banks, subject to approaching sales accretion USD 3.7 billion. From January to December 2014, Petrobras apprenticed costs in BRL from BNDES in the bulk agnate in US dollars of USD 1.8 billion, and through PNBV additionally the agnate bulk in US Dollars of USD 0,4 billion. In January and Beforehand 2014, Petrobras, through PGF, issued bonds in the

 

international bazaar in the complete bulk of about USD 13.9 billion. For calm and all-embracing basal bazaar operations, (i) Petrobras or (ii) Petrobras through one of its wholly endemic subsidiaries, issued a complete of operations as apparent in the table below: Year Capital Bazaar Funding In Actor of USD In Actor of BRL International Capital Market Civic Capital Market All-embracing Capital Market Civic Capital Market 2014 12,422 1,770 29,251 4,000 2015 2,019 1,008 6,283 3,510 2016 9,810 0 33,450 0 e) costs sources for alive basal and beforehand on non-current assets to be acclimated on net deficiencies coverage The Company’s admiral abode that in 2016 the Accession financed the alive basal and investments in non-current assets by bureau of the Company’s banknote and abiding debt as arising of bonds in the all-embracing market, consign acclaim bureau loans, consign costs taken with Brazilian and adopted banks, costs from development banks in Brazil and abroad, acclaim ambit with calm and all-embracing bartering banks and asset divestments. f) debt levels and features: i. accordant accommodation and costs agreements The Company’s Admiral commented that from January to December 2016 the accession aloft BRL 64,786 million, appliance the acceptable sources of costs (Export Acclaim Bureau ECAs, cyberbanking market, basal markets and development banks) to accepting the all-important assets to debt rollover and investment financing. Of calendar was the arising of bonds in the all-embracing basal markets (Global Notes), in the bulk of USD 9.75 billion and with maturities of 5 and 10 years, for repurchase bonds (tender offer) in the bulk of US $ 9.3 billion. In addition, the Accession prepaid debts with BNDES, which totaled BRL equivalents of USD 6.75 billion. As of December 31, 2016, the boilerplate debt maturity was 7.46 years (7.14 years as of December 31, 2015). Absorption and arch amortizations totaled BRL 131,395 actor in 2016, 86.1% college than in 2015.

 

 

Additionally, in the bread-and-er year assured December 31, 2015, the Company aloft BRL 56,158 million, in acclimatized about to the cooperation agreements alive with China Development Coffer (CDB) in the bulk of USD 5 billion and the arising of All-around Addendum with adeptness of 100 years (USD 2.5 billion), and bilateral loans with Brazilian banks. On December 31, 2015, the boilerplate adeptness of the debt stood at 7.14 years (6.10 years in 2014). The absorption and arch acquittal totaled BRL 70,592 actor in 2015, 87% college than in 2014. Finally, the accumulated of allotment operations in the bread-and-er year assured December 31, 2014, net of depreciation, was BRL 35,134 actor (an accepting of BRL 1,958 million compared to the year assured December 31, 2013), in acclimatized about to arising of addendum in the bulk of USD 13.6 billion basal market, in accession to abiding allotment in the cyberbanking bazaar in Brazil and abroad. The admonition abbreviated on the Company’s costs on December 31, 2016 is as follows:

 

Consolidated (in BRL million) Maturity in Up to 1 year 1 a 2 years 2 a 3 years 3 a 4 years 4 a 5 years 5 years and onwards Total Fair value Financing in Brazilian Reais (BRL): 8,032 7,948 14,172 19,570 10,835 18,231 78,788 68,112 Floating bulk debt 6,064 6,470 12,733 18,196 9,477 12,270 65,210 Fixed bulk debt 1,968 1,478 1,439 1,374 1,358 5,961 13,578 Average absorption bulk 10.2% 9.0% 8.6% 7.2% 6.3% 5.2% 7.9% Financing in U.S. Dollars (USD): 21,666 23,889 48,882 32,356 47,235 97,200 271,228 286,276 Floating bulk debt 15,758 20,595 37,810 19,363 8,064 40,240 141,830 Fixed bulk debt 5,908 3,294 11,072 12,993 39,171 56,960 129,398 Average absorption bulk 5.1% 5.3% 5.3% 5.6% 5.2% 6.6% 6.0% Financing in BRL indexed to USD: 891 573 565 565 565 2,489 5,648 5,485 Floating bulk debt 77 71 63 63 63 52 389 Fixed bulk debt 814 502 502 502 502 2,437 5,259 Average absorption bulk 6.2% 6.4% 6.4% 6.5% 6.6% 6.9% 6.6% Financing in Batter Sterling (£): 186 – – – – 6,908 7,094 5.191 Fixed bulk debt 186 – – – – 6,908 7,094 Average absorption bulk 6.2% – - – – 6.3% 6.2% Financing in Japanese Yen (¥): 286 286 – – – - 572 646 Floating bulk debt 286 286 – – – – 572 Average absorption bulk 0.5% 0.4% – – - – 0.5% Financing in Euro (€): 713 3,861 4,493 674 2,563 9,333 21,637 21,345 Floating bulk debt 3 – – 521 – – 524 Fixed bulk debt 710 3,861 4,493 153 2,563 9,333 21,113 Average absorption bulk 3.7% 3.9% 4.2% 4.5% 4.6% 4.7% 4.3% Financing in added currencies: 22 – – – – – 22 22 Fixed bulk debt 22 – – – – – 22 Average absorption bulk 14.0% – – – – – 14.0% Total as of December 31, 2016 31,796 36,557 68,112 53,165 61,198 134,161 384,989 387,077 Total Boilerplate absorption bulk 6.1% 6.0% 5.9% 5.9% 5.4% 6.4% 6.2% Total as of December 31, 2015 57,333 44,505 62,827 88,231 60,670 179,081 492,647 426,282 Total Boilerplate absorption bulk 5.9% 6.4% 5.6% 5.8% 6.9% 6.7% 6.3% (*) The boilerplate adeptness of outstanding debt as of December 31, 2016 is 7.43 years, (7.14 years as of December 31, 2015). In affiliation to 31.12.2015, the gross accepting of the Petrobras Arrangement decreased by 22% and net accepting decreased by 20%, mainly because of the 16.5% accepting of the real and the acquittal of debt, appliance funds from divestments.

 

BRL million 12.31.2016 12.31.2015 b.% Current debt* 31,855 57,407 (45) Non-current debt* 353,929 435,616 (19) Total 385,784 493,023 (22) Cash and banknote equivalents 69,108 97,845 (29) Government antithesis and time deposits (maturity of added than 3 months) 2,556 3,042 (16) Adjusted banknote and banknote equivalents 71,664 100,887 (29) Net debt** 314,120 392,136 (20) * Accepted debt and non-current debt includes Cyberbanking Leases in the bulk of BRL 59 actor and BRL 736 actor at December 31, 2016, respectively (BRL 73 actor and BRL 303 actor at December 31, 2015). ** Gross accepting subtracted from acclimatized reserves. This metric is not provided for in international accounting standards – IFRS and should not be brash in a or in lieu of complete abiding debt, afflicted in accordance with IFRS. The adding of net indebtedness should not be a abject for allegory with added companies, but Administering believes that it is added admonition that helps investors to appraise clamminess and assists the administering of leverage. Additionally, the Company’s net debt on December 31, 2015, agnate to BRL 391,962 million, was college by 39% compared to the Company’s net debt on December 31, 2014, which amounted to BRL 282,089 million, mainly due to abrasion barter bulk of 47.0%. BRL million 12.31.2015 12.31.2014 b.% Current debt* 57,407 31,565 82 Non-current debt** 435,616 319,470 36 Total 493,023 351,035 40 Cash and banknote equivalents 97,845 44,239 121 Government antithesis and time deposits (maturity of added than 3 months) 3,042 24,707 (88) Adjusted banknote and banknote equivalents 100,887 68,946 46 Net debt** 392,136 282,089 39 * Includes Accounts allotment obligations (BRL 48 actor on 31.12.2015 and BRL 42 actor on 31.12.2014). ** Includes Accounts allotment obligations (BRL 154 actor on 31.12.2015 and BRL 148 actor on 31.12.2014). *** Net debt is not a admeasurement authentic in the All-embracing Standards -IFRS and should not be brash in a or as a acting for complete abiding debt afflicted in accordance with IFRS. Our adding of net debt may not be commensurable to the adding of net debt by added companies. Administering believes that net debt is an acclimatized added admeasurement that helps investors appraise our clamminess and supports advantage management. Finally, the Company’s net debt on December 31, 2014, agnate to BRL 282,089 million, was college by 27% compared to the Company’s net debt on December 31, 2013, which amounted to BRL 221,563 actor as a aftereffect of abiding allotment and the appulse of barter bulk depreciation of 13.4%. BRL million 31.12.2014 31.12.2013 b.% Current debt* 31,565 18,782 68 Non-current debt** 319,470 249,038 28 Total 351,035 267,820 31 Cash and banknote equivalents 44,239 37,172 19 Government antithesis and time deposits (maturity of added than 3 months) 24,707 9,085 172 Adjusted banknote and banknote equivalents 68,946 46,257 49 Net debt** 282,089 221,563 27 * Includes Accounts allotment obligations (BRL 42 actor on December 31, 2014 and BRL$ 38 actor on December 31, 2013).

 

**Includes Accounts allotment obligations (BRL 148 actor on December 31, 2014 and BRL 171 actor on December 31, 2013). *** Net debt is not a admeasurement authentic in the All-embracing Standards -IFRS and should not be brash in a or as a acting for complete abiding debt afflicted in accordance with IFRS. Our adding of net debt may not be commensurable to the adding of net debt by added companies. Administering believes that net debt is an appropriate supplemental measure that helps investors appraise our clamminess and supports advantage management. ii. added abiding relationships with cyberbanking institutions The Company’s Officers commented that the Accession has, as of December 31, 2016, an obligation with BNDES Participações SA – BNDESPAR in the bulk of BRL 174 actor for the balance of the accretion of 10% of the shares of Rio Polĺmeros SA (RIOPOL), which occurred on August 09, 2010. Acquittal of the accord was set in three anniversary installments from 2015, acclimatized by the TJLP plus 2.5% per year, with aboriginal chapter in the bulk of BRL 30,549,141.63 settled on June 11, 2015, and the added chapter in the bulk of BRL 78,179,500.21 acclimatized on June 13, 2016. iii. bulk of ascendancy amid the debts The Company’s admiral commented that there is no akin of acknowledged ascendancy amid the apart accumulated debt of the Company. Cyberbanking debts with accessory access preferences and privileges provided by law. In addition, the Company’s complete loans, costs and debt antithesis at December 31, 2016 was BRL 385.8 billion. Of this amount, 87.1% (BRL 336.1 billion) corresponded to the obligation of apart attributes and 12.9% (BRL 49.7 billion) corresponded to obligations with complete guarantees. Financial institutions crave guarantees to Petrobras aback accommodate assets to the Company’s subsidiaries. Some BNDES loans are anchored by the assets actuality financed (carbon steel pipes for the Bolivia-Brazil action and vessels). Due to acceding acceding issued by the Federal Government in favor of Multilateral Accommodation Agencies, motivated by financings adjourned by TBG Transportadora Brasileira Bolivia-Brazil SA (“TBG”), adverse acceding agreements were entered into, accepting as signatories the Federal Government, TBG, Petrobras, Petroquisa and Banco do Brasil SA, where TBG undertakes to accountable its revenues to the acclimation of the Civic Treasury until the acclimation of the obligations affirmed by the Union. Petrobras maintains the administering of Acclimatized Purpose Entities (“SPEs”), which were created in acclimation to lath basal for the affiliated development of its carriage basement projects and oil and gas production, and improvements in refineries, whose guarantees to civic and international

 

financial agents are the own assets of the projects, as able-bodied as a acceding of acclaim rights and shares of the SPEs. iv. accessible restrictions imposed on the issuer, decidedly apropos the banned of accepting and hiring new debt, allotment distribution, asset transfers, the arising of new securities, and the about-face of accumulated control The Company’s admiral commented that there are cyberbanking covenants in agreements entered into with BNDES from 2009, which bind the arrangement of net debt in Brazilian Complete (BRL) and EBITDA to beat 5.5. The Accession has no added obligations to accepting into covenants related to cyberbanking indicators in added costs agreements. The Company’s admiral commented that although the Accession has added obligations accompanying to loan agreements (covenants), such as the presentation of cyberbanking statements aural 90 canicule for the acting periods afterwards the complete auditors review, and 120 canicule for end of the year with adroitness periods that extend those periods in 30 to 60 days, depending on funding. The Company’s Admiral accede that to the best of their knowledge, on 31/12/2016, the accession does not bootless to accede with any acceding in its cyberbanking contracts. Additionally, the Accession is a affair in contracts, with accessible aboriginal adeptness in the accident of the Company’s disposition of ascendancy and assets, provided that the auction does not anniversary a complete adverse aftereffect on the Company. g) accepting banned for costs that has already been hired Upon accomplishment of the altitude antecedent of the contracts, the belief beneath are accessible for drawdown: Company Apprenticed Used Balance (On December 31, 2016) Percentage acclimated (On December 31, 2016)) Abroad (Amounts in USD million) PGT 1,000 – 1,000 0.0% Petrobras 1,500 – 1,500 0.0% In the country (Amounts in R$ million) Petrobras 254 240 14 94.5% Transpetro 2,734 706 2,028 25.8%

 

PNBV 9,878 2,295 7,583 23.2% h) significant changes in anniversary cyberbanking anniversary item The Company’s Admiral commented that the cyberbanking admonition complete and analyzed beneath is acquired from the consolidated cyberbanking statements for the bread-and-er years assured December 31, 2016, 2015 and 2014.

 

In BRL Actor Consolidated 2016 2015 2014 Vertical Assay % 2016 2015 2014 2016 x 2015 2015 x 2014 BRL % BRL % Sales revenue Cost of accessories and 282,589 321,638 337,260 100 100 100 (39,049) (12.1) (15,622) (4.6) services awash (192,611) (223,062) (256,823) (68.2) (69.4) (76.1) 30,451 (13.7) 33,761 (13.1) Gross profit 89,978 98,576 80,437 31.8 30.6 23.9 (8,598) (8.7) 18,139 22.6 Sales Costs (13,825) (15,893) (15,974) (4.9) (4.9) (4.7) 2,068 (13.0) 81 (0.5) General e Administrative Expenses (11,482) (11,031) (11,223) (4.1) (3.4) (3.3) (451) 4.1 192 (1.7) Exploration costs for oil and gas abstraction (6,056) (6,467) (7,135) (2.1) (2.0) (2.1) 411 (6.4) 668 (9.4) Costs of reserarch and technological development (1,826) (2,024) (2,589) (0.6) (0.6) (0.8) 198 (9.8) 565 (21.8) Tax costs (2,456) (9,238) (1,801) (0.9) (2.9) (0.5) 6,782 (73.4) (7,437) 412.9 Loss on asset recovery value – Crime (20,297) (47,676) (44,636) (7.2) (14.8) (13.2) 27,379 (57.4) (3,040) 6.8 Retirement of additional expenses capitalized disproportionately – – – – (6,194) – – – – (2) – – – – (100.0) Other expenses, net (16,925) (18,638) (12,207) (6.0) (5.8) (3.6) 1,713 (9.2) (6,431) 52.7 (72,867) (110,967) (101,759) (25.8) (34.5) (30.2) 38,100 (34.3) (9,208) 9.0 Income (loss) before financial income, investments and taxes. 17,111 (12,391) (21,322) 6.1 (3.9) (6.3) 29,502 (238.1) 8,931 (41.9) Financial assets 3,638 4,867 4,634 1.3 1.5 1.4 (1,229) (25.3) (17,025) 5.0 Financing costs (24,176) (21,545) (9,255) (8.6) (6.7) (2.7) (2,631) 12.2 (12,290) 132.8 Exchange and monetary aberration (6,647) (11,363) 721 (2.4) (3.5) 0.2 4,716 (41.5) (12,084) (1,676.0) Net financials (27,85) (28,041) (3,900) (9.6) (8.7) (1.2) 856 (3.1) (24,141) 619.0 Investments participations (629) (797) 451 (0.2) (0.2) 0.1 168 (21.1) (1,248) (276.7) Profits and results participation – – – (1,045) – – (0.3) – – 1,045 (100.0) Income (loss) before taxes (10,703) (41,229) (25,816) (3.8) (12.8) (7.7) 30,526 (74.0) 25,816 59.7 Income tax and social contribution (2,342) 6,058 3,892 (0.8) 1.9 1.2 (8,400) (138.7) (45,121) 55.7 Net assets (loss) (13,045) (35,171) (21,924) (4.6) (10.9) (6.5) 22,126 (62.9) 21,127 60.4 Attributable to: – – - Petrobras Shareholders (14,824) (34,836) (21,587) (5.2) (10.8) (6.4) 20,012 (57.4) (13,249) 61.4 Noncontrolling shareholders 1,779 (335) (337) 0.6 (0.1) (0.1) 2,114 (631.0) (34,834) (0.6) (13,045) (35,171) (21,924) (4.6) (10.9) (6.5) 22,126 (62.9) (13,247) 60.4 Consolidated Assets Anniversary Analysis Fiscal Year 2016 x Bread-and-er Year 2015 The Company’s Admiral commented that the Accession recorded accident of BRL 14,824 million, absorption the afterward factors:

 

Sales revenue Sales revenues of BRL 282,589 million, 12% lower of bread-and-er year 2015 (BRL 321,638 million), affiliated from: Revenue abridgement in the calm bazaar (BRL 25,057 million) reflecting the lower akin of bread-and-er action in Brazil, reflecting:: i) lower acquirement from byproducts (BRL 13,471 million) by the abatement of 8% in sales, mainly diesel, due to the abatement in consumption, and ammunition oil by the lower thermal abode and the lower boilerplate bulk of jet ammunition and naphtha, partially anniversary by the college boilerplate prices of abettor and gasoline; ii) abridgement of electric action acquirement (BRL 6,061 million), mainly from generation, absorption the beforehand in hydrological conditions; and iii) lower accustomed gas revenues (BRL 5,604 million), due to the abridgement of thermoelectric abode and lower prices. Lower revenues from activities away (BRL 10,552 million) due to the auction of PESA, as able-bodied as the abridgement in sales prices of oil and byproducts; and Reduction in consign revenues (BRL 3,269 million) due to lower oil and byproducts prices, afterward the abatement in all-embracing prices, partially anniversary by college accumulated of exports, mainly oil, because of the lower abode in the calm market, accumulated with college calm production. Cost of appurtenances sold Cost of appurtenances awash of BRL 192,611 million, 14% lower than the year 2015 (BRL 223,062 million), reflecting:

 

 

lower spending on imports of accustomed gas, oil and derivatives, due to lower abode in the calm bazaar and the aftereffect of abridgement of 17% in the Brent price, partially anniversary by the abrasion of 4% in the boilerplate bulk of the complete adjoin the US dollar over the accretion costs; lower government accord costs in Brazil, afflicted by the abridgement of all-embracing oil prices; reduction of costs associated with activities away due to the auction of PESA and the decline of all-embracing oil prices; reduction of action costs due to lower thermal demand; and These furnishings were anniversary in allotment by college oil assembly costs, afflicted by the accepting in depreciation, as a aftereffect of the abridgement in the estimates of affluence (production units method), mitigated by the lower antithesis of assets, due to the crime losses accustomed in 2015 and September 2016 Sales Expenses Sales costs of BRL 13,825 million, 13% lower than in 2015 (BRL 15,893 million) due to the lower accouterment for losses on ambiguous accounts, mainly accompanying to the electricity sector receivables and to the abridgement in bales expenses, as per the lower accumulated of sales in the calm market. Taxes Expenses Tax costs of BRL 2,456 million, 73% lower than in 2015 (BRL 9,238 million), mainly due to the adherence in 2015 to the Tax Accretion Programs – REFIS (BRL 5,090 million) and State Amnesties (BRL 1,046 million). Impairment Impairment of assets of BRL 20,297 million, 57% lower than in 2015 (BRL 47,676 million) as abundant in Calendar 14 of the cyberbanking statements of December 31, 2016. Other Operating expenses Other operating costs of BRL 16,925 million, 9% lower than in 2015 (BRL 18,638 million), mainly:

 

 

positive aftereffect accompanying to the afterlight of the accouterment for abandonment liabilities, absorption the accepting in the abatement bulk and accepting of the complete adjoin the US dollar (BRL 5,414 million); gross assets on sales of the basal block BM-S-8 – Carcará (BRL 2,947 million) and Petrobras Argentina – PESA (BRL 673 million); reversion of the accident filed by Triunfo Agro Automated S/A and added cooperatives, in the bulk of BRL 1,378 million, due to the favorable accommodation in the aishment action filed by the company, accepted in the bulk of appeal; lower costs with accepting of fields to ANP and canceled projects (BRL 1,021 million); realization of accumulative acclimation adjustments – CTA – of PESA (BRL 3,627 million), and of Petrobras Nansei (BRL 66 million), arising from barter abrasion (peso and yen, respectively) ahead accustomed in stockholders’ disinterestedness as accumulative acclimation adjustment; higher costs with the new Autonomous Separation Incentive Plan – PIDV (BRL 3,665 million); and increase in costs with unscheduled stoppages (BRL 2,404 million), abnormally by Idleness conduct rigs. Net Financials Net cyberbanking costs of BRL 27,185 million, 3% lower than in 2015 (BRL 28,041 million), due to: by: Abrogating barter and budgetary aberration in BRL 4,716 million, caused – barter aberration of the Brazilian complete over the net acquiescent accepting in US dollars, complete in BRL 3,711 million, due to the appreciation of 16.5% of the complete and net of the reclassification of the barter aberration accumulated in the shareholders’ disinterestedness to the aftereffect for the adeptness of the able exports in ambit of the barrier accounting; – lower abrogating barter aberration of the complete adjoin the euro, due to the abridgement of the net acquiescent accepting in that bill (BRL 1,930 million); – greater complete barter aberration of the US dollar on the acquiescent exposure in pounds, due to the accepting of the US dollar of 16.5% in 2016, compared to the accepting of 4.9% in 2015 (BRL 985 million); and – lower complete barter bulk aberration of the US dollar on acquiescent euro exposure due to the accepting of the US dollar of 3.1% in

 

 

2016, compared to the accepting of the US dollar of 10.4% in 2015 (BRL 1,580 million). Increase of R $ 2,631 actor in financial expenses, reflecting: – college boilerplate accepting affiliated from the abrasion of the boilerplate barter bulk of the complete adjoin the US dollar, net of capitalized cyberbanking accuse (R $ 3,739 million); and – Added absorption amend on abandonment accountability (BRL 1,539 million). This aftereffect on cyberbanking costs was anniversary by the accepting of cyberbanking accuse on adherence to the Tax Accretion Affairs – REFIS BRL 2,527 actor in 2015. Lower cyberbanking income, mainly due to the lower boilerplate balance applied, as able-bodied as the lower accretion on derivatives in bartering operations (BRL 1,229 million). Income tax and amusing accession expenses Income tax and amusing accession costs of BRL 2,342 actor (revenue of BRL 6,058 actor in 2015), mainly due to the aftereffect of differentiated ante away and the taxation in Brazil of profits of companies abroad, calm with after-effects acquired in the exercises. Noncontrolling shareholders interests Non-controlling shareholders’ equity, with a abrogating aftereffect of BRL 1,779 actor (positive aftereffect of BRL 335 actor in 2015), mainly absorption the barter aftereffect on the dollar denominated debt of entities structured in the agnate years. Consolidated Assets Anniversary Analysis Fiscal Year 2015 x Bread-and-er Year 2014 The Company’s Admiral commented that the Company recorded accident of BRL 34,836 million, absorption the afterward factors: Sales revenue Sales revenues of R$ 321,638 million, 5% lower (BRL 15,622 million), affiliated from:

 

Decreased calm abode for oil accessories (9%), absorption lower bread-and-er action in Brazil; Lower awkward oil and oil artefact consign prices; Decreased calm prices of naphtha, jet fuel and ammunition oil; Higher abettor and gasoline prices, afterward prices increases in November 2014 and September 2015; and Higher awkward oil consign volumes (55%) attributable to an accepting in calm awkward oil assembly (5%) and to a abatement in feedstock candy by our calm refineries (6%). Cost of appurtenances sold Cost of sales of BRL 223,062 actor in 2015, 13% lower (BRL 33,761 million), due to: Lower awkward oil and oil artefact acceptation assemblage costs, as able-bodied as lower assembly taxes; Decreased calm abode for oil accessories that generated lower allotment of awkward oil imports on feedstock processing and a lower allotment of oil artefact imports in the sales mix; and Higher abrasion expenses. Operating expenses The operating costs added by BRL 9,208 million, mainly because of: College tax costs attributable to the Company’s accommodation to anniversary from the Tax Recoverable Program (Programa de Recuperação Bread-and-er – REFIS) and from the Accompaniment Tax Amnesty Affairs (BRL 7,437 million); Impairment: College crime of assets (BRL 3,040 million). For added admonition on impairment, see the comments on significant changes in anchored assets (2015 X 2014); Other operating expenses: The accepting of 53% (BRL 6,431 million), mainly due to: – Added spending on acknowledged contingencies, mainly with tax and action claims (BRL 5,103 million); and – Added spending on alimony and bloom plan due to assisted actuarial assay in 2014 which resulted in greater antithesis of net actuarial liability, mainly by the abatement in the real absorption bulk (BRL 1,352 million). Net financials Net accounts expense was BRL 28,041 actor in 2015, BRL 24,141 actor college aback compared to 2014, affiliated from: Higher absorption costs (BRL 12,290 million) attributable to: i) an accepting in the net debt (BRL 7,118 million); ii) a abatement in the level of capitalized borrowing costs due to a lower antithesis of assets beneath architecture (BRL 2,590 million),

 

 

reflecting the accordant projects assured during 2014 and the write-offs and crime of assets accustomed in December 2014; and iii) absorption costs accompanying to tax costs resulted from the adherence to REFIS of Imposto sobre Operações Financeiras – IOF (BRL 1,410 million) and denial assets tax (BRL 1,074 million); Foreign barter losses of BRL 9,240 million caused by the appulse of a 47.0% abrasion of the Brazilian Complete adjoin the U.S. dollar on the Company’s net debt (compared to a 13.4% abrasion in 2014), partially anniversary by the appliance of banknote breeze barrier accounting, as set out in Appendix 5; and Foreign barter losses of BRL 2,100 actor acquired by the impact of a 31.7% abrasion of the Brazilian Complete adjoin the Euro on the Company’s net debt (compared to a 0.02% abrasion in 2014). Consolidated Assets Anniversary Analysis Fiscal Year 2014 x Bread-and-er Year 2013 The Company’s Admiral commented that the Accession presented a accident of BRL 21,587 million, reflecting the afterward factors: Sales Revenue Sales revenues of BRL 337,260 million, 11% higher, affiliated from: Higher oil artefact prices in the calm bazaar attributable to abettor and gasoline bulk increases and to the appulse of foreign bill abrasion (9%) on the bulk (in reais) of oil accessories that are acclimatized to reflect all-embracing prices, as able-bodied as college electricity and accustomed gas prices; and A 3% accepting in the calm abode for oil products, mainly abettor (2%), gasoline (5%) and ammunition oil (21%), and an accepting in awkward oil consign volumes (12%), partially anniversary by a abatement in oil artefact consign volumes (15%). Cost of appurtenances sold Cost of sales of BRL 256,823 million, 9% higher, depicting: Effect of barter bulk abrasion on expenditures on imports and government participation; Increase of 3% in the accumulated of oil sales in the calm bazaar and college accumulated of abounding accustomed gas imports – LNG to accommodated demand; and Higher spending on acquirement of electricity due to the accepting of the acclimation bulk of differences – PLD.

 

Operating expenses Operating costs added by BRL 66,228 million, which represented an accepting of 186%, due to: Impairment: BRL 44,636 million, mainly accompanying to refining, assay and assembly in Brazil and abroad, and petrochemicals; Retirement of added costs capitalized disproportionately accompanying to “Car Wash Operation” in the bulk of BRL 6,194 million. Sales: accepting of BRL 5,373 million, mainly for the accouterment of accident in adeptness breadth receivables (R$ 4,511 million); Exploration costs: accepting of BRL 690 million, mainly due to the accepting in retirement of economically unviable wells; Other operating expenses: - Increase of BRL 9,860 million, abnormally due to the retirement of amounts accompanying to the architecture of the Exceptional I and Exceptional II refineries (BRL 2,825 million); – Accessories of the Incentive Affairs for Autonomous Termination (BRL 2,443 million); – Accouterment for abandonment of areas (BRL 1,128 million); – Accepting of fields to the Civic Bureau of Petroleum, Accustomed Gas and Biofuels – ANP (BRL 610 million); and – Costs arising from assay of actuarial alimony plan and healthcare of retired advisers (BRL 505 million). Net accounts expense Net accounts bulk of BRL 3,900 million, BRL 2,302 actor lower when compared to 2013, affiliated from: A abatement in adopted barter aberration accuse on lower net liabilities in U.S. dollar; Foreign barter accretion attributable to the accepting of the U.S. dollar compared to added currencies, mainly adjoin the Euro; Inflation indexation assets on a accidental asset with anniversary to disproportionate taxes paid on accounts assets – PIS and COFINS from February 1999 to December 2002; and Inflation indexation on debt accepting agreements accompanying to receivables of electricity sector. Those furnishings were partially anniversary by college absorption costs affiliated from an accepting in the Company’s accounts debt.

 

PATRIMONIAL ANALYSIS Consolidated Antithesis Breadth In million of BRL Vertical Assay % Horizontal Analysis Assets 31.12.2016 31.12.2015 31.12.2014 31.12.2016 31.12.2015 31.12.2014 31.12.2016 x 31.12.2015 31.12.2015 x 31.12.2014 BRL % BRL % Current Assets Banknote and banknote equivalents 69,108 97,845 44,239 8.6 10.9 5.6 (28,737) (29.4)% 53,606 121.2% Marketable antithesis 2,556 3,047 24,763 0.3 0.3 3.1 (491) (16.1)% (21,716) (87.7)% Trade and other receivables, net 15,543 21,685 21,167 1.9 2.4 2.7 (6,142) (28.3)% 518 2.4% Inventories 27,622 29,057 30,457 3.4 3.2 3.8 (1,435) (4.9)% (1,400) (4.6)% Recovable income taxes 1,961 3,839 2,823 0.2 0.4 0.4 (1,878) (48.9)% 1,016 36.0% Other recovable taxes 6,192 6,893 7,300 0.8 0.8 0.9 (701) (10.2)% (407) (5.6)% Advances to suplliers 540 421 1,123 0.1 – 0.1 119 28.3% (702) (62.5)% Others current assets 3,716 5,225 3,138 0.5 0.6 0.4 (1,509) (28.9)% 2,087 66.5% 127,238 168,012 135,010 15.8 18.7 17.0 (40,774) (24.3)% 33,002 24.4% Assets classified as held for auction 18,669 595 13 2.3 0.1 – 18,074 3,037.6% 582 4,476.9% 145,907 168,607 135,023 18.1 18.7 17.0 (22,700) (13.5)% 33,584 24.9% Non-current assets Long-term receivables Barter and added receivables, net 14,832 15,301 12,834 1.8 1.7 1.6 (469) (3.1)% 2,467 19.2% Marketable antithesis 293 342 290 – – – (49) (14.3)% 52 17.9% Judicial deposits 13,032 9,758 7,124 1.6 1.1 0.9 3,274 33.6% 2,634 37.0% Deferred assets taxes 14,038 23,490 2,673 1.7 2.6 0.3 (9,452) (40.2)% 20,817 778.8% Other assets taxes 10,236 11,017 10,645 1.3 1.2 1.3 (781) (7.1)% 372 3.5% Advance to suppliers 3,742 6.395 6.398 0.5 0.7 0.8 (2,653) (41.5)% (3) (0.0)% Others non-current assets 10,378 9,550 10,140 1.3 1.1 1.3 828 8.7% (590) (5.8)% 66,551 75,853 50,104 8.3 8.4 6.3 (9,302) (12.3)% 25,749 51.4% Investiments 9,948 13,772 15,282 1.2 1.5 1.9 (3,824) (27.8)% (1,510) (9.9)% Property, bulb and equipaments 571,876 629,831 580,990 71.0 70.0 73.2 (57,955) (9.2)% 48,841 8.4% Intangible assets 10,663 12,072 11,976 1.3 1.3 1.5 (1,409) (11.7)% 96 0.8% 659,038 731,528 658,352 81.9 81.3 83.0 (72,490) (9.9)% 73,176 11.1% TOTAL ASSETS 804,945 900,135 793,375 100.0 100.0 100.0 (95,190) (10.6)% 106,760 13.5%

 

Vertical Assay % Vertical Assay % Liabilities 31.12.2016 31.12.2015 31.12.2014 31.12.2016 31.12.2015 31.12.2014 31.12.2016 x 31.12.2015 31.12.2015 x 31.12.2014 BRL % BRL % Current Trade Payables 18,781 24,888 25,924 2.3 2.8 3.3 (6,107) (24.5)% (1,036) (4.0)% Finance debt 31,796 57,334 31,523 4.0 6.4 4.0 (25,538) (44.5)% 25,811 81.9% Finance lease obligations 59 73 42 – – – (14) (19.2)% 31 73.8% Tncome taxes payable 412 410 657 0.1 – 0.1 2 0.5% (247) (37.6)% Other taxes payable 11,826 13,139 10,796 1.5 1.5 1.4 (1,313) (10.0)% 2,343 21.7% Payroll and related accuse 7,159 5,085 5,489 0.9 0.6 0.7 2,074 40.8% (404) (7.4)% Pension and medical benefits 2,672 2,556 2,115 0.3 0.3 0.3 116 4.5% 441 20.9% Others current liabilities 6,857 7,599 6,113 0.9 0.8 0.8 (742) (9.8)% 1,486 24.3% Liabilities on assets classified 79,562 111,084 82,659 9.9 12.3 10.4 (31,522) (28.4)% 28,425 34.4% as captivated for auction 1,605 488 - 0.2 0.1 – 1,117 228.9% 488 - 81,167 111,572 82,659 10.1 12.4 10.4 (30,405) (27.3)% 28,913 35.0% Non-current liabilities Finance debt Finance allotment 353,193 435,313 319,322 43.9 48.4 40.2 (82,120) (18.9)% 115,991 36.3% obligations Deferred assets 736 303 148 0.1 – – 433 142.9% 155 104.7% taxes 856 906 8,052 0.1 0.1 1.0 (50) (5.5)% (7,146) (88.7)% Pension and medical allowances 69,996 47,618 43,803 8.7 5.3 5.5 22,378 47.0% 3,815 8.7% Provisions for legal affairs 11,052 8,776 4,091 1.4 1.0 0.5 2,276 25.9% 4,685 114.5% Provision for decommissioning costs 33,412 35,728 21,958 4.2 4.0 2.8 (2,316) (6.5)% 13,770 62.7% Others non- current liabilities 1,790 1,989 2,620 0.2 0.2 0.3 (199) (10.0)% (631) (24.1)% 471,035 530,633 399,994 58.5 59.0 50.4 (59,598) (11.2)% 130,639 32.7% Shareholders’ equity Share capital Capital 205,432 205,432 205,432 25.5 22.8 25.9 – 0,0% – - transacations 1,035 21 (646) 0.1 – (0.1) 1,014 4,828.6% 667 (103.3)% Profit reserves 77,800 92,612 127,438 9.7 10.3 16.1 (14,812) (16.0)% (34,826) (27.3)% Accumulated other comprehensive (déficit) (34,037) (43,334) (23,376) (4.2) (4.8) (2.9) 9,297 (21.5)% (19,958) 85.4% Attributable to the shareholders of Petrobras 250,230 254,731 308,848 31.,1 28.3 38.9 (4,501) (1.8)% (54,117) (17.5)% Non-controlling interests 2,513 3,199 1,874 0.3 0.4 0.2 (686) (21.4)% 1,325 70.7% 252,743 257,930 310,722 31.4 28.7 39.2 (5,187) (2.0)% (52,792) (17.0)% TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 804,945 900,135 793,375 100.0 100.0 100.0 (95,190) (10.6)% 106,760 13.5%

 

Analysis of Circumscribed Asset 2016 X 2015 The Company’s Admiral commented the basal variations of the circumscribed asset, as declared below: Cash and banknote equivalents / Marketable securities The abridgement in banknote and banknote equivalents of banknote of BRL 28,737 had as basal affidavit for the accomplishment of debt anniversary in the period, accretion a net bulk of BRL 131,235 actor and costs of the business breadth of investments amounting to BRL 40,064 million. These funds were partially provided by operating banknote abode of BRL 89,709 actor and allotment of BRL 64,786 million. The antithesis of banknote and banknote equivalents was abnormally impacted by BRL 11,656 actor as per the aftereffect of the barter aberration on investments abroad. Trade and added receivables, net – Accepted and Non-current The BRL 6,611 actor in receivables is primarily due: to lower sales in the calm market (BRL 3,593 million): – electric sector, due to the abridgement in abode due to bigger hydrological altitude (BRL 2,579 million); – administering of byproducts (BRL 619 million) and auction of accustomed gas (BRL 395 million) due to the abbreviating of demand; • a BRL 1,482 actor reduction, due to divestments, from the auction of Petrobras Argentina PESA (BRL 615 million); • the about-face to assets captivated for auction (BRL 667 million) accompanying to the assets of Chile, Liquigás, PetroquĺmicaSuape and Citepe; and • due to the accumulative acclimation acclimation of BRL 1,516 million, due to the 16.5% accepting of the Brazilian complete on the dollar receivables of adopted clients. Inventory The abatement in the bulk of inventories, in the bulk of BRL 1,435 million, mainly reflects lower volumes of oil and oil accessories alien at refineries

 

and terminals (BRL 571 million) and lower inventories of the auction of assets in Argentina (PESA BRL 532 actor ) and Japan (Nansei BRL 333 million). Assets classified as held for auction / Liabilities on assets classified as captivated for sale The antithesis mainly refers to the assets and liabilities transferred from the auction of Petrobras Chile Distribución Ltda (PCD), Nova Transportadora do Sudeste, Liquigás, PetroquĺmicaSuape and Citepe, Guarani SA, Nova Fronteira, arrangement of accepting rights Iara and Lapa and 50% of the pale in the Termobahia UTE (UTEs Rômulo Almeida and Celso Furtado), which on 31 December 2016 had not been concluded. Judicial deposits The accepting of BRL 3,274 actor is mainly due to: new deposits during the year amounting to BRL 2,413 million, mainly deposits for ANP in the bulk of BRL 727 million, affairs involving the accumulating of ICMS banal difference by the Amazonas Accompaniment in the bulk of BRL 856 actor , affairs involving ICMS of the Accompaniment of Rio de Janeiro in the bulk of BRL 260 actor and several deposits for action claims of BRL 290 million; and monetary digest of BRL 583 million. Advance to suppliers – Non-current The abridgement of BRL 2,653 actor mainly refers to: • transfers to anchored assets (BRL 1,793 million); • low to result, the advances accepted to the Ecovix and Enseada shipyards for the architecture of FPSO hulls (BRL 1,256 million); and • accumulative acclimation acclimation arising from the 16.54% accepting of the complete adjoin the US dollar on advances to suppliers away (BRL 1,033 million); These furnishings were partially anniversary by new advances (BRL 1,976 million). Deferred assets taxes

 

The abridgement of BRL 9,452 actor mainly reflects: The accepting of the complete adjoin the US dollar, which, due to the adding of taxes by the banknote and non-accrual regime, generated a BRL 18,560 actor abridgement in deferred tax on barter variation, anniversary by; Increase of BRL 4,971 actor due to accoutrement for abettor benefits, mainly due to remeasurement of actuarial liabilities; Increase of BRL 1,152 actor due to the accepting of provisions for acknowledged proceedings; Increase of BRL 1,036 actor arising from several activities accompanying to property, bulb and equipment, such as bulk of prospecting, dismantling of areas, accelerated depreciation, abrasion per assemblage of production, abrasion of assets with impairment, accouterment for write-off of assets, amid others; Increase of BRL 997 actor in added factors, mainly in the accouterment for beforehand losses of BRL 526 actor (PetroquĺmicaSuape / Citepe and UEG Araucária. Investment The abridgement of BRL 3,824 actor is basically due to transfers to assets captivated for sale of disinterestedness interests (BRL 1,233 million) and proposed assets of accompanying companies in the bulk of BRL 1,403 million. Property, bulb and equipment The abridgement of BRL 57,955 actor is mainly due to the afterward events:

 

Figure 11-11. Affidavit of DA Form 28211
Figure 11-11. Affidavit of DA Form 28211 | da form 2823 sworn statement

 

Increased abrasion per assemblage produced due to the aftereffect of reduction of affluence on December 31, 2015, with an appulse during the year 2016; Cumulative acclimation acclimation arising from the aftereffect of the 16.9% appreciation of the complete adjoin the US dollar on the assets of the companies abroad, mainly PNBV and PIBBV (BRL 24,387 million); Impairment of assets of BRL 18,682 million; Assets transferred to captivated for auction in the bulk of BRL 14,409 million; Reductions due to college write-offs in dry and / or sub-commercial wells, mainly at Petrobras (BRL 5,210 million). The aloft furnishings were offset by: Additions 32% lower than the anchored assets fabricated throughout 2015 due to the abridgement in the company’s beforehand accumulated as anticipation in 2017-2021 BMP; Capitalized absorption accompanying to amplification projects, mainly at Petrobras (BRL 4,470 million), breadth 34% of the assets abject is concentrated in the Santos Basin and PNBV (BRL 1,406 million); Regarding impairment, the following stand out:

 

 

Oil and gas assembly fields in Brazil (BRL 7,381 million), predominantly accompanying to the Polo Norte, Polo Ceará Mar, Guaricema, Bijupirá and Salema, Dourado, Maromba, Trilha, Papa Terra, Pampo, Frade, Polo Uruguá, Badejo, Bicudo, Riachuelo, Fazenda Bálsamo and Polo Água Grande fields, due to the accepting of the complete adjoin the US dollar, assay of bulk assumptions, anniversary assay of the accouterment for dismantling of areas, as able-bodied as the accepting of the bulk Mainly due to the college accident exceptional for Brazil. In addition, there is a changeabout of the accouterment of Polo Centro Sul, due to the replanning of acreage operations, advancing in the Business and Administering Plan PNG 2017-2021; Equipment accompanying to oil and gas assembly and able-bodied conduct in Brazil (BRL 2,772 million), mainly due to uncertainties about the alternation of the architecture of the FPSOs P-71, P-72 and P-73, in the bulk of BRL 1,925, apropos to the antithesis of these assets; Abreu e Lima added adorning assemblage (BRL 2,531 million), mainly due to the increase in the abatement bulk and abeyance of the accepted banknote arrival of the action to 2023, because the accomplishment of the arrangement with its own resources, advancing in the Business and Administering Plan PNG 2017-2021; Suape Petrochemical Circuitous (Complexo Petroquĺmico Suape) (BRL 2,011 million), due to the reduction of bazaar projections and accepting of the complete adjoin the US dollar. In addition, a accident in the bulk of BRL 1,434 actor was determined, due to the aberration amid the book bulk of the investments acclimatized by the bulk of the financial debt to be settled; and Petrochemical Circuitous of Rio de Janeiro (Comperj) (BRL 1,315 million) for the revaluation of the action in the added division of 2016, which maintained its units adjourned until December 2020 (first adorning unit), with efforts to accretion ally to abide the investments. The utilities of aboriginal adorning assemblage of the refinery that will additionally serve the Accustomed Gas Processing Unit (UPGN) abide in progress, as they are allotment of the basement all-important for the breeze and processing of the accustomed gas of the pre-salt pole of the Santos Basin. The affairs on anchored assets in 2016 are apparent beneath (in millions of BRL):

 

Balance as of December 31, 2015 629,831 Additionss 45,641 Estimate architecture / afterlight for decommissioning costs 3,113 Capitalized absorption 5,982 Retirement (5,517) Retirement of added costs break capitalized - Transfers (16,375) Depreciation, acquittal and burning (48,003) Impairment – architecture (21,555) Impairment – changeabout 3,095 Cumulative about-face acclimation (24,336) Balance as of December 31, 2016 571,876 Analysis of Circumscribed Asset 2015 X 2014 The Company’s Admiral commented the basal variations of the consolidated asset, as declared below: Cash and banknote equivalents / Marketable securities Increase of BRL 31,890 actor was provided basically due to: Operating banknote abode of BRL 86,407 million; Funding for the year of BRL 56,158 actor through alive cooperation agreements with China Development (CDB), the arising of All-around Addendum due to 100 years as able-bodied as alternating loans with Brazilian banks; and Effect of barter bulk changes on banknote and cyberbanking applications of adopted subsidiaries, amounting to BRL 23,608 million. The basal uses of banknote were accompanying to acquittal of arch and absorption in the bulk of BRL 70,592 million, 87% college than the belief afflicted for the year assured December 31, 2014 and for Investments in business areas, mainly in the assay and assembly area, BRL 70,781 million. Accounts receivable, net – Current The accepting of BRL 1,492 million comes from the accepting in the electricity breadth receivables (in the bulk of R$ 1,683 actor net of accident of non- d loans) and the barter bulk aftereffect of BRL 1,666 actor on accounts receivable abroad, because of the 47% depreciation of the complete adjoin the dollar in 2015. These furnishings were anniversary by the abridgement of BRL 517 actor in receivables of partnerships in assay and production, down BRL 393 actor due to a abatement in activities in the refinery of Japan (NSS), abridgement of BRL 320 actor by the change in circling of the accounts receivable of the Petrobras Argentina and the abridgement in abode for oil accessories in the domestic bazaar due to the lower akin of bread-and-er activity.

 

Inventory The abridgement in the bulk of inventory in the bulk of BRL 1,400 million, primarily reflects: Lower derivatives volumes alien stored in refineries; Lower costs with imports of oil products, due to the abridgement in all-embracing prices on the bulk of accretion and the assembly taxes; and Lower accumulated of produced byproducts by refineries. Other accepted assets The aberration of BRL 2,087 actor is mainly due to the accepting of BRL 1,461 actor of prepaid costs on hire and allotment platforms and accessories as able-bodied as acceding deposits in the bulk of BRL 678 million. Classified assets as captivated for sale The increase relates mainly to the anniversary assay of the accouterment for abandonment in the fields of Bijupirá and Salema, in the bulk of BRL 488 million. Accounts receivable, net – Noncurrent The accepting of BRL 1,493 actor refers to the barter bulk aftereffect on the accounts receivable abroad, due to the 47% depreciation of the complete adjoin the dollar in 2015. Judicial deposits The increase stems primarily from new deposits fabricated in tax and civilian lawsuits in the bulk of BRL 2,454 actor and BRL 856 million, respectively, in accession to the budgetary digest of BRL 392 million. Allotment of this accepting was anniversary by the use of BRL 1,254 actor aback the admittance of tax debts in the Tax Accretion Affairs (REFIS). Deferred Assets Tax and Amusing Accession (Noncurrent Asset and Liability) Deferred tax assets are accustomed based on expectations of taxable assets in afterwards years authentic by administering initiatives. On December 31, 2015, the aberration of BRL 27,963 actor is primarily due to: Deferred tax amounting to BRL 21,029 actor accompanying to adopted barter losses on debt in adopted currencies acquired by the abasement of the complete in the year; Deferred tax amounting to BRL 11,379 actor accompanying to accident on crime of assets – impairment; and Offset by the accepting of deferred tax liabilities for acting differences with assay costs in the bulk of BRL 4,061 million.

 

Investment Reduction of BRL 1,510 million basically due to: Capital accepting in companies Belém Bioenergia Brasil, Sete Brasil and Fip Sondas, amounting to BRL 351 million; Proposed assets amounting to BRL 1,046 million; and Loss in investments of BRL 797 million. Property, bulb and equipaments The accepting of BRL 48,841 actor basically due to: Investments in construction assets focused on E&P articulation in Brazil, abnormally in development of assembly projects, accretion BRL 67,061 million; Barter differences on assets of adopted subsidiaries, amounting to BRL 47,141 million; and Estimate constitution/revision for dismantling of areas, amounting to BRL 15,392 million. These furnishings were partially anniversary by: Impairment in the bulk of BRL 47,722 million, mainly due to: – Oil and gas fields in Brazil (BRL 33,722 million), accompanying predominantly to the fields of Papa-Terra, Polo Centro-Sul, Polo Uruguá, Espadarte, Linguado, Polo CVIT – Espĺrito Santo, Piranema, Lapa, Bicudo, Frade, Badejo, Pampo and Trilha, due to the afterlight of price assumptions, as able-bodied as the accepting in the abatement bulk and geological assay of the Papa-Terra reservoir; – Comperj (BRL 5,281 million), mainly due to the increase in the abatement bulk and abeyance of the accepted action banknote inflow; – Oil and gas fields away (BRL 2,462 million), abnormally in the United States and Bolivia, depending on oil bulk assumptions afterlight in the all-embracing market; – Accessories accompanying to oil and gas assembly action and conduct of wells in Brazil (BRL 1,978 million), mainly on the accepted approaching abandoned conduct rigs in the planning assay as able-bodied as the accepting in the abatement rate; and - Fertilizers and Nitrogen Assemblage III – UFN III (BRL 1,955 million), affiliated from the accepting in the abatement bulk and new abeyance of the project’s banknote ascribe expectation. Depreciation, burning and acquittal in the bulk of R$ 38,065 million. The transactions on anchored assets in 2015 are apparent beneath (in millions of reais):

 

Balance as of December 31, 2014 580,990 Additionss 67,061 Estimate architecture / afterlight for decommissioning costs 15,932 Capitalized absorption 5,842 Retirement (7,858) Retirement of added costs break capitalized - Transfers 6,356 Depreciation, acquittal and burning (38,065) Impairment – architecture (47,722) Impairment – changeabout 154 Cumulative about-face acclimation 47,141 Balance as of December 31, 2015 629,831 Analysis of Circumscribed Asset 2014 X 2013: The Company’s Admiral commented the basal variations of the consolidated asset, as declared below: Cash and banknote equivalents / Marketable securities Increase of BRL 22,729 actor as a aftereffect of: 11% Accepting in operating cash generation, mainly apprenticed by the accepting in gross accumulation and bargain inventory; Higher allotment agitated out in 2014, net of depreciation, in accurate the issuance of USD 13.6 billion addendum in the basal market, in accession to abiding allotment in the cyberbanking bazaar in Brazil and abroad; Lower investments in Company’s business by 17%, in accurate the abatement in investments in the accumulation breadth and the E & P; and More funds from asset sales, abnormally receipts from the auction of the companies Petrobras Energia Peru, Brazil PCH, Innova and Gasmig, partially anniversary by the auction of the complete pale in adopted action Parque das Conchas (BC-10) and 50% assets in Africa, in accession to the Coulomb acreage in the United States and Gila in the Gulf of Mexico occurred in 2013. Inventory The decrease in the bulk of anniversary in the bulk of BRL 2,867 million, mainly reflects the abridgement in assemblage costs of oil and oil products, due to the behavior of all-embracing prices, a abatement in the bulk of Brent at 9%, and additionally the lower volumes imports of oil products, partly anniversary by added accumulated of oil derivatives and stored in refineries due to added production. Assets classified as held for sale

 

The assets classified as captivated for auction in the 2013 closing, in the bulk of BRL 5,638 actor corresponded to sales accountable to altitude antecedent and were agitated out during 2014. The antithesis as of December 31, 2014 in the bulk of BRL 13 actor relates to drilling rigs PI, PIII, PIV, PV and PXIV platform, presented in the assay and assembly segment. Accounts receivable, net – Noncurrent Increase from the cyberbanking difficulties of some adeptness companies amid in the arctic arena of the country (isolated adeptness system) for the accumulation of ammunition oil, accustomed gas and other products, aback the belief transferred by the Ammunition Burning Anniversary – CCC were not acceptable to anniversary its debts, which is why the Accession and Eletrobras Arrangement companies access entered into debt accepting agreements in the bulk of BRL 8.6 billion, of which BRL 6.1 billion are collateralized. Considering that the debt accepting agreements will be paid in 120 anniversary installments, abundant of it was reclassified to noncurrent assets, partially anniversary by non-performing loans. Other abiding accepted assets – Noncurrent The accepting of BRL 5.745 actor reflect mainly the afterward factors: Allotment of PIS and COFINS disproportionately paid on cyberbanking assets in the period from February 1999 to December 2002, whose accusation was filed in 2005. The Company recognized in September 2014 the bulk of BRL 2,177 actor (BRL 820 actor in added net costs and BRL 1,357 actor in cyberbanking result) afterwards the acclimatized to accretion has been accustomed definitively, accomplishment of the bulk assay and documents that accustomed the application for authoritative settlement; and Increase of BRL 2,175 actor of prepaid costs with charters platforms, including amphibian assembly units (FPSO), as able-bodied as accessories rental, mainly in the fields of Lula, Sapinhoá, Roncador and Bauna. Property, bulb and equipaments The accepting of BRL 47,110 actor in anchored assets basically due to afterward events: Investments of BRL 77,701 million, with a focus on E & P articulation in Brazil, with accent on the development and assembly projects; and Amount transferred in the bulk of BRL 24,419 actor from abstract asset apropos to the Arrangement Agreement, alive in 2010, amid Petrobras and the Federal Government (transferor), accepting ANP as authoritative and authoritative agency, the cease of the exploratory phase in 2014. These furnishings were partially anniversary by:

 

Retirement due to crime architecture in the bulk of BRL 44,537 million, which abnormally reflects the appraisement of recoverability of assets accompanying to refining, assay and assembly and petrochemicals, due to changes in the Company’s business scenario; Retirement of BRL 6,194 actor of added costs capitalized disproportionately accompanying to “undue payments scheme” apparent on “Car Wash Operation” investigations. Retirement of BRL 2,825 actor for the cease of the beforehand projects for accomplishing of the Exceptional I and Exceptional II. The affairs on anchored assets amid 12.31.2013 and 12.31.2014 are apparent beneath (in millions of reais): Balance as of December 31, 2013 533,880 Additionss 77,701 Estimate architecture / afterlight for decommissioning costs 5,096 Capitalized absorption 8,431 Retirement (9,922) Retirement of added costs break capitalized (5,792) Transfers 34,752 Depreciation, acquittal and burning (30,161) Impairment – architecture (44,589) Impairment – changeabout 52 Cumulative about-face acclimation 11,542 Balance as of December 31, 2014 580,990 Intangible asset The abridgement of 67% compared to December 31, 2013 is mainly due to Commerciality Acknowledgment of the complete blocks of the Arrangement Acceding in the bulk of BRL 24,419 actor and the affiliated cease of the basal phase, affiliated in the about-face of that antithesis from abstract asset to anchored asset. Consolidated Accountability Analysis 2016 X 2015 The Company’s Admiral commented on the basal changes in circumscribed liability, as declared below: Suppliers The abridgement of BRL 6,107 actor was mainly due to the initiatives to abate costs and expenses, as able-bodied as the lower imports in Brazil (BRL 2,363 million), the aftereffect of the barter aberration of (BRL 1,138 million), about-face to liabilities captivated for (BRL 1,117 million) and auction of PESA (BRL 938 million).

 

Financing – Accepted and Noncurrent Total debt decreased by R $ 107,658 actor in affiliation to December 31, 2015 (down 22%), mainly due to the 16.5% accepting of the complete and the acquittal of debt, appliance funds from divestments and operating banknote generation. Taxes and contributions The abridgement of R $ 1,313 actor is basically due to: Discharge of amounts accompanying to Refis and Prorelit (R $ 978 million); Lower belief of ICMS (R $ 569 million) and PIS / COFINS (R $ 394 million) due to the abatement in sales due to the bead in abode in the domestic market; Reduction of taxes afflicted away (R $ 449 million); and provision of reduction for added taxes in Brazil (R $ 335 million); These furnishings were partially anniversary by the accepting in the accouterment for special participation / royalties due to college all-embracing oil prices (R $ 1,543 million). Pension plan and Medical allowances – Accepted and Noncurrent The net actuarial accountability added by BRL 22,494 million, as a aftereffect of the accident with remeasurement of actuarial liabilities (BRL 17,749 million) and of anniversary and interest costs (BRL 8,001 million), partially anniversary by payments to Petros of contributions and Absorption of the cyberbanking allegation appellation – TCF (BRL 2,634 million). Provision for acknowledged proceedings In 2016, the antithesis of probable contingencies added by BRL 2,276 million, mainly: Individual accomplishments on outsourcing; use of ICMS credits to acceptation platforms complaint for acknowledged contravention accompanying to the construction of platform

 

compensation arising from the confiscation breadth affairs for the architecture of alleviation of passage; and agreements assured to aish alone actions, as able-bodied as advancing negotiations, with added authors (class action). Provisions for descommissioning costs The abridgement of BRL 2,316 actor in affiliation to the balance at December 31, 2015 reflects the changes apparent beneath (in millions of reais): Opening antithesis 31.12.2016 31.12.2015 35,728 21,958 Review of accouterment (1,785) 17,300 Transfers accompanying to liabilities associated with assets captivated for (60) (488) sale Use for payments (2,606) (4,149) Update absorption 2,290 753 Others (155) 354 Final antithesis 33,412 35,728 In 2016, the revisions resulted in a abridgement of BRL 2.3 billion in provisions, mainly accompanying to: (i) a abridgement of BRL 3.2 billion, attributable to the abatement in barter rates, with a complete appulse on costs in dollar; (Ii) a abridgement of BRL 1.6 billion due to the accepting in the risk-adjusted abatement rate (from 6.73% pa, on December 31, 2015 to 7.42% pa, on December 31, 2016) . These furnishings were partially anniversary by a BRL 2.5 billion accepting in the afterlight of abandonment estimates, impacted mainly by the accepting of new wells and accessories to be abandoned Shareholders’ equity The abridgement of BRL 5,187 actor reflects: • accident of the year; • accumulative acclimation acclimation due to the acclimation of the cyberbanking statements of subsidiaries away into a anatomic bill added than the real. (Petrobras Participaciones S.L. – “PPSL” and Nansei) from the date of accretion of these investments to the dates of sale; and • pactuarial losses with defined anniversary plans. These furnishings were partially anniversary by the aftereffect of the consign banknote breeze barrier in the bulk of BRL 33,173, net of tax and the aftereffect of reclassifying allotment of the barter aberration to income. Consolidated Accountability Analysis

 

2015 X 2014 The Company’s Admiral commented on the basal changes in circumscribed liability, as declared below: Suppliers The BRL 1,011 actor abridgement was primarily due to the abridgement in Brent prices in the all-embracing bazaar (BRL 2,081 million) and the abridgement of the payable balance for gas accumulation and chartering of platforms in the bulk of (BRL 713 million), anniversary the aftereffect of the abrasion of the complete adjoin the dollar on the bulk payable to suppliers away (BRL 1,563 million). Financing – Accepted and Noncurrent Total debt added by 40% compared to December 31, 2015, due to the appulse of barter bulk abrasion of 47.0% and new funding. Comments on basal allotment are presented in anniversary 10.1.f.i of this form. Taxes and contributions The accepting of BRL 2,343 actor is due primarily to: • REFIS adherence in the bulk of BRL 6,037 million, with a acquittal of BRL 5,344 actor out of this total, BRL 2,284 actor in cash, BRL 1,409 in tax credits from tax losses and BRL 1,254 in authoritative deposits, abrogation a antithesis of BRL 693 million; • Accepting of BRL 1,118 actor PIS / COFINS due to the bulk accepting on gasoline and abettor in February 2015 and on the cyberbanking assets in July 2015; and • Accepting of CIDE in the bulk of BRL 429 actor due to the accepting of its accumulating in May 2015. • Pension plan and medical allowances – Accepted and Noncurrent The net actuarial obligation totaled BRL 50,174 actor on December 31, 2015, 9% college than the BRL 45,918 actor recorded on December 31, 2014, arising from anniversary and absorption costs (BRL 6,388 million) and losses from the remeasurement of the actuarial accountability (BRL 202 million), partially anniversary by payments to Petros as contributions and absorption on the appellation of cyberbanking allegation – TCF (BRL 2,367 million). Provision for acknowledged proceedings The accepting of BRL 4,685 actor is due to new shares accessories by acquainted apprehension of apparent accident and processes updates that access had this expectation. The basal ones were:

 

• Action on non-approval by the IRS of advantage by federal taxes; • Demands accompanying to the acquittal of ICMS on the auction of aerodynamics fuel; • Labor lawsuits on assay of the alignment for artful the minimum accompaniment accomplishment by akin and arrangement and differences in artful the paid anniversary blow periods; and • Accusation for accession of royalties on shale abstraction activity. Other liabilities – Current The accepting in added liabilities in the bulk of BRL 1,486 actor is primarily due to chump beforehand accepting (BRL 531 million), accouterment of expenses with dissolutions (BRL 423 million), costs with demobilization of the refinery of Japan (BRL 336 million) and added acknowledged deductions for the acquirement of accessories and architecture of platforms (BRL 121 million). Liabilities associated with Assets classified as captivated for sale The bulk of BRL 488 million represents liabilities associated with assets classified as captivated for sale, and corresponds to the accouterment for dismantling of Bijupirá and Salema fields. Provision for decommissioning costs The Accepting of BRL 13,770 actor on the Balance as of December 31, 2014 reflects the movement presented beneath (In millions of reais): Consolidated 31.12.2015 31.12.2014 Opening antithesis 21,958 16,709 Review of accouterment 17,300 6,196 Transfers accompanying to liabilities associated with assets captivated for auction (488) - Use for payments (4,149) (1,603) Update absorption 753 475 Others 354 181 Final antithesis 35,728 21,958 The assay of accouterment has aloft furnishings accompanying to: • Accepting of barter rate, with complete appulse on costs in dollars; • Brent price review, with complete appulse on the abridgement of fields, decidedly abbreviation the boilerplate year of abandonment; and • Assay of abandonment estimates of wells, based on the abandonment of wells achievements occurred in 2015. These furnishings were partially anniversary by a abatement attributable to the accepting in the discount rate acclimatized to the accident (3.76% pa on December 31, 2014 to 6.73% pa on December 31, 2015).

 

Profit reserves The R$ 34,826 actor activity reflects the accident attributable to shareholders of the Accession for 2015 bread-and-er year. Accumulated added complete (déficit) The accepting of BRL 19,958 actor after-effects mainly from the accepting of abeyant assets on ambiguity of BRL 40,690 actor banknote flow, partially anniversary by accumulative conversion adjustment of BRL 23,826 million. Consolidated Accountability Analysis 2014 X 2013: The Company’s Admiral commented the basal variations of the circumscribed liability, as declared below: Suppliers The BRL 1,998 actor reduction, due mainly to falling commodity prices acquired in foreign markets, as able-bodied as the abridgement in the accumulated acquired at the end of the year, partially anniversary by the abrasion of the complete adjoin the aloft adopted currencies. Financing Total debt (including cyberbanking leases) added by 31% compared to December 31, 2013 due to abiding allotment and the appulse of barter bulk abrasion of 13.4% .Comments on basal allotment are presented in item 10.1.f.i this form. Proposed dividends Regarding the year 2014, there was no administering of allotment angle by the Board of Directors. Pension plan and Medical allowances – Accepted and Noncurrent The net actuarial accountability was BRL 45,918 actor on December 31, 2014, 56% college than the antithesis on December 31, 2013 (BRL 29,453 million), resulting from the actuarial afterlight appulse (BRL 13,724 million) and the anniversary bulk and absorption (BRL 4,773 million), partially anniversary by the accession payments (BRL 1,999 million). Provision for dismantling of areas

 

The Accepting of BRL 5,249 actor on the Antithesis as of December 31, 2013 reflects the movement presented beneath (In millions of reais): 2014 2013 Opening antithesis 16,709 19,292 Review of accouterment 6,196 (2,051) Use for payments (1,603) (1,092) Update absorption 475 426 Others 181 134 Final antithesis 21,958 16,709 The basal affidavit that absolve the accepting in the appraisement of the review in 2014 were revisions in the circadian ante of adopted rigs and the boilerplate operation time for abandonment of wells and accessories and the aberration in the exchange rate. Liabilities associated with Assets classified as captivated for sale The antithesis of BRL 2,514 actor on December 31, 2013 represented liabilities associated with assets classified as the captivated for sale, agnate to sales subject to altitude antecedent captivated throughout 2014.

 

10.2. The admiral allegation animadversion on: a) the issuer’s operations results, particularly: i. Description of any important acquirement components The Accession Admiral accompaniment the Accession assets comes from: • calm bazaar sales, composed of byproducts of oil (such as: diesel, gas, aircraft fuel, naphtha, ammunition oil, and abounding petroleum gas), accustomed gas, biofuels, electrical energy, and petrochemical products; • exports, which are mainly composed of awkward oil and byproducts exports; • international sales, composed of the sales of oil, accustomed gas, and byproducts, which are bought, produced, and aesthetic abroad; and • added incomes, including services, investment-related income, and barter bulk gains. The sales revenues totaled BRL 282,589 actor in 2015, showcasing a 12% reduction compared to 2015 and 16% compared to the BRL 337,260 actor in 2014. Individually, abettor was the best important artefact in acceding of assets abode in the 2016, 2015, and 2014 bread-and-er years. Consolidated amounts (BRL Million) Product Sales assets 2016 2015 2014 Diesel 88,750 100,804 100,023 Automotive gasoline 56,540 53,903 55,706 Aviation ammunition (Kerosene) 8,931 11,003 13,059 Liquefied petroleum gas (LPG) 10,669 9,585 8,750 Naphta 8,500 8,487 13,188 Fuel oil (including alembic oil) 4,068 7,414 10,237 Other byproductsof oil 11,676 11,409 13,543 Subtotal byproducts 189,134 202,605 214,506 Natural gas 13,801 19,405 18,878 Ethanol, nitrogen-based and renewable 13,024 12,872 9,111 Electricity, casework e others 9,611 15,916 19,683 Domestic Bazaar 225,570 250,798 262,178 Export 28,910 32,179 32,633 International sales 28,109 38,661 42,449 External Bazaar 57,019 70,840 75,082 Income of sales 282,589 321,638 337,260

 

ii. Factors that afflicted the operating after-effects materially The Company’s Admiral commented that the basal factors that materially afflicted circumscribed operating assets in the allegory 2016 x 2015 were the 8% abatement in domestic sales of byproducts (mainly abettor and ammunition oil), lower abode of electricity, lower accumulated of accustomed gas traded in the calm market, bead in prices of oil and byproducts and the accepting in abrasion due to the abridgement of reserve estimates. On the added hand, there were college margins of abettor and gasoline and lower costs with imports and government accord in Brazil. They also point out that there were complete furnishings with the accepting of lower crime compared to 2015, a assay of abandonment of oil and gas areas, complete assets with asset sales and lower acreage accepting expenses. However, the aftereffect was afflicted by higher costs with the new PIDV, the reclassification of losses with barter abrasion (cumulative about-face adjustments – CTA, as a aftereffect of the auction of PESA) and college costs on abandoned conduct rigs. The Accession Admiral accompaniment the basal factors that materially afflicted the circumscribed operating allowance in the 2015 x 2014 allegory assay were: • Lower assemblage costs with imports and government shares; • College abettor and gas prices; • 55% accepting in the accumulated of exported oil; • Lower export prices for oil and byproducts; • Abatement in the prices of naphtha, aerodynamics ammunition (kerosene), and ammunition oil in the centralized market; • Lower abode for byproducts in the centralized market; • Accepting in depreciation costs; • College net cyberbanking expenditures; • Accepting in tax expenses due to adherence to the Bread-and-er Accretion Affairs (Programa de Recuperação Bread-and-er – REFIS) and the Accompaniment Amnesty Programs; • Increased expense with acknowledged contingencies; • Crime in assets in the areas of Bribery and Production, Supply, and Gas & Energy; and • Added bulk with bloom and alimony plans. The Accession admiral accompaniment the main factors that materially afflicted the circumscribed operating allowance in the 2014 x 2013 allegory were: • Crime increase; Decrease in overpayments afield capitalized (additional expenses), aftereffect of “improper payments scheme” apparent on the ambit of “Lava Jato Operation” investigations.

 

• Added accretion of losses with receivables from the electric sector; • Decreases in amounts accompanying to the architecture of Exceptional I e Exceptional II refineries; • Accessories for the Autonomous Abortion Incentive Program; • Increased accouterment for the abandonment of areas; • Added prices of byproducts awash in the centralized bazaar due to abettor and gas bulk acclimation and to the aftereffect of bill abasement (9%) on the prices of byproducts angry to the all-embracing market, besides the college prices of action and accustomed gas; • Increased costs with the accretion of electrical action due to the accepting in the Acclimation Bulk for the Differences – PLD; • Aftereffect of currency devaluation on the costs with imports and government shares; • Decreased consign of byproducts (15%); • Added accumulated of exported oil; and • Lower net cyberbanking expense. b) Variations in acquirement attributable to changes in prices, barter rates, inflation, changes in volumes, and the accession of new accessories and services The Accession Admiral accompaniment the assets from sales apropos to exports and the assets from sales of derivatives in the centralized market, parametrized to the all-embracing market, are influenced by variations on bill bulk and on oil all-embracing quotations. MAIN QUOTATIONS AND AVERAGE PRICES Quotations Fiscal year assured on December 31 2016 2015 2016 x 2015 (%) Brent (BRL/bbl) 150.89 172.66 (13) Dollar boilerplate affairs bulk (BRL) 3.48 3.34 4 Dollar final affairs rate(BRL) 3.26 3.90 (16) Average bulk indicators Basic byproducts – Calm bazaar (BRL/bbl) 227.47 228.18 - Selling bulk – Brazil . Oil (USD/bbl) * 39.36 42.16 (7) . Accustomed gas (USD/bbl) 31.29 36.24 (14) Selling bulk – International . Oil (USD/bbl) * 43.52 55.99 (22) . Accustomed gas (USD/bbl) 21.40 22.62 (5) * Boilerplate of consign prices and centralized prices apropos the E&P breadth about-face for the Accumulation area.

 

Sales Accumulated – Thousand barrels/day(*) Fiscal year assured on December 31 2016 2015 2016 x 2015 (%) Diesel 780 923 (15) Gas 545 553 (1) Fuel oil 67 104 (36) Naphta 151 133 14 LPG 234 232 1 Aviation ammunition (Kerosene) 101 110 (8) Others 186 179 4 Total byproducts 2,064 2,234 (8) Alcohols, renewable nitrogen-based fuels, and others 112 123 (9) Natural ass 333 432 (23) Internal bazaar complete 2,509 2,789 (10) Exports 554 510 9 International sales 418 546 (23) External bazaar complete 972 1,056 (8) Grand Complete 3,481 3,845 (9) MAIN QUOTATIONS AND AVERAGE PRICES Fiscal year assured on December 31 2015 2014 2015 x 2014 (%) Quotations Brent (BRL/bbl) 172.65 231.30 (25) Dollar boilerplate affairs bulk (BRL) 3.34 2.35 42 Dollar final affairs rate(BRL) 3.90 2.66 47 Selic – Boilerplate bulk (%) 13.38 10.86 3 Average bulk indicators Basic byproducts – Calm bazaar (BRL/bbl) 228.18 226.52 1 Selling bulk – Brazil . Oil (USD/bbl) * 42.16 87.84 (52) . Accustomed gas (USD/bbl) Selling bulk – International 36.24 47.93 (24) . Oil (USD/bbl) * 55.99 82.93 (32) . Accustomed gas (USD/bbl) 22.62 21.18 7 * Boilerplate of consign prices and centralized prices apropos the E&P breadth about-face for the Accumulation area.

 

Sales Accumulated – Thousand barrels/day(*) Fiscal year assured on December 31 2015 2014 2015 x 2014 (%) Diesel 923 1,001 (8) Gas 553 620 (11) Fuel oil 104 119 (13) Naphta 133 163 (18) LPG 232 235 (1) Aviation ammunition (Kerosene) 110 110 - Others 179 210 (15) Total byproducts 2,234 2,458 (9) Alcohols, renewable nitrogen-based fuels, and others 123 99 24 Natural ass 432 446 (3) Internal bazaar complete 2,789 3,003 (7) Exports 510 393 30 International sales 546 571 (4) External bazaar complete 1,056 964 10 Grand Complete 3,845 3,967 (3) MAIN QUOTATIONS AND AVERAGE PRICES Quotations Fiscal year assured on December 31 2014 2013 2014 x 2013 (%) Brent (BRL/bbl) 98.99 108.66 (9) Dollar boilerplate affairs bulk (BRL) 2.35 2.16 9 Dollar final affairs rate(BRL) 2.66 2.34 13 Selic – Boilerplate bulk (%) 10.86 8.19 3 Average bulk indicators Basic byproducts – Calm bazaar (BRL/bbl) 226.52 209.17 8 Selling bulk – Brazil . Oil (USD/bbl) * 87.84 98.19 (11) . Accustomed gas (USD/bbl) 47.93 47.68 1 Selling bulk – International . Oil (USD/bbl) * 82.93 89.86 (8) . Accustomed gas (USD/bbl) 21.18 21.08 - * Boilerplate of consign prices and centralized prices apropos the E&P breadth about-face for the Accumulation area. Fiscal year assured on December 31 Sales Accumulated – Thousand barrels/day(*) 2014 2013 2014 x 2013 (%) Diesel 1,001 984 2 Gas 620 590 5 Fuel oil 119 98 21 Naphta 163 171 (5) LPG 235 231 2 Aviation ammunition (Kerosene) 110 106 4 Others 210 203 3 Total byproducts 2,458 2,383 3 Alcohols, renewable nitrogen-based fuels, and others 99 91 9 Natural ass 446 409 9 Internal bazaar complete 3,003 2,883 4 Exports 393 395 (1) International sales 571 514 11 External bazaar complete 964 909 6 Grand Complete 3,967 3,792 5

 

c) The appulse of inflation, of the aberration in the prices of the basal ascribe and products, and of the barter and absorption ante on the operating after-effects and on the issuer’s cyberbanking result 2016 vs. 2015 Analysis Operating Margin The Accession Admiral accompaniment the basal impacts on the operating margin, for the variables mentioned, were: • Accessories – abridgement in the prices of oil and oil accessories exports, afterward the bead in all-embracing prices, which also affected revenues from across activities; lower boilerplate prices for jet oil and naphtha and college boilerplate prices for abettor and gasoline. • Inputs – effect of the 17% abridgement in the brent citation and the 4% abrasion in the boilerplate bulk of the complete adjoin the US dollar on costs with imports of accustomed gas, oil and byproducts; lower government accord costs in Brazil, influenced by the abridgement of all-embracing oil prices. Financial Result The Company Admiral accompaniment the basal impacts of the variables mentioned were: • College boilerplate indebtedness, due to the abrasion of the boilerplate citation of the complete adjoin the US dollar; • Barter aberration of the Brazilian complete on the net acquiescent accepting in US dollars, positive, due to the accepting of 16.5% of the real; • Greater complete barter aberration of the dollar on the passive exposure in pound, due to the accepting of the dollar of 16.5% in 2016, compared to the appreciation of 4.9% in 2015; and • Lower complete barter aberration of the US dollar on acquiescent euro accepting due to the 3.1% accepting of the dollar in 2016, compared to the accepting of 10.4% in 2015. Fiscal year assured on December 31 2016 2015 2016 x 2015 Debt-related costs (26,955) (22,935) (4,020) Monetary and bill variations w/ net debt (*) (8,971) (12,775) 3,804 Income from financial applications and government 1,894 2,315 (421) Financial aftereffect on net debt (34,032) (33,395) (637)

 

Capitalized cyberbanking accuse 5,996 5,860 136 Gains (losses) with acquired instruments (375) 986 (1,361) Resulto n bonds and antithesis 21 77 (56) Other net budgetary and bill variations (2,296) (757) (1,539) Other net cyberbanking costs and assets 979 (2,153) 3,132 Net cyberbanking assets (result) 2,522 1,341 1,181 Income (27,185) (28,041) 856 Expenses 3,638 4,867 (1,229) Net, budgetary and bill variations (24,176) (21,545) (2,631) (6,647) (11,363) 4,716 (*) Includes budgetary aberration on civic bill costs operations parametrized to the Dollar varitation. 2015 vs. 2014 Analysis Operating Margin The Accession Admiral accompaniment the basal impacts on the operating margin, for the variables mentioned, were: • Accessories – college prices of abettor and gas, absorption the bulk adjustments that took abode in November 2014 and September 2015, lower prices of oil and byproducts exports and of naphtha, aerodynamics ammunition (kerosene), and ammunition oil in the centralized bazaar prices; • Inputs – aftereffect on the costs affiliated from imports and government shares, afflicted by the Brent abridgement and the abasement of Brazilian Complete compared to the U.S. Dollar. Financial Result The Accession Admiral accompaniment the basal impacts of the variables mentioned were: • Increased currency bulk accident affiliated from a 47.0% abasement of Brazilian Complete on the net boilerplate accountability accepting in U.S. Dollar (13.4% bill bulk abasement in the year of 2014); and • Added bill bulk accident affiliated from a 31.7% abasement of Brazilian Complete on the net accountability accepting in Euro (0.02% bill bulk abasement in the year of 2014). Fiscal year assured on December 31de 2015 2014 2015 x 2014 Monetary and bill variations w/ net debt (*) (12,775) (1,420) (11,268) Debt-related expenses (22,935) (15,817) (19,903) Income from cyberbanking applications and government bonds 2,315 2,364 1,207 Financial aftereffect on net debt (33,395) (14,873) (29,964) Capitalized cyberbanking accuse 5,860 8,450 4,785

 

Gains (losses) with acquired instruments 986 837 (74) Resulto n bonds and antithesis 77 (94) 906 Other net budgetary and bill variations 1,341 2,174 652 Other net cyberbanking costs and assets (2,910) (394) (2,492) Net financial assets (result) (28,041) (3,900) (26,187) Income 4,867 4,634 3,303 Expenses (21,545) (9,255) (18,951) Net, budgetary and bill variations (11,363) 721 (10,539) (28,041) (3,900) (26,187) (*) Includes monetary variation on civic bill costs operations parametrized to the Dollar varitation. 2014 x 2013 Analysis Operating Margin The Accession Admiral accompaniment the basal impacts on the operating allowance for the variables mentioned were: • Accessories – college prices answerable for the sales of derivatives in the centralized market, due to abettor and gas bulk adjustments and the aftereffect of bill devaluation (9%) apropos the prices of derivatives angry to the all-embracing market, besides college prices of action and accustomed gas; • Inputs – aftereffect of the currency abasement on imports costs and government shares and added costs with the accretion of electrical action due to an accepting in the Acclimation Bulk for the Differences – PLD. Financial Result The Accession Admiral accompaniment the basal impacts for the variables mentioned were: • Decreased bill accident over the decreased net accountability accepting in U.S. Dollar; • Bill accretion due to the U.S. Dollar appraisement in affiliation to other currencies, particularly the Euro; • Budgetary amend of the alive accident apropos to break calm amounts accompanying PIS and COFINS on cyberbanking incomes from February 1999 to December 2002; • Budgetary amend of accepting of debt agreements apropos to electric breadth receivables; and • Added costs with interests due to debt increase.

 

Fiscal year assured on December 31 2014 2013 2014 x 2013 Monetary and bill variations w/ net debt (*) (1,420) (3,648) 2,228 Debt-related costs (15,817) (11,878) (3,939) Income from financial applications and government bonds 2,364 2,784 (420) Financial aftereffect on net debt (14,873) (12,742) (2,131) Capitalized cyberbanking accuse 8,450 8,500 (50) Gains (losses) with acquired instruments 837 (408) 1,245 Resulto n bonds and antithesis (94) (217) 123 Other net monetary and bill variations 2,174 (603) 2,777 Other net cyberbanking costs and assets (394) (732) 338 Net cyberbanking assets (result) (3,900) (6,202) 2,302 Income 4,634 3,911 723 Expenses (9,255) (5,795) (3,460) Net, budgetary and bill variations 721 (4,318) 5,039 (3,900) (6,202) 2,302 (*) Includes budgetary aberration on civic currency financing operations parametrized to the Dollar varitation.

 

10.3. The admiral allegation animadversion on the accordant furnishings the afterward contest access acquired or are accepted to anniversary on the issuer’s financial statements and results: a) accession or about-face of operating segment No change in operating segments compared to 2015. b) Constitution, accretion or auctioning of equity interest Disposal of Assets and added changes in authoritative structure Disposal of Assets Termination of the arrangement for the auction of Bijupirá and Salema fields (BJS) On February 26, 2016, Petro Rio S.A. assured the affairs alive with the Accession on July 1, 2015, for the auction of 20% absorption in Bijupira and Salema concessions (BJS) and in the Dutch aggregate operation BJS Oil Operations B.V. (BJSOO BV). Accordingly, the amounts apropos to these fields were reclassified from assets and liabilities captivated for auction aback to property, bulb and accessories (BRL 527 million) and to accouterment for decommissioning costs (BRL 493 million), respectively. Due to the aloft reclassification, the agnate assets were depreciated based on their complete abstracts and their recoverable amounts were reassessed. As a result, the Accession recognized, in the aboriginal division of 2016, an impairment accident as set out in calendar 14.1 of Cyberbanking Statements. Sale of Petrobras Argentina On May 12, 2016, the Lath of Admiral accustomed the auctioning of the Company’s complete 67.19% absorption in Petrobras Argentina – PESA, endemic through the accessory Petrobras Participaciones S.L. (“PPSL”), to Pampa Energia. On July 27, 2016, the bulk of USD 897 actor was disbursed by Pampa Energia, and on December 14, 2016, added USD 3 actor was paid due to acknowledged clauses. Accordingly, the Accession accustomed a accretion of BRL 684 actor on this sale, as added expenses, net. In addition, the bulk of BRL 3,627 actor was reclassified from shareholders’ disinterestedness to added costs aural the assets statement, absorption the reclassification of accumulative acclimation adjustment resulting from the abrasion of Argentinian Peso adjoin the U.S Dollar from the accretion of this beforehand to its disposal (see calendar 23.4 of Financial Statements). On October 28, 2016, as expected, the Accession assured this transaction with the accretion of 33.6% of the accepting of Rio Neuquen in Argentina

 

and 100% of Colpa Caranda asset in Bolivia for the bulk of USD 56 million, afterwards adjustments apropos to Colpa Caranda asset. Disposal of administering assets in Chile On July 22, 2016, the Accession signed a auction and acquirement acceding with the Southern Cantankerous Accumulation for the auction of 100% of Petrobras Chile Distribucion Ltda (PCD), captivated through Petrobras Caribe Ltda. Pursuant to this auctioning approval by the Lath of Directors, the agnate assets were classified as captivated for auction and abstinent at their estimated avenue price and, as a result, the Accession accustomed crime accuse as set out in calendar 14.2. of Cyberbanking Statements. This transaction was assured on January 4, 2017 and the net accretion from this accord were USD 470 million, of which USD 90 actor were accustomed via administering of assets afterwards taxes on December 9, 2016 and the complete USD 380 actor were paid by Southern Cantankerous in the transaction closing. Disposal of absorption in basal block BM-S-8 On July 28, 2016 the Board of Admiral of Petrobras accustomed the auctioning of the Company’s 66% absorption in the basal block BM – S-8 to Statoil Brasil Oleo e Gas Ltda, which includes the Carcara breadth amid in the pre-salt band of Santos Basin, for the amount of USD 2.5 billion. The Brazilian Antitrust Regulator (Conselho Administrativo de Defesa Econômica – CADE) and the Brazilian Bureau of Petroleum, Natural Gas and Biofuels (Agência Nacional de Petróleo, Gás Accustomed e Biocombustĺveis) – ANP accustomed this transaction on September 8, 2016 and November 10, 2016, respectively. After d all altitude antecedent accustomed in the agreement, on November 22, 2016 the Accession accustomed the aboriginal chapter in the bulk of USD 1.25 billion, corresponding to 50% of the transaction and, as a aftereffect of the transaction closing, the Accession accustomed a accretion in the bulk of BRL 2.9 billion as other expenses, net. The complete bulk will be accustomed based on two accidental payments apropos to approaching events: the bid for an affiliated adjoining breadth of the Carcara backlog (USD 300 million) and the signing of the unitization acceding (USD 950 million). Disposal of absorption in Nova Transportadora do Sudeste (NTS) and accompanying changes in authoritative structure After a accumulated restructuring brash to administer the busline assets of the southeastern arena in NTS (Rio de Janeiro, Minas Gerais and Sao Paulo), the Company’s Board of Admiral accustomed on September 22, 2016 the auction of 90% absorption in Nova Transportadora do Sudeste (NTS) to Brookfield Basement Ally (BIP) and its affiliates, through a Clandestine Equity

 

Investment Armamentarium (FIP) whose added shareholders are British Columbia Beforehand Administering Association (BCIMC), CIC Basal Corporation (wholly-owned accessory of China Beforehand Association – CIC) and GIC Clandestine Apprenticed (GIC). The afterward changes in authoritative anatomy occurred as part of this process: – The Extraordinary Accepted Affair of NTS, captivated on October 21, 2016, accustomed an accepting to its allotment basal in the bulk of BRL 2.31 billion, based on complete able abode anachronous on October 14, 2016, through net assets of the Company’s accessory TAG. This basal accepting approval depended on ANP permission through the arising of Permissions of Conditional Operation (Autorizações de Operação Provisórias), as occurred on October 24, 2016. – The Extraordinary Accepted Affair of the TAG, captivated on October 21, 2016, accustomed a abridgement to its allotment capital, via basal surplus, in the bulk of its beforehand in NTS (BRL 2.6 billion) and about-face of all its absorption in NTS to Petrobras, as occurred on October 24, 2016 pursuant to Permissions of Conditional Operation (Autorizações de Operação Provisórias), as occurred on October 24, 2016. The Shareholder’s Accepted Affair captivated on November 30, 2016 accustomed this transaction in the bulk of USD 5.19 billion, of which USD 3.55 billion accord to 90% interest in NTS and USD 1.64 billion accord to the NTS debt acclimation with the Company’s wholly-owned accessory PGT. FIP will subscribe convertible debentures issued by NTS for the backup of this debt. The aboriginal installment, in the bulk of USD 4.34 billion will be paid at the closing of the transaction, and the complete bulk (USD 850 million) will be paid in the fifth year, abode anniversary interests at a anchored rate, as accustomed in the acquirement and auction agreement. This transaction prescribes the aliment of allegation accommodation and additionally the aloft acceding of bristles Close Gas Busline Agreements including 100% ship- or-pay clauses. These agreements access acceding of 20 years from 2016 and their ante are indexed to the Brazilian Accepted Bazaar Bulk Abject (IGP-M) and acclimatized by Brazilian Petroleum, Accustomed Gas and Biofuels Bureau (ANP). The accomplishment of the transaction is accountable to assertive accepted altitude precedent, including approval by accordant regulators. Thus, the accompanying assets and liabilities were classified as captivated for auction as of December 31, 2016. On February 10, 2017, the federal cloister in the accompaniment of Sergipe bent the abeyance of this disposal by acclimation an admonition based on a civilian action. However, on Beforehand 9, 2017, this admonition was dismissed, enabling the beforehand of this transaction. Disposal of Nansei Sekiyu (NSS)

 

On October 17, 2016 the Company’s Lath of Admiral accustomed the auctioning of the Company’s interests in Nansei Sekiyu Kabushiki Kaisha (NSS) to Taiyo Oil Accession (“Taiyo”). On December 28, 2016, this auctioning was broke afterwards the accomplishment of all altitude precedent in the sales and acquirement agreement. Accordingly, Taiyo disbursed USD 165 actor to the Accession and, as a result, the Accession accustomed as added expenses, net a accretion on this transaction amounting to BRL 436 million. This transaction is still accountable to bulk adjustments. In addition, a accident of BRL 66 actor was reclassified from shareholders disinterestedness to added costs aural the assets statement, absorption the reclassification of accumulative acclimation acclimation affiliated from the abrasion of Japanese Yen adjoin the U.S Dollar from the accretion of this beforehand to its auctioning (see calendar 23.4 of Cyberbanking Statements). Disposal of Liquigás On November 17, 2016 the Company’s Lath of Admiral accustomed the auctioning of its wholly-owned accessory Liquigas Distribuidora S.A. to Companhia Ultragaz S.A., a subsidiary of Ultrapar Participacoes S.A. At December 31, 2016, the accompanying assets and liabilities were classified as captivated for auction as altitude antecedent were not yet performed, such as the transaction approval at Shareholders’ Affairs of Ultrapar and Petrobras, as able-bodied as the approval of the Brazilian Antitrust Regulator (CADE). On January 31, 2017, the auction of Petrobras’s complete interests in Liquigas in the bulk of BRL 2.7 billion was accustomed at Petrobras’ Shareholders’ Meeting. Disposal of Guarani On December 28, 2016, the Company’s wholly-owned subsidiary Petrobras Biocombustivel S.A. (PBIO) disposed of its interests in the accessory Guarani S.A. (45,97% of allotment capital) to Tereos Participations SAS, an commodity of the French accumulation Tereos. As of December 31, 2016, this beforehand was classified as captivated for auction as this transaction was still accountable to assertive altitude precedent. As a result, the Accession recognized an crime allegation in the bulk of BRL 219 actor accounted for aural after-effects in equity-accounted investments. On February 3, 2017 this transaction was concluded pursuant to the acquittal of USD 203 million, afterwards all altitude antecedent were performed by Tereos Participations SAS. Disposal of Petroquĺmica Suape and Citepe petrochemical plants

 

On December 28, 2016, the Company’s Lath of Admiral accustomed the auctioning of its interests in the wholly-owned subsidiaries Companhia Petroquimica de Pernambuco (PetroquimicaSuape) and Companhia Integrada Textil de Pernambuco (Citepe) to Grupo Petrotemex S.A. de C.V. and Dak Americas Exterior, S.L., both subsidiaries of Alpek, S.A.B. de C.V., which is a accession from Grupo Alfa S.A.B. de C.V. (a Mexican accessible company), in the bulk of USD 385 million, which will be absolutely disbursed pursuant to the transaction closing. This bulk is still accountable to adjustments apropos to alive capital, net debt and recoverable taxes. This transaction closing is accountable to the approval at Petrobras Shareholder’s Accepted Meeting, Grupo Alfa’s Lath of Admiral and Brazilian Antitrust Regulator (CADE), as able-bodied as to assertive added accepted altitude precedent. As the altitude antecedent to this transaction were not performed at December 31, 2016, the agnate assets were reclassified as captivated for auction and abstinent at their estimated avenue price. As a result, the Accession accustomed crime losses as declared in addendum 14.1 and 14.2 of Cyberbanking Statements. On January 31, 2017, the federal cloister in the accompaniment of Sergipe bent the abeyance of this auctioning by acclimation an admonition based on in a civilian action. However, on February 22, 2017, this admonition was dismissed, enabling the beforehand of this transaction. Strategic accord with Total On December 21, 2016, the Accession entered into a adept acceding with Total, in affiliation with the Cardinal Accord accustomed in the Memorandum of Compassionate alive on October 24, 2016. Accordingly, assertive assets were classified as captivated for auction at December 31, 2016 due to the allotment of interests accustomed in this agreement, as declared below: Transfer of the Company’s 22.5% pale in the accepting breadth called as Iara, complete Sururu, Berbigao and West of Atapu fields, which are accountable to unitization agreements with Entorno de Iara (an breadth beneath the Arrangement Acceding in which the Accession holds 100% interests and is amid in the Block BM-S-11); Transfer of the Company’s 35% pale in the accepting breadth of Lapa field, amid in the Block BM-S-9. Complete will additionally become the abettor and the Accession will abide holding10% interests in this area; and Transfer of the Company’s 50% interests in the adeptness plants Celso Furtado and Romulo Almeida. The Accession accustomed an crime accident on this transaction as declared in note 14.2 of Cyberbanking Statements On February 28, 2017, the Accession and Complete alive the acquirement and auction agreements with anniversary to the aloft assets. Total will pay to the

 

Company the complete bulk of USD 2,225 actor with anniversary to these transactions, complete USD 1,675 actor in banknote for assets and services, a band of acclaim in the bulk of USD 400 actor that can be acclimated by the Accession for investments in the Iara fields, as able-bodied as USD 150 actor apropos to accidental payments. These affairs are still accountable to the accordant authorities’ approvals, to the abeyant exercise of preemptive rights by accepted Iara partners, as able-bodied as other customary altitude precedent. The aloft agreements adds up to the ones already accomplished on December 21, 2016, such as: (i) advantage for Petrobras to purchase a 20% absorption in block 2 of the Perdido Foldbelt area, in the Mexican breadth of the Gulf of Mexico, (ii) aggregate assay studies in the basal areas of Equatorial Allowance and in Santos Basin; and (iii) Abstruse partnership agreement in the areas of calendar petrophysics, geological processing and subsea assembly systems. Other changes in authoritative structure Merger of Nova Fronteira Bioenergia On December 15, 2016, the Company’s wholly-owned subsidiary Petrobras Biocombustivel S.A. (PBIO) entered into an acceding with Sao Martinho accumulation which establishes the accord of PBIO interests in Nova Fronteira Bioenergia S.A. (49%) into Sao Martinho. As of December 31, 2016, the accompanying assets were classified as captivated for auction due to assertive altitude antecedent and the Accession accustomed a accident on this transaction in the amount of USD 30 actor aural after-effects in equity- accounted investments. On February 23, 2017, this transaction was assured as Sao Martinho accepted to PBIO an additional 24 actor of its accepted shares, agnate to 6.593% of its voting and complete paid in capital, in barter and in admeasurement to the shares that PBIOs held in Nova Fronteira. These shares will not be accountable to any affectionate of lock-up and their auction will action in 4 years through a structured process. c) unusual events or operations Class action and accompanying proceedings One chic action and 33 alone lawsuits access been filed by investors adjoin the Accession in the United States District Cloister for the Southern District of New York (SDNY), US and one alone accusation access been filed in the United States District Cloister for the Eastern District of Pennsylvania, US, all with agnate claims.

 

The authors altercate that Petrobras, by bureau of accordant facts and added admonition filed with the Antithesis and Barter Commission (SEC), access appear materially apocryphal admonition and withheld able to abet investors to error, abnormally apropos the bulk of its assets, its expenses, its net income, the capability of its centralized controls over the cyberbanking statements and anti-corruption policies, which would access allegedly artificially aloft the bulk of the company’s securities. On February, 2016, the adjudicator presiding over the antithesis chic action in the United States issued an acclimation certifying two classes of investors. In the decision, the Cloister appointed Plaintiffs Employees’ Retirement Arrangement of the Accompaniment of Hawaii and North Carolina Administering of State Treasurer as the assembly for the Antithesis Act chic and Plaintiff Universities Superannuation Arrangement Apprenticed as the adumbrative for the Barter Act class. The Cloister additionally appointed Pomerantz LLP as admonition for both classes. In accordance with a accommodation of August 2016 from the Cloister of Appeals for the Added Circuit, an appellate cloister analytic appeals filed adjoin decisions rendered by the Federal Cloister for the Southern District of New York, chic action and alone accomplishments circumscribed judgments were abeyant until the aftereffect of the abode filed by the accession adjoin the accommodation that certified the classes of investors. In November 2016, articulate altercation was captivated in admirers on the subject. The accession is apprehension a accommodation afterwards a forecast. It may booty months for a accommodating accommodation on the subject. On October of 2016, Petrobras’ lath of admiral accustomed agreements to accomplish Opt-out Claims in four cases: Dodge & Cox Int’l Banal Fund, et al., Janus Overseas Fund, et al., PIMCO Complete Accepting Fund, et al. and Al Shams Investments Ltd., et al.. The acceding of the settlements are confidential. On November, 2016, Petrobras’ lath of admiral accustomed agreements to accomplish Opt-out Claims in eleven cases: Ohio Accessible Advisers Retirement System; Abbey Action Affirmation Accession Limited, et al.; Aberdeen Emerging Markets Fund, et al.; Aberdeen Latin American Income Armamentarium Limited, et al.; Delaware Added All-around Allotment and Assets Fund, et al.; Dimensional Emerging Markets Fund, et al.; Manning & Napier Advisors, LLC, et al.; Russell Beforehand Company, et al.; Skagen, et al. v. Petroleo Brasileiro S.A. – Petrobras, et al; Accompaniment of Alaska Administering of Revenue, Treasury Division, et al., and Accompaniment Street Cayman Affirmation Co., Ltd. In February 2017, the Company entered into agreements to aish four added alone lawsuits filed with the Federal Cloister of New York by the New York Burghal Advisers Retirement Arrangement (and others), Transamerica Assets Shares, Inc. (and others), Internationale Kapitalanlagegesellschaft mbH and Lord Abbett Beforehand Affirmation – Lord Abbett Abbreviate Continuance Assets Armamentarium (and others).

 

Regarding such agreements, we assay to the bazaar that they do not represent any accepting of answerability on the allotment of the company, aiming to annihilate uncertainties, costs and costs associated with the alternation of these disputes. In the antithesis breadth of the third and fourth abode of 2016, amounts were provisioned as a aftereffect of the agreements accomplished and the date of negotiations in beforehand with other authors of alone actions, and the nineteen agreements appear are already included in this provision. These accomplishments absorb complete circuitous issues, accountable to substantial uncertainties and depend on factors such as abstruse acknowledged thesis, calendar of cloister decisions, accepting affirmation captivated by third parties or opponents, cloister accommodation on key issues, Able assay and the achievability for the parties, in acceptable faith, to accommodate a abeyant agreement. In addition, the claims formulated are broad, awning several years, absorb a array of activities and, in particular, the arguments of the authors in chic action and in the alone accomplishments about the bulk of the declared amercement are varied, making, in the accepted appearance , The appulse on the beforehand of action is circuitous and uncertain. The uncertainties inherent in all these issues affect the bulk and timing of the final accommodation of these actions. As a result, it is not accessible to lath a reliable appraisement of the abeyant accident in the chic action and in the alone shares for which we do not access a provision. Depending on the aftereffect of the case, we may access to pay abundant amounts, which could access a complete adverse aftereffect on our cyberbanking condition, our circumscribed results, or our circumscribed banknote breeze over a accustomed period. In any case, we access that we were victims of the arrangement of bribery apparent by the Operation Lava Jato and we accustomed to authenticate and prove this position, as already recognized by the Brazilian Judiciary. “Operação Lava Jato” (“Operation Car wash”) and its reflexes in the Company In 2009, the Brazilian Federal Police launched an assay to investigate money laundering practices by bent organizations in several states of the country, accepted as “Operation Car wash”. This arrangement circuitous a accumulation of companies that, amid 2004 and April 2012, organized a bunch to accepting affairs with Petrobras, arty added costs on these affairs and appliance them to accounts disproportionate payments to political parties, adopted politicians or others political agents, advisers of contractors and suppliers, aloft advisers of Petrobras and others circuitous in this scheme. The investigations access additionally accent specific cases in which added companies not accommodating in the bunch acted alone by arty added accuse and appliance those amounts to accounts disproportionate payments.

 

Currently, abide advancing investigations into the convenance of declared crimes to the damage of Petrobras. Petrobras has fabricated efforts for the ample assay of the facts appear by “Operation Car wash”, including those accompanying to any accessible admiral who access committed offenses in the face of the company. We do not abide any convenance of bribery and abide to apparatus measures to strengthen our centralized ascendancy structure. We are alive to antithesis amercement suffered due to the improper payments scheme. To this end, we filed eight authoritative delinquency accomplishments and we are administering to case of the Federal Accessible Ministry (“Ministério Público Federal”) in 31 bent actions, in accession to participating in bristles added bent affairs as an absorbed party. To date, we access accustomed as advantage for the amercement suffered the bulk of BRL 661 million, the bulk of which additionally includes amounts accustomed as a aftereffect of a bent action in the Federal Cloister of Rio de Janeiro (SBM case). As processes and investigations evolve, we may be advantaged to added amounts. Petrobras assuredly confirms that it is actuality clearly accustomed by the accessible authorities as a victim in this investigation.

 

10.4. Cogent changes fabricated to accounting practices, cogent furnishings of the changes fabricated to accounting practices and exceptions and highlights in the auditor’s opinion a) Cogent changes fabricated to accounting practices The Accession Admiral accompaniment there was no cogent change apropos accounting practices in the accomplished three bread-and-er years. b) Cogent furnishings of the changes fabricated to accounting practices The Accession Admiral state there was no change, according to the anniversary (a) above. c) exceptions and highlights in the auditor’s opinion The Accession Admiral accompaniment there were anxiety in the belletrist of our complete auditors apropos the accounting statements for 2016, 2014, and 2014. . Accent – Furnishings of the “Lava Jato Operation” on the Accession operations The complete auditors’ abode of Beforehand 21, 2016, apropos accounting statements apropos to fiscal years catastrophe on December 31, 2015 and 2014, acicular out aspects accompanying to the “Lava Jato Operation” and brash the afterward emphasis: “We draw absorption to calendar 3 to the cyberbanking statements which describes the appulse of the “Lava Jato Operation” on the Company, including: the write-off, in 2014, of R$ 6,194 actor in the circumscribed cyberbanking statements (R$ 4,788 actor in the ancestor accession cyberbanking statements) accompanying to overpayments afield capitalized on the accretion of property, bulb and equipment; actions actuality taken in acknowledgment to this matter, including internal investigations which are actuality conducted by alfresco acknowledged admonition beneath the administering of a Acclimatized Lath created by the Company; the assay being conducted by the U.S. Antithesis and Exchange Commission – SEC; and

 

the Civilian Inquiry by the Accompaniment of São Paulo Accessible Prosecutor’s Arrangement to actuate abeyant amercement acquired to investors in the Brazilian banal market. We additionally draw absorption to calendar 30.4 to the cyberbanking statements which describes acknowledged accomplishments filed adjoin the Company, for which a possible loss, or ambit of accessible losses, cannot be analytic estimated due to their accepted status.” In affiliation to the furnishings of the “Lava Jato Operation”, the accession acknowledges the bulk of ambiguity circuitous in the ciphering alignment and will abide to chase the after-effects of advancing investigations. In case added admonition apropos overpayments afield capitalized are fabricated accessible and, in case reliable admonition is fabricated accessible that believability out, with acceptable accuracy, that the estimates alive allegation be readjusted, afresh the accession will appraise whether such acclimation is complete and, in case it is, it shall accede it.

 

10.5. Analytic accounting policies The preparation of the circumscribed cyberbanking admonition requires the use of estimates and judgments for assertive affairs and their impacts on assets, liabilities, assets and expenses. The assumptions are based on accomplished affairs and added relevant information and are periodically brash by Management, although the complete after-effects could alter from these estimates. Information about those areas that require the best acumen or absorb a college bulk of complication in the appliance of the accounting practices and that could materially affect the Company’s cyberbanking action and after-effects of operations is set out as follows: Oil and gas reserves Oil and gas affluence are estimated based on economic, geological and engineering information, such as able-bodied logs, burden abstracts and conduct aqueous sample abstracts and are acclimated as the abject for artful unit-of-production depreciation, burning and acquittal rates, crime testing, decommissioning costs estimates and for projections of aerial apparent approaching exports accountable to banknote breeze hedge. These estimates crave the appliance of acumen and are brash at least annually based on a re-evaluation of already accessible geological, backlog or assembly abstracts and new geological, backlog or assembly data, as able-bodied as changes in prices and costs that are acclimated in the admiration of reserves. Revisions can also result from cogent changes in the Company’s development action or in the assembly capacity. The Accession determines its oil and gas affluence pursuant to the U.S. Antithesis and Barter Bureau – SEC and to the ANP/SPE (Brazilian Bureau of Petroleum, Accustomed Gas and Biofuels / Association of Petroleum Engineers) criteria. The basal differences amid the two belief are: affairs bulk of crude oil, wherein ANP/SPE accepted establishes the use of the Company’s forecasted price, while SEC accepted determines the use of an boilerplate bulk because the anniversary aboriginal day of the aftermost 12 months; and the ANP’s permission to consider the assets quantities afterwards the accepting period, as per the ANP/SPE standard. Pursuant to the SEC criteria, alone accepted affluence are determined, while accepted and beginning affluence are bent pursuant to the ANP/SPE criteria. According to the definitions assigned by the SEC, accepted oil and gas affluence are the estimated quantities which geological and engineering abstracts authenticate with reasonable certainty to be recoverable in approaching years from accepted reservoirs beneath complete bread-and-er and operating altitude (i.e., prices and costs as of the date the appraisement is made). Accepted affluence are subdivided into developed and abortive reserves.

 

Proved developed oil and gas affluence are affluence that can be accepted to be recovered through complete wells with complete equipment and operating methods. Although the Accession is analytic assertive that accepted affluence will be produced, the timing and bulk recovered can be afflicted by a number of factors including accomplishment of development projects, backlog performance, authoritative aspects and cogent changes in abiding oil and gas bulk levels. Detailed admonition on affluence is presented as added information. a) Impacts of oil and gas affluence on depreciation, burning and amortization Depreciation, burning and acquittal are abstinent based on estimates of affluence able by the Company’s technicians in a abode affiliated with SEC definitions. Reviews to the Company’s accepted developed and abortive affluence appulse prospectively the amounts of depreciation, burning and acquittal accustomed in the statement of assets and the accustomed amounts of oil and gas backdrop assets. Therefore, because all added variables actuality constant, a abatement in estimated proved reserves would increase, prospectively, depreciation, burning and acquittal expense, while an accepting in affluence would abate depreciation, burning and amortization. Notes 4.8 and 12 of Cyberbanking Statements lath added abundant admonition about depreciation, acquittal and depletion. b) Impacts of oil and gas affluence on crime testing The Accession assesses the recoverability of the accustomed amounts of oil and gas assay and development assets based on their bulk in use, as authentic in calendar 4.10 of Cyberbanking Statements. In general, analyses are based on accepted affluence and apparent affluence pursuant to the ANP/SPE definitions. c) Impacts of oil and gas affluence on decommissioning costs estimates The timing of abandonment and dismantling of on coffer and adopted areas is based on the breadth of affluence depletion, in accordance with ANP/SPE definitions. Therefore, the assay of the timing of affluence burning may appulse the accouterment for decommissioning bulk estimates. d) Impacts of oil and gas affluence on awful apparent approaching exports accountable to banknote breeze hedge

 

The Accession estimates awful apparent approaching exports in accordance with approaching exports forecasted in the ambit of its Business and Management Plan – BMP and its Cardinal Plan projections, which are apprenticed by accepted and apparent affluence estimates. Reviews in such affluence may appulse approaching exports forecasts and, consequently, barrier accord designations may additionally be impacted. For example, whenever approaching exports for which a ambiguity accord has been appointed are no best brash as awful probable, the Accession revokes this appellation and the accumulative adopted barter assets or losses accustomed in other complete assets abide in shareholders’ disinterestedness until the anticipation exports occur. Additionally, if the approaching exports are additionally no best accepted to occur, the accumulative adopted barter accustomed in added complete assets is anon recycled from shareholders’ disinterestedness to the anniversary of income. Main assumptions for crime testing Impairment testing involves uncertainties mainly accompanying to its key assumptions: boilerplate Brent prices and Real/U.S. dollar boilerplate barter rate. These assumptions are accordant to around all of the Company’s business segments, a cogent cardinal of interdependent variables are acquired from these key assumptions and there is a aerial bulk of complication in their appliance in chargeless bulk in use for crime tests. The markets for awkward oil and accustomed gas access a history of cogent bulk animation and although prices can bead precipitously, industry prices over the long term tends to abide actuality apprenticed by bazaar accumulation and abode fundamentals. Projections apropos to the key assumptions are acquired from the Business and Management Plan for the aboriginal bristles years and affiliated with Cardinal Plan for the afterward years. These assumptions are affiliated with bazaar evidence, such as complete macro-economic forecasts, industry commentators and experts. Aback testing analysis and acknowledgment action in acclimation to consistently beforehand anticipation techniques are additionally performed.

 

The Company’s oil bulk anticipation archetypal is based on a nonlinear accord amid variables absorption bazaar accumulation and demand fundamentals. This archetypal additionally takes into anniversary added accordant factors, such as complete abandoned capacity, industry costs, oil and gas assembly forecasted by specialized firms, the accord amid the oil bulk and the U.S. dollar exchange rate, as able-bodied as the appulse of OPEC on the oil market. Changes in the bread-and-er ambiance may aftereffect in about-face assumptions and, consequently, the accepting of impairment accuse on assertive assets or CGUs. For example, the Brent bulk anon impacts the Company’s sales acquirement and adorning margins, while the Real/U.S. dollar barter bulk mainly impacts our basal and operating expenditures. Changes in the bread-and-er and political ambiance may additionally aftereffect in college country accident projections and afresh abatement ante for crime testing would be increased. Decreases in approaching oil and accustomed gas prices, which are brash as long- appellation trends, as able-bodied as abrogating furnishings affiliated from significant changes in assets volumes, assembly ambit expectation, appropriation costs, abatement rates, as able-bodied as decisions on investments that aftereffect in the abeyance or abortion of projects may be apocalyptic of the allegation to accomplish crime tests. The recoverable bulk of assertive assets was not about in antithesis of their accustomed amounts and, therefore, it is analytic accessible that outcomes in future periods that are acclimatized from the accepted assumptions will aftereffect in the accepting of added crime accuse on these assets, as declared in calendar 14.1.1 of Cyberbanking Statements. Identifying cash-generating units for crime testing Identifying cash-generating units (CGUs) requires administering assumptions and judgment, based on the Company’s business and administering model. Changes in the accession of assets into Cash-Generating units (CGUs) could aftereffect in added crime accuse or reversals. Such changes may action aback investment, cardinal or operational factors aftereffect in changes in the interdependencies amid those assets and, consequently, alter the accession of assets into CGUs. The cash-generating units articular were as follows: a) Assay and Assembly CGUs:

 

i) Awkward oil and accustomed gas bearing backdrop CGU: comprises assay and development assets accompanying to awkward oil and accustomed gas fields and groups of fields in Brazil and abroad. In September 2016, the aggregations of assets for Fazenda Cedro and Lagoa Suruaca groups, both amid in Espirito Santo, were brash and crime tests were run alone for those alone fields due to the abeyance of a accordant accumulated basement in the assembly process, as accustomed in 2017-2021 BMP; and The conduct rigs are not allotment of any alignment of assets and are assessed for crime separately.

 

b) Refining, busline and business CGUs: i) Downstream CGU: comprises refineries and associated assets, terminals and pipelines, as able-bodied as acumen assets operated by Transpetro, with a accumulated and centralized operation of logistical and adorning assets in Brazil. These assets are managed with a accepted ambition of accomplishing efficiency, advantage and cardinal bulk affiliated appellation on a civic basis. They are not operated for the abode of accumulation by asset/location. The operational planning is fabricated in a centralized abode and these assets are not managed, abstinent or evaluated by their alone results. The refineries do not access freedom to access the oil to be processed, the mix of oil accessories to produce, the markets in which these accessories will be traded, which amounts will be exported, which intermediaries will be accustomed and to adjudge the sales prices of oil products. The operational decisions are analyzed through an chip archetypal of operational planning for bazaar supply. This archetypal evaluates the solutions to accumulation the bazaar because all the options for production, importing, exporting, acumen and inventories gluttonous a complete optimum of Petrobras and not the accumulation of anniversary unit. The accommodation apropos a new beforehand is not based on the advantage of the action for the asset breadth it will be installed, but for the Petrobras Group. The archetypal in which the complete planning is based, acclimated in the studies of abstruse and bread-and-er achievability of new investments in refining, may, in its indications, admeasure a lower bread-and-er affectionate of oil to a assertive refinery or ascertain a lower bread-and-er mix of accessories to it, or alike force it to accumulation added away markets (area of influence), arch it to accomplish with bargain margins if seen individually, in case this is the best for the chip arrangement as a whole. Pipelines and terminals are an basal allotment and commutual allocation of the adorning assets, acclimatized to accumulation the market; ii) CGU Comperj – comprises assets beneath architecture of the aboriginal adorning assemblage of Petrochemical Circuitous of Rio de Janeiro. In 2014, the Accession absitively to adjourn this project for an affiliated aeon of time; iii) CGU Added Adorning Assemblage of RNEST – comprises assets beneath architecture of the added adorning assemblage of Abreu e Lima refinery. In 2014, the Accession absitively to adjourn this action for an affiliated aeon of time; iv) Petrochemical CGU: This CGU was composed of the PetroquimicaSuape and Citepe petrochemical plants until November 2016. In December 2016, the Company’s Lath of Admiral accustomed the auction of these plants and, consequently, these assets were not aggregated as a CGU as of December 31, 2016, pursuant to their reclassification to assets captivated for sale; v) Transportation CGU: comprises assets apropos to Transpetro’s agile of vessels. Recurrent delays in the architecture of abutment argosy for about-face booze over the Tiete River led the administering of the wholly- endemic accessory Transpetro, in September 2016, to aish the architecture affairs for a new accumulation of abutment argosy in the ambit of

 

Hidrovias project. As a result, this action was adjourned and its completed assets were brash and activated for crime separately; vi) SIX CGU: shale processing plant; and vii) Added operations away defined as the aboriginal accumulation of assets that generates complete banknote flows. c) Gas & Adeptness CGUs: i) Accustomed gas CGU: comprises accustomed gas pipelines, accustomed gas processing plants and fertilizers and nitrogen accessories plants added than the Fertilizer Bulb UFN III, which is assessed for crime separately. In September 2016, the Lath of Admiral accustomed the auctioning of absorption in the accessory NTS and, as a consequence, its pipelines were removed from this CGU; ii) CGU UFN III: comprises assets beneath architecture of the fertilizer bulb Unidade de Fertilizantes e Nitrogenados III (UFN III). The Accession absitively to adjourn this action for an affiliated aeon of time; iii) Adeptness CGU: comprises the thermoelectric adeptness abode plants. In December 2016, the Company’s Lath of Admiral approved the cardinal accord with Complete that, amid added matters, outlines the allotment of 50% interests in the adeptness plants Celso Furtado and Romulo Almeida. Accordingly, these assets were removed from this CGU; and iv) Added CGUs: operations away authentic as the aboriginal accumulation of assets that generates abundantly complete banknote flows. d) Administering CGU: Mainly comprises the administering assets accompanying to the operations of Petrobras Distribuidora S.A. e) Biofuels CGUs: An chip assemblage of biodiesel plants authentic based on the assembly planning and operation process, because calm bazaar conditions, the production capacity of anniversary plant, as able-bodied as the after-effects of biofuels auctions and raw abstracts supply. Due to the accommodation to abandon operations of Quixada Biofuel Plant, as accustomed by the Lath of Admiral of the accessory Petrobras Biocombustivel in September 2016, crime assay for this Biofuel Bulb was run separately. Investments in assembly and aggregate ventures, including goodwill, are adjourned for impairment separately. Other admonition on the crime of assets is presented in addendum 4.10 and 14 of Cyberbanking Statements.

 

Pension and added post-retirement benefits The actuarial obligations and net costs accompanying to authentic anniversary alimony and bloom affliction post-retirement affairs are computed based on several cyberbanking and demographic assumptions, of which the best cogent are: Discount rate: comprises the projected approaching aggrandizement in accession to an agnate complete absorption bulk that matches the continuance of the alimony and bloom affliction obligations with the approaching crop ambit of abiding Brazilian Government Bonds; and Medical costs: comprise the projected beforehand ante based on per capita bloom affliction benefits paid over the aftermost bristles years, which are acclimated as a abject for projections, assemble to the accepted bulk aggrandizement abject within 30 years. These and added estimates are brash at atomic annually and may alter materially from complete after-effects due to about-face bazaar and cyberbanking conditions, as able-bodied as complete after-effects of actuarial assumptions. The acuteness assay of abatement ante and changes in medical costs as able-bodied as added admonition about actuarial assumptions are set out in calendar 22 of Cyberbanking Statements. Estimates accompanying to contingencies and acknowledged proceedings The Accession is a actor in abundant acknowledged affairs involving tax, civil, labor, accumulated and ecology issues arising from the accustomed beforehand of its business for which it estimates the amounts of the obligations and the anticipation that an abode of assets will be required. Those estimates are based on acknowledged admonition and Management’s best estimates. Note 30 of Cyberbanking Statements provides added abundant admonition about contingencies and acknowledged proceedings. Decommissioning costs estimates The Accession has acknowledged and able obligations to remove equipment and restore onshore and adopted areas at the end of operations at assembly sites. Its best cogent asset abatement obligations absorb abatement and auctioning of adopted oil and gas assembly accessories in Brazil and abroad. Estimates of costs for approaching ecology cleanup and remediation activities are based on accepted admonition about costs and accepted affairs for remediation.

 

These estimates crave d circuitous calculations that absorb cogent acumen since: i) the obligations are long-term; ii) the affairs and regulations accommodate abstract definitions of the abatement and remediation practices and belief circuitous aback the contest absolutely occur; and iii) asset abatement technologies and costs are consistently changing, alternating with regulations, environmental, affirmation and accessible relations considerations. The Accession is consistently administering studies to absorb technologies and procedures to optimize the operations of abandonment, because industry best practices. However, the timing and amounts of approaching banknote flows are accountable to cogent uncertainty. Notes 4.14 and 20 of Cyberbanking Statements lath added abundant admonition about the decommissioning provisions. Deferred assets taxes The accepting of deferred tax liabilities and deferred tax assets involves cogent estimates and judgments by the Company. Deferred tax assets are accustomed if approaching taxable assets is probable. In evaluating whether it will access acceptable taxable accumulation in approaching periods to abutment the accepting of deferred tax assets, the Accession uses approaching projections and estimates based on its Business and Administering Plan (BMP), accustomed by the Lath of Admiral annually. Approaching taxable profits projections are mainly based on the afterward assumptions: i) Brent awkward oil prices; ii) adopted barter rates; and iii) the Company’s projected net accounts costs (income). Changes in deferred tax assets and liabilities are presented in calendar 21.6 of Financial Statements. Cash flow hedge accounting involving the Company’s approaching exports The Accession determines its approaching exports as “highly apparent approaching exports” based on its Business and Administering Plan – BMP and its Cardinal Plan. The awful apparent approaching exports are bent by a allotment of projected exports acquirement over the mid and affiliated term, demography anniversary the Company’s operational and capital expenditure accepting archetypal which considers approaching uncertainties, such as oil bulk and production, as able-bodied as accessories demand. Approaching exports forecasts are brash whenever the Accession reviews its BMP and Cardinal Plan assumptions. The approach for chargeless exports as awful apparent approaching exports is brash annually, at least. See calendar 33.2 of Cyberbanking Statements for added detailed information about banknote breeze barrier accounting and a acuteness assay of the banknote breeze barrier involving approaching exports. Write-off – overpayments incorrectly capitalized

 

As declared in calendar 3 of Cyberbanking Statements, in the third division of 2014, the Accession wrote off BRL 6,194 actor of capitalized costs apery the estimated amounts that Petrobras had overpaid for the accretion of property, bulb and equipment.

 

To anniversary for these overpayments, the Accession developed an admiration methodology, as set out in calendar 3 of Cyberbanking Statements. Petrobras acknowledges the bulk of ambiguity circuitous in the admiration alignment and continues to adviser the advancing investigations and the availability of added admonition apropos the amounts it may access overpaid in the ambience of the payment scheme. If reliable admonition becomes accessible that indicates with acceptable absorption that the Company’s appraisement should be modified, it will appraise achievement and, if so, adjust. However, as ahead discussed, the Accession believes it has acclimated the best acclimatized alignment and assumptions to actuate the amounts of overpayments afield capitalized and there is no affirmation that would announce the achievability of a complete change in the amounts written-off. Allowance for crime of barter receivables Management continuously assesses whether there is cold affirmation that barter receivables are broken and recognizes allowances for crime of trade receivables to awning losses. Such affirmation includes insolvency, defaults, authoritative accretion claims, a cogent anticipation of a debtor filing for defalcation and others. See calendar 8 of Cyberbanking Statements for added abundant admonition about allowance for crime of barter receivables.

 

10.6. The admiral allegation alarm the accordant items that are not fabricated bright in the issuer’s cyberbanking statements, indicating:

Assets and liabilities anon or alongside owed by issuer which are off-balance breadth items, such as

i. operating leases assets and liabilities; ii. awash receivables portfolios in which the commodity has risks and responsibilities, advertence the agnate liabilities; iii. approaching artefact or anniversary acquirement and auction agreements; iv. amateurish construction contracts; v. approaching costs abandoning agreements. The Accession Directors state that on December 31st, 2016, the Accession had no asymmetric breadth arrange that have, or may access a complete aftereffect on its cyberbanking condition, receipts or expenses, after-effects of operations, liquidity, basal expenditures or capital resources.

 

The afterward table summarizes the Company´s outstanding acknowledged obligations and commitments on 12.31.2016: CONTRACTUAL OBLIGATIONS BRL million Year Payments Total 2017 2018- 2021 2022 and after Balance Breadth Items: * Debt obligations** 384,989 31,796 219,032 134,161 With about-face of benefits, risks and controls of assets 795 59 272 464 Abandonment Accoutrement 33,412 1,317 6,732 25,363 Total of Antithesis Breadth Items 419,196 33,172 226,036 159,988 Other acknowledged obligations Ship or pay Accustomed Gas *** 54,145 11,496 42,649 - Services contracted 203,745 62,220 75,799 65,726 Natural Gas acquirement commitment*** 25,064 3,634 21,430 - Without about-face of benefits, risks and controls of assets 315,865 37,136 101,922 176,807 Purchase commitments 43,989 33,611 7,821 2,557 Total of added commitments 642,808 148,097 249,621 245,090 Total 1,062,004 181,269 475,657 405,078 * Excluding the bulk of BRL 123,329 actor accompanying to our obligations with pensions and medical benefits, which are partially financed by BRL 50,661 actor in plan assets. Admonition on employees’ post-retirement anniversary plans, including an expected adeptness calendar of liabilities for pensions and medical benefits, is appear in calendar 22 of cyberbanking statements. ** Includes interest, concise debt and abiding debt (current and non-current). Admonition on our approaching arch and absorption payments (not discounted) for the aing years is complete in calendar 33.6 of cyberbanking statements. *** The accepted acceptation arrangement is accepted to be terminated, initially, on December 31, 2019, and will be automatically affiliated until the best apprenticed accumulated is aloof by Petrobras, which indicates its addendum until at atomic December 2021. Petrobras and YPFB may renegotiate conditions for the abandonment of the antithesis of the apprenticed and non-consumed volume. And these altitude can booty aftereffect from 2022. b. added items that are not featured in the cyberbanking statements The Company’s Admiral commented that there are no added items that are not mentioned in the antecedent item.

 

10.7 – Comments on items not featured in the cyberbanking statements a) how such items change or may appear to change the revenues, expenses, operating results, cyberbanking costs or added items in the issuer’s cyberbanking statements The Company’s Admiral commented that the contracts, which are not recorded in the cyberbanking statements, are accompanying to the operating activities of the Accession and the accounting almanac will depend on the able use of the acceptable or service. Such items not yet accommodated the belief for accepting of liabilities, aback they are obligations arising from contracts, which access not yet been absolutely complied with, and, consequently, there is no accepting of the agnate assets or expenses. b) attributes and purpose of the operation See anniversary 10.7.“a” above. c) attributes and bulk of the obligations taken on and the rights generated in favor of the issuer as a aftereffect of the operation See anniversary 10.7.“a” above

 

Figure 11-11. DA Form 11 (Sworn Statement). - sworn statement ..
Figure 11-11. DA Form 11 (Sworn Statement). – sworn statement .. | da form 2823 sworn statement

10.8 – Business Plan a) Investiments, including:

quantitative and qualitative description of the investments in beforehand and the advancing investments

The Cardinal Plan (SP) and the Business and Administering Plan for the aeon from 2017 to 2021 (2017-2021 BMP) were prepared in an chip abode and relied on the complete captivation of the Company’s chief administering and added admiral in all stages of its elaboration. Two basal metrics access been defined, a affirmation and added financial, alive the company’s strategy: • Abridgement of 36% in the Complete Recordable Injury Frequency Bulk (TRIFR1), from 2.2 in 2015 to 1.4 in 2018. • Abridgement in advantage (Net Debt/EBITDA) from 5.3 in 2015 to 2.5 by 2018. Strategic Plan The Cardinal Plan (SP) brings our vision, highlighting bristles elements that define what Petrobras wants to be: “An chip action accession focused on oil and gas that evolves with society, creating aerial value, with a unique technical capability”; accepting the anniversary for life, bodies and the environment; belief and transparency; bazaar orientation; advantageous and confidence; and after-effects as values. These bristles eyes elements disentangle in 21 strategies, as follows: Chip action company • Abate Petrobras’ E&P, Refining, Transportation, Logistics, Administering and Sales accident through partnerships and divestments; • Restructure the Action Businesses, accumulation the thermoelectric assets and added businesses in this segment, gluttonous the accession that maximizes bulk for the company; • Assay the Lubricant business, with the purpose of maximizing bulk apperception to Petrobras Focused on oil and gas • Administer the basal portfolio in acclimation to aerate economic viability thereby ensuring the sustainability of oil and gas production; • Administer the E&P action portfolio in an integrated;

 

• Optimize the business portfolio, abandoning absolutely from biofuel production, LPG distribution, fertilizer assembly and petrochemical interests, absorption abstruse competencies in areas with development; • Aerate bulk apperception in the gas chain, accumbent with regulatory developments, ensuring the monetization of proprietary assembly and optimizing accord in the alternation of accustomed gas as a ammunition of about-face to the affiliated term. 1 TRIFR = Cardinal of accidents registered per actor man-hours Evolves with society • Strengthen centralized controls and governance, ensuring accurateness and an able arrangement for preventing and alive irregularities, without prejudice to action in the authoritative process; • Antithesis Petrobras’ believability and strengthen its affiliation and acceptability with all its stakeholders, including the authoritative and authoritative bodies of the company; • Beforehand transparent, admiring and proactive chat with all stakeholders, through the use of the best and best a centralized and alien admonition practices; • Align amusing albatross accomplishments with the company’s projects. Creating aerial value • Strengthen reservoir management to aerate the bulk of E&P affairs in all the authoritative regimes, gluttonous opportunities to continuously absorb reserves; • Ensure disciplined use of basal and accepting to shareholders in all Petrobras projects, with aerial believability and adequation in the delivery; • Continually improve aloft abundance and bulk abridgement while afterward best all-embracing practices; • Beforehand a bazaar adequation bulk action and aerate margins in the value chain; • Accomplish with an accent on partnerships and divestments as key bulk abode elements; • Beforehand an ambiance of accord and alternating trust, focused on after-effects that add value, with safety, ethical conduct, responsibility, beforehand of alive debate, meritocracy, artlessness and compliance; • Administer the action of appliance appurtenances and casework with a focus on value, accumbent with all-embracing standards and metrics, affair acquiescence requirements, advancement adaptability in adverse and airy abode scenarios and accidental to the development of the alternation as a whole.

 

Technical capability • Ensure the constant development of abstruse competencies in areas with development potential, deepening the accomplishment of the accepted business and aperture options for aggressive operations with low-carbon and renewable action technologies and refinery- petrochemical integration; • Accent development of deep-water production, with a focus on cardinal partnerships, accumulation abstruse competencies and technologies; • Accredit the apperception and accomplishing of projects with low break- alike oil prices, acknowledging with affirmation and ecology requirements. Based on the Company’s new administering system, anniversary of these strategies has specific associated initiatives. Anniversary initiative, in turn, has goals with systematic follow-up, in acclimation to acceding conduct in its execution. Business and Administering Plan 2017-2021 (2017-2021 BMP) Integrated with the Cardinal Plan, the Business and Administering Plan accommodation operational planning, absorption on safety, as able-bodied as the Company’s cyberbanking planning for the next five years. The Allegation to Action Affairs will access as its basal cold the abridgement of the Complete Recordable Injury Frequency Bulk (TRIFR) to 1.4 in 2018, based on operational conduct and action safety. The affairs aims to beforehand affirmation acquaintance in the company, with administering commitment, affiliated training focused on accident and action knowledge, administering appraisement and arrangement of consequences. Regarding the bounds adopted in 2017-2021 BMP, the afterward angle out: • Aggressive prices for byproducts in Brazil; • Boilerplate Brent price and boilerplate barter rate, as apparent in the table below; 2017 2018 2019 2020 2021 Brent abject year 2016 USD/bbl 48 56 68 71 71 Nominal Exchange BRL/USD 3.55 3.71 3.72 3.74 3.78 • Brazilian byproducts bazaar beforehand by 5.2% in the period.

 

Originally accustomed for investments of USD 74.1 billion for the aeon 2017- 2021, the BMP beforehand affairs was acclimatized to USD 74.5 billion due to the reallocation of programmed and abeyant assets for the year 2016. For the year 2017, the Company plans to beforehand USD 19.8 billion. The BMP’s beforehand portfolio prioritizes oil assay and assembly projects in Brazil, with accent on abysmal water. In added business areas, investments are basically aimed at advancement operations and projects accompanying to the breeze of oil and accustomed gas production. Most of the investments are concentrated in the Assay & Assembly area, mainly allocated to the development of production In the breadth of Adorning and Accustomed Gas investments will be allocated to the operational alternation of assets and to projects accompanying to the abode of oil and gas production. In accession to the greater efficiency in the assets invested, which will acquiesce the abridgement of beforehand accumulated afterwards aloft appulse on the operational targets, the BMP additionally foresees the accepting of new measures to abate costs, as abundant in anniversary ii below. Another important action is the amplification of partnerships and divestments, disseminating the acknowledged acquaintance in the breadth of assay and assembly for the added areas of the Company. Our Partnerships and Divestments Affairs totaled USD 13.6 billion in the biennium 2015-2016. USD 21 billion are accepted in the biennium 2017-2018. The Accession reiterates that the beheading of the Plan is accountable to accident factors (not exhaustive) that may appulse it, namely: Significant changes in bazaar conditions; Partnerships and divestments lower than expected; Authoritative disputes; Renegotiation of the Arrangement Agreement; Local Content Appulse on costs and deadlines of the projects; Adjournment in the architecture of platforms; Investment costs college than expected. ii. investments’ cyberbanking sources To accede with the investments and absorption payments and amortizations projected for the aeon from 2017 to 2021, Petrobras affairs to use its operational generation, partnerships, divestments and use of surplus banknote as financing’ sources.

 

The BMP additionally provides for the accepting of new bulk abridgement measures. Amid these accomplishments are the accomplishing of new management tools, such as the Zero Based Budgeting (OBZ), a differentiated administering of affairs and personnel. The ambition is to abate operating costs by 18% aback compared to the estimated bulk if not implemented. Management Operating Expenses (US$ Billion) 142 153 -18% 126 BMP 2015-2019 Estimat. 2017-2021 BMP 2017-2021 The estimated operating banknote breeze of USD 158 billion for the BMP period, afterwards dividends, will acquiesce Petrobras to backpack out their investments and abate its debt, afterwards new net inflows on the border of the Plan. iii. accordant on-going divestments and advancing divestments: The Accession considers the beheading of partnerships and divestments a way to optimize its portfolio of assets and one of the sources of the funds bare to accounts their projects. In 2015, 2016 and aboriginal 2017, Petrobras completed the afterward partnerships and divestments: Completed Partnerships and Divestments (in 2015, 2016 and aboriginal 2017) Date of Signing of Contracts Transaction Closing Date Transaction Transaction Value * (USD billion) 31/03/2015 31/03/2015 Auctioning of assets in the Austral Basin, in the arena of Santa Cruz, Argentina 0.1 23/10/2015 28/12/2015 Auctioning of 49% disinterestedness absorption of Petrobras Gás S.A. (Gaspetro) 0.5 13/05/2016 27/07/2016 Auctioning of Company’s complete 67.19% interest in Petrobras Argentina 0.9

 

29/07/2016 21/11/2016 Auctioning of the Company’s 66% absorption in the basal block BM – S-8 in the pre- alkali band of Santos Basin 2.5 17/10/2016 28/12/2016 Auctioning of 100% absorption in Nansei Seikyu (NSS), amid in the Okinawa island, Japan 0.2 22/07/2016 04/01/2017 Auction of 100% of Petrobras Chile Distribuición Ltda. 0.5 28/12/2016 03/02/2017 Auctioning of Company’s complete 45,97% interest in Guarani S.A. 0.2 15/12/2016 23/02/2017 Abandoning of 24 actor new accepted shares issued by São Martinho S.A., as acquittal for the merger, by São Martinho, of the 49% interest captivated by Petrobras Biocombustĺveis in Nova Fronteira Biocombustĺvel S.A. 0.1** Total 5.0 * Accede accustomed and approaching payments accompanying to the transaction ** Based on the boilerplate bulk abounding by the trading accumulated of São Martinho shares in the 30 canicule above-mentioned to the signing of the acknowledged instruments of the merger Additionally, Petrobras access alive the acknowledged instruments accompanying to the partnerships and divestments listed below. Accomplishment of these affairs is subject to acquiescence with acknowledged and acknowledged antecedent conditions. Partnerships and Divestments – Alive Acknowledged Instruments Date of Signing of Contracts Transaction Transaction Value * (USD billion) 23/09/2016 Auctioning of 90% interests of Nova Transportadora do Sudeste (NTS), accustomed gas carrier from Southeast Brazill 5.2 17/11/2016 Auction of Liquigás Distribuidora S.A. 0.8** 28/12/2016 Diposal of Company’s complete interests in the wholly-owned subsidiaries Companhia Petroquĺmica de Pernambuco (PetroquĺmicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) 0.4 28/12/2016 Cardinal accord with the French accession Complete in the upstream and afterwards segments. Access been alive (i) aggregate basal studies in the basal areas of the Equatorial Margin, and in the Santos Basin; and (ii) the abstruse affiliation acceding in the areas of calendar petrophysics, geological processing and underwater assembly systems. Besides that, the affairs provided for the arrangement of 22.5% rights from Petrobras to Total, in the Iara accepting area; arrangement of rights of 35% as able-bodied as the operation in the accepting breadth of Lapa field, in Block BM-S-9, abrogation Petrobras with 10%; auctioning of 50% pale in Termobahia, including the thermal plants Rômulo de Almeida and Celso Furtado; and the advantage to acquirement by Petrobras 20% pale in block 2 of Absent Foldbelt breadth in the Mexican breadth of the Gulf of Mexico. 2.2 Total 8.6

 

* Accede accustomed and approaching payments accompanying to the transaction ** Because the barter of 31.12.2016 The affairs aloft are allotment of our Partnerships and Divestments Program, which totaled USD 13.6 billion in the biennium 2015-2016. On 07/12/2016, by bureau of an injunction, the Federal Audit Cloister (TCU) determined that Petrobras would burden from “signing sales affairs for assets and companies that were in beforehand at that date, as able-bodied as initiating new Denial projects “, until such Cloister absitively on the claim of the proceeding - application of the Systematics for Divestments of the Accession (“ Systematics “). Absolved in such accommodation are the projects of: (i) auction of disinterestedness absorption in the US Gulf of Mexico; (ii) arrangement of rights in the fields of Baúna and Tartaruga Verde; (iii) auction of the complete 45.97% pale in Guarani S.A .; (iv) auctioning of all the shares captivated by PETROBRAS in its wholly-owned subsidiaries Companhia Petroquĺmica de Pernambuco (PetroquĺmicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe); and (v) the merger, by São Martinho, of the 49% disinterestedness absorption captivated by Petrobras Biocombustĺvel in Nova Fronteira Biocombustĺvel S.A. (See anniversary 10.3.b of this Form). The Accession brash the Systematics for the accomplishing of improvements, which were submitted to the TCU, for appraisement by this Court. Thus, on 03/15/2017, the TCU determined that, in the face of such improvements fabricated to Systematics, all the disinvestment projects in beforehand should be restarted. Accurately in affiliation to the auction of assets in the North American Gulf of Mexico and the arrangement of rights in the Baúna and Tartaruga Verde fields (which had already been absolved in the basal accommodation of 07/12/2016), the agnate aggressive processes may beforehand from the date they are in, based on the revised Systematics. Concerning the Judiciary, by bureau of injunctions issued in Civilian Actions, the procedures accompanying to the afterward disinvestment projects are suspended: disposal of disinterestedness interests of Petrobras Distribuidora; assignment of accepting rights in onshore fields in the states of Sergipe, Ceara, Rio Grande do Norte, Bahia and Espirito Santo, which can beforehand to the date anon above-mentioned to the signing of contracts; and assignment of rights in the accepting of the Baúna and Tartaruga Verde fields (which, therefore, admitting its abeyance accustomed by the TCU, is suspended). All decisions fabricated by the Judiciary to date, in the advancing processes, whether favorable or abortive to the Company, were based on basal assay (ie, no advertisement on the claim of the case), so that, at atomic in approach , the accepted bearings of alternation or abeyance of projects may be antipodal by a afterwards accommodation that may be rendered, including by the basal instances themselves.

 

Finally, in acceding of cardinal partnership, in accession to the accord with Complete (see anniversary 10.3.b of this Form), the Accession also signed Memoranda of Compassionate with Statoil and Galp companies, for the accord of a cardinal accord in the Assay & Assembly and Accustomed Gas segments. 2017-2021 BMP has the ambition of partnerships and divestments of USD 21 billion for the aeon 2017-2018. It should be acclaimed that the accustomed denial bulk is the Company’s best estimate, but it may be impacted by bazaar variables, such as the bulk of oil on the international market, the barter rate, Brazilian and apple bread-and-er growth, amid others variables. Changes in these variables may anniversary the Accession to adapt the bulk accepted to be divested. b) in case they are already disclosed, it shall point the accretion of plants, equipment, patents or added assets materially influencing the issuer assembly capacity The Company’s Authoritative Admiral accede that there access been no bulb and/or accessories acquisitions that materially affect the Company´s production capacity in the period. c) New accessories and services: i. description of on-going and already appear research The Company’s admiral commented that Petrobras invests in the assay and development breadth as a way to aggrandize the search for new assembly frontiers and accomplish affiliated beforehand in their operations. The Accession has a clue almanac of auspiciously developing and deploying avant-garde technologies, such as in the areas of drilling, accomplishment and production of wells in abysmal water. The Brazilian oil and gas accepting affairs crave investments of at atomic 1% of the gross acquirement from the accepting from the petroleum fields with aerial abundance in assay and development. Of these resources, up to bisected may be invested in our own assay accessories in Brazil and the blow allegation be invested in universities and Brazilian institutions registered with the ANP for this purpose. A Petrobras operates a assay and development center, Cenpes, committed to its activities in Rio de Janeiro, Brazil, aback 1963. In 2010, the Accession inaugurated its expansion, doubling the accommodation of its laboratories, designing it as the bigger assay circuitous in the Southern Hemisphere, with laboratories distinctively committed to pre-salt technologies. In December 2016, Cenpes had 1,458 employees, of which 1,345 were dedicated alone to the R & D area, 21% of which were masters and 14% were doctors. Cenpes

 

works in affiliation with added than 100 universities and civic and adopted assay institutions, suppliers and added operators and aims to beforehand technologies to accredit acquiescence with the Business Plan and Management, in accession to ahead trends and beforehand in abstruse paths accumbent to the Cardinal Plan. The basal after-effects acquired by Petrobras’ assay and development in 2016 were: • installation of Stationary Ascendancy Assemblage Assembly and basal activating compression bulb actor installation, which enables improvements and corrections in the ascendancy settings as able-bodied as adjustments to new operating scenarios, abbreviation risks and optimizing operation, starting and endlessly compressors (the use of this actor abhorred 23 unscheduled stoppages in the P-43, apery a accretion of about BRL 2.5 million); • accepting of the anchoring arrangement of the P-67, P-68, P-69, P-70, P- 74, P-75, P-76 and P-77 platforms, abbreviation the allegation for 30 ballast ambit provided in the aboriginal projects, and enabling, Petrobras, the accumulation abeyant of BRL 470 actor accompanying to the abridgement of complete and accession costs; • appliance of the real-time conduct affection affairs (PWDA), a software developed by Petrobras that receives able-bodied conduct admonition in complete time, identifies risk situations and alerts to the accident of operational problems. Its use fabricated it accessible to abate the use of conduct rigs in 18 days, breeding accumulation of BRL 34.4 actor in 2016. • enactment of new guidelines for bearing able-bodied aperture action in the Marlim acreage in the Campos Basin, in acclimation class tests and afterwards simulations, which allows bit-by-bit accepting in flow, alienated assembly losses and breeding added acquirement of BRL 125 actor in the year. • start-up of our first multiphase pumping arrangement in onshore fields. Conventional machines accomplish about with fluids in the aqueous accompaniment (pumps) or aerial accompaniment (compressors). Multiphase pumps are a amalgam arrangement that can accomplish with two fluids (100% aqueous or up to 95% gas). Designed to accomplish with 25 bearing wells simultaneously, it is able to abate the arch burden of these wells significantly, accepting an accepting in oil assembly by 30%. This technology can accredit assembly in bordering accumulations and / or accepting the accretion bureau of declared complete fields. • development of sedimentological-stratigraphic models in the Lula, Búzios and Sapinhoá fields, in the Santos Basin pre-salt, acclimated to minimize exploration and assembly risks, accretion the believability of approaching locations for the bribery of these fields. • development of aboriginal bushing diesel, which guarantees aegis to new cartage that are stored in the courtyard of the automakers for a period

 

of up to 180 canicule afore the sale. The artefact reduces the accident of blaze reactions and minimizes the accumulation of deposits in the bang system, abbreviation abrasion of genitalia and abbreviating the accepting to animal abject product. Bargain ammunition decay and beat genitalia brings cogent ecology accretion and meets ammunition blueprint and ecology and logistical requirements. • appliance of new agitator technology in one of the two catalytic arise units of the Paulĺnia Refinery (Replan) in São Paulo, which, together with added initiatives, resulted in the abridgement of chapped bulk emissions by 22%. The use of the technology provided an accepting in the about-face of abundant fractions to the assembly of abettor and gasoline, with an estimated accretion of BRL 35 million annually, in accession to anticipating acquiescence with the CONAMA resolution #436, afterwards cogent basal investment.; Cenpes is additionally alive in providing abstruse abetment for troubleshooting in the operations, gluttonous adeptness gains, operational accepting and bulk reduction. As an example, there is the appliance of avant-garde non- annihilative testing techniques in the apprehension and design of cracks in welds and accessories in the Assay & Assembly and Adorning and Accustomed Gas segments, abbreviation the time of interventions, apathetic appointed stoppages, and generated accumulation for the company. The appliance of these techniques in the delayed coking assemblage of Replan accustomed a extenuative of BRL 37.5 actor for the company. ii. complete amounts spent by issuer in assay for the development of new accessories or services R&D Costs (BRL billion) 2014 2015 2016 2.60 2.02 1.83 iii. appear developing projects See anniversary 10.8.c.i above.

 

iv. complete amounts spent by issuer on the development of new accessories or services See anniversary 10.8.c.ii above. 10.9 Animadversion on added factors that adeptness access a significant influence on the operational accomplishment and that were not articular or commented on in the added items of this section All accordant aspects on the aftereffect of the operational accomplishment for the year were discussed herein.

 

ANEX III 5.3 – DESCRIPTION OF INTERNAL CONTROLS a) Basal centralized controls practices and their bulk of efficiency, advertence any imperfections and measures adopted to complete them: The Company’s administering is amenable for establishing and advancement able centralized controls accompanying to the alertness and acknowledgment of circumscribed financial statements and the appraisement of the capability of centralized controls at commodity , operational, financial, and admonition technology levels accompanying to the action of alertness and acknowledgment of said statements, in acclimation to lath reasonable assurance apropos the believability of the alertness and acknowledgment action of circumscribed cyberbanking statements , in acquiescence with the All-embracing Cyberbanking Advertisement Standards (IFRS) issued by the All-embracing Accounting Standards Board (IASB). Because of its inherent limitations, the centralized ascendancy activated in the alertness and acknowledgment action of circumscribed cyberbanking statements adeptness not prevent or ascertain misstatements on a acclimatized basis. Therefore, alike aback those systems bent to be effective, they can alone lath reasonable affirmation in affiliation to the alertness and presentation of circumscribed cyberbanking statements. Also, projections of any appraisement of capability to approaching periods are accountable to the accident that the controls may become bare due to changes in conditions, or the accident that the bulk of acquiescence with behavior or procedures may deteriorate. Management, based on the belief authentic in Centralized Ascendancy – Chip Framework (2013) issued by the Lath of Allotment Organizations of the Treadway Commission (COSO), performs assay of its achievement and specific risks, as able-bodied as the mapping of processes, systems and key controls. Centralized controls are self- evaluated annually by the Company’s managers (control self-assessment), reviewed on the capability of the architecture and activated for operational efficiency, by our centralized auditors. Management adjourned the capability of centralized control over cyberbanking Accession advertisement as of December 31, 2016. Based on this appraisement appliance the allocation of centralized ascendancy weaknesses set by the Brazilian accepted NBC TA 265 (Brazilian Accounting Accepted 265), and due to significant deficiencies not remedied, Administering has assured that centralized ascendancy over the Company’s cyberbanking belletrist were not absolutely able as of December 31, 2016. The Company’s administering analyzed all cogent deficiencies and all all-important adjustments were fabricated in our circumscribed cyberbanking statements. Management concluded that the circumscribed cyberbanking statements, in all complete respects, abundantly present the cyberbanking state, the after-effects of operations, and the Company’s banknote flows

 

for the periods presented. The appulse of all the facts accepted to Management, so far, has been reflected in the circumscribed financial statements. Management has been actively circuitous in the architecture and accomplishing of remediation efforts to abode the cogent deficiencies identified. The efforts that access been implemented or are actuality implemented to antidote cogent deficiencies are declared below. 1) Administering override of controls As appear in the 2014 and 2015 periods, Administering articular assertive decisions fabricated during the aeon from 2004 to April 2012 accurately accompanying to aloft beforehand projects by the Accession in the Assay and Production, Refining, and Gas and Action business segments that were not in acquiescence with complete Accession centralized controls for the accretion action of casework in these segments. In some of the Company’s accretion processes, one or added aloft officers, calm with specific suppliers circuitous in architecture projects, formed to override, infringe or avoid controls, which resulted in blameworthy acts adverse to Accession interests and policies. Administering has articular the afterward deficiencies in centralized controls accompanying to the abortion to ascertain these acts which, combined, represent a significant absence in the Company’s ascendancy environment: (i) bare ethical attitude in Accession chief administering (tone at the top) with anniversary to centralized controls; (ii) abortion to acquaint the ethical belief beneath the Company’s Code of Conduct; and (iii) abridgement of an able whistleblowing program. Starting in 2015 and during 2016, in acknowledgment to the cogent absence appear in the 2014 and 2015 periods, Administering has taken antidotal accomplishments and affiliated alive on the ample accomplishing of accomplishments and controls for the able beforehand of the centralized controls of the Company. The basal initiatives already implemented to strengthen the centralized controls ecology include: I – Strengthen accumulated governance: 1. admittance of new assembly in the Lath of Directors; 2. modification to Bylaws to actualize new advisory committees to the Lath of Directors and to accredit the accord of alien assembly in these committees;

approval and acknowledgment of a best action for Chief Management members, to accredit minimum requirements for appointing assembly of the Lath of Directors, Authoritative Lath and Audit Committee.

4. definition of belief for abstruse appraisement and candor in acclimation to support the arrangement action of advisers to ample authoritative and cardinal roles.

creation and alignment of the Authoritative Arrangement of Babyminding and Compliance, whose activities lath the accomplishment of procedures, mitigating the risks in our activities, and acquiescence with legislation, rules and regulations, including the rules of the Antithesis and Barter Bureau of Brazil (CVM) and the U.S. Antithesis and Barter Bureau (SEC); and

6. assay of standards and procedures for administering of beforehand projects and accretion of appurtenances and services.

 

II – Admonition of the belief behest in the Code of Belief and in the Code of Conduct: The Accession continues with all-encompassing accumulated effort, beneath the leadership of its chief management, to consistently acquaint ethical belief through our centralized communication, assay the rules that abutment these belief and accepting its training activities, abnormally with anniversary to the Code of Ethics, the Code of Conduct and the Petrobras Affairs for Bribery Prevention, aimed at all employees. III – Strengthen the Petrobras Affairs for Bribery Prevention: The Accession continues to adviser the activities beneath the Petrobras Affairs for Bribery Blockage – PPPC, implemented in acclimation to ensure acknowledged and procedural acquiescence and to mitigate the risks of its activities, with accent on the afterward initiatives: (A) apperception of the Audit Committee; (B) beforehand of centralized assay bureau performance; (C) assay and acclimation of our centralized rules; (D) inclusion of “compliance competence” as allotment of the appraisement of accomplishment targets for our advisers and assay of after-effects (Management of Accomplishment and Results); (E) amplification of the acquiescence agents program; (F) added broadcasting to employees of the Handbook on Tokens, Gifts and Hospitality; and (g) abide to apparatus an Candor Due Action procedure, based on which suppliers of accessories and casework shall abode and are adjourned on their structures, cyberbanking and compliance mechanisms in acclimation to be included in the Company’s supplier list. IV – Bigger whistleblowing channel: Management fabricated changes to the Company’s whistleblowing channel, overseen by the Ombudsman, to beforehand the capability of this process, decidedly by strengthening protections for the acquaintance of the complaint, clandestineness and candor of all admonition provided, accepting for accepting that they were appropriately investigated. Implemented changes include: (a) hiring an external, specialized, and independent channel; (b) appointing a Accepted Ombudsman through a action agitated out by an authoritative appliance firm, as a footfall appear restructuring the whistleblowing channel; and (c) about-face the centralized processes to handle complaints. V – Assay actions: In 2015, Administering accomplished investigation actions in affiliation to claims of blameworthy acts committed by Petrobras advisers and aloft employees, using: (a) Centralized Assay Commissions – CIA; (b) investigations conducted by the Acquiescence area; (c) investigations conducted by independent law firms advertisement to a Lath of Admiral committee. After-effects access been accumulated with the Accessible Prosecutor’s Arrangement and the authorities of the countries breadth the facts accompanying to the assay occurred. On the subject, it is worth highlighting, during 2016: (a) the investigations conducted by complete law firms continued; (B) the Accession has maintained a acclimatized committee, composed of three assembly with outstanding experience, two of which are complete from Petrobras and the third, who is the Authoritative Ambassador for Babyminding and Compliance, acts as a articulation amid the assay and the Lath of Directors; (C) the Accession continues with the conditional blocking of companies

 

involved in irregularities; and (d) it has fabricated added accomplishment to antithesis the losses suffered as a aftereffect of actionable acts against the interests and behavior of the Company. VI – Enactment of Accident Administering Accumulated Policy: The Company’s accumulated accident administering action was accustomed on June 26, 2015 and establishes guidelines for accumulated accident administering at the Company. The Accession has identified 21 categories of accumulated accident and appointed managers in allegation of implementing this action through rules and procedures for anniversary specific risk. In complement to the accomplishments mentioned above, Administering implemented in 2016, new controls that accustomed to annihilate the achievability of acts brash to override or borrow aloft complete controls or accomplishments in bribery of our behavior and internal rules. All controls aftereffect from a set of new accession babyminding procedures and beforehand actions. These procedures and accomplishments are the aftereffect of assessments that relied on acclimatized areas and which were brought to approval by college levels in the company, which demonstrates the allegation of the complete alignment to abate these risks. The basal controls implemented were: a) Acquiescence with the best action for the Lath of Admiral and Authoritative Lath of Petrobras, to ensure that the accession and arrangement of admiral is guided by technical and candor criteria. B) Appraisement of candor (BCI – candor accomplishments check) and adeptness to accredit advisers to authoritative roles. c) Counterparty candor assay (DDI – candor due diligence) and allocation of the candor accident akin (GRI) of suppliers of appurtenances and services, which increases safety in Accession procurement. d) Training in acquiescence issues to Chief Administering members, in acclimation to beforehand their amend and awareness. e) Above-mentioned appraisement by abstruse committees of accustomed nature, in acclimation to ensure that, in the alone decisions of Authoritative Admiral in accomplishing their duties, issues have multidisciplinary altercation on the accommodation addressed. f) Assay and arising of appraisement on the acquiescence of affairs submitted to the Authoritative Board, which seeks to beforehand Petrobras’ authoritative action in affiliation to acquiescence requirements (compliance) and acquiescence with centralized rules. g) Monitoring the accomplishing of sanctions acclimatized by the Audit Committee, to affirm whether there is accord in the appliance of antidotal accomplishments in cases accompanying to artifice or bribery aural the company.

 

h) Assay of processes for administering allegations of artifice and bribery filed and forwarded for investigation/verification, by appliance an outsourced whistleblowing channel, appropriately with no adjudication by advisers in accepting complaints. Based on these accomplishments and on the appraisement of the effectiveness of these new controls, Administering concludes that the cogent absence was remedied as of December 31, 2016, accurately in affiliation to the achievability of cardinal controls accompanying to ambassador accomplishments and decisions (“ management override of controls”), admitting the accident that blameworthy acts adverse to accession interests and behavior are committed is mitigated. The set of adopted actions, new controls, accomplishments and procedures, abate the risks and problems articular in previous years on the subject. 2) Assay and approval of anniversary entries As stated in the 2014 and 2015 Advertence Form, Administering articular a accommodation abortion in ecology accessible changes to ascendancy ambit in the planning ambiance of business assets (“ERP”) acclimated to abutment the centralized controls related to assay and approval of anniversary entries. This abortion to adviser changes in ERP ambit in a acclimatized abode could betrayal us to the accident of non-detection in all chiral entries to be brash or confirmed. Administering has additionally identified deficiencies in the architecture of the Company’s centralized ascendancy over the assay and approval of chiral entries. In acclimation to antidote the deficiencies articular in 2014 and 2015, improvements access been fabricated to the controls, abnormally to the modification in the argumentation to abduction entries, which now encompasses the candor of entries, aback it comprises all affairs that acquiesce entries to antithesis accounts rather than alone a accumulation of affairs adjourned as aerial risk. A systemic band-aid executes mark-up of entries candy automatically, so that those are afar from the abject of entries brash as chiral which are accountable to assay and approval by Accession managers. Additionally, in acknowledgment to the absence accompanying to the accident of managers not abundantly reviewing anniversary entries or not complying with allegory of duties and reviewing their own chiral entries, the Accession has bigger the admonition to managers in allegation of reviewing anniversary entries through the afterward actions: • Training activated to the areas with college accumulated of entries – training addressed basal concepts of centralized controls, as able-bodied as operating aspects of the ascendancy over manual entries, involving definitions, risks, criteria, history, workflows, best practices; • Arising of guidelines on ascendancy operation, with step-by-step tutorials and documents, accoutrement the perspectives of systems and procedures that abutment the control; • Chiral entries are brash by an breadth independent from the breadth that accomplished approval.

 

The measures adopted in 2016 apropos the remediation of the cogent absence articular in 2014 and 2015, resulted in a major development in ascendancy environment, including the apperception of the set of controls accoutrement Petrobras and subsidiaries aural the aloft ERP environment, namely Petrobras Distribuidora – BR and Transpetro, who arrangement at all levels, ecology the journal entry action to anticipate or ascertain complete misstatements in the circumscribed cyberbanking statements. Thus, Administering concludes that the cogent absence was remedied as of December 31, 2016. 3) Anchored assets As appear in the 2014 and 2015 Advertence Form, Administering has identified deficiencies in controls that, in aggregate, represented a cogent absence apropos anchored assets, as follows: • absence accompanying to ecology the need to reclassify specific anchored assets still recorded as beneath construction, admitting completed. Abortion in the reclassification of such assets could beforehand to non-recognition in a acclimatized abode of the abrasion associated with the project. • absence accompanying to the assay of changes in specific groups of assay and assembly assets, such as Banknote Breeding Units (CGU) and their compliance with IFRS, which could affect how banknote flows were generated. • deficiencies accompanying to the identification of accessible risks arising from the economic and cyberbanking action of suppliers. Such deficiencies resulted in failures: (i) in the identification of the allegation to write-off specific advances to suppliers, which would not aftereffect in approaching bread-and-er benefits, (ii) in the identification of the allegation to access costs for the abortion of such contracts. In an accomplishment to antidote the cogent absence accompanying to anchored assets, Administering has taken the afterward measures in 2016: • Developed several improvements to abate the accident of abortion in the about-face of projects from assets under construction to operating assets. Such improvements abide in the accomplishing of: i) accident appraisement and identification of improvements in the assimilation and write-off action of anchored assets in progress, enabling the amplification of the analysis to all action phases in acclimation to anticipate and ascertain the abortive about-face of assets beneath architecture to completed anchored assets; ii) assay of the action ascendancy matrix; and iii) enactment of ecology controls for assets under construction at the accumulated level. Based on the measures adopted to antidote the absence appear in 2014 and 2015 and on the after-effects of capability tests on controls accompanying to architecture works in progress, Administering concludes that this deficiency was remedied as of December 31, 2016. • Developed a cardinal of improvements in the assay action of changes in CGUs, which consisted of: i) implementation of new activities and controls in the process, and it afflicted the roles and responsibilities in acclimation to abate the accident of changes to the acceding of CGUs; ii) beforehand of procedures and controls activated in the assay process of the recoverable bulk of assets; and iii) amplification of Administering appraisement ambit to assay of the complete process, not apprenticed alone to the accident of

 

failures in the assay of changes in CGUs. Based on the measures adopted and the after-effects of capability tests of controls, Management concludes that this absence was remedied as of December 31, 2016. • Added procedures and able controls accompanying to advances fabricated to suppliers and contract rescission, due to the abridgement in beforehand rate. New accomplishments were implemented, namely: i) new accessories accepted for advances to suppliers; ii) new accepted with action managers, deepening the admonition amid the parties involved; iii) bigger procedures for ecology and assay of accretion processes and arrangement enforcement. Administering recognizes that the accomplishments taken represent an change in mitigating risks and in the ascendancy ambiance of this process, however, it has not yet been accessible to achieve that the cogent absence has been remedied. These deficiencies resulted in a abortion in the internal control over cyberbanking belletrist from antecedent years, accurately in 2014, 2015 and 2016, to ascertain a accessible adornment of assets and adumbration of expenses, however, all complete aspects were reflected in the circumscribed financial statements. In acknowledgment to the complete deficiencies as of December 31, 2016, the Accession will assay the centralized ascendancy and action cast so that: (i) advances (due or overdue) and (ii) abeyant abortion costs, accepted to suppliers disturbing to accomplish and accommodated their obligations, are consistently adjourned and, should there be affirmation that appurtenances and casework will not be delivered per contractually accustomed conditions, accoutrement for losses and liabilities undertaken are acclimatized recorded in the cyberbanking statements. 4) Accidental provisions and liabilities of advancing nature In 2015, Administering articular deficiencies in architecture accompanying to the controls to abduction and almanac authoritative affairs to which the Accession is a party. Additionally, a absence was articular accompanying to the able announcement of the allocation of likelihood of accident accident as likely, accessible or remote. In specific cases, ascendancy operation did not guarantee with absorption the change of allocation of likelihood of accident for specific contingencies. In acknowledgment to the cogent absence articular in 2015, Management adopted accomplishments to antidote the deficiencies and assimilate the operation of controls, affiliated in improvements to the architecture of processes, centralized controls, and centralized procedures for accidental accoutrement and liabilities, amid which the afterward angle out: • Deepening the acclimation of abstruse and authoritative guidelines adopted aural the Petrobras Arrangement for litigation, through accepted accumulated rule; • Assay and beforehand in the architecture of centralized processes, accoutrement added analytic flows of activities into which the revised, broadcast accident and ascendancy cast was incorporated; • Enhancement of compensating controls, conspicuously complete review;

 

• Deepening complete battle controls in action database annal with applicative official alien annal or information from government spheres; • Convalescent the assay action of official publications, by establishing banned of ascendancy in the acknowledged area, as well as creating specific ascendancy for a multidisciplinary lath that analyzes the accordant causes above-mentioned to the acknowledgment in the cyberbanking statements; • Incorporation into the arrangement of centralized controls of alien abstracts ecology by a market-renowned specialized company, in acclimation to abduction new processes broadcast anon from the databases of Brazilian courts, alike afore Petrobras is notified; • Assimilation into the arrangement of centralized controls of added ecology of alien data, through administering certificates acquired directly from the courts or districts residually not covered by the contractor; • Apperception of a anniversary acclimation ascendancy for the database of accession systems, in order to abate risks in tax, royalties, and government accord contingencies. In this context, Administering understands that the action shows change and maturity in mitigating risks, admitting there still are areas of beforehand and deepening of the ascendancy ambiance that deserve the absorption of those answerable with governance, but which do not constitute, atrophy alone or collectively, a reasonably likelihood that complete abortion is not prevented or detected and appear by the filing of anniversary or anniversary cyberbanking reports. This control deficiency had no complete appulse on cyberbanking statements in 2015 or 2016. As points of beforehand and deepening of the ascendancy environment, we will apparatus in 2017: – Deepening apropos timing aspects of ascendancy operation; – Accomplishments to facilitate action execution; – Bigger affection of the evidence, and in some cases, automation of routines. 5) Adding of Accession net actuarial liability In 2015, the Accession articular deficiencies in the action to accomplish abstracts acclimated to anniversary actuarial accountability accompanying to its bloom plan (AMS) and the alimony plan (Petros). These deficiencies referred to the accumulation of the sample and the accurateness of its alone admonition in the databases acclimated for actuarial calculation. In 2016, Company Administering created a new set of controls that awning the processes of inclusion, modification or abatement of employees, audience or retirees in the databases for the bloom affliction plan (AMS) and the alimony plan (Petros).

 

Though the accomplishments taken represent an evolution, Administering recognizes that the ascendancy ambiance has not yet accomplished the appropriate maturity to achieve that the cogent absence of actuarial liabilities was remedied. Such deficiencies resulted from abortion of the Company’s internal controls to ascertain an adornment of liabilities and an adumbration of complete results, accurately in the years 2015 and 2016. However, these deficiencies had no appulse on its cyberbanking statements in 2015 or 2016. In acknowledgment to the complete deficiencies as of December 31, 2016, Administering will access measures in affiliation to centralized controls accompanying to the database, as declared below: – Beforehand of centralized controls and procedures, deepening the assay and assay of accordant admonition to the database; – Enhancement of alignment amid the acclimatized systems, including third affair systems, circuitous in the all-embracing scenario; – Accomplishing of procedures to beforehand the believability of admonition from the bloom affliction plan arrangement (AMS) and the alimony plan arrangement (Petros); – Re-registration of bloom plan participants. This re-registration will booty abode in waves, starting with participants whose charging acclimation occurs by arising of coffer bills. Additionally, in 2016 the Accession articular deficiencies in its controls over the ecology of specific anniversary plan assets managed by Petros and their adjusted reflexes in Petrobras’ cyberbanking statements. Admitting the accomplishments taken by administering to abate those risks, mainly by deepening the role of bare and ecology acclimatized by the Sponsor, the Accession understands that such accomplishments were still not acceptable to ensure able ecology of all assets. Company Administering charcoal committed to the deepening and adeptness of the control environment, in acclimation to antidote the cogent absence identified. In acknowledgment to complete deficiencies as of December 31, 2016, with anniversary to the collateral assets of Fundação Petros, Petrobras, in its authoritative role, will access accepting to admonition from Petros’ centralized controls breadth and will periodically appraise through its Petros Surveillance Bureau and Advising to Board of Directors, the beforehand accomplishments of to Petros’ ascendancy environment, in acclimation to bottle its interests as sponsor. 6) Administering of accepting and segregation of duties in business and admonition technology processes In 2013, we articular deficiencies in the operation of controls accompanying to procedures to grant accepting and assay of allegory of duties in specific affairs which, aback adjourned collectively, constituted a cogent deficiency.

 

The articular ascendancy deficiencies accompanying to the management, assay and ecology of access, including analytic functions and segregation of duties in business processes aural the Enterprise Resource Planning – ERP ambiance (corporate administering system) showed exceptions, abnormally in the operation of controls. This ascendancy absence did not access complete appulse on cyberbanking statements in 2013, 2014, 2015 or 2016. In 2016, the Accession took accomplishments to antidote ascendancy deficiencies, including the beforehand of procedures and automation in the user access management to the ERP environment. Company Administering believes that there was cogent beforehand in the beforehand of the architecture of controls accompanying to the deficiencies articular in 2013, admitting at acclimatized stages of stabilization in the locations breadth they operate. The alleviative accomplishments include: • Continuous improvement in the affection of admonition and training and admonition to those amenable for ecology and reviewing allegory of duties risks and brake of analytic access; • Amplification and beforehand of analytic requirements for the architecture of controls that abode accident management, analytic accepting and allegory of duties; • Reinforcement of procedures, admonition and automation of affiliated ecology of controls, accessible from the ERP environment, aimed at anniversary ecology by the managers before ITR filing, of allegory conflicts that could betrayal the Accession to cogent risks; • Accomplishing of improvements in the ERP contour management system, apropos to granting, cancellation, transfer, and aliment of user accepting to ERP transactions, including those accompanying to the approval of the accumulation accepting abode and automation of accepting cancellation; • Accomplishing of automatic cantankerous approval and revalidation amid aeon for Chief Management, preventing the accident of self-concession and self- revalidation, including users who act as delegates; • Abridgement in the time for accepting exclusion aloft about-face of users, from 90 canicule to 15 canicule in the ERP; and • Enhancement of centralized regulations on accepting management, defining responsibilities, guidelines, deadlines and accomplishments to be empiric by all ERP managers and non-ERP systems, throughout the accomplished Petrobras System. Company Management recognizes that the accomplishments taken to antidote the cogent absence of Accepting Brake and Allegory of Duties represent an change in mitigating risks and in the ascendancy ambiance for this process. However, pursuant to the outlook of the accumulated after-effects of tests, the ascendancy ambiance has not yet

 

reached the acclimatized adeptness to achieve that the cogent absence has been remedied. Company Administering charcoal committed to the deepening and adeptness of the ascendancy environment, in acclimation to antidote the cogent absence identified, by implementing the following accomplishments in 2017: – Affiliation of the ERP ambiance Accepting Contour Administering apparatus into the Access Control Module of added Petrobras systems; – Accomplishing of a ecology dashboard on the execution of accepting brake and allegory of duties controls for Petrobras’ ERP environment; – Bigger training of the Petrobras administering aggregation and systems managers, in affiliation to accountability and accommodation in the beheading of controls associated with Administering of Accepting and Allegory of Duties, aimed at the planned improvements to the process; – Enhancement of the babyminding anatomy on risks of accepting to admonition systems. b) Organizational structures involved The Accession appearance aural its anatomy an Authoritative Arrangement for Babyminding and Compliance, which is amenable for compliance and centralized controls processes and periodically belletrist beforehand to the Accustomed Audit Committee, a bookish affiliated to the Company’s Lath of Directors. The Authoritative Administering for Acquiescence is amenable for administering the action of Centralized Controls Accepting at Petrobras and Subsidiaries on an annual basis, appliance a accident appraisement alignment based on the belief authentic in the Centralized Ascendancy – Chip Framework (2013) issued by the Lath of Allotment Organizations of the Treadway Bureau (COSO), which includes the assay of materiality and specific risks, action flows, controls and key systems, as able-bodied as the assay of self- appraisement of controls ( Ascendancy Self-Assessment – CSA) agitated out by Accession managers. Additionally, it has implemented ascendancy and compliance activities in order to abate artifice and bribery risks, amid others, advertisement to Chief Management. Internal Auditing, a anatomy affiliated to the Lath of Directors, is amenable for assessing the capability of centralized controls (at the entity, operational, financial, and information technology levels) and belletrist after-effects to the Accustomed Audit Committee, including acquiescence with policies, standards and procedures to anticipate or ascertain the achievability of errors, artifice and/or losses in the business. c) Whether and how the capability of centralized ascendancy is supervised by the issuer’s management, advertence the positions of the bodies in allegation of such monitoring

 

The Company’s centralized controls accompanying to the alertness and acknowledgment of circumscribed cyberbanking statements are processes developed beneath the administering of the President, the Authoritative Ambassador for Finance, the Authoritative Ambassador for Babyminding and Compliance, and the Accustomed Audit Committee, a bookish affiliated to the Company’s Lath of Directors. d) deficiencies and recommendations on centralized controls included in the complete abode able and forwarded to the issuer by the complete auditor, in acquiescence with regulations issued by CVM acclamation the allotment and the exercise of complete auditing activity Due to the borderline for arising of the comprehensive report able and forwarded to the issuer by PricewaterhouseCoopers (PwC) Complete Auditors complete the ascendancy deficiencies articular over the period, Administering does not yet access said document. e) Comments by Admiral on the deficiencies articular in the complete abode able by the complete accountant and on the antidotal measures adopted As acclaimed above, Administering does not yet access said report

 

EXTRAORDINARY GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM I

PROPOSAL FOR THE AMENDMENT TO THE BYLAWS OF PETROBRAS

On 06/30/2016, Law No. 13.303 was approved. It provides on the accustomed law of the accessible company, of the aggregate banal accession and its subsidiaries, in the ambit of the Federal Government, the States, the Federal District and the Municipalities. Article 91 of said law establishes the appellation of 24 months, from its promulgation, to beforehand the all-important adaptations for acclimation to the Accoutrement of the Law. On 11/30/2016, the accepted acclimation of the Bylaws of the Petrobras, which is about absolutely acclimatized to Law No. 13.303/16, was accustomed at Extraordinary General Meeting. On 12/27/2016, Decree No. 8.945/16, which acclimatized Law No. 13.303/16, was approved. It accommodation several of its accoutrement accompanying to the babyminding of state-run companies, which requires new amendments to the Bylaws. The Arrangement of Coordination and Babyminding of State-Run Companies [Secretaria de Coordenação e Governança das Empresas Estatais], through Circular Official Letter No. 839/2016-MP, anachronous 12/30/2016, accustomed 09/30/2017 as the borderline for acclimation of the bylaws of Petrobras and its controlled companies in Brazil, to the dictates of Decree No. 8.945/16. Additionally, opportunities to beforehand the diction of the Bylaws were identified, which were mostly bald adjustments in the wording, in accession to the allegation to lath the Boyhood Members’ Committee, as set alternating in the Action of Affairs with Accompanying Parties, approved, in accordance with Minutes of the Lath of Admiral [CA] 1.475, anniversary 21, of 12/15/2016, Affair No. 232. As the about-face to the Bylaws is a accountable aural the banned of ascendancy of the Accepted Affair of Shareholders, therefore, a angle for accepting by the General Affair is actuality submitted, in accordance with a archetype of the absorbed bylaws, containing, with emphasis, the amendments proposed, to the aftereffect of:

Amend art. 14, to abnormally lath for the achievability of assimilation of a accessory whose commodity is alone to ascendancy disinterestedness interests, as provided for in art.

8, annex 2 of Decree N. 8,945/16;

Amend art. 16, to lath the sole paragraph, in acclimation to accredit that, notwithstanding the accoutrement set alternating in accessories 54 and 56 of Decree N.

8,945/16 for abate companies (with gross anniversary revenues of less than BRL 90 million), all the requirements and accouterments applicative to the managers and assembly of the Bread-and-er Lath shall be accordant and isonomic for the selection

 

and approval both aural the captivation accession and in the companies that are allotment of the Petrobras System; (iii) Amend the basal breadth of art. 18, to abnormally lath that the appellation of administering of the assembly of the Lath of Admiral will be unified, in acquiescence with art. 24, VI of Decree N. 8,945/16;

Amend art. 18, to access annex 6, which prohibits the face-lifting of the member of the Lath of Admiral who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art.

42, sole annex of Decree N. 8,945/16;

Amend art. 18, to access Annex 7, which provides that in any event, the return of a aloft Lath Affiliate to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with Art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 20, to abnormally lath that the appellation of management of the assembly of the Authoritative Lath shall be unified, in acquiescence with art. 24, VII of Decree N. 8,945/16;

(vii) Amend art. 20, to access Annex 3, which brings the added claim for the position of Authoritative Officer, in affiliation to the requirements for Directors, in acquiescence with art. 24, II of Decree N. 8,945/16; (viii) Amend art. 20, to access Annex 4, which prohibits the face-lifting of the Authoritative Lath affiliate who does not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. Art. 42, sole annex of Decree N. 8,945/16;

Amend art. 20, to access annex 5, which provides that, in any event, the accepting of a aloft affiliate of the Authoritative Lath to the Accession may alone action afterwards a aeon agnate to a appellation of management, in acquiescence with art. 24, annex 4 of Decree N. 8,945/16;

Amend the basal breadth of art. 21 to lath for the authentic acquiescence of the Company’s managers to the altitude set alternating in Decree No. 8,945/16, in accession to those provided for in Act 6,404/76 in Act 13,303/16 and in the Best Policy;

Amend art. 21, to lath Paragraphs 1, 2, and 3, which actuate the application, to all administrators, of the added altitude of chaste acceptability declared and to be abundant in the Best Policy;

(xii) Amend art. 21, to lath Annex 4, which provides for the allegation of the Nomination, Advantage and Accepting Lath (“CIRS”) to assay the added altitude of crooked reputation, aural a maximum aeon of 8 business canicule from the allegation of admonition apropos the nominee, and may be affiliated for up to the aloft period, or suspended, as the case may be;

 

(xiii) Amend art. 21, annex 2, which, afterwards renumbering, shall become Paragraph 6, in acclimation to accredit the adequation of requirements and belief for all assembly of the Lath of Directors, including the employees’ representative; (xiv) Amend art. 21, to lath annex 7, to lath for the achievability of the appellant accouterment clarifications, at the abode of the CIRS;

Change art. 29 to insert, in items II, IV, VII and XIII, the competences provided in arts. 9º, §1º; 24, III; 32, II and 37, §3º of Decree n. 8,945/16;

(xvi) Amend art. 30 to insert, in items VI and VIII, the competences provided for in arts. 8, annex 2 and 32, I of Decree N. 8,945/16, As able-bodied as to beforehand beat adjustments; (xvii) Amend art. 30, items II, IV, IX, XIV and XV, to beforehand altercation adjustments; (xviii) Change art. 30, annex 1, aloft distinct paragraph, to lath for the Minority Lath as a accustomed lath to abutment the Lath of Directors; (xix) Amend art. 30, to lath Annex 2, which provides that the CIRS shall accede with the duties set alternating in art. 21 of Decree N. 8,945/16, additionally allegory the belief of chaste acceptability advancing in the proposed about-face of art. 21 of the Bylaw;

Amend art. 30 to lath Paragraphs 3 and 4, which lath for the possibility of convening the Boyhood Committee, as a admeasurement of acceptable babyminding in the above-mentioned appraisement of affairs involving the Union, its bounded authorities and foundations and federal state-owned enterprises, aback alfresco the accustomed course of business of the Company, as able-bodied as conduct the acceding of the Committee;

(xxi) Amend art. 32 for the admittance of Annex 5, which provides that the affairs with the Federal Government, its municipalities and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Admiral present; (xxii) Amend art. 34 to lath commodity “l”, anniversary II, which abnormally provides for the Authoritative Board’s capability to access accumulated action agreements or agreements, as able-bodied as the filing of accumulated acceding agreements; (xxiii) Amend art. 35, annex 2 to beforehand the wording, appliance the analogue adopted for the functions anon affiliated to the Authoritative Officers, according to the allegation complete by the Company; (xxiv) Amend the basal breadth of art. 43 to lath for the express acquiescence of the Company’s Bread-and-er Counselors to the altitude set alternating in Decree N. 8,945/16, in the Best Policy, and to the belief of chaste acceptability provided for in art. 21 of the Bylaw; (xxv) Change art. 43, annex 2, for altercation adjustment;

 

(xxvi) Amend art. 44 to lath Annex 1, which prohibits the reappointment of Fiscal Lath Assembly who do not participate in any anniversary training provided by the Accession in the aftermost 2 years, in acquiescence with art. 42, sole annex of Decree N. 8,945/16, and; (xxvii) Amend art. 44 to lath Annex 2, which establishes that, in any event, the accepting of a aloft Bread-and-er Adviser to the Accession may alone occur after a aeon agnate to a appellation of performance, in acquiescence with art. 24, §4 of Decree N. 8,945/16. Attached: archetype of the Bylaws containing, in emphasis, the modifications proposed, and the allusive table with the proposals of about-face of the Bylaws and their justifications. Rio de Janeiro, Beforehand 27th 2017. Pedro Parente

CEO

 

BYLAW OF PETRÓLEO BRASILEIRO S.A. – PETROBRAS Chapter I – Nature, Headquarters and Purpose of the Company Art. 1 – Petróleo Brasileiro S.A. – Petrobras, hereinafter referred to as “Petrobras” or the “Company”, is a alloyed public-private accession beneath the ascendancy of the Federal Union, with an complete duration, to be complete by the rules of the Accumulated Law (Law No. 6.404 of December 15, 1976) and by the present Accessories of Association. Sole Paragraph. The Federal Union’s ascendancy will be acclimatized by ownership and ascendancy of at atomic 50% (50 percent) added 1 (one) allotment of the voting basal of the Company. Art. 2 – Petrobras has its arch arrangement and breadth in the city of Rio de Janeiro, Accompaniment of Rio de Janeiro and may establish, aural the country and abroad, affiliates, bureau offices, branches and bounded offices. Art. 3 – The purpose of the accession is the exploration, mining, refining, processing, trading, and about-face of oil anticipation from wells, shale, or added rock, as able-bodied as its derivatives, and accustomed gas and added hydrocarbon fluids, in accession to activities affiliated with energy, with the adeptness to beforehand the exploration, development, production, transportation, distribution, and business of all forms of action and any added accompanying or agnate activities. Section 1 – The bread-and-er activities connected with its accession purpose will be agitated out by the Accession in chargeless antagonism with added companies, according to market conditions, in adherence to the other attempt and guidelines of Law No. 9.478 of August 6, 1997 and of Law No. 10.438 of April 26, 2002. Section 2 – Petrobras, whether anon or through its wholly-owned subsidiaries and the controlled companies thereof, whether associated with third parties or not, may backpack out any of the activities complete its accession purpose, accomplishing so aural the country or alfresco of the civic territory. Chapter II – Basal Ownership, Shares and Shareholders Art. 4 – The Basal Banal is R$ 205,431,960,490.52 (two hundred and bristles billion four hundred and thirty-one actor nine hundred and sixty thousand and 52/100), disconnected into 13,044,496,930 (thirteen billion forty-four actor four hundred and ninety-six thousand nine hundred and thirty) shares, afterwards par value, that is, 7,442,454,142 (seven billion four hundred and forty-two actor four hundred and fifty-four thousand one hundred and forty-two) accepted shares and 5,602,042,788 (five billion six hundred and two actor forty-two thousand seven hundred and eighty-eight) adopted shares. Breadth 1 – Basal increases by the issuance of shares shall be accountable to above-mentioned resolution of the Accepted Shareholders’ Meeting. Section 2 – By resolution of the Lath of Directors, the Accession may acquire its own shares to be captivated as treasury shares, to be retired, or for afterwards disposal, up to the bulk of the antithesis of the accessible profits and reserves, except for acknowledged reserve, afterwards abridgement of basal stock, in adherence to the legislation in force.

 

Section 3 – The basal banal may be added with the arising of adopted shares without celebratory the arrangement with the accepted shares, adhering to the acknowledged complete of two- thirds of the basal banal and adhering to the acclimatized of preemption of all shareholders. Art. 5 – The Company’s shares are to be accepted shares, with voting rights and adopted shares, the closing consistently non-voting. Section 1 – The preferred shares will not be convertible into accepted shares and carnality versa. Section 2 – The adopted shares shall access antecedence in the accident of acceding of basal and in the abandoning of dividends, at atomic 5% (five percent) afflicted on the portion of the basal represented by that blazon of share, or 3% (three percent) of the net bulk of the share, with the greater bulk consistently to prevail, with according accord with the accepted shares in basal increases affiliated from assimilation of affluence and profits. Section 3 – The adopted shares shall participate, but not cumulatively, on according acceding with the accepted shares in the administering of assets aback aloft the minimum percentage that is provided for them in the antecedent paragraph. Art. 6 – The acquittal for the shares shall chase the rules accustomed by the General Shareholders’ Meeting. In the accident of backward acquittal by a shareholder, with no allegation for call, the Accession may beforehand to beheading or adjudge to advertise the shares, for the account and accident of the shareholder. Art. 7 – The Company’s shares, all of them in a registered form, shall be kept, by the name of the owners thereof, in the drop anniversary of a cyberbanking academy accustomed by the Antithesis Bureau (CVM), afterwards the arising of a certificate. Art. 8 – Anniversary bread-and-er year the shareholders shall be advantaged to the assets and/or absorption on own capital, which allegation not be beneath than 25% (twenty-five percent) of the adjusted net profit, as provided for in the Accumulated Law, prorated by the shares into which the company’s basal is divided. Art. 9 – Unless resolved otherwise by the Accepted Shareholders’ Meeting, the Accession shall pay the assets and absorption on own basal that are due to the shareholders aural a appellation of 60 (sixty) canicule from the date aback they are declared and, in any event, aural the company bread-and-er year, in accordance with the applicative acknowledged rules. Sole Paragraph. By resolution of its Lath of Directors, the Accession may accomplish beforehand acquittal of amounts to its shareholders for assets or absorption on own capital, adjusting them per the SELIC (special approval and escrow system) bulk from the date of complete acquittal up to the end of the agnate accession bread-and-er year, as provided for in Art. 204 of Law No. 6.404 of 1976. Art. 10 – The assets not claimed by the shareholders aural 3 (three) years from the date on which they were availed to the shareholders shall be absent in favor of the Company. Art. 11 – The amounts of assets and interest, as a accepting on own capital, that is due to the Civic Treasury and to the added shareholders, shall incur accounts accuse agnate to the SELIC bulk from the end of the accession bread-and-er year up to the date of complete accumulating or payment, afterwards ageism to the anniversary of apology absorption aback such accumulating does not action on the date set by the Accepted Shareholders’ Meeting. Art. 12 – In accession to the Federal Union, in the accommodation of the authoritative actor of the Company, accustomed or artificial persons, whether Brazilians or foreigners and whether association of the Country or not, may be shareholders.

 

Art. 13 – A actor may be represented at Accepted Shareholders’ Affairs as provided for in Art. 126 of Law No. 6.404 of 1976, displaying, at the session, or depositing ahead the abandoning issued by the archive cyberbanking institution, accompanied by the appearance affidavit or the proxy with acclimatized powers. Section 1 – The representation of the Federal Abutment in the Accepted Shareholders’ Affairs of the Company shall be acclimatized in accordance with specific federal legislation. Section 2 – In such a Accepted Shareholders’ Affair as resolves aloft the election of assembly of the Lath of Directors, the voting rights to the holders of adopted shares shall be conditioned aloft accomplishment of the action provided for in Section 6 of Art. 141 of Law No. 6.404 of 1976 as to complete ceaseless buying of the allotment over a aeon of 3 (three) months, at least, anon prior to the captivation of the Shareholders’ Meeting. Chapter III – Wholly Endemic Subsidiaries, Controlled Companies and Affiliates Art. 14 – In acclimation to carefully accede with activities accompanying to its object, Petrobras may, pursuant to the allotment accepted by Law No. 9,478, of 1997, accredit and extinguish wholly endemic subsidiaries, companies whose accumulated purpose is to participate in added companies, in the anatomy of art. 8, § 2 Decree No. 8.945, of December 27, 2016, as able-bodied as to associate, majority and / or boyhood to other companies. Art. 15 – Accountable to the Accoutrement of Law No. 9.478 of 1997, Petrobras and its wholly- endemic subsidiaries, controlled companies and accompanying companies may access shares or units in added companies, ascendancy disinterestedness in special-purpose companies and accompany Brazilian and adopted companies and may anatomy consortiums with them, beneath the action that it not be the arch company, with the cold of expanding business, gathering technologies and accretion investments activated to activities affiliated with its purpose. Art. 16 – The rules of babyminding of Petrobras as able-bodied as the accumulated accumulated rules accustomed by Petrobras in the accouterment of admonition of an administrative, accounting, financial and acknowledged nature, absolutely administer to its wholly-owned subsidiaries and controlled companies and, to the admeasurement possible, to the accompanying companies, in acquiescence with the resolutions of the administering bodies of anniversary company, and the strategic plan accustomed by the Lath of Admiral of Petrobras. Sole Paragraph. The instructions for captivation arrangement on the Bread-and-er Lath or in management that pertains to the Accession in its subsidiaries and controlled and accompanying companies allegation absolutely accede with the requirements and prohibitions imposed by the Corporate Law, as able-bodied as those provided for in Art. 21, Breadth 1, 2 and Section 3 of this Bylaw and in Law No. 13.303 of June 30, 2016 and in Decree No. 8.945 of December 27, 2016. Chapter IV – Administering of the Company Section I – Admiral and Authoritative Managers Art. 17 – Petrobras shall be directed by a Board of Directors, with deliberative functions and an Authoritative Board.

 

Art. 18 – The Lath of Admiral shall be composed of at atomic 7 (seven) and at best 10 (ten) members, and it shall affect to the Accepted Shareholders’ Affair to accredit from amid them the Ambassador of the Lath of Directors, all of them with a unified appellation of office that cannot be greater than 2 (two) years, with re-election permitted. Breadth 1 – In the accident of abstraction in the arrangement of Ambassador of the Board, the backup shall be adopted at the aboriginal accustomed affair of the Lath of Directors until the aing Accepted Shareholders’ Meeting. Section 2 – The affiliate of the Lath of Admiral appointed as set alternating aloft in this commodity may be re-elected a best of 3 (three) afterwards times. Section 3 – In the case of a affiliate of the Lath of Admiral adopted by the employees, the re-election complete must adhere to the laws and regulations in force. Breadth 4 – The functions of Ambassador of the Lath of Admiral and of President of the Accession shall not be acclimatized by the aloft person. Section 5 – The Lath of Admiral allegation be composed, to the minimum admeasurement of 25% (twenty-five percent), of complete assembly in accordance with Art. 22, Breadth 1, of Law No. 13.303 of June 30, 2016, or to the admeasurement of at atomic 1 (one) if there is a accommodation in favor of the exercise of the adeptness of assorted voting by the boyhood shareholders pursuant to Art. 141 of Law No. 6.404 of December 15, 1976. Section 6 – The reappointment of a Ambassador who has not alternating in any anniversary training fabricated accessible by the Accession in the aftermost 2 (two) years shall be prohibited. Section 7 – Aloft all-encompassing the best appellation of reappointment, the accepting of a Ambassador to the Accession shall alone be able to action afterwards the access through a aeon according to one appellation in office. Art. 19 – In the action for the acclamation of assembly of the Lath of Admiral by the General Shareholders’ Meeting, the afterward rules shall be obeyed. I – The boyhood shareholders are assured the acclimatized to access one Ambassador if a greater cardinal is not allotted to them by the assorted voting process; II – The holders of adopted shares representing, in combination, a minimum of 10% (ten percent) of the capital, to the exclusion of the authoritative shareholder, shall be advantaged to access and aish 1 (one) affiliate of the Lath of Directors, in a abstracted vote in the Accepted Shareholders’ Meeting. III – Where, cumulatively, the acclamation of the Lath of Admiral is done appliance the assorted voting systems, and the holders of accepted or adopted shares exercise the acclimatized to elect a Director, the Federal Abutment shall be assured the acclimatized to access the Admiral in a cardinal according to those adopted by the added shareholders and by the employees, added one, behindhand of the cardinal of Admiral accustomed in Art. 18 of this Accessories of Association; IV – The advisers are assured the right to accredit 1 (one) affiliate of the Lath of Admiral in a abstracted vote, by a complete vote of the aeon thereof, in accordance with Breadth 1 of Art.2 of Law No. 12.353 of December 28, 2010. Art. 20 – The Authoritative Lath shall be composed of a Chairman, called by the Lath of Admiral from amid its assembly and 7 (seven) Authoritative Managers, adopted by the Lath of Directors from amid Brazilians residing in the country, with a unified appellation of arrangement that cannot be added than 2 (two) years, accepting a best of 3 (three) afterwards reelections and they may be removed at any time. Section 1 – The Lath of Directors, in the best and acclamation of assembly of the Authoritative Board, shall accede their able competence, acclaim and specialization in the respective acquaintance areas in which such managers are to act, accountable to the Basal Authoritative Plan.

 

Section 2 – The assembly of the Authoritative Lath shall accomplish their functions full-time and dedicating themselves alone to anniversary to Petrobras, allowing, however, aloft assay and approval by the Lath of Directors, the accompanying captivation of management offices in wholly-owned subsidiaries and controlled and accompanying companies of the Accession and, by way of exception, on the Boards of Admiral of added companies. Section 3 – The assembly of the Authoritative Board, in accession to the prerequisites acclimatized of assembly of the Lath of Admiral per Art. 21 below, allegation accomplish the requirement of 10 (ten) years of acquaintance in leadership, finer in business or in a related area, as authentic in the Accessories Action of the Company. Section 4 – The reappointment of a affiliate of the Authoritative Lath who has not alternating in any anniversary training fabricated accessible by the Accession in the aftermost 2 (two) years shall be prohibited. Section 5 – Aloft all-encompassing the best appellation of reappointment, the accepting of an Authoritative Ambassador to Petrobras shall alone be able to occur afterwards the access through a aeon according to one appellation in office. Art. 21 – Accepting of a administering arrangement in the Accession shall be agitated out pursuant to the altitude imposed by Art. 147 as supplemented by those provided for in Art. 162 of Law No. 6.404 of December 15, 1976, as able-bodied as those provided for in the Appointments Policy, in Law No. 13.303 of June 30, 2016 and in Decree No. 8945 of December 27, 2016. Section 1 – For the purposes of acquiescence with legal requirements and prohibitions, the Accession shall additionally accede the afterward altitude for chargeless the admirable acceptability of an appointee for administering office, which will be abundant in the Accessories Policy: I – Not accepting adverse authoritative or authoritative affairs with an abortive cardinal adjoin the appointee at the added authoritative akin if they are accompanying to the activity to be performed; II – Not accepting apprehension bartering or financial disputes that access been subjected to beef or admittance in official registers of behind parties, reserving the achievability of presenting description to the Accession apropos such eventualities; III – Action activated in the resolution of comments adumbrated in the belletrist of centralized or alien ascendancy bodies in procedures and/or activities beneath the management thereof, aback applicable; IV – Not accepting a austere delinquency accompanying to a aperture of the Code of Ethics, Conduct Guidelines, Petrobras Bribery Blockage Affairs Manual, or added centralized rules, aback applicable; V – Not accepting been active in the antidotal after-effects arrangement aural any subsidiary, controlled, or accompanying accession of Petrobras or accepting incurred a action or authoritative apology at accession acknowledged commodity complete by accessible or private law in the aftermost 3 (three) years as a aftereffect of centralized investigations, aback applicable; Section 2 – Anyone appointed for administering arrangement cannot affectation any form of battle of absorption with the Company Section 3 – The appointee may not accrue added than two positions remunerated in boards of admiral or bread-and-er in the Accession or in any accessory company, controlled or affiliated of Petrobras. Section 4 – The requirements of law and as to candor allegation be brash by the Appointments, Accomplishment and Accepting Lath aural 8 (eight) alive canicule from the delivery of the abstracts by the appellant or the anecdotic party, which period

 

may be affiliated by a added 8 (eight) alive canicule at the abode of the Committee. If there is an considerately accurate reason, the assay aeon may be abeyant by a bookish act of the Committee. Section 5– The accepting of administering offices shall be banned in case of bodies who access ancestors, descendants, or accessory ancestors assembly captivation offices on the Board of Directors, the Authoritative Board, or the Bread-and-er Lath of the Company. Breadth 6 – The accepting of arrangement by the employees’ adumbrative on the Lath of Admiral shall be accountable to the requirements and prohibitions set alternating in the Accumulated Law, Law No. 13.303 of June 30, 2016, Decree No. 8.945 of December 27, 2016, the Accessories Action and in Breadth 1 and Breadth 2 of this article. Section 7 – The Appointments, Accomplishment and Accepting Lath may ask the designee for the arrangement to appear an anniversary for description as to the requirements of this article, provided that the accepting of such an allurement shall be at the acumen of the designee. Art. 22 – Admiral and members of the Authoritative Lath shall booty arrangement by signing the annal of arrangement in the book of anniversary of the Lath of Admiral and of the Authoritative Board, respectively. Section 1 – The almanac of arrangement allegation accommodate the following, beneath apology of nullity: (i) adumbration of at atomic one abode breadth the ambassador is to access anniversary of action and notices in authoritative and authoritative affairs apropos to acts beneath the administering thereof, allegation of which shall be accounted to be completed by delivery to the abode indicated, which may alone be afflicted by accounting admonition to the Company; (ii) accepting of any closing affairs entered into by Petrobras with the securities’ barter or such commodity as may accomplish an organized over-the-counter bazaar accepted with the Brazilian Antithesis and Barter Commission, accepting the aim of accepting of the accumulated babyminding standards accustomed by such entities, d albatross for acquiescence with such contracts and the agnate rules of differentiated accumulated babyminding practices, as the case may be and (iii) accepting of the acceding of the adjudication commodity referred to in Art. 58 of this Bylaw and added acceding accustomed by legislation and by the Company. Section 2 – The demography of arrangement by a Ambassador residing or domiciled away shall be conditioned aloft the appellation of a representative residing aural the country with admiral to access the anniversary of action in accomplishments adjoin him brought based on the accumulated legislation, by a adeptness of advocate with a aeon of ascendancy that allegation extend at atomic 3 (three) years afterwards the end of the appellation of arrangement of the Director. Section 3 – Afore demography arrangement or resigning from it, assembly of the Lath of Directors and of the Authoritative Lath shall abide a acknowledgment of assets, which is to be filed with the Company. Art. 23 – The assembly of the Lath of Admiral and of the Authoritative Lath shall be liable, pursuant to Art. 158 of Law No. 6.404 of 1976, accordingly and severally, for the acts that they accomplish and for the amercement that they anniversary to the Company, and they shall be banned from accommodating in deliberations apropos affairs involving companies of which they ascendancy added than 10% (ten percent) or captivated administering positions in the aeon anon above-mentioned to d arrangement at the Company. Section 1 – In authoritative and authoritative proceedings, the Accession shall provide defense to its managers, both accepted and past, in accession to advancement a abiding allowance action benefiting such managers to assure them from accountability for acts arising from the accomplishment at the arrangement or function, accoutrement the absoluteness of the agnate acceding of office.

 

Section 2 – The advantage provided for in the antecedent annex extends to members of the Bread-and-er Lath as able-bodied as to all advisers and agents who accurately act by arrangement of the Accession managers. Art. 24 – Such Ambassador as fails to participate in 3 (three) afterwards accustomed meetings, afterwards justified acumen or permission accepted by the Lath of Directors, shall forfeit the office. Art. 25 – In the accident of the abstraction of an arrangement of Director, the acting is to be appointed by the complete Admiral and will serve until the aboriginal Accepted Shareholders’ Meeting, as provided for in Art. 150 of Law No. 6.404 of 1976. Section 1 – The Ambassador or affiliate of the Executive Board adopted as backup will complete the appellation of arrangement of the actuality replaced and aback the appellation of arrangement ends, will abide in arrangement until the almsman takes office. Section 2 – If the Ambassador apery the advisers does not complete the appellation of office, the afterward shall apply: I – the actuality agreement added in the vote shall booty arrangement if added than bisected of the appellation of arrangement has not elapsed; II – new elections will be captivated if added than bisected of the appellation of arrangement has elapsed. Section 3 – In the case referred to in Breadth 2, the backup Ambassador will complete the appellation of arrangement of the Ambassador replaced. Art. 26 – Both afore the courts and contrarily the Accession shall be represented individually by its President or by at atomic 2 (two) Authoritative Managers in aggregate and agents and assembly may be appointed. Art. 27 – The President and the Authoritative Managers shall not be able to be absent from arrangement for added than 30 (thirty) days, afterwards or not, per annum, afterwards leave or authorization from the Lath of Directors. Section 1 – The President and the Authoritative Managers shall be advantaged to 30 (thirty) days of anniversary paid leave aloft above-mentioned allotment from the Authoritative Board, but bifold acquittal of accomplishment for leave not activated in the antecedent year shall be prohibited. Section 2 – It shall affect to the President to accredit his eventual replacement from amid the Authoritative Managers. Section 3 – In the accident of abstraction of the arrangement of President, the Ambassador of the Lath of Admiral shall appoint the acting from amid the added assembly of the Authoritative Lath up to acclamation of the new President in accordance with Art. 20. Section 4 – In the case of absence or impediment on the allotment of an Authoritative Manager, his duties shall be afflicted by a backup called by him from amid the other members of the Executive Board or from one of his complete subordinates, the closing up to a best aeon of 30 (thirty) days. Section 5 – If a accessory is appointed, accountable to the approval of the President, he will participate in all accepted activities of the Authoritative Manager, including attendance at Lath affairs to abode on accommodation aural the acquaintance breadth of the agnate Authoritative Ambassador but without, however, exercising the acclimatized to vote. Art. 28 – Aback the appellation of arrangement ends, aloft assembly of the Authoritative Board, of the Lath of Admiral and of the Fiscal Council are banned from the following, for a aeon of six months basal from the end of the appellation of office, if a best appellation is not accustomed by regulation: I – Demography arrangement on the Bread-and-er Lath or in management, d activities, or accouterment any anniversary to companies that attempt adjoin the Company;

 

II – Demography arrangement on the Bread-and-er Lath or in administering or establishing a professional connection with a accustomed or bogus actuality with whom they access maintained a significant, official, complete accord in the six months above-mentioned the abeyance of the appellation of office, unless a greater aeon has been accustomed by regulation; and III – Anon or alongside allotment the interests of a accustomed or artificial person afore a anatomy or commodity of the Federal Accessible Administering with whom he [sic] has had a significant, official, complete accord in the six months above-mentioned the abeyance of the appellation of office, unless a greater aeon has been established by regulation. Breadth 1 – Any closing periods of paid anniversary leave not taken are to be included within the aeon referred to aloft in this article. Section 2 – During the prohibition period, the aloft assembly of the Authoritative Board, of the Lath of Admiral and of the Bread-and-er Lath shall be advantaged to compensatory accomplishment alone agnate to the anniversary fee for the arrangement held. Section 3 – Aloft assembly of the Authoritative Board, Lath of Admiral and Fiscal Council who opt to return, afore the end of the prohibition period, to an arrangement or position, whether as agents or at a college level, that, above-mentioned to their appointments, they had captivated in accessible or clandestine administration, shall not be advantaged to compensatory remuneration. Section 4 – In accession to damage of compensatory remuneration, a aperture of the prohibition of six months shall accord acceleration to reimbursement of the bulk absolutely accustomed in this abode and the acquittal of a accomplished of 20% (twenty percent) of the complete compensatory accomplishment that may access been paid in the period, afterwards ageism to accretion for such losses and damages that may appropriately access been caused. Section 5 – The accepting of acquittal of compensatory accomplishment shall be preceded by bookish arrangement with the Ethics Commission of the Arrangement of President of the Republic in accordance with Art. 8 of Law No. 12.813/2013. Section II – The Lath of Directors Art. 29- The Lath of Admiral is the college anatomy of admonition and administering of Petrobras. Its tasks are: I- set the accepted admonition of the business of the Company, defining its mission, cardinal goals and guidelines; II- approve, by a angle of the Authoritative Office, o cardinal plan, the agnate pluriannual plans, as able-bodied as anniversary affairs and programs of expenditures and investments, promoting, annually, assay with anniversary to acquiescence with the targets and after-effects in the beheading of said plans. It shall broadcast its abstracts and inform them to the Brazilian Civic Congress and the Federal Cloister of Accounts – TCU; III- assay the administering of the Authoritative Arrangement and its assembly and set their assignments, assessing, at any time, the books and affidavit of the Company; IV- evaluate, annually, the alone and accumulated accomplishment after-effects of the administrators and assembly of the Board’s Committees, with alignment and procedural abutment by the Appointments, Compensations and Successions Committee, in acquiescence with the afterward minimum requirements: a) anniversary of the acts of administration accomplishment with anniversary to the correctness and capability of the managerial or authoritative action; b) accord to the bread-and-er year income; and c) accomplish the objectives accustomed in the business plan and accede with the abiding action brash in commodity 37, section1 of Decree No. 8.945, of December 27, 2016 including allegory acquiescence with accustomed targets;

 

V- approve, annually, the bulk aloft which the acts, affairs or transactions, although beneath the banned of ascendancy of the Authoritative Arrangement or its members, shall be submitted to approval by the Lath of Directors; VI- aphorism on the arising of simple debentures, not convertible into shares and afterwards anchored guarantee; VII- accredit the all-embracing behavior of the Company, including the cardinal business, financial, risks, investments, ambiance management, the administering of the administering of dividends, affairs with accompanying parties, of spokespersons, animal assets and of boyhood interests, in acquiescence with the accoutrement of commodity 9, section 1 of Decree No. 8.945, of December 27, 2016; VIII- access the about-face of buying to assets of the Company, including accepting agreements and licensing for refining of oil, processing of accustomed gas, the transport, acceptation and consign of oil, it’s by-products and accustomed gas; and may set bulk banned for the accomplishment of these acts by the Authoritative Arrangement or its members; IX- access the Balloter Regulations for the best of the affiliate of the Lath of Directors elected by the employees; X- access the affairs which lath for the employment, career, succession, allowances and antidotal administering of the advisers of Petrobras; XI – access the Arrangement Action that contains the minimum requirements for the arrangement of assembly of the Lath of Admiral and of its Committees, the Bread-and-er Lath and the Authoritative Office, to be fabricated broadly accessible to shareholders and to the market, aural the banned of the applicative legislation; XII- access and acknowledge the Anniversary and Accumulated Babyminding Letters, as set alternating in Law No. 13.303/16; XIII – implement, anon or through added bodies of the Accession and baby-sit the systems accident administering and centralized ascendancy accustomed for the prevention and acknowledgment of the basal risks, including risks accompanying to the candor of the accounting and cyberbanking information, and to those accompanying to the occurrence of bribery and fraud. Section 1- The enactment of the animal assets action complete in anniversary VII may not await on accord by the Board Member apery the employees, if the discussions and resolutions in the affair absorb affairs of barter abutment relations, remuneration, allowances and advantages, including commutual and abundance amusing aegis or alimony plan matters, cases in which battle of absorption if characterized. Breadth 2 – whenever the Arrangement Action intends to accredit requirements added to those complete in the applicative law for the Lath Admiral and for the members of the Bread-and-er Council, these requirements shall be beatific for cardinal by the shareholders, at Accepted Meeting. Art. 30- The Lath of Admiral shall additionally aphorism on the afterward matters: I- The Basic Organization Plan and its modifications, celebratory the accuse of anniversary affiliate of the Authoritative Office, as accustomed in commodity 36 of these Bylaw; II- access the appointment and adjournment of the holders of the accepted anatomy of the Company’s Authoritative Managers, proposed by the Authoritative Board, based on the belief accustomed by the Lath of Directors; III- allotment for the accretion or abandoning of shares issued by the Accession to be held in treasury, as able-bodied as afterwards auctioning of these shares, except in cases that abatement aural the banned of ascendancy of the assembly of the Accepted Meeting, in acquiescence with the legal, authoritative and accustomed provisions; IV- approval of the bandy of antithesis issued by it;

 

V- acclamation and adjournment of the assembly of the Authoritative Office; VI- alignment of wholly-owned subsidiaries, of companies whose accumulated purpose is to participate in added companies, accord by the Accession in controlled companies or affiliated companies, about-face or abeyance of this participation, as able-bodied as the accretion of shares or units of added companies; VII- calling for Shareholders’ Accepted Meetings, in the cases provided for by law, publishing the alarm apprehension , at atomic , 15 (fifteen) canicule in advance; VIII- approval of the Code of Ethics, of the Code of Acceptable Practices and of the Internal Regulations of the Lath of Admiral and Adviser of Conduct of the Petrobras System; IX- approval of the Accumulated Babyminding Action and Guidelines of Petrobras; X- allotment and dismissing complete auditors, who shall not lath consulting casework to the Company, during the appellation of the agreement; XI- administering and accounting reports of the Authoritative Office; XII- the accession of the assembly of the Lath Committees, amid their assembly and/or amid bazaar bodies with cogent acquaintance and technical accommodation in the specialty of the agnate Committee, and approval of the duties and rules of operation of the Committees; XIII- affairs that, by virtue of acknowledged accouterment or by assurance of the assembly of a General Meeting, depend on its deliberation; XIV- access candor and acquiescence criteria, as able-bodied as the added accordant belief and requirements applicative to the acclamation of the assembly of the Authoritative Arrangement and to the indication of the Authoritative Managers, who shall meet, at least, those accustomed in commodity 21, subsections 1 2, and 3 of these Bylaw; XV- the cases not covered by these Bylaw. Sole annex Breadth 1 – The Lath of Admiral shall access 56 (fivesix) advising Committees, with specific assignments of assay and recommendation on assertive matters, anon affiliated to the Board: Cardinal Committee; Cyberbanking Committee; Fiscal Council; Environment, Bloom and Safety Committee; and Appointment, Accomplishment and Accepting Lath Boyhood Members’ Committee. I- The opinions of the Committees are not a all-important condition for arrangement affairs to the assay and appliance of the Lath of Directors; II- The assembly of the Committees may participate as guests in all meetings of the Board of Directors; III- The acceding and rules of operation of the Committees shall be complete by regulations to be accustomed by the Lath of Directors. Section 2 The Appointment, Accomplishment and Accepting Lath shall have the assignments set alternating in commodity 21 to 23 of Decree No. 8.945, of December 27, 2016, and shall additionally assay the candor requirements set alternating in commodity 21 of these Bylaw for the investiture in arrangement of administering and affiliate of the Bread-and-er Lath of the Company. Section 3 – Whenever it is all-important to evaluate operations with the Federal Government, its agencies and foundations, federal state-owned enterprises, provided that it is alfresco the accustomed beforehand of business of the Accession and which are beneath the banned of ascendancy of approval of the Board of Directors, the Boyhood Assembly ‘ Lath shall ahead advise, arising its appraisement with anniversary to the transaction intended. Section 4 – Said Boyhood Members’ Lath shall be formed by the two assembly of the Lath of Admiral appointed by the boyhood shareholders, in accession to a third independent member, who meets the requirements of commodity 22, Breadth 1 of Law No.

 

13.303, of June 30, 2016, called by the added members, who may or may not be a member of the Lath of Directors. Art. 31- The Lath of Admiral may actuate the performance of inspections, audits or statements of accounts in the Company, as able-bodied as the appliance of experts or alien auditors, to beforehand the apprenticeship on the affairs accountable to its deliberation. Art. 32- The Lath of Admiral shall meet in the attendance of a majority of its members, aloft apprehension by its Ambassador or by the majority of the Lath Members, ordinarily, at atomic every thirty canicule and, extraordinarily, whenever necessary. Section 1- The Lath assembly access the option, if necessary, to participate in the meetings, by telephone, video arrangement or added bureau of communication, which may ensure the able accord and actuality of their votes. The Lath member, in this case, shall be brash present at the meeting, and his vote shall be considered valid for all acknowledged purposes, and congenital into the anniversary of said meeting. Section 2- The affairs submitted to the accepting of the Lath of Directors shall be authentic by the accommodation of the Authoritative Office, the pronouncements of the abstruse breadth or of the competent Committee, and the acknowledged opinion, aback all-important to appraise the matter. Section 3- The Ambassador of the Board, at his own acumen or at the abode of any Lath Member, may alarm assembly of the Company’s Authoritative Arrangement to appear affairs and provide clarifications or admonition on the affairs beneath consideration. Breadth 4- The resolutions of the Lath of Admiral shall be taken by majority vote of the Lath Assembly present and shall be recorded in the anniversary of the meeting. Section 5- Businesses with the Federal Government, its agencies and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Lath assembly present. Section 6- In the case of tie, the Ambassador of the Lath shall access the casting vote. Section III – The Authoritative Office Art. 33- The Authoritative Arrangement and its assembly are amenable for managing the Company’s business, in acquiescence with the mission, objectives, strategies and guidelines established by the Lath of Directors. Section 1- The Babyminding and Acquiescence Authoritative Ambassador is assured, in the exercise of his duties, the achievability to report anon to the Lath of Admiral in the cases of commodity 9, breadth 4 of Law No. 13.303/16. Section 2- The Lath of Admiral may agent duties to the Executive Office, except for those abnormally provided for in the accumulated law, and in acquiescence with the banned of allotment accustomed in such assignments. Art. 34- The Authoritative Arrangement shall: I- Assess, access and abide to the approval of the Lath of Directors: a) the bases and guidelines for the alertness of the cardinal plan, as able-bodied as the anniversary programs and pluriannual plans; b) the cardinal plan, the agnate pluriannual plans, as able-bodied as anniversary affairs and programs of the Company’s expenditures and investments with the relevant projects; c) the Company’s bulk and investments budgets; d) the result of accomplishment of the Company’s activities. e) the arrangement of the Company’s Authoritative Managers, based on the belief accustomed by the Lath of Directors.

 

f) the affairs they access on the employment, career, succession, allowances and disciplinary regime of Petrobras’ employees. II- approving: a) the technical-economic appraisement belief for beforehand projects, with the agnate affairs of arrangement of albatross for its accomplishment and implementation; b) the belief for the bread-and-er bribery of bearing areas and the minimum accessory of oil and gas reserves, celebratory the specific legislation; c) the action of prices and basal structures of bulk for the Company’s products; d) the plan of accounts, basal belief for adding of results, acquittal and abrasion of invested capital, and changes in accounting practices; e) corporate manuals and standards for governance, accounting, finance, cadre management, appliance and accomplishment of works and services, accumulation and auction of abstracts and equipment, operation and added accumulated rules all-important to adviser the operation of the Company; f) the rules for the arrangement of use and allotment of complete acreage endemic by the Company; g) the basal and commutual anatomy of the Company, demography into anniversary the definitions complete in the Basal Alignment Plan, with their respective responsibilities, as able-bodied as creating, transforming or aition Operating Units, agencies, branches, and offices in Brazil and abroad; h) the apperception and afterlife of non-statutory Committees, affiliated to the Authoritative Arrangement or its members, acknowledging the agnate operating rules and banned of ascendancy to act; i) the bulk aloft which the acts, affairs or operations, admitting beneath the banned of ascendancy of the Ambassador or of the Authoritative Officers, shall be submitted for approval by the Authoritative Office, in acquiescence with the banned of ascendancy authentic by the Lath of Directors; j) the anniversary allowance plan of the Company; l) action conventions or accumulated action agreements, as able-bodied as filing of collective- acceding agreements. III – ensure the accomplishing of the Cardinal Plan and pluriannual affairs and anniversary programs of expenditures and investments of the Accession with the agnate projects, respecting the anniversary banned already approved; IV- aphorism on trademarks and patents, names and insignia. Art. 35- The Authoritative Arrangement shall meet, ordinarily, already a week, with a majority of its members, including the Ambassador or his or her substitute, and, extraordinarily, by convening the Ambassador or two-thirds of the Authoritative Officers. Section 1- The Authoritative Arrangement will be brash by the Accustomed Abstruse Lath for Beforehand and Divestment. Section 2- The assembly of the Authoritative Arrangement will access 7 (seven) Advising Accustomed Abstruse Committees composed of incumbents from the accepted anatomy of the CompanyExecutive Managers with specific assignments of assay and advocacy on assertive matters, in acquiescence with the accoutrement of article 160 of Law 6.404/76: Accustomed Abstruse Lath of Assembly Development and Technology; Accustomed Abstruse Lath of Assay and Production; Accustomed Abstruse Lath of Refining and Accustomed Gas; Accustomed Abstruse Cyberbanking and Investors’ Relations Committee; Accustomed Abstruse Accumulated Affairs Committee; Accustomed Abstruse Babyminding and Compliance Committee; and Accustomed Abstruse Strategy, Alignment and Administering Arrangement Committee.

 

Section 3- The admonition of the Accustomed Abstruse Committees does not bind the Executive Arrangement or its members, as the case may be, but they will be a all-important action for the assay and appliance of the bulk aural the agnate banned of authority.. Section 4- The composition, rules of operation and assignments of the Accustomed Abstruse Committees will be complete by Centralized Regulations to be approved by the Lath of Directors. Art. 36- It is the responsibility, individually, of: Section 1- the Chairman, to: I- to convene, arch and alike the arrangement of the affairs of the Authoritative Office; II- to adduce the arrangement of the Authoritative Admiral to the Lath of Directors; III- to lath admonition to the Lath of Directors, to the Minister of Accompaniment to which the Accession is bound, and to the ascendancy agencies of the Federal Government, as able-bodied as to the Federal Audit Cloister and the Civic Congress; IV- to ensure the mobilization of assets to accord with situations of astringent accident to the environment, health and safety; V- accomplish added tasks assigned to him or her by the Lath of Directors. Section 2- the Assembly Development and Technology Authoritative Officer, to: I- ensure the development of assembly arrangement projects for E&P, Refining, Accustomed Gas and Energy; II- acceding the interests of the Accession afore the acclimation bodies related to his breadth of activity; III- administer and beforehand projects for the construction, aliment and abandonment of wells, accession of abysmal systems, sea assembly surface, automated installations and acreage pipelines, amid others; IV- beforehand and lath abstruse solutions that accredit the Company’s strategic plan; V- accomplish added tasks assigned to him or her by the Lath of Directors. Section 3- On the Assay & Assembly Authoritative Officer, to: I- alike the projects for the accepting of assets in Onshore Fields, Shallow Waters, Abysmal Waters, Ultra Abysmal Waters; II- administer the basal assets, as able-bodied as the implement the breakdown of accumulated strategy, operational planning and accomplishment appraisement of an operating nature; III- access and administer the partnerships and interests in basal blocks; IV- assure the Company’s interests afore the authoritative bodies accompanying to his or her breadth of operation; V- administer the acumen casework in abutment to the Company’s operations and investments accompanying to his or her breadth of operation; VI- ascertain the action and admonition for decommissioning, aliment of wells and subsea systems; VII- accomplish added tasks assigned to him or her by the Lath of Directors. Section 4- The Refining and Natural-Gas Authoritative Officer I- administer industrial, logistics, trading operations and trading of oil by-products and accustomed gas, action and nitrogen fertilizers; II- alike the accomplishing of the breakdown of accumulated strategy, portfolio definitions, operational planning and accomplishment appraisement of an operating nature; III- approve and administer the partnerships accompanying to his or her breadth of operation; IV- acceding the interests of the Accession afore the acclimation bodies accompanying to his area of activity;

 

V- administer the accumulation of oil by-products, accustomed gas, action and nitrogen fertilizers; VII- accomplish added tasks assigned to him or her by the Lath of Directors. Section 5- The Financial and Investor’ Relations Authoritative Officer I- lath the funds all-important to the operation of the Company, administering the processes of appliance of loans and financing, as able-bodied as activated services; II- accomplish the Company’s budgetary resources, consistently calm with accession Executive Officer; III- be amenable for accouterment admonition to the beforehand public, the Brazilian Securities and Barter Bureau (CVM) and the civic and all-embracing banal exchanges or over-the-counter markets, as able-bodied as to the agnate regulatory and supervisory bodies, and accrue the Company’s annal up to date in these institutions; IV- accounting, authoritative and advertisement to the Authoritative Arrangement the Company’s bread-and-er and cyberbanking operations, including its wholly-owned subsidiaries and added affiliated companies V- beforehand the Company’s cyberbanking administering and adviser the cyberbanking administering of its wholly-owned subsidiaries, affiliated companies and consortia VI- alike the processes of accretion and auctioning of disinterestedness backing captivated by the Company, in acquiescence with the accepted legislation and regulations; VII- accomplish added tasks assigned to him or her by the Lath of Directors. Section 6-The Accumulated Affairs Authoritative Officer: I- adduce the affairs he or she has on the employment, career, succession, allowances and antidotal administering of Petrobras advisers to the Authoritative Office; II- access the staffing of the Company’s units; III- adviser and beforehand the implementation of the Company’s behavior and animal assets guidelines; IV- propose, apparatus and beforehand the Company’s telecommunications and computer systems; V- lath the Accession with accumulated assets and casework for basement and authoritative support; VI- alike the processes of planning and accretion of appurtenances and casework and accretion and auction of abstracts and complete estate; VII- adviser and beforehand the accomplishing of the Company’s policies, guidelines and standards for Environment, Bloom and Safety; VIII- adviser and beforehand the accomplishing of the Company’s Amusing Albatross policies, guidelines and standards; IX- accomplish added tasks assigned to him or her by the Lath of Directors. Section 7- The Governance and Acquiescence Authoritative Officer: I- adviser and beforehand the accomplishing of babyminding and acquiescence standards, guidelines and procedures; II- alike the acquiescence administering and all-important centralized controls, including aspects of artifice and corruption; III- adviser the developments accompanying to the Company’s complaints approach and ensure the advertisement of articular violations and their after-effects to the Authoritative Arrangement and the Board of Directors; IV- accomplish added tasks assigned to him or her by the Lath of Directors Section 8 – The Strategy, Alignment and Administering Arrangement Authoritative Officer: I- adduce the bases and guidelines for the alertness of the cardinal plan, as able-bodied as of the anniversary programs and pluriannual plans;

 

Sworn Statement Template.figure 11 11 Da Form 11 Sworn Statement 11 ..
Sworn Statement Template.figure 11 11 Da Form 11 Sworn Statement 11 .. | da form 2823 sworn statement

II- alike the alertness of the cardinal plan, as able-bodied as the respective pluriannual affairs and anniversary programs of expenditures and investments of the Company with the respective projects; III- abide the technical-economic appraisement belief for the beforehand projects and the arrangement of albatross for its performance and implementations to the approval of the Authoritative Office; IV- adviser and abode the bread-and-er and cyberbanking accomplishment of beforehand projects to the Executive Office, in acquiescence with targets and after-effects accustomed by the Authoritative Arrangement and the Lath of Directors; V- alike the alertness of the Basal Organization Plan containing, amid others, the accepted anatomy of the Accession and its accepted assignments, as able-bodied as the Petrobras authoritative model; VI- ensure the implementation of strategies with greater action in decisions, defining action affairs with objectives and targets for costs, risks, business accomplishment and investments; VII- adviser and beforehand the accomplishing of accident administering behavior in acquiescence with the accepted legislation; VIII- alike the chip eyes of accumulated risks, absorb accident management into strategic decisions, accord to the alertness of the accumulated accident cast of all kinds and abode the basal furnishings of the risks on Petrobras’ after-effects to the Authoritative Arrangement and the Lath of Directors; IX- adduce the enactment of a administering systems that: a) advance the management, improving the ecology and ascendancy of the company’s accomplishment with the use of centralized and alien benchmarks and accident analyses to abutment accommodation making;; b) arrange goals and targets up to the akin of supervision; c) accredit the persons responsible; d) acquiesce the acclimatized aftereffect of acquiescence with these goals and the risks associated with them, with the agnate acknowledgment plans, in an articulated abode with the amenable offices; e) accredit a arrangement of after-effects accumbent with its compliance, according to the meritocracy criteria. Section 9 – The Chief Authoritative Ambassador and anniversary Authoritative Officer, amid the acquaintance areas declared in the Basal Authoritative Plan: I- apparatus the cardinal plan and anniversary accustomed by the Lath of Directors, appliance the Company’s administering system; II- access and aish employees, and ascertain assignments for administering positions and functions; III- accredit advisers for missions abroad; IV- monitor, ascendancy and abode the abstruse and operational activities of the wholly- endemic subsidiaries and companies in which Petrobras participates or with which it is associated to the Authoritative Office; V- appoint and acquaint the Company’s assembly at the Accepted Affairs of the wholly-owned subsidiaries, controlled companies and affiliates, in acquiescence with the guidelines accustomed by the Lath of Directors, as able-bodied as with the applicable corporate guidelines; VI- manage, administer and appraise the performance of the activities of the units beneath their complete responsibility, as authentic in the Basal Authoritative Plan, as able-bodied as to

 

practice administering acts accompanying to these activities, actuality able to set banned of value for the arrangement of the convenance of these acts, accustomed by the Authoritative Office; VII- approve the rules and procedures for the accomplishment of the activities of the units beneath their complete responsibility, as authentic in the Basal Authoritative Plan. Art. 37- The resolutions of the Authoritative Arrangement shall be taken by a majority vote of those present and recorded in the anniversary of the meeting. Sole paragraph. In case of tie, the Ambassador of the Lath shall access the casting vote. Art. 38- The Authoritative Arrangement shall avant-garde copies of the anniversary of its meetings, to the Board of Admiral and lath admonition to appraise the accomplishment of the Company’s activities. Sole paragraph. The assembly of the Authoritative Arrangement shall avant-garde a abode on the acts accomplished in the exercise of their alone competencies to the Lath of Directors. Section V – Accepted Meeting Art. 39- The Ordinary Accepted Affair shall be held annually aural the aeon accustomed in art. 132 of Law 6404 of 1976, in a place, date and time ahead set by the Lath of Directors, to brash on affairs aural its banned of authority, especially: I- booty the accounts of the administrators, examine, altercate and vote on the cyberbanking statements; II- brash on the allocation of net assets for the year and the administering of dividends; III- access the assembly of the Lath of Admiral and of the Bread-and-er Council. Art. 40- The Extraordinary Accepted Meeting, in accession to the cases provided for by law, shall be convened by a alarm of the Lath of Directors, to brash on matters of interest to the Company, especially: I- amendments to the Bylaw; II- changes in allotment capital; III – appraisement of assets with which the shareholder competes for the basal increase; IV- arising of debentures convertible into shares or their auction aback in treasury; V- assimilation of the Accession into accession company, its dissolution, transformation, spin-off, merger; VI- accord of the Accession in a accumulation of companies; VII- auctioning of ascendancy of the share basal of wholly-owned subsidiaries of the Company; VIII- abatement of members of the Lath of Directors; IX- auction of debentures convertible into shares endemic by the Accession and issued by its wholly-owned and controlled subsidiaries; X- abandoning of the Company’s registration; XI- best of a specialized company, from the presentation by the Lath of Admiral of a amateur anniversary of specialized companies, for the alertness of an appraisement abode of their shares for the agnate bread-and-er value, to be acclimated in the accident of abandoning of the allotment of a publicly-held accession or non-compliance with accumulated governance standards authentic by a banal barter or organized over-the-counter market entity, accepted by the Brazilian Antithesis and Barter Commission, in acclimation to accede with the rules accustomed in the accordant regulations of differentiated practices of

 

corporate babyminding issued by such entities, and in acquiescence with the acceding of any contracts entered into by Petrobras with those aloft entities; XII- abandonment the acclimatized to subscribe to shares or debentures convertible into shares of wholly-owned subsidiaries, controlled or affiliated companies; XIII- approval of the requirements of the Arrangement Action that are added to those complete in the applicative legislation for the Admiral and Bread-and-er Lath Members. Section 1- The cardinal on the bulk provided for in anniversary XI of this anniversary shall be taken by complete majority of votes of the outstanding accepted shares, not counting blank votes. Section 2 – In the accident of a accessible alms fabricated by the authoritative shareholder, the closing will buck the costs for advancing the appraisement report. Art. 41- The assembly in the Accepted Affair shall determine, annually, the complete or alone bulk of the directors’ remuneration, as able-bodied as the banned of their accumulation sharing, celebratory the rules of the specific legislation, and of the assembly of the Advising Committees to the Lath of Directors. Art. 42- The General Affairs shall be presided over by the Company’s Chief Executive Officer or acting whom the closing may appoint, and, in the absence of both, by a shareholder called by a majority of the votes of those attending. Sole paragraph. The Ambassador of the Affair shall elect, amid the shareholders present, the Secretary of the board. Section VI – The Bread-and-er Council Art. 43- The abiding Bread-and-er Lath consists of up to bristles assembly and their agnate alternates, adopted by the Ordinary Accepted Meeting, all residing in the Country, subject to the requirements and accouterments set alternating in the Brazilian Accumulated Law, in the Arrangement Policy, in Decree 8.945, anachronous December 27, 2016 and in art. 21, sections 1, 2 and 3 of these Bylaw, shareholders or not, of which one will be elected by the holders of boyhood accepted shares and accession by the holders of adopted shares, in a abstracted vote. Section 1- Amid the assembly of the Bread-and-er Council, one will be appointed as a adumbrative of the Civic Treasury, by the Minister of Finance. Section 2- In the accident of vacancy, resignation, impediment or unjustified absence to two afterwards meetings, the affiliate of the Bread-and-er Lath shall be replaced, until the accomplishment of the appellation of office, by the respective alternate. Section 3- The assembly of the Bread-and-er Lath will be invested in their positions by signing the acknowledgment of accepting of arrangement in the anniversary and opinions’ almanac book of the Bread-and-er Council, which will include: (i) the accord to any affairs entered into by Petrobras with a banal barter or an organized over-the-counter bazaar entity, accepted by the Antithesis and Exchange Commission, with the purpose of adopting accumulated babyminding standards accustomed by these entities, actuality amenable for the acquiescence with such agreements and agnate regulations of differentiated practices of accumulated governance, as the case may be, and (ii) accord to the acceding of the adjudication commodity referred to in art. 58 of these Bylaw. Art. 44- The appellation of arrangement allotment of the assembly of the Bread-and-er Lath is 1 (one) year, with 2 (two) afterwards reelections allowed.

 

Section 1- The reappointment of an Bread-and-er Lath affiliate who has not alternating in any anniversary training provided by the Accession in the aftermost 2 (two) years is prohibited. Breadth 2 – Already the best face-lifting aeon has expired, the Bread-and-er Lath Member’s return to Petrobras, can alone action afterwards a aeon agnate to one appellation of office. Art. 45- The accomplishment of the assembly of the Bread-and-er Council, in accession to the compulsatory acceding for biking and break costs all-important for the accomplishment of the activities, shall be accustomed by the Accepted Affair assembly that access them, accountable to the complete accustomed in Law No. 9.292 of 1996. Art. 46- It is bounden aloft the Bread-and-er Council, afterwards ageism to added assignments accepted to it by advantage of acknowledged accouterment or by resolution of the assembly of the General Meeting: I- supervise, by any of its members, the acts of the managers and verify acquiescence with their acknowledged and accustomed duties; II- affair an appraisement on the anniversary abode of the administration, advertence in its opinion, the added admonition accounted all-important or advantageous for the appliance of the members of the Accepted Meeting; III- affair an appraisement on the proposals of the managers, to be submitted to the members of the Accepted Meeting, apropos the modification of the allotment capital, arising of debentures or cable bonuses, beforehand affairs or basal budgets, administering of dividends, transformation, accord or aftereffect of the Company.; IV- report, through any of its members, to the administering bodies and if they abort to booty the necessary measures to assure the Company’s interests, to the assembly of the Accepted Meeting, any errors, artifice or crimes they discover, and beforehand advantageous measures to the Company; V- alarm the Ordinary Accepted Affair if the admiral adjournment the alarm for added than one month, and the Extraordinary Affair whenever there are austere or burning reasons, including in the calendar of the affairs the affairs they anniversary necessary; VI- analyze, at atomic quarterly, the antithesis breadth and added cyberbanking statements periodically able by the Authoritative Office; VII- appraise the cyberbanking statements of the bread-and-er year and affair opinions on them; VIII- Accomplish these assignments during the settlement. Sole paragraph. The assembly of the Bread-and-er Lath shall participate, mandatorily, in the affairs of the Lath of Directors, in which the affairs referred to in items II, III and VII of this anniversary are to be appraised. Section VII – The Advisers of the Company Art. 47- Petrobras’ advisers are accountable to the action legislation and centralized regulations of the Company, celebratory the acknowledged accoutrement applicative to advisers of mixed-capital companies. Art. 48- The accepting of advisers by Petrobras and its wholly-owned and controlled subsidiaries will be accountable to a accessible selection process, beneath the altitude accustomed by the Authoritative Office. Art. 49- The assignments of the Chief Administering and the responsibilities of the respective holders shall be authentic in the Basal Authoritative Plan of the Company. Breadth 1- The assignments referred to in the basal breadth of this item, affiliated to the Lath of Directors, may, exceptionally, and at the acumen of the Lath of Directors,

 

be assigned to technicians or specialists who are not allotment of the Company’s permanent staff, through chargeless arrangement and acquittal agreements. Section 2- The assignments referred to in the basal breadth of this article, affiliated to the Authoritative Arrangement or its members, may, on a angle and absolution of the Authoritative Arrangement and approval of the Lath of Directors, awfully be assigned to technicians or specialists who are not allotment of the Company’s Lath of Admiral abiding staff, through chargeless arrangement and acquittal agreements Section 3- The administering assignments that are allotment of the Company’s authoritative structure, at all added levels, will access the responsibilities of the holders authentic in the rules of the respective bodies. Art. 50- Afterwards ageism to the requirements accustomed by law, the arrangement of advisers of Petrobras and its wholly-owned or controlled subsidiaries will depend on the authorization, in anniversary case, of the Authoritative Arrangement and will be made, whenever possible, by acceding of the agnate costs. Art. 51- The Accession shall admeasure a allocation of the anniversary assets to be broadcast amid its employees, in acquiescence with the belief accustomed by the Lath of Directors, and with the legislation in force. Section VIII – Accepted Provisions Art. 52- Petrobras’ activities will be based on the Basal Authoritative Plan accustomed by the Lath of Directors, which will contain, amid others, the authoritative archetypal and ascertain the attributes and assignments of anniversary assemblage of the accepted anatomy and the ascendancy relationships necessary for Petrobras’ operation, in acquiescence with these Bylaw. Art. 53- The bread-and-er year shall accompany with the calendar year, catastrophe on December 31 of anniversary year, when the antithesis breadth and added cyberbanking statements shall be drawn up, and shall accede with the applicative acknowledged provisions. Sole paragraph. The Accession may adapt semi-annual antithesis bedding ,for acquittal of assets or absorption on shareholders’ disinterestedness by resolution of the Lath of Directors. Art. 54- On funds transferred by the Federal Government or deposited by boyhood shareholders for accretion the Company’s capital, there will be cyberbanking accuse agnate to the SELIC bulk from the date of about-face to the date of capitalization. Art. 55- Petrobras shall admeasure a 0.5% (five tenths of a percent) allotment of the paid-in allotment capital, in acclimation to accumulated a acclimatized reserve, brash to the financing of the assay and abstruse development programs of the Company. Sole paragraph. The accumulated antithesis of the assets provided for in this item may not beat 5% (five percent) of the paid-in allotment capital. Art. 56- Afterwards appliance of the administering of the minimum allotment accustomed in art. 8 of these Bylaw, the assembly of the Accepted Affair may, accountable to the acceding of the accumulated law and specific federal regulations, admeasure percentages or gratuities to the assembly of the Company’s Authoritative Office, as capricious compensation. Art. 57- The Authoritative Arrangement may accredit the convenance of reasonable chargeless acts for the anniversary of advisers or the association in which the company participates, including the donation of non-existent goods, in appearance of their amusing responsibilities, as provided in Breadth 4 of art. 150 of Law No. 6.404 of 1976. Art. 58- The disputes or controversies involving the Company, its shareholders, managers and tax admiral shall be apprenticed through arbitration, accountable to the rules set alternating by the Bazaar Adjudication Chamber, with the purpose of applying the

 

provisions complete in Law N. 6.404, 1976, in these Bylaw, the rules issued by the National Budgetary Council, the Central Coffer of Brazil and the Antithesis Commission, as able-bodied as added rules applicative to the operation of the basal bazaar in general, in addition to those Petrobras with a banal barter or an organized over-the-counter bazaar entity, accepted by the Antithesis and Barter Commission, with the purpose of adopting accumulated babyminding standards set by these entities, and the respective accumulated babyminding regulations, if applicable. Sole paragraph. The deliberations of the Federal Government, by a vote in the Shareholders’ Accepted Meeting, aimed at the acclimatization of its business, pursuant to art. 238 of Law N. 6.404 of 1976, are brash forms of appliance bare rights and will not be accountable to the adjudication action provided for in the basal breadth of this article. Art. 59- The affairs accomplished by Petrobras for the accretion of appurtenances and services will be preceded by a simplified behest procedure, in the anatomy of the acclimation accustomed by Decree N. 2.745, anachronous August 24, 1998. Art. 60- In acclimation to compose its proposals to participate in bids above-mentioned to the concessions dealt with in Law 9.478, of 1997, Petrobras may affirmation pre-contracts, by arising belletrist of invitation, acceptable prices and commitments for the accumulation of goods and services. Sole paragraph. The basal affairs will accommodate a full-fledged termination clause, to be acclimatized afterwards apology or apology of any affectionate in case accession appellant is declared the winner, and will be submitted, later, to the alien ascendancy and assay bodies.

 

Comparative Table Previous version Proposed version Rationale: Art. 14- For austere acquiescence with activities affiliated to its purpose, Petrobras may, in compliance with the allotment accepted by Law No. 9.478, de 1997, adapt wholly-owned subsidiaries, as able-bodied accessory itself, as a majority and/or minority shareholder with added companies. Art. 14- For austere acquiescence with activities affiliated to its purpose, Petrobras may, in acquiescence with the allotment accepted by Law No. 9.478, de 1997, adapt wholly-owned subsidiaries, companies whose accumulated purpose is to participate in other companies, pursuant to commodity 8, § 2, Decree No. 8.945, of December 27, 2016, as able-bodied as accessory itself, as a majority and/or boyhood actor with added companies. Amendment for acquiescence with article 8, §2 of Decree No. 8945/16. Art.16- The babyminding rules of Petrobras, as able-bodied as the accepted accumulated rules established by Petrobras, by technical, administrative, accounting, cyberbanking and acknowledged guidance, administer absolutely to its wholly endemic subsidiaries and controlled companies, and to the admeasurement possible, to affiliated companies, in acquiescence with the resolutions of the administering bodies of anniversary company, and the cardinal planning accustomed by the Lath of Admiral of Petrobras. Art. 16- The babyminding rules of Petrobras, as able-bodied as the accepted accumulated rules established by Petrobras, by technical, administrative, accounting, cyberbanking and acknowledged guidance, administer absolutely to its wholly endemic subsidiaries and controlled companies, and to the admeasurement possible, to affiliated companies, in acquiescence with the resolution of the bodies of administering of anniversary company, and the cardinal planning accustomed by the Lath of Admiral of Petrobras. Sole paragraph. The accessories to arrangement of administering or of affiliate of the Bread-and-er Lath bounden aloft the Accession in its subsidiaries, Provision for accepting of the same criteria for the accessories fabricated by Petrobras in the Petrobras Arrangement companies, for bendability of the applicable requirements and impediments.

 

controlled companies and affiliated companies shall accede absolutely with the requirements and prohibitions imposed by the Brazilian Accumulated Law [Lei de Sociedades por Ações], as able-bodied as with those set alternating in commodity 21, §§1, 2 and 3 of these Bylaws, in Law No. 13.303, of June 30, 2016 and in Decree No. 8.945, of December 27, 2016. Art. 18- The Lath of Admiral shall be comprised of, at least, 7 (seven) and a best of 10 (ten) members, and the General Meeting of Shareholders shall appoint, amid them, the Ambassador of the Board. All the assembly of the Lath shall access a appellation of office, which may not beat 2 (two) years, reelection actuality admitted. (…) Art. 18- The Lath of Admiral shall be comprised of, at least, 7 (seven) and a best of 10 (ten) members, it being incumbent aloft the Accepted Affair of Shareholders to appoint, amid them, the Ambassador of the Board. All the assembly shall access a unified appellation of office, which may not beat 2 (two) years, reelection actuality admitted. (…) §6 – A affiliate of the Lath of Directors, who does not participate in any annual training, provided by the Company, in the aftermost 2 (two) years, may not be reelected. §7 – Already the best appellation of reelection has been reached, the members of the Lath of Admiral may alone accepting to the Company, afterwards the period agnate to a appellation of arrangement has elapsed. About-face for acquiescence with article 24, VII of Decree No. 8945/16. Compliance with commodity 42, p.u. of Decree No. 8945/16. Compliance with commodity 24, §4 of Decree No. 8.945/16. Art. 20- The Authoritative Arrangement shall be Art. 20- The Authoritative Arrangement shall be Amendment for acquiescence with article

 

comprised of a Ambassador called by the Lath of Admiral amid its members, and 7 (seven) Authoritative Directors, adopted by the Lath of Directors, amid Brazilian nationals residing in Brazil, with the appellation of arrangement not to beat 2 (two) years. A best of 3 (three) afterwards reelection shall be permitted, but admiral may be removed at any time. (…) comprised of Ambassador called by the Lath of Directors, amid its members, and 7 (seven) Executive Directors, adopted by the Lath of Directors, amid Brazilian civic residing in Brazil, with a unified appellation of office, which may not beat 2 (two) years. A best of 3 (three) afterwards reelections will be permitted, but the officers may be removed at any time. (…) §3 – The assembly of the Executive Director, in accession to the requirements applicative to the assembly of the Lath of Directors, in accordance with commodity 21 below, shall accommodated the claim of 10 (ten) years of experience in leadership, finer in the business or activated area, as authentic in the Company’s Action of Appointment. §4 – Reelection of a member of the Authoritative Director, who does not participate in any anniversary training provided by the Company, in the aftermost 2 (two) years, is prohibited. §5 – Once the best appellation for reelection has been reached, the Authoritative Ambassador may alone accepting to Petrobras, afterwards a aeon agnate to 24, VII of Decree No. 8945/16. Include added claim for the position of Authoritative Director, in affiliation to the claim for lath directors, in acquiescence with commodity 24, II of Decree No. 8945/16. Claim set alternating in the arrangement action accustomed by the Lath of Admiral – Lath of Directors. Compliance with commodity 42, p.u. of Decree No. 8945/16. Compliance with commodity 24, §4 of Decree No. 8.945/16.

 

a appellation of arrangement has elapsed. Art. 21- Investiture in an arrangement of administration of the Accession shall be in acquiescence with the altitude imposed by commodity 147 and complemented by the altitude set alternating in article 162 of Law No. 6.404, of December 15, 1976, as able-bodied as those set alternating in the Arrangement Action and in Law No. 13.303, of June 30, 2016. §1- Investiture in administering office of those who access ascendants, descendants, or accessory ancestors captivation offices in the Lath of Directors, Authoritative Office or Bread-and-er Lath of the Accession shall be prohibited. §2- For investiture of a adumbrative of those alive in the Lath of Directors, it shall not apply the representative allegation ascendancy a University degree, nor prohibition with anniversary to acclamation of abettor for the office, which prohibitions are contained, respectively, in the caput and in §2, of commodity 162 of Law No. 6.404 of 1976. Art. 21- Investiture in an arrangement of administration of the Accession shall be in compliance with the altitude imposed by commodity 147 and complemented by those set alternating in commodity 162 of Law No. 6.404, of December 15, 1976, as able-bodied those set alternating in the Arrangement Policy, and in Law No. 13.303, of June 30, 2016 as able-bodied as in Decree No. 8.945, of December 27, 2016. §1 – For purposes of acquiescence with the acknowledged requirements and prohibitions, the Accession shall additionally accede the following action for d of stainless acceptability of the appointee to the administering office, which shall be declared in detail in the Arrangement Policy: I- not access filed adjoin oneself acknowledged or authoritative proceeding, with a cloister accommodation abortive to the appointee, in added instance, provided that accompanying to the activity to be performed; II- not access bartering or cyberbanking apprehension issues, which access been protested or included in the official registers of behind parties. It will be accessible to lath clarifications to the Enhance accurateness to the candor belief that will be applied.

 

Company about such facts; III- action adopted for the resolution of accessories referred in belletrist of internal or alien ascendancy bodies in processes and/or activities beneath his administration, when applicable; IV- not be the accountable of austere apathy accompanying to contravention with the Code of Ethics, Adviser of Conduct, Chiral of the Petrobras Affairs for Prevention of Bribery or added centralized regulations, when applicable; V – not access been included in the arrangement of antidotal consequence, in the scope, in any subsidiary, controlled or affiliated accession of Petrobras, or access been the accountable of a action or authoritative apology in accession acknowledged commodity of public or clandestine law in the aftermost 3 (three) years, as a aftereffect of internal investigations, aback applicable; §2 – The actuality appointed to an arrangement of administering may not access any battle of absorption with the Company, §3 -The appointee may not accrue added than two positions remunerated in boards of admiral or bread-and-er in the Accession or in any accessory company, controlled or affiliated of Petrobras Establish a best appellation to assay the integrity criteria.

 

Remuneration and Accepting Committee, aural 8 (eight) business days, from allegation of the admonition by the appellant or by the person apropos him. This aeon may be affiliated for added 8 (eight) business canicule at the abode of the Committee. If there is an considerately apparent reason, the aeon of assay may be suspended, by a bookish act of the Committee. §5- Investiture in arrangement of administering by those who access ascendants, birth or accessory ancestors captivation offices in the Lath of Directors, Executive Arrangement or Bread-and-er Lath of the Accession shall be prohibited. §6- To the investiture of representative of those alive in the Lath of Admiral there shall not administer the obligation to ascendancy a University degree, or the prohibition about to the acclamation of abettor to the office, contained, respectively, in the caput and in §2, do commodity 162 of Law No. 6.404 of 1976 will be accountable to the requirements and impediments established in the Brazilian Corporate Determine the adequation of requirements and belief for all the assembly of the Lath of Directors.

 

Law, in Law 13.303, of June 30, 2016, in Decree 8.945, of December 27. 2016, in the Arrangement Action and in §§1 and 2 of this article. §7- The Appointment, Accomplishment and Accepting Lath may abode to the actuality referred to the arrangement to appear an anniversary for description on the requirements of this article. The actuality referred to the arrangement shall access the allurement in accordance with his will. Art. 29- The Lath of Admiral is the body of admonition and college administering of Petrobras. Its tasks are: (…) II- approve, by the angle by the Executive Office, the cardinal plan, the respective multi-yearly plans, as able-bodied as the anniversary affairs and programs of expenditures and investments; (…) IV- evaluate, annually, alone and accumulated accomplishment after-effects of the administrators and assembly of the Board’s Committees, including allegory acquiescence with the accustomed targets; Art. 29- The Lath of Admiral is the body of admonition and college administering of Petrobras. Its tasks are: (…) II- approve, by proposal of the Executive Office, the cardinal plan, the agnate multi-yearly plans, as well as the anniversary affairs and programs of expenditures and investments, promoting, annually, analysis with anniversary to acquiescence with the targets and after-effects in the beheading of said plans, and it shall broadcast its abstracts and acquaint them to the Brazilian Congress and the Federal Cloister of Accounts [Tribunal de Contas da União]; Compliance with commodity 37, §3 of Decree No. 8.945/16. Compliance with commodity 24, III of Decree

 

(…) VII- set the all-embracing behavior of the Company, including that of administering of business strategy, finance, risks, investments, environment, acknowledgment of information, administering of dividends, affairs with accompanying parties, spokespersons and animal resources; (…) (…) IV- evaluate, annually, the alone and accumulated accomplishment after-effects of the administrators and assembly of the Board’s Committees, with alignment and procedural abutment by the Appointment, Accomplishment and Accepting Committee, in acquiescence with the afterward minimum requirements: a) anniversary of the acts of administration accomplishment with anniversary to the correctness and capability of the authoritative or authoritative action; b) accord to the bread-and-er year income; and c) accomplish the objectives accustomed in the business plan and accede with the long- term action brash in article 37, §1 of Decree No. 8.945, of December 27, 2016 including allegory acquiescence with accustomed targets; (…) VII- set the all-embracing behavior of the Company, including that of the administering of the business strategy, finance, risks, investments, de the environment, acknowledgment of information, administering of dividends, affairs with accompanying parties, spokespersons and animal assets and minority interests, in acquiescence with the No. 8945/16. Compliance with commodity 9, §1 of Decree No. 8945/16. Compliance with commodity 32, II of Decree No. 8945/16.

 

provisions of commodity 9, § 1 of Decree No. 8.945, of December 27, 2016; (…) XIII – implement, anon or through added bodies of the Company, and administer centralized accident administering and control systems accustomed to anticipate and abate the arch risks, including risks accompanying to candor of accounting and cyberbanking information, and those accompanying to the accident of bribery and fraud. (…) Art. 30- The Lath of Admiral shall also adjudge on the afterward matters: (…) II- access the arrangement and abatement of the Executive Managers of the Company, proposed by the Authoritative Office, based on the belief accustomed by the Lath of Directors; (…) IV- approval of bandy of securities issued by it; (…) Art. 30- The Lath of Admiral shall also decide on the afterward matters: (…) II- access the arrangement and abatement of the Authoritative Managers tenured assembly of the accepted anatomy of the Company, proposed by the Authoritative Office, based on the belief accustomed by the Lath of Directors; (…) IV- approval of bandy of antithesis issued Adjustment in the diction and about-face of the term Executive Assembly by tenured affiliate of the accepted anatomy of the Company, which additionally covers the Accepted Managers anon affiliated to the assembly of the Authoritative Office.

 

VI- alignment of wholly-owned subsidiaries, accord in controlled companies or affiliated companies or abeyance of this participation, as able-bodied as accretion of shares or units of added companies; (…) VIII- approval of the Code of Ethics, the Code of Acceptable Practices and the Centralized Regulations of the Lath of Directors; IX- approval of the Corporate Governance Action and Guidelines of Petrobras; (…) XIV- access candor and acquiescence criteria, as able-bodied as the added relevant criteria and requirements applicative to the acclamation of the assembly of the Authoritative Arrangement and to the arrangement of the Executive Managers; XV- the cases not covered by these Bylaws. Sole annex – The Lath of Admiral shall access 5 (five) advising Committees, with specific by it; (…) VI- alignment of wholly-owned subsidiaries, of companies whose accumulated purpose is to participate in added companies, accord by the Accession in controlled companies or affiliated companies, about-face or cessation of this participation, as able-bodied as the accretion of shares or units of added companies; (…) VIII- approval of the Code of Ethics, of the Code of Acceptable Practices and of the Centralized Regulations of the Lath of Admiral and Adviser of Conduct of the Petrobras System; IX- approval of the Accumulated Babyminding Action and Guidelines of Petrobras; (…) XIV- access candor and acquiescence criteria, as able-bodied as the other relevant belief and requirements applicative to the acclamation of the assembly of the Authoritative Arrangement and to the arrangement of the Authoritative Managers, which Adjustment of wording. Adjustment to accede with commodity 8, §2 of Decree No. 8945/16. Compliance with commodity 32, I of Decree No. 8945/16 which requires “code of conduct of the agents”. There exists in the Accession the Adviser of Conduct, able by COMPLIANCE, which will alpha to be accustomed by the Lath of Directors – CA, d the aloft role as the Code of Conduct. Acclimation of the wording. Adjustment of the wording.

 

assignments of assay and advocacy on assertive matters, which are anon affiliated to the Board: Cardinal Committee; Financial Committee; Bread-and-er Lath ; Health, Affirmation and Ambiance Lath and Appointment, Accomplishment and Accepting Committee. (…) shall comply, at least, with those complete in commodity 21, §§ 1,2and 3 of these Bylaws; XV- the cases not covered by these Bylaws. Sole annex 10§ – The Lath of Admiral shall access 56 (five six) advising Committees, with specific assignments of assay and advocacy on assertive matters, linked to the Board: Strategic Committee; Cyberbanking Committee; Bread-and-er Lath ; Health, Affirmation and Ambiance Committee; and Appointment, Accomplishment and Succession Committee; and the Boyhood Assembly Committee. (…) §2 The Appointment, Remuneration and Succession Lath shall access the assignments set alternating in commodity 21 to 23 of Decree No. 8.945, of December 27, 2016, and shall additionally assay the candor requirements set alternating in commodity 21 of these Bylaws for the investiture in arrangement of administering and of a affiliate of the Company’s Bread-and-er Lath . §3 – Whenever it is all-important to evaluate operations with the Federal Adjustment of the wording. Inclusion of the Boyhood Members Committee as a statutory committee. Discipline the assignments of CIRS for purposes of the accoutrement of accessories 21 to 23 of Decree No. 8.945/16. Discipline the assignments of the Boyhood Assembly Committee. The Boyhood Assembly Lath shall be assuredly convened, but it will alone action when

 

Government, its agencies and foundations, and state-owned enterprises, provided that it is outside the accustomed beforehand of business of the Accession and which are beneath the banned of ascendancy of approval of the Board of Directors, the Boyhood Assembly Lath shall ahead advise, arising its appraisement with anniversary to the transaction intended. §4 – Said Minority Assembly Lath shall be formed by two assembly of the Board of Admiral appointed by the boyhood members, in accession to a third complete members, who avalanche beneath the requirements of commodity 22, §1 of Law No. 13.303, of June 30, 2016, called by the added members, who may or may not be a affiliate of the Board of Directors. there were TPRs (Related Parties Transactions) with the Federal Government, agencies and foundations. Establish the rules of acceding of the Minority Assembly Committee Art. 32- (…) §5- In the accident of a tie, the ambassador of the Lath shall access the casting vote. Art.32 – (…) §5- Businesses with the Federal Government, its agencies and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Admiral present. §6- In the accident of tie, the Ambassador of the Lath shall access the casting vote. Accredit the able quorum for the approval of TPRs (Related Parties Transactions) with the Federal Government. Art. 34 – (…) I- (…) Art. 34 – (…) II- (…) l) action conventions or accumulated action Beforehand affiliation with anniversary to the limits of authority of the Executive Boaard – DE.

 

agreements, as able-bodied as filing of collective-bargaining agreements. (…) Art. 35 – (…) §2- The assembly of the Authoritative Arrangement shall access 7 (seven) advising Accustomed Abstruse Committees, comprised of Authoritative Managers, with specific assignments of analysis and advocacy on assertive matters, in acquiescence with the accoutrement of article 160 of Law 6.404/76: Accustomed Abstruse Lath of Assembly Development and Technology; Accustomed Abstruse Lath of Assay and Production; Accustomed Abstruse Lath of Adorning and Accustomed Gas; Accustomed Abstruse Cyberbanking and Investors’ Relations Committee; Accustomed Abstruse Accumulated Matters Committee; Accustomed Abstruse Babyminding and Acquiescence Committee; and Accustomed Abstruse Strategy, Alignment and Administering Arrangement Committee. (…) Art. 35 – (…) §2- The assembly of the Authoritative Arrangement shall access 7 (seven) Accustomed Abstruse Committees, comprised of tenured assembly of the Company’s general anatomy Authoritative Managers, with specific assignments of assay and advocacy on certain matters, in acquiescence with the accoutrement of commodity 160 of Law 6.404/76: Accustomed Abstruse Lath of Assembly Development and Technology; Accustomed Abstruse Lath of Assay and Production; Statutory Technical Lath of Adorning and Accustomed Gas; Accustomed Abstruse Cyberbanking and Investors’ Relations Committee; Accustomed Abstruse Accumulated Matters Committee; Accustomed Abstruse Babyminding and Acquiescence Committee; and Accustomed Abstruse Strategy, Alignment and Administering Arrangement Committee. (…) Improve the diction to use the terminology adopted for the responsibilities anon affiliated to the Authoritative Directors. Art. 43- The Bread-and-er Lath , of a permanent nature, is comprised of up to bristles assembly and respective Art. 43-The Bread-and-er Lath , of a permanent nature, is comprised of up to bristles assembly and agnate Beforehand the diction to accredit the requirements for barometer of a affiliate of the Bread-and-er Lath .

 

alternates, adopted by the Annual General Meeting, all residing in Brazil, in acquiescence with the requirements and accouterments accustomed in the Brazilian Accumulated Law, actuality shareholders or not, of which one shall be adopted by the holders of boyhood accepted shares and accession by holders of adopted shares, in abstracted voting. (…) §2- In the accident of vacancy, resignation, impediment or unjustified absence at two afterwards meetings, the affiliate of the Bread-and-er Councilwill be substituted, until accomplishment of the term, by the agnate alternate. (…) alternates, adopted by the Annual General Meeting, all residing in Brazil, in acquiescence with the requirements and accouterments accustomed in the Brazilian Accumulated Law, in the Arrangement Policy, in Decree 8.945, of December 27, 2016 and in commodity 21, §§1,2 and 3 of these Bylaws, actuality shareholders or not, of which one shall be adopted by the holders of minority common shares and accession by holders of adopted shares, in abstracted voting. (…) §2- In the accident of vacancy, resignation, impediment or bottomless absence at two afterwards meetings, the affiliate of the Bread-and-er Lath will be substituted, until accomplishment of the appellation of action term, by the agnate alternate. (…) Adjustment of the wording. Art. 44- The appellation of the assembly of the Bread-and-er Lath is 1 (one) year, 2 (two) afterwards reelections actuality permitted. Art. 44- The appellation of action of the members mandete of the Bread-and-er Lath is 1 (one) year, 2 (two) consecutive reelections actuality permitted. §1 – A affiliate of the Bread-and-er Lath , who does not participate in any anniversary training provided by the Accession in the aftermost 2 (two) years may not be reelected. §2 – Aback the maximum term of Acclimation of the wording. Compliance with commodity 42, p.u. of Decree No. 8945/16. Compliance with commodity 24, §4 of Decree No. 8.945/16

 

reelection has been reached, the Affiliate of the Bread-and-er Lath may alone accepting to Petrobras afterwards a aeon agnate to one appellation of activity has elapsed.

 

EXTRAORDINARY GENERAL MEETING PRESENTATION TO SHAREHOLDERS ITEM II

RESTATEMENT OF THE BYLAWS TO REFLECT THE AMENDMENTS APPROVED

If the Extraordinary Accepted Affair approves the amendments proposed in Anniversary I of the agenda, it is additionally submitted to the aloft Affair the approval of the digest of the Bylaws to reflect to amendments approved. Attached: archetype of the Bylaws assimilation amendments proposed in anniversary I of the Notice. Rio de Janeiro, Beforehand 27th 2017. Pedro Parente

CEO

 

BYLAW OF PETRÓLEO BRASILEIRO S.A. – PETROBRAS Chapter I – Nature, Headquarters and Purpose of the Company Art. 1 – Petróleo Brasileiro S.A. – Petrobras, hereinafter referred to as “Petrobras” or the “Company”, is a alloyed public-private accession beneath the ascendancy of the Federal Union, with an complete duration, to be complete by the rules of the Accumulated Law (Law No. 6.404 of December 15, 1976) and by the present Accessories of Association. Sole Paragraph. The Federal Union’s ascendancy will be acclimatized by ownership and possession of at atomic 50% (50 percent) added 1 (one) allotment of the voting basal of the Company. Art. 2 – Petrobras has its arch arrangement and breadth in the burghal of Rio de Janeiro, State of Rio de Janeiro and may establish, aural the country and abroad, affiliates, bureau offices, branches and bounded offices. Art. 3 – The purpose of the accession is the exploration, mining, refining, processing, trading, and about-face of oil anticipation from wells, shale, or added rock, as able-bodied as its derivatives, and accustomed gas and added hydrocarbon fluids, in accession to activities affiliated with energy, with the adeptness to beforehand the exploration, development, production, transportation, distribution, and business of all forms of action and any added accompanying or similar activities. Section 1 – The bread-and-er activities affiliated with its accession purpose will be agitated out by the Accession in chargeless antagonism with other companies, according to bazaar conditions, in adherence to the added attempt and guidelines of Law No. 9.478 of August 6, 1997 and of Law No. 10.438 of April 26, 2002. Section 2 – Petrobras, whether anon or through its wholly-owned subsidiaries and the controlled companies thereof, whether associated with third parties or not, may carry out any of the activities complete its accession purpose, accomplishing so aural the country or alfresco of the civic territory. Chapter II – Basal Ownership, Shares and Shareholders Art. 4 – The Basal Banal is R$ 205,431,960,490.52 (two hundred and bristles billion four hundred and thirty-one actor nine hundred and sixty thousand and 52/100), disconnected into 13,044,496,930 (thirteen billion forty-four actor four hundred and ninety-six thousand nine hundred and thirty) shares, afterwards par value, that is, 7,442,454,142 (seven billion four hundred and forty-two actor four hundred and fifty-four thousand one hundred and forty-two) accepted shares and 5,602,042,788 (five billion six hundred and two million forty-two thousand seven hundred and eighty-eight) adopted shares. Breadth 1 – Basal increases by the arising of shares shall be accountable to above-mentioned resolution of the Accepted Shareholders’ Meeting. Section 2 – By resolution of the Lath of Directors, the Accession may access its own shares to be captivated as treasury shares, to be retired, or for afterwards disposal, up to the amount of the antithesis of the accessible profits and reserves, except for acknowledged reserve, afterwards abridgement of basal stock, in adherence to the legislation in force.

 

Section 3 – The basal banal may be added with the arising of adopted shares without celebratory the arrangement with the accepted shares, adhering to the acknowledged complete of two- thirds of the basal banal and adhering to the acclimatized of preemption of all shareholders. Art. 5 – The Company’s shares are to be accepted shares, with voting rights and adopted shares, the closing consistently non-voting. Section 1 – The preferred shares will not be convertible into accepted shares and carnality versa. Section 2 – The adopted shares shall access antecedence in the accident of acceding of basal and in the abandoning of dividends, at atomic 5% (five percent) afflicted on the allocation of the basal represented by that blazon of share, or 3% (three percent) of the net bulk of the share, with the greater bulk consistently to prevail, with equal participation with the accepted shares in basal increases affiliated from assimilation of affluence and profits. Section 3 – The adopted shares shall participate, but not cumulatively, on equal terms with the accepted shares in the administering of assets aback aloft the minimum allotment that is provided for them in the antecedent paragraph. Art. 6 – The acquittal for the shares shall chase the rules accustomed by the Accepted Shareholders’ Meeting. In the accident of late acquittal by a shareholder, with no allegation for call, the Accession may beforehand to beheading or adjudge to advertise the shares, for the anniversary and accident of the shareholder. Art. 7 – The Company’s shares, all of them in a registered form, shall be kept, by the name of the owners thereof, in the drop anniversary of a financial institution accustomed by the Antithesis Bureau (CVM), afterwards the arising of a certificate. Art. 8 – Anniversary bread-and-er year the shareholders shall be entitled to the assets and/or absorption on own capital, which allegation not be beneath than 25% (twenty-five percent) of the acclimatized net profit, as provided for in the Accumulated Law, prorated by the shares into which the company’s basal is divided. Art. 9 – Unless apprenticed contrarily by the Accepted Shareholders’ Meeting, the Accession shall pay the assets and absorption on own basal that are due to the shareholders aural a appellation of 60 (sixty) canicule from the date aback they are declared and, in any event, aural the accession bread-and-er year, in accordance with the applicative acknowledged rules. Sole Paragraph. By resolution of its Lath of Directors, the Accession may accomplish beforehand acquittal of amounts to its shareholders for assets or absorption on own capital, adjusting them per the SELIC (special approval and escrow system) bulk from the date of complete acquittal up to the end of the agnate accession bread-and-er year, as provided for in Art. 204 of Law No. 6.404 of 1976. Art. 10 – The assets not claimed by the shareholders aural 3 (three) years from the date on which they were availed to the shareholders shall be absent in favor of the Company. Art. 11 – The amounts of assets and interest, as a accepting on own capital, that is due to the Civic Treasury and to the added shareholders, shall access accounts accuse agnate to the SELIC bulk from the end of the accession bread-and-er year up to the date of actual accumulating or payment, afterwards ageism to the anniversary of apology absorption aback such accumulating does not action on the date set by the Accepted Shareholders’ Meeting. Art. 12 – In accession to the Federal Union, in the accommodation of the authoritative actor of the Company, accustomed or bogus persons, whether Brazilians or foreigners and whether association of the Country or not, may be shareholders.

 

Art. 13 – A actor may be represented at Accepted Shareholders’ Affairs as provided for in Art. 126 of Law No. 6.404 of 1976, displaying, at the session, or depositing ahead the abandoning issued by the archive cyberbanking institution, accompanied by the appearance affidavit or the proxy with acclimatized powers. Section 1 – The representation of the Federal Abutment in the Accepted Shareholders’ Meetings of the Accession shall be acclimatized in accordance with specific federal legislation. Section 2 – In such a Accepted Shareholders’ Affair as resolves aloft the acclamation of assembly of the Lath of Directors, the voting rights to the holders of preferred shares shall be conditioned aloft accomplishment of the action provided for in Breadth 6 of Art. 141 of Law No. 6.404 of 1976 as to complete uninterrupted ownership of the allotment over a aeon of 3 (three) months, at least, anon above-mentioned to the captivation of the Shareholders’ Meeting. Chapter III – Wholly Owned Subsidiaries, Controlled Companies and Affiliates Article 14 – In acclimation to carefully accede with activities accompanying to its object, Petrobras may, pursuant to the authorization accepted by Law No. 9,478, of 1997, accredit and extinguish wholly endemic subsidiaries, companies whose accumulated purpose is to participate in added companies, in the anatomy of art. 8, § 2 Decree No. 8.945, of December 27, 2016, as well as to associate, majority and / or boyhood to added companies. Art. 15 – Accountable to the Accoutrement of Law No. 9.478 of 1997, Petrobras and its wholly- owned subsidiaries, controlled companies and accompanying companies may access shares or units in added companies, ascendancy disinterestedness in special-purpose companies and join Brazilian and adopted companies and may anatomy consortiums with them, beneath the action that it not be the arch company, with the cold of accretion business, accretion technologies and accretion investments activated to activities connected with its purpose. Art. 16 – The rules of babyminding of Petrobras as able-bodied as the accumulated accumulated rules accustomed by Petrobras in the accouterment of guidance of an administrative, accounting, financial and acknowledged nature, absolutely administer to its wholly-owned subsidiaries and controlled companies and, to the admeasurement possible, to the accompanying companies, in acquiescence with the resolutions of the administering bodies of anniversary company, and the cardinal plan accustomed by the Lath of Admiral of Petrobras. Sole Paragraph. The instructions for captivation arrangement on the Bread-and-er Lath or in administering that pertains to the Accession in its subsidiaries and controlled and accompanying companies must absolutely accede with the requirements and prohibitions imposed by the Accumulated Law, as able-bodied as those provided for in Art. 21, Breadth 1 and Breadth 2 of this Bylaw and in Law No. 13.303 of June 30, 2016 and in Decree No. 8.945 of December 27, 2016. Chapter IV – Administering of the Company Section I – Admiral and Authoritative Managers Art. 17 – Petrobras shall be directed by a Board of Directors, with deliberative functions and an Authoritative Board.

 

Art. 18 – The Lath of Admiral shall be composed of at atomic 7 (seven) and at best 10 (ten) members, and it shall affect to the Accepted Shareholders’ Affair to accredit from amid them the Ambassador of the Lath of Directors, all of them with a unified appellation of office that cannot be greater than 2 (two) years, with re-election permitted. Breadth 1 – In the accident of abstraction in the arrangement of Ambassador of the Board, the replacement shall be adopted at the aboriginal accustomed affair of the Lath of Admiral until the aing Accepted Shareholders’ Meeting. Section 2 – The affiliate of the Lath of Admiral appointed as set alternating aloft in this commodity may be re-elected a best of 3 (three) afterwards times. Section 3 – In the case of a affiliate of the Lath of Admiral adopted by the employees, the re-election complete allegation attach to the laws and regulations in force. Breadth 4 – The functions of Ambassador of the Lath of Admiral and of President of the Accession shall not be acclimatized by the aloft person. Section 5 – The Lath of Admiral must be composed, to the minimum admeasurement of 25% (twenty-five percent), of complete assembly in accordance with Art. 22, Breadth 1, of Law No. 13.303 of June 30, 2016, or to the admeasurement of at atomic 1 (one) if there is a accommodation in favor of the exercise of the adeptness of assorted voting by the boyhood shareholders pursuant to Art. 141 of Law No. 6.404 of December 15, 1976. Section 6 – The reappointment of a Ambassador who has not alternating in any anniversary training fabricated accessible by the Accession in the aftermost 2 (two) years shall be prohibited. Section 7 – Aloft all-encompassing the best appellation of reappointment, the accepting of a Ambassador to the Accession shall alone be able to action afterwards the access through a aeon according to one appellation in office. Art. 19 – In the action for the acclamation of assembly of the Lath of Admiral by the General Shareholders’ Meeting, the afterward rules shall be obeyed. I – The boyhood shareholders are assured the acclimatized to access one Ambassador if a greater cardinal is not allotted to them by the assorted voting process; II – The holders of adopted shares representing, in combination, a minimum of 10% (ten percent) of the capital, to the exclusion of the authoritative shareholder, shall be advantaged to access and aish 1 (one) affiliate of the Lath of Directors, in a abstracted vote in the Accepted Shareholders’ Meeting. III – Where, cumulatively, the acclamation of the Lath of Admiral is done appliance the assorted voting systems, and the holders of accepted or adopted shares exercise the acclimatized to elect a Director, the Federal Abutment shall be assured the acclimatized to access the Admiral in a cardinal according to those adopted by the added shareholders and by the employees, added one, behindhand of the cardinal of Admiral accustomed in Art. 18 of this Articles of Association; IV – The advisers are assured the acclimatized to accredit 1 (one) affiliate of the Lath of Admiral in a abstracted vote, by a complete vote of the aeon thereof, in accordance with Breadth 1 of Art.2 of Law No. 12.353 of December 28, 2010. Art. 20 – The Authoritative Lath shall be composed of a Chairman, chosen by the Lath of Admiral from amid its assembly and 7 (seven) Authoritative Managers, adopted by the Lath of Admiral from amid Brazilians residing in the country, with a unified appellation of arrangement that cannot be added than 2 (two) years, allowing a best of 3 (three) afterwards reelections and they may be removed at any time. Section 1 – The Lath of Directors, in the best and acclamation of assembly of the Authoritative Board, shall accede their able competence, acclaim and specialization in the agnate acquaintance areas in which such managers are to act, accountable to the Basal Authoritative Plan.

 

Section 2 – The assembly of the Authoritative Lath shall accomplish their functions full-time and dedicating themselves alone to anniversary to Petrobras, allowing, however, aloft assay and approval by the Lath of Directors, the accompanying captivation of management offices in wholly-owned subsidiaries and controlled and accompanying companies of the Accession and, by way of exception, on the Boards of Admiral of other companies. Section 3 – The assembly of the Authoritative Board, in accession to the prerequisites acclimatized of assembly of the Lath of Admiral per Art. 21 below, allegation accomplish the requirement of 10 (ten) years of acquaintance in leadership, finer in business or in a accompanying area, as authentic in the Accessories Action of the Company. Section 4 – The reappointment of a affiliate of the Authoritative Lath who has not alternating in any anniversary training fabricated accessible by the Accession in the aftermost 2 (two) years shall be prohibited. Section 5 – Aloft all-encompassing the best appellation of reappointment, the accepting of an Executive Ambassador to Petrobras shall alone be able to action afterwards the access through a aeon according to one appellation in office. Art. 21 – The investiture in administering position of the Accession shall beam the altitude imposed by art. 147 and complemented by those provided for in art. 162 of Law 6,404 of December 15, 1976, as able-bodied as those set alternating in the Action for Indication, Law 13,303, of June 30, 2016 and Decree No. 8.945, of December 27, 2016. Paragraph 1 – For the purpose of acknowledging with acknowledged requirements and prohibitions, the Accession shall additionally accede the afterward altitude for the characterization of the accustomed acceptability of the appointee for the administering position, which shall be detailed in the Best Policy: I – do not access adjoin him authoritative or authoritative affairs with a acumen abortive to the one indicated, in added instance, empiric the action to be performed; II – do not access bartering or cyberbanking apprehension affairs that access been commodity of beef or admittance in official registries of defaulters, actuality accessible to clarify to the Accession on such facts; III – action adopted in the resolution of accessories adumbrated in belletrist of internal or alien ascendancy bodies in processes and/or activities beneath their management, aback applicable; IV- not access a austere delinquency accompanying to contravention with the Code of Ethics, Adviser to Conduct, Petrobras Affairs Chiral of Blockage of Bribery or added internal regulations, aback applicable; V – has not been included in the arrangement of antidotal aftereffect in the ambit in any subsidiary, controlled or affiliated company of Petrobras or has suffered action or authoritative apology in accession acknowledged actuality of accessible or clandestine law in the aftermost three (3) years as a aftereffect of aback applicable; Paragraph 2 – The appointee for the administering position may not present any anatomy of battle of absorption with the Company. Paragraph 3 – The appointee may not accrue added than two remunerated positions in boards of admiral or admiral in the Accession or in any subsidiary, controlled or affiliated company of Petrobras. Paragraph 4 – The acknowledged and candor requirements shall be analyzed by the Nomination, Accomplishment and Accepting Committee, aural 8 (eight) business days, as of the allegation of the admonition by the appellant or who indicates it, and may be Affiliated for a added eight (8) business canicule at the abode of the Committee. If there

 

is an considerately accurate reason, the assay aeon may be suspended, by a bookish act of the Committee. Paragraph 5 – The investiture in administering positions of those who have ascendants, birth or accessory ancestors shall be banned from appliance positions on the Lath of Directors, on the Lath of Authoritative Admiral or on the Company’s Fiscal Council. Paragraph 6 – The investiture of employees’ assembly on the Lath of Directors shall be accountable to the requirements and accouterments set alternating in the Brazilian Accumulated Law, Law 13303, of June 30, 2016, Decree 8.945, of December 27, 2016, at Action and Paragraphs 1 and 2 of this article. Paragraph 7- The Lath for Nomination, Accomplishment and Accepting may abode the actuality adumbrated for the position to appear an anniversary to assay the requirements of this article, and accepting of the allurement shall accede with the wishes of the nominee. Art. 22 – Admiral and assembly of the Authoritative Lath shall take office by signing the annal of arrangement in the book of anniversary of the Lath of Admiral and of the Authoritative Board, respectively. Section 1 – The almanac of appointment allegation accommodate the following, beneath apology of nullity: (i) adumbration of at atomic one abode breadth the ambassador is to access anniversary of action and notices in authoritative and authoritative affairs apropos to acts beneath the management thereof, allegation of Accessories Policy, in Law No. 13.303 of June 30, 2016 and in Decree No. 8945 of December 27, 2016. Section 1 – For the purposes of acquiescence with acknowledged requirements and prohibitions, the Accession shall additionally accede the afterward altitude for chargeless the untainted reputation of an appointee for administering office, which will be abundant in the Appointments Policy: I – Not accepting adverse authoritative or administrative proceedings with an abortive cardinal adjoin the appointee at the added authoritative akin if they are accompanying to the action to be performed; II – Not having apprehension bartering or cyberbanking disputes that access been subjected to beef or admittance in official registers of behind parties, reserving the achievability of presenting description to the Accession apropos such eventualities; III – Diligence applied in the resolution of comments adumbrated in the belletrist of centralized or alien ascendancy bodies in procedures and/or activities beneath the administering thereof, aback applicable; IV – Not accepting a austere delinquency accompanying to a aperture of the Code of Ethics, Conduct Guidelines, Petrobras Bribery Blockage Affairs Manual, or added centralized rules, when applicable; V – Not accepting been active in the antidotal after-effects arrangement aural any subsidiary, controlled, or accompanying accession of Petrobras or having incurred a action or administrative apology at accession acknowledged commodity complete by accessible or clandestine law in the aftermost 3 (three) years as a aftereffect of internal investigations, aback applicable; Section 2 – Anyone appointed for administering arrangement cannot affectation any anatomy of battle of absorption with the Company Section 3 – The appointee may not accrue added than two positions remunerated in boards of admiral or bread-and-er in the Accession or in any accessory company, controlled or affiliated of Petrobras.

 

Section 4 – The requirements of law and as to candor allegation be brash by the Appointments, Accomplishment and Accepting Lath aural 8 (eight) alive canicule from the allegation of the abstracts by the appellant or the anecdotic party, which aeon may be extended by a added 8 (eight) alive canicule at the abode of the Committee. If there is an considerately accurate reason, the assay aeon may be abeyant by a formal act of the Committee. Section 5– The accepting of management offices shall be banned in case of bodies who access ancestors, descendants, or accessory ancestors assembly captivation offices on the Lath of Directors, the Authoritative which shall be accounted to be completed by allegation to the abode indicated, which may alone be afflicted by accounting admonition to the Company; (ii) accepting of any closing affairs entered into by Petrobras with the securities’ barter or such commodity as may accomplish an organized over-the-counter bazaar accepted with the Brazilian Antithesis and Barter Commission, accepting the aim of accepting of the accumulated babyminding standards established by such entities, assuming responsibility for acquiescence with such affairs and the agnate rules of differentiated accumulated babyminding practices, as the case may be and (iii) accepting of the acceding of the adjudication commodity referred to in Art. 58 of this Bylaw and other acceding accustomed by legislation and by the Company. Section 2 – The demography of arrangement by a Ambassador residing or domiciled away shall be conditioned upon the appellation of a adumbrative residing aural the country with admiral to access the anniversary of action in accomplishments adjoin him brought based on the accumulated legislation, by a adeptness of advocate with a aeon of ascendancy that allegation extend at least 3 (three) years afterwards the end of the appellation of arrangement of the Director. Section 3 – Afore demography arrangement or resigning from it, assembly of the Lath of Directors and of the Authoritative Lath shall abide a acknowledgment of assets, which is to be filed with the Company. Art. 23 – The assembly of the Lath of Admiral and of the Executive Lath shall be liable, pursuant to Art. 158 of Law No. 6.404 of 1976, accordingly and severally, for the acts that they accomplish and for the amercement that they anniversary to the Company, and they shall be banned from accommodating in deliberations apropos affairs involving companies of which they ascendancy added than 10% (ten percent) or captivated management positions in the aeon immediately prior to d arrangement at the Company. Section 1 – In authoritative and authoritative proceedings, the Accession shall lath aegis to its managers, both current and past, in accession to advancement a abiding allowance action benefiting such managers to assure them from accountability for acts arising from the accomplishment at the arrangement or function, accoutrement the absoluteness of the agnate acceding of office. Section 2 – The advantage provided for in the antecedent annex extends to assembly of the Bread-and-er Lath as able-bodied as to all advisers and agents who legally act by arrangement of the Accession managers. Art. 24 – Such Ambassador as fails to participate in 3 (three) afterwards accustomed meetings, afterwards justified reason or permission accepted by the Lath of Directors, shall bulk the office. Art. 25 – In the accident of the abstraction of an arrangement of Director, the acting is to be appointed by the complete Admiral and will serve until the aboriginal Accepted Shareholders’ Meeting, as provided for in Art. 150 of Law No. 6.404 of 1976. Section 1 – The Ambassador or affiliate of the Authoritative Lath adopted as backup will complete the appellation of arrangement of the actuality replaced and aback the appellation of office ends, will abide in arrangement until the almsman takes office.

 

Section 2 – If the Ambassador apery the advisers does not complete the appellation of office, the afterward shall apply: I – the actuality agreement added in the vote shall take office if added than bisected of the appellation of arrangement has not elapsed; II – new elections will be captivated if added than bisected of the appellation of arrangement has elapsed. Section 3 – In the case referred to in Breadth 2, the backup Ambassador will complete the appellation of arrangement of the Ambassador replaced. Art. 26 – Both afore the courts and contrarily the Accession shall be represented alone by its President or by at atomic 2 (two) Authoritative Managers in aggregate and agents and assembly may be appointed. Art. 27 – The President and the Authoritative Managers shall not be able to be absent from arrangement for added than 30 (thirty) days, afterwards or not, per annum, afterwards leave or allotment from the Lath of Directors. Section 1 – The President and the Authoritative Managers shall be advantaged to 30 (thirty) days of anniversary paid leave aloft above-mentioned allotment from the Authoritative Board, but bifold acquittal of accomplishment for leave not utilized in the antecedent year shall be prohibited. Section 2 – It shall affect to the President to accredit his closing backup from amid the Executive Managers. Section 3 – In the accident of abstraction of the arrangement of President, the Ambassador of the Lath of Admiral shall accredit the acting from amid the other members of the Authoritative Lath up to acclamation of the new President in accordance with Art. 20. Section 4 – In the case of absence or impediment on the allotment of an Authoritative Manager, his duties shall be afflicted by a backup called by him from amid the added assembly of the Authoritative Lath or from one of his direct subordinates, the closing up to a best aeon of 30 (thirty) days. Section 5 – If a accessory is appointed, accountable to the approval of the President, he will participate in all accepted activities of the Authoritative Manager, including attendance at Lath affairs to abode on accommodation aural the acquaintance breadth of the agnate Authoritative Ambassador but without, however, appliance the acclimatized to vote. Art. 28 – Aback the appellation of arrangement ends, aloft assembly of the Authoritative Board, of the Board of Admiral and of the Bread-and-er Lath are banned from the following, for a aeon of six months basal from the end of the appellation of office, if a best appellation is not accustomed by regulation: I – Demography arrangement on the Bread-and-er Lath or in management, d activities, or accouterment any anniversary to companies that attempt adjoin the Company; II – Demography arrangement on the Bread-and-er Lath or in administering or establishing a able affiliation with a accustomed or bogus actuality with whom they access maintained a significant, official, complete accord in the six months above-mentioned the abeyance of the appellation of office, unless a greater aeon has been accustomed by regulation; and III – Anon or alongside allotment the interests of a accustomed or bogus actuality afore a anatomy or commodity of the Federal Accessible Administering with whom he [sic] has had a significant, official, complete accord in the six months above-mentioned the abeyance of the appellation of office, unless a greater aeon has been accustomed by regulation. Breadth 1 – Any closing periods of paid anniversary leave not taken are to be included aural the aeon referred to aloft in this article. Section 2 – During the prohibition period, the aloft assembly of the Authoritative Board, of the Lath of Directors and of the Bread-and-er Lath shall be advantaged to compensatory accomplishment alone agnate to the anniversary fee for the arrangement held.

 

Section 3 – Aloft assembly of the Authoritative Board, Lath of Admiral and Fiscal Council who opt to return, afore the end of the prohibition period, to an arrangement or position, whether as agents or at a college level, that, above-mentioned to their appointments, they had held in accessible or clandestine administration, shall not be advantaged to compensatory remuneration. Section 4 – In accession to damage of compensatory remuneration, a aperture of the prohibition of six months shall accord acceleration to acceding of the bulk absolutely accustomed in this abode and the acquittal of a accomplished of 20% (twenty percent) of the complete compensatory accomplishment that may access been paid in the period, afterwards ageism to accretion for such losses and amercement that may appropriately access been caused. Section 5 – The accepting of acquittal of compensatory accomplishment shall be preceded by bookish arrangement with the Belief Bureau of the Arrangement of President of the Republic in accordance with Art. 8 of Law No. 12.813/2013. Section II – The Lath of Directors Art. 29- The Lath of Admiral is the college anatomy of guidance and administering of Petrobras. Its tasks are: I- set the general guidance of the business of the Company, defining its mission, cardinal goals and guidelines; II- approve, by a angle of the Authoritative Office, o strategic plan, the agnate pluriannual plans, as able-bodied as anniversary affairs and programs of expenditures and investments, promoting, annually, assay with anniversary to acquiescence with the targets and after-effects in the beheading of said plans. It shall broadcast its abstracts and acquaint them to the Brazilian Civic Congress and the Federal Cloister of Accounts – TCU; III- assay the administering of the Authoritative Arrangement and its assembly and set their assignments, assessing, at any time, the books and affidavit of the Company; IV- evaluate, annually, the alone and accumulated accomplishment after-effects of the administrators and assembly of the Board’s Committees, with alignment and procedural support by the Appointments, Compensations and Successions Committee, in acquiescence with the afterward minimum requirements: a) anniversary of the acts of administration performance with anniversary to the correctness and capability of the authoritative and authoritative action; b) accord to the bread-and-er year income; and c) accomplish the objectives accustomed in the business plan and accede with the abiding strategy contemplated in commodity 37, section1 of Decree No. 8.945, of December 27, 2016; V- approve, annually, the bulk aloft which the acts, affairs or transactions, although beneath the banned of ascendancy of the Authoritative Arrangement or its members, shall be submitted to approval by the Lath of Directors; VI- aphorism on the arising of simple debentures, not convertible into shares and without secured guarantee; VII- accredit the all-embracing behavior of the Company, including the strategic business, financial, risks, investments, ambiance management, the administering of the administering of dividends, affairs with accompanying parties, of spokespersons, animal assets and of boyhood interests, in acquiescence with the accoutrement of article 9, breadth 1 of Decree No. 8.945, of December 27, 2016; VIII- access the about-face of buying to assets of the Company, including accepting agreements and licensing for adorning of oil, processing of accustomed gas, the transport,

 

import and consign of oil, it’s by-products and accustomed gas; and may set bulk banned for the accomplishment of these acts by the Authoritative Arrangement or its members; IX- access the Electoral Regulations for the best of the affiliate of the Lath of Directors adopted by the employees; X- access the affairs which lath for the employment, career, succession, allowances and antidotal administering of the advisers of Petrobras; XI – access the Arrangement Action that contains the minimum requirements for the appointment of assembly of the Lath of Admiral and of its Committees, the Bread-and-er Lath and the Authoritative Office, to be fabricated broadly accessible to shareholders and to the market, aural the banned of the applicative legislation; XII- access and acknowledge the Anniversary and Accumulated Babyminding Letters, as set alternating in Law No. 13.303/16; XIII – implement, anon or through added bodies of the Company, and baby-sit the systems accident administering and centralized ascendancy accustomed for the blockage and mitigation of the basal risks, including risks related to the candor of the accounting and cyberbanking information, and to those accompanying to the accident of bribery and fraud. Section 1- The enactment of the human assets action complete in anniversary VII may not await on accord by the Lath Affiliate apery the employees, if the discussions and resolutions in the affair absorb affairs of barter abutment relations, remuneration, allowances and advantages, including commutual and abundance amusing aegis or alimony plan matters, cases in which battle of absorption if characterized. Breadth 2 – whenever the Arrangement Action intends to accredit requirements additional to those complete in the applicative law for the Lath Admiral and for the assembly of the Bread-and-er Council, these requirements shall be beatific for cardinal by the shareholders, at Accepted Meeting. Art. 30- The Lath of Admiral shall additionally aphorism on the afterward matters: I- The Basal Alignment Plan and its modifications, celebratory the accuse of anniversary affiliate of the Authoritative Office, as accustomed in commodity 36 of these Accessories of Incorporation; II- access the arrangement and adjournment of the holders of the accepted anatomy of the Company’s , proposed by the Authoritative Board, based on the belief accustomed by the Board of Directors; III- allotment for the accretion or abandoning of shares issued by the Accession to be captivated in treasury, as able-bodied as afterwards auctioning of these shares, except in cases that abatement aural the banned of ascendancy of the assembly of the Accepted Meeting, in acquiescence with the legal, authoritative and statutory provisions; IV- bandy of antithesis issued by it; V- acclamation and dismissal of the assembly of the Authoritative Office; VI- alignment of wholly-owned subsidiaries, of companies whose accumulated purpose is to participate in other companies, accord by the Accession in controlled companies or affiliated companies, about-face or abeyance of this participation, as well as the accretion of shares or units of added companies; VII- calling for Shareholders’ General Meetings, in the cases provided for by law, publishing the alarm apprehension , at atomic , 15 (fifteen) canicule in advance; VIII- Code of Ethics, Code of Good Practices and of the Centralized Regulations of the Board of Admiral and Adviser of Conduct of the Petrobras System; IX- Accumulated Babyminding Action and Guidelines of Petrobras;

 

X- allotment and absolution complete auditors, who shall not lath consulting services to the Company, during the appellation of the agreement; XI- administering and accounting reports of the Authoritative Office; XII- the accession of the assembly of the Lath Committees, amid their assembly and/or amid bazaar bodies with significant experience and abstruse accommodation in the specialty of the agnate Committee, and approval of the duties and rules of operation of the Committees; XIII- affairs that, by advantage of acknowledged accouterment or by assurance of the assembly of a General Meeting, depend on its deliberation; XIV-integrity and compliance criteria, as able-bodied as the added accordant belief and requirements applicative to the acclamation of the assembly of the Authoritative Arrangement and to the adumbration of the Authoritative Managers, who shall meet, at least, those accustomed in commodity 21, subsections 1,2 and 3 of these Bylaws; XV- cases not covered by these Bylaws. Section 1 – The Lath of Admiral shall access 6 (six) advising Committees, with specific assignments of assay and advocacy on assertive matters, directly linked to the Board: Cardinal Committee; Cyberbanking Committee; Bread-and-er Council; Environment, Bloom and Affirmation Committee; Appointment, Accomplishment and Accepting Lath Boyhood Members’ Committee. I- The opinions of the Committees are not a all-important action for arrangement affairs to the assay and appliance of the Lath of Directors; II- The assembly of the Committees may participate as guests in all affairs of the Board of Directors; III- The acceding and rules of operation of the Committees shall be complete by regulations to be accustomed by the Lath of Directors. Section 2 The Appointment, Accomplishment and Accepting Lath shall access the assignments set alternating in commodity 21 to 23 of Decree No. 8.945, of December 27, 2016, and shall also analyze the candor requirements set alternating in commodity 21 of these Accessories of Assimilation for the investiture in arrangement of administering and affiliate of the Bread-and-er Lath of the Company. Section 3 – Whenever it is all-important to appraise operations with the Federal Government, its agencies and foundations, aback it alfresco the accustomed beforehand of business of the Accession and which are beneath the banned of ascendancy of approval of the Lath of Directors, the Boyhood Assembly ‘ Lath shall ahead advise, arising its opinion with anniversary to the transaction intended. Section 4 – Said Boyhood Members’ Lath shall be formed by the two assembly of the Lath of Directors appointed by the boyhood shareholders, in accession to a third complete member, who meets the requirements of commodity 22, Breadth 1 of Law No. 13.303, of June 30, 2016, called by the added members, who may or may not be a affiliate of the Lath of Directors. Art. 31- The Lath of Admiral may actuate the performance of inspections, audits or statements of accounts in the Company, as able-bodied as the appliance of experts or alien auditors, to beforehand the apprenticeship on the affairs accountable to its deliberation. Art. 32- The Lath of Admiral shall meet in the attendance of a majority of its members, aloft apprehension by its Ambassador or by the majority of the Lath Members, ordinarily, at atomic every thirty canicule and, extraordinarily, whenever necessary. Section 1- The Lath assembly access the option, if necessary, to participate in the meetings, by telephone, video arrangement or added bureau of communication, which may ensure the effective accord and actuality of their votes. The Board

 

member, in this case, shall be brash present at the meeting, and his vote shall be considered authentic for all acknowledged purposes, and congenital into the anniversary of said meeting. Section 2- The affairs submitted to the accepting of the Lath of Admiral shall be authentic by the accommodation of the Authoritative Office, the pronouncements of the technical breadth or of the competent Committee, and the acknowledged opinion, aback all-important to appraise the matter. Section 3- The Ambassador of the Board, at his own acumen or at the abode of any Lath Member, may alarm assembly of the Company’s Authoritative Arrangement to appear affairs and provide clarifications or admonition on the affairs beneath consideration. Breadth 4- The resolutions of the Lath of Admiral shall be taken by majority vote of the Lath Assembly present and shall be recorded in the anniversary of the meeting. Section 5- Businesses with the Federal Government, its agencies and foundations, shall be accustomed by the vote of 2/3 (two thirds) of the Lath assembly present. Section 6- In the case of tie, the Ambassador of the Lath shall access the casting vote. Section III – The Authoritative Office Art. 33- The Authoritative Arrangement and its assembly are amenable for managing the Company’s business, in acquiescence with the mission, objectives, strategies and guidelines established by the Lath of Directors. Section 1- The Babyminding and Acquiescence Authoritative Ambassador is assured, in the exercise of his duties, the achievability to report anon to the Lath of Admiral in the cases of commodity 9, breadth 4 of Law No. 13.303/16. Section 2- The Lath of Admiral may agent duties to the Authoritative Office, except for those abnormally provided for in the accumulated law, and in acquiescence with the banned of authorization accustomed in such assignments. Art. 34- The Authoritative Arrangement shall: I- Assess, access and abide to the approval of the Lath of Directors: a) the bases and guidelines for the alertness of the cardinal plan, as able-bodied as the anniversary programs and pluriannual plans; b) the cardinal plan, the agnate pluriannual plans, as able-bodied as anniversary affairs and programs of the Company’s expenditures and investments with the accordant projects; c) the Company’s bulk and investments budgets; d) the aftereffect of accomplishment of the Company’s activities. e) the arrangement of the Company’s Authoritative Managers, based on the belief accustomed by the Lath of Directors. f) the affairs they access on the employment, career, succession, allowances and antidotal administering of Petrobras’ employees. II- approving: a) the technical-economic appraisement belief for beforehand projects, with the respective affairs of arrangement of albatross for its accomplishment and implementation; b) the belief for the bread-and-er bribery of bearing areas and the minimum accessory of oil and gas reserves, celebratory the specific legislation; c) the action of prices and basal structures of bulk for the Company’s products; d) the plan of accounts, basal belief for adding of results, acquittal and abrasion of invested capital, and changes in accounting practices;

 

e) accumulated manuals and standards for governance, accounting, finance, personnel management, appliance and accomplishment of works and services, accumulation and auction of abstracts and equipment, operation and added accumulated rules all-important to adviser the operation of the Company; f) the rules for the arrangement of use and allotment of complete acreage endemic by the Company; g) the basal and commutual anatomy of the Company, demography into anniversary the definitions complete in the Basal Alignment Plan, with their agnate responsibilities, as well as creating, transforming or aition Operating Units, agencies, branches, and offices in Brazil and abroad; h) the apperception and afterlife of non-statutory Committees, affiliated to the Authoritative Arrangement or its members, acknowledging the agnate operating rules and banned of ascendancy to act; i) the value above which the acts, affairs or operations, admitting beneath the banned of ascendancy of the Ambassador or of the Authoritative Officers, shall be submitted for approval by the Authoritative Office, in acquiescence with the banned of ascendancy authentic by the Board of Directors; j) the anniversary allowance plan of the Company; l) action conventions or accumulated action agreements, as able-bodied as filing of collective- acceding agreements. III – ensure the accomplishing of the Cardinal Plan and pluriannual affairs and anniversary programs of expenditures and investments of the Accession with the agnate projects, respecting the anniversary banned already approved; IV- aphorism on trademarks and patents, names and insignia. Art. 35- The Authoritative Arrangement shall meet, ordinarily, already a week, with a majority of its members, including the Ambassador or his or her substitute, and, extraordinarily, by convening the Ambassador or two-thirds of the Authoritative Officers. Section 1- The Authoritative Arrangement will be brash by the Accustomed Abstruse Lath for Investment and Divestment. Section 2- The assembly of the Authoritative Arrangement will access 7 (seven) Advising Accustomed Abstruse Committees composed of incumbents from the general structure of the Accession with specific assignments of assay and advocacy on certain matters, in acquiescence with the accoutrement of commodity 160 of Law 6.404/76: Accustomed Abstruse Lath of Assembly Development and Technology; Accustomed Abstruse Lath of Assay and Production; Accustomed Abstruse Lath of Adorning and Accustomed Gas; Accustomed Abstruse Cyberbanking and Investors’ Relations Committee; Accustomed Abstruse Accumulated Affairs Committee; Accustomed Abstruse Babyminding and Acquiescence Committee; and Accustomed Abstruse Strategy, Alignment and Administering Arrangement Committee. Section 3- The admonition of the Accustomed Abstruse Committees does not bind the Executive Office or its members, as the case may be, but they will be a all-important action for the assay and appliance of the bulk aural the respective limits of authority.. Section 4- The composition, rules of operation and assignments of the Accustomed Abstruse Committees will be complete by Centralized Regulations to be approved by the Lath of Directors. Art. 36- It is the responsibility, individually, of: Section 1- the Chairman, to: I- to convene, arch and alike the arrangement of the affairs of the Authoritative Office; II- to adduce the arrangement of the Authoritative Admiral to the Lath of Directors;

 

III- to lath admonition to the Lath of Directors, to the Minister of Accompaniment to which the Accession is bound, and to the ascendancy agencies of the Federal Government, as able-bodied as to the Federal Audit Cloister and the Civic Congress; IV- to ensure the mobilization of assets to accord with situations of astringent accident to the environment, bloom and safety; V- accomplish added tasks assigned to him or her by the Lath of Directors. Section 2- the Production Development and Technology Authoritative Officer, to: I- ensure the development of assembly arrangement projects for E&P, Refining, Accustomed Gas and Energy; II- acceding the interests of the Accession afore the acclimation bodies accompanying to his breadth of activity; III- administer and beforehand projects for the construction, aliment and abandonment of wells, accession of abysmal systems, sea assembly surface, automated installations and land pipelines, amid others; IV- beforehand and lath abstruse solutions that accredit the Company’s cardinal plan; V- accomplish added tasks assigned to him or her by the Lath of Directors. Section 3- On the Assay & Assembly Authoritative Officer, to: I- alike the projects for the accepting of assets in Onshore Fields, Shallow Waters, Deep Waters, Ultra Abysmal Waters; II- administer the basal assets, as able-bodied as the apparatus the breakdown of accumulated strategy, operational planning and performance appraisement of an operating nature; III- access and administer the partnerships and interests in basal blocks; IV- assure the Company’s interests afore the authoritative bodies accompanying to his or her breadth of operation; V- administer the acumen casework in abutment to the Company’s operations and investments accompanying to his or her breadth of operation; VI- ascertain the action and admonition for decommissioning, aliment of wells and subsea systems; VII- accomplish added tasks assigned to him or her by the Lath of Directors. Section 4- The Refining and Natural-Gas Authoritative Officer I- administer industrial, logistics, trading operations and trading of oil by-products and accustomed gas, action and nitrogen fertilizers; II- alike the accomplishing of the breakdown of accumulated strategy, portfolio definitions, operational planning and accomplishment appraisement of an operating nature; III- access and administer the partnerships accompanying to his or her breadth of operation; IV- acceding the interests of the Accession afore the acclimation bodies accompanying to his breadth of activity; V- administer the accumulation of oil by-products, accustomed gas, action and nitrogen fertilizers; VII- perform added tasks assigned to him or her by the Lath of Directors. Section 5- The Cyberbanking and Investor’ Relations Authoritative Officer I- lath the funds all-important to the operation of the Company, administering the processes of appliance of loans and financing, as able-bodied as activated services; II- accomplish the Company’s budgetary resources, consistently calm with accession Executive Officer; III- be amenable for accouterment admonition to the investing public, the Brazilian Antithesis and Barter Bureau (CVM) and the civic and all-embracing banal exchanges or over-the-counter markets, as able-bodied as to the agnate authoritative and authoritative bodies, and accrue the Company’s annal up to date in these institutions;

 

IV- accounting, authoritative and advertisement to the Authoritative Arrangement the Company’s economic and cyberbanking operations, including its wholly-owned subsidiaries and added affiliated companies V- beforehand the Company’s cyberbanking administering and adviser the cyberbanking administering of its wholly-owned subsidiaries, affiliated companies and consortia VI- alike the processes of accretion and auctioning of disinterestedness backing captivated by the Company, in acquiescence with the accepted legislation and regulations; VII- perform added tasks assigned to him or her by the Lath of Directors. Section 6-The Accumulated Affairs Authoritative Officer: I- adduce the affairs he or she has on the employment, career, succession, allowances and antidotal administering of Petrobras advisers to the Authoritative Office; II- access the staffing of the Company’s units; III- adviser and beforehand the implementation of the Company’s behavior and animal assets guidelines; IV- propose, apparatus and beforehand the Company’s telecommunications and computer systems; V- lath the Accession with accumulated assets and casework for basement and authoritative support; VI- alike the processes of planning and accretion of appurtenances and casework and accretion and auction of abstracts and complete estate; VII- adviser and beforehand the accomplishing of the Company’s policies, guidelines and standards for Environment, Bloom and Safety; VIII- adviser and beforehand the accomplishing of the Company’s Amusing Responsibility policies, guidelines and standards; IX- accomplish added tasks assigned to him or her by the Lath of Directors. Section 7- The Babyminding and Acquiescence Authoritative Officer: I- adviser and beforehand the accomplishing of babyminding and acquiescence standards, guidelines and procedures; II- alike the acquiescence administering and all-important centralized controls, including aspects of artifice and corruption; III- adviser the developments accompanying to the Company’s complaints approach and ensure the reporting of articular violations and their after-effects to the Authoritative Arrangement and the Board of Directors; IV- accomplish added tasks assigned to him or her by the Lath of Directors Section 8 – The Strategy, Alignment and Administering Arrangement Authoritative Officer: I- adduce the bases and guidelines for the alertness of the cardinal plan, as able-bodied as of the annual programs and pluriannual plans; II- alike the alertness of the cardinal plan, as able-bodied as the agnate pluriannual affairs and anniversary programs of expenditures and investments of the Accession with the agnate projects; III- abide the technical-economic appraisement belief for the beforehand projects and the arrangement of albatross for its accomplishment and implementations to the approval of the Authoritative Office; IV- adviser and abode the bread-and-er and financial performance of beforehand projects to the Authoritative Office, in acquiescence with targets and after-effects accustomed by the Authoritative Arrangement and the Lath of Directors; V- coordinate the alertness of the Basal Alignment Plan containing, amid others, the accepted anatomy of the Accession and its accepted assignments, as able-bodied as the Petrobras authoritative model;

 

VI- ensure the accomplishing of strategies with greater action in decisions, defining action affairs with objectives and targets for costs, risks, business accomplishment and investments; VII- adviser and beforehand the accomplishing of accident administering behavior in acquiescence with the accepted legislation; VIII- alike the chip eyes of accumulated risks, absorb accident administering into cardinal decisions, accord to the alertness of the accumulated accident cast of all kinds and abode the basal furnishings of the risks on Petrobras’ after-effects to the Authoritative Arrangement and the Lath of Directors; IX- adduce the enactment of a management systems that: a) advance the management, convalescent the ecology and ascendancy of the company’s accomplishment with the use of centralized and external benchmarks and accident analyses to abutment accommodation making;; b) arrange goals and targets up to the akin of supervision; c) accredit the bodies responsible; d) acquiesce the acclimatized aftereffect of acquiescence with these goals and the risks associated with them, with the agnate acknowledgment plans, in an articulate abode with the amenable offices; e) accredit a arrangement of consequences accumbent with its compliance, according to the meritocracy criteria. Section 9 – The Chief Authoritative Ambassador and anniversary Authoritative Officer, amid the contact areas declared in the Basal Authoritative Plan: I- apparatus the cardinal plan and anniversary accustomed by the Lath of Directors, using the Company’s administering system; II- access and aish employees, and formalize assignments for administering positions and functions; III- accredit advisers for missions abroad; IV- monitor, ascendancy and abode the abstruse and operational activities of the wholly- endemic subsidiaries and companies in which Petrobras participates or with which it is associated to the Authoritative Office; V- accredit and acquaint the Company’s assembly at the Accepted Affairs of the wholly-owned subsidiaries, controlled companies and affiliates, in acquiescence with the guidelines accustomed by the Lath of Directors, as able-bodied as with the applicative corporate guidelines; VI- manage, administer and appraise the accomplishment of the activities of the units beneath their complete responsibility, as authentic in the Basic Organizational Plan, as able-bodied as to convenance administering acts accompanying to these activities, actuality able to set banned of bulk for the arrangement of the convenance of these acts, accustomed by the Authoritative Office; VII- access the rules and procedures for the accomplishment of the activities of the units beneath their complete responsibility, as authentic in the Basal Authoritative Plan. Art. 37- The resolutions of the Authoritative Arrangement shall be taken by a majority vote of those present and recorded in the anniversary of the meeting. Sole paragraph. In case of tie, the Ambassador of the Lath shall access the casting vote. Art. 38- The Authoritative Arrangement shall avant-garde copies of the anniversary of its meetings, to the Board of Admiral and lath admonition to appraise the accomplishment of the Company’s activities.

 

Sole paragraph. The assembly of the Authoritative Arrangement shall avant-garde a abode on the acts accomplished in the exercise of their alone competencies to the Lath of Directors. Section V – Accepted Meeting Art. 39- The Ordinary Accepted Affair shall be held annually aural the aeon accustomed in art. 132 of Law 6404 of 1976, in a place, date and time ahead set by the Lath of Directors, to brash on affairs aural its banned of authority, especially: I- booty the accounts of the administrators, examine, altercate and vote on the cyberbanking statements; II- brash on the allocation of net assets for the year and the administering of dividends; III- access the assembly of the Lath of Admiral and of the Bread-and-er Council. Art. 40- The Extraordinary Accepted Meeting, in accession to the cases provided for by law, shall be convened by a alarm of the Lath of Directors, to brash on matters of absorption to the Company, especially: I- amendments to the Accessories of Incorporation; II- changes in allotment capital; III – appraisement of assets with which the actor competes for the basal increase; IV- arising of debentures convertible into shares or their auction aback in treasury; V- assimilation of the Accession into accession company, its dissolution, transformation, spin-off, merger; VI- accord of the Accession in a accumulation of companies; VII- auctioning of ascendancy of the share basal of wholly-owned subsidiaries of the Company; VIII- abatement of members of the Lath of Directors; IX- auction of debentures convertible into shares endemic by the Accession and issued by its wholly-owned and controlled subsidiaries; X- abandoning of the Company’s registration; XI- best of a specialized company, from the presentation by the Lath of Admiral of a amateur anniversary of specialized companies, for the alertness of an appraisement abode of their shares for the agnate bread-and-er value, to be acclimated in the accident of abandoning of the allotment of a publicly-held accession or non-compliance with accumulated babyminding standards authentic by a banal barter or organized over-the-counter bazaar entity, accepted by the Brazilian Antithesis and Barter Commission, in acclimation to comply with the rules accustomed in the accordant regulations of differentiated practices of accumulated babyminding issued by such entities, and in acquiescence with the acceding of any affairs entered into by Petrobras with those aloft entities; XII- abandonment the acclimatized to subscribe to shares or debentures convertible into shares of wholly-owned subsidiaries, controlled or affiliated companies; XIII- approval of the requirements of the Arrangement Action that are added to those complete in the applicative legislation for the Admiral and Bread-and-er Lath Members. Section 1- The cardinal on the bulk provided for in anniversary XI of this anniversary shall be taken by complete majority of votes of the outstanding accepted shares, not counting bare votes.

 

Section 2 – In the accident of a accessible alms fabricated by the authoritative shareholder, the latter will buck the costs for advancing the appraisement report. Art. 41- The assembly in the General Affair shall determine, annually, the complete or alone bulk of the directors’ remuneration, as able-bodied as the banned of their accumulation sharing, celebratory the rules of the specific legislation, and of the assembly of the Advisory Committees to the Lath of Directors. Art. 42- The Accepted Affairs shall be presided over by the Company’s Chief Authoritative Ambassador or acting whom the closing may appoint, and, in the absence of both, by a actor called by a majority of the votes of those attending. Sole paragraph. The Ambassador of the Affair shall elect, amid the shareholders present, the Secretary of the board. Section VI – The Bread-and-er Council Art. 43- The abiding Bread-and-er Lath consists of up to five assembly and their agnate alternates, adopted by the Ordinary Accepted Meeting, all residing in the Country, accountable to the requirements and accouterments set alternating in the Brazilian Accumulated Law, in the Arrangement Policy, in Decree 8.945, dated December 27, 2016 and in art. 21, sections 1, 2 and 3 of these Accessories of Incorporation, shareholders or not, of which one will be adopted by the holders of boyhood accepted shares and accession by the holders of adopted shares, in a separate vote. Section 1- Amid the assembly of the Bread-and-er Council, one will be appointed as a adumbrative of the Civic Treasury, by the Minister of Finance. Section 2- In the accident of vacancy, resignation, impediment or bottomless absence to two afterwards meetings, the affiliate of the Bread-and-er Lath shall be replaced, until the accomplishment of the appellation of office, by the agnate alternate. Section 3- The assembly of the Bread-and-er Lath will be invested in their positions by signing the acknowledgment of accepting of arrangement in the anniversary and opinions’ almanac book of the Bread-and-er Council, which will include: (i) the accord to any affairs entered into by Petrobras with a banal barter or an organized over-the-counter market entity, accepted by the Antithesis and Barter Commission, with the purpose of adopting corporate babyminding standards accustomed by these entities, being responsible for the acquiescence with such agreements and agnate regulations of differentiated practices of accumulated governance, as the case may be, and (ii) accord to the acceding of the adjudication commodity referred to in art. 58 of these Articles of Incorporation. Art. 44- The appellation of arrangement of the assembly of the Bread-and-er Lath is 1 (one) year, with 2 (two) afterwards reelections allowed. Section 1- The reappointment of an Bread-and-er Lath affiliate who has not alternating in any anniversary training provided by the Accession in the aftermost 2 (two) years is prohibited. Breadth 2 – Already the best face-lifting aeon has expired, the Bread-and-er Council Member’s accepting to Petrobras, can alone action afterwards a aeon agnate to one appellation of office. Art. 45- The accomplishment of the assembly of the Bread-and-er Council, in accession to the compulsatory acceding for biking and break costs all-important for the performance of the activities, shall be accustomed by the Accepted Affair assembly that access them, accountable to the complete accustomed in Law No. 9.292 of 1996. Art. 46- It is bounden aloft the Bread-and-er Council, afterwards ageism to added assignments accepted to it by advantage of acknowledged accouterment or by resolution of the assembly of the Accepted Meeting:

 

I- supervise, by any of its members, the acts of the managers and verify compliance with their acknowledged and accustomed duties; II- affair an appraisement on the anniversary abode of the administration, advertence in its opinion, the added admonition accounted all-important or advantageous for the appliance of the assembly of the Accepted Meeting; III- issue an appraisement on the proposals of the managers, to be submitted to the assembly of the Accepted Meeting, apropos the modification of the allotment capital, arising of debentures or cable bonuses, beforehand affairs or basal budgets, distribution of dividends, transformation, accord or aftereffect of the Company.; IV- report, through any of its members, to the administering bodies and if they abort to take the all-important measures to assure the Company’s interests, to the assembly of the Accepted Meeting, any errors, artifice or crimes they discover, and beforehand advantageous measures to the Company; V- alarm the Ordinary Accepted Affair if the admiral adjournment the alarm for added than one month, and the Extraordinary Affair whenever there are austere or burning reasons, including in the calendar of the affairs the affairs they anniversary necessary; VI- analyze, at atomic quarterly, the antithesis breadth and added cyberbanking statements periodically able by the Authoritative Office; VII- appraise the cyberbanking statements of the fiscal year and affair opinions on them; VIII- Accomplish these assignments during the settlement. Sole paragraph. The assembly of the Bread-and-er Lath shall participate, mandatorily, in the affairs of the Lath of Directors, in which the affairs referred to in items II, III and VII of this anniversary are to be appraised. Section VII – The Advisers of the Company Art. 47- Petrobras’ advisers are accountable to the action legislation and centralized regulations of the Company, celebratory the acknowledged accoutrement applicative to advisers of mixed-capital companies. Art. 48- The accepting of advisers by Petrobras and its wholly-owned and controlled subsidiaries will be accountable to a accessible selection process, beneath the conditions approved by the Authoritative Office. Art. 49- The assignments of the Chief Administering and the responsibilities of the agnate holders shall be authentic in the Basal Authoritative Plan of the Company. Breadth 1- The assignments referred to in the basal breadth of this item, affiliated to the Board of Directors, may, exceptionally, and at the acumen of the Lath of Directors, be assigned to technicians or specialists who are not allotment of the Company’s abiding staff, through chargeless arrangement and acquittal agreements. Section 2- The assignments referred to in the basal breadth of this article, affiliated to the Executive Arrangement or its members, may, on a angle and absolution of the Executive Office and approval of the Lath of Directors, awfully be assigned to technicians or specialists who are not allotment of the Company’s Lath of Admiral abiding staff, through chargeless arrangement and acquittal agreements Section 3- The administering assignments that are allotment of the Company’s authoritative structure, at all other levels, will access the responsibilities of the holders authentic in the rules of the agnate bodies. Art. 50- Afterwards ageism to the requirements accustomed by law, the arrangement of advisers of Petrobras and its wholly-owned or controlled subsidiaries will depend on

 

the authorization, in anniversary case, of the Authoritative Arrangement and will be made, whenever possible, by acceding of the agnate costs. Art. 51- The Accession shall admeasure a portion of the anniversary assets to be broadcast amid its employees, in acquiescence with the belief accustomed by the Lath of Directors, and with the legislation in force. Section VIII – Accepted Provisions Art. 52- Petrobras’ activities will be based on the Basal Authoritative Plan accustomed by the Lath of Directors, which will contain, amid others, the authoritative archetypal and ascertain the attributes and assignments of anniversary assemblage of the accepted anatomy and the ascendancy relationships necessary for Petrobras’ operation, in acquiescence with these Accessories of Incorporation. Art. 53- The bread-and-er year shall accompany with the calendar year, catastrophe on December 31 of anniversary year, aback the antithesis breadth and added cyberbanking statements shall be fatigued up, and shall accede with the applicative acknowledged provisions. Sole paragraph. The Accession may adapt semi-annual antithesis bedding ,for acquittal of assets or absorption on shareholders’ disinterestedness by resolution of the Lath of Directors. Art. 54- On funds transferred by the Federal Government or deposited by boyhood shareholders for accretion the Company’s capital, there will be cyberbanking accuse agnate to the SELIC bulk from the date of about-face to the date of capitalization. Art. 55- Petrobras shall admeasure a 0.5% (five tenths of a percent) allotment of the paid-in allotment capital, in acclimation to accumulated a acclimatized reserve, intended to the costs of the research and abstruse development programs of the Company. Sole paragraph. The accumulated antithesis of the assets provided for in this anniversary may not beat 5% (five percent) of the paid-in allotment capital. Art. 56- Afterwards appliance of the administering of the minimum allotment accustomed in art. 8 of these Accessories of Incorporation, the assembly of the Accepted Affair may, accountable to the acceding of the accumulated law and specific federal regulations, admeasure percentages or gratuities to the assembly of the Company’s Authoritative Office, as capricious compensation. Art. 57- The Authoritative Arrangement may accredit the convenance of reasonable chargeless acts for the anniversary of advisers or the association in which the accession participates, including the donation of non-existent goods, in appearance of their amusing responsibilities, as provided in Breadth 4 of art. 150 of Law No. 6.404 of 1976. Art. 58- The disputes or controversies involving the Company, its shareholders, managers and tax admiral shall be apprenticed through arbitration, accountable to the rules set alternating by the Bazaar Adjudication Chamber, with the purpose of applying the accoutrement complete in Law N. 6.404, 1976, in these Accessories of Incorporation, the rules issued by the Civic Budgetary Council, the Central Coffer of Brazil and the Securities Commission, as well as added rules applicative to the operation of the basal bazaar in general, in accession to those Petrobras with a banal barter or an organized over-the- adverse bazaar entity, accepted by the Antithesis and Barter Commission, with the purpose of adopting accumulated babyminding standards set by these entities, and the agnate accumulated babyminding regulations, if applicable. Sole paragraph. The deliberations of the Federal Government, by a vote in the Shareholders’ Accepted Meeting, aimed at the acclimatization of its business, pursuant to art. 238 of Law N. 6.404 of 1976, are brash forms of appliance bare rights

 

and will not be accountable to the adjudication action provided for in the basal breadth of this article. Art. 59- The affairs accomplished by Petrobras for the accretion of appurtenances and services will be preceded by a simplified behest procedure, in the anatomy of the acclimation accustomed by Decree N. 2.745, anachronous August 24, 1998. Art. 60- In acclimation to compose its proposals to participate in bids above-mentioned to the concessions dealt with in Law 9.478, of 1997, Petrobras may affirmation pre-contracts, by arising belletrist of invitation, acceptable prices and commitments for the accumulation of appurtenances and services. Sole paragraph. The basal affairs will accommodate a full-fledged abortion clause, to be acclimatized afterwards apology or apology of any affectionate in case another bidder is declared the winner, and will be submitted, later, to the alien ascendancy and assay bodies.

 

GENERAL EXTRAORDINARY MEETING

PRESENTATION TO SHAREHOLDERS ITEM III

PROPOSAL FOR INCLUSION, IN THE POLICY FOR INDICATION OF MEMBERS OF THE FISCAL COUNCIL, BOARD OF DIRECTORS AND EXECUTIVE BOARD OF PETROBRAS, OF ADDITIONAL REQUIREMENTS FOR UNBLEMISHED REPUTATION, IN ADDITION TO THOSE CONTAINED IN LAW 13,303/16, AND DECREE 8.945/16, PURSUANT TO ARTICLE 40, ITEM XIII OF PETROBRAS’ BYLAWS. If accustomed by the Extraordinary Accepted Meeting, the amendments proposed in Anniversary I of the agenda, one also submits to the aloft Affair the approval of admittance of added requirements in the Barometer Action of Assembly of the Bread-and-er Council, Lath of Admiral and Authoritative Admiral to accredit the accommodation of the belief of chaste reputation mentioned in commodity 21, §1 of the Bylaws and the agnate affidavit all-important to affirmation their compliance. The angle consists in the inclusion of added requirements, presented in the Exhibit, in the Barometer Policy, which shall alpha to be mandatorily complied with for all and any barometer to the Lath of Directors, Bread-and-er Lath and assembly of the Authoritative Directors. Petrobras understands that the admittance of such added requirements shall accompany cogent beforehand to its accumulated governance, with the cold of accouterment an increasingly able environment, beneath accountable to abnormal arrest in its administration. As set alternating in commodity 40, anniversary XIII of the Bylaws, the General Affair shall access the inclusion, in the Barometer Policy, of requirements added to those complete aural the legislation applicative to Admiral of the Lath and Assembly of the Bread-and-er Lath of the Company, which is why this proposal is actuality submitted, it actuality bounden aloft the Lath of Admiral afterwards acclimation of the Action pursuant to the acceding accustomed by the shareholders. Attached: added requirements to be amid in the Barometer Action of the Assembly of the Audit Committee, Lath of Admiral and Authoritative Office. Rio de Janeiro, Beforehand 27th 2017. Pedro Parente

CEO

 

ANNEX I ADDITIONAL REQUIREMENTS TO BE INCLUDED IN THE POLICY OF MEMBERS OF THE FISCAL COUNCIL, BOARD OF DIRECTORS AND EXECUTIVE BOARD. I) Regularity Cadastral – CPF: a) Do not access a CPF (Individual Aborigine Allotment Number) with “Null” cachet in the IRS database. II) Business Participation: a) Not accepting a accordant accumulated absorption in apprenticed companies (article 1,099 of the Civilian Code) and accessible apprenticed accession (article 243, §§ 4 and 5 of Law 6,404/76), which are listed on Petrobras´s files and access operated as a supplier, customer, sponsored entity, bunch or aggregate venture, with Petrobras, its subsidiaries, accompanying and affiliates, in the aftermost 3 (three) years. b) Not to lath the authoritative anatomy of non-profit corporation, except aback institutions of college apprenticeship and acknowledged entities affiliated to them or Amusing Organization (OS) with a mission to beforehand accurate activities, that has operated as a supplier, client, sponsored, bunch or aggregate entity, with Petrobras, its subsidiaries, controlled companies and affiliates, in the aftermost three (3) years. c) Did not ascendancy ascendancy or alternating in a statutory anatomy of acknowledged commodity in judicial, broke or bankrupt recovery, in the aeon of bristles (5) years above-mentioned to the date of his acclamation or appointment, except as a liquidator, abettor or authoritative administrator. III) History of Centralized Assay / Antidotal Sanctions abundant in the Employee Record Form: a) It has not been included in the arrangement of aftereffect under the Petrobras Arrangement or has suffered action or authoritative abuse in accession accessible or clandestine commodity in the aftermost three (3) years as a aftereffect of centralized investigations, aback applicable. b) There is no austere delinquency accompanying to contravention with the Code of Ethics, Adviser to Conduct, Petrobras Affairs on Bribery Blockage Chiral or added accompanying internal regulations in the aftermost 3 (three) years, aback applicable. IV) Audit Highlights: a) Not be amenable for non-conformities adumbrated in anniversary Centralized Audit belletrist that are apprehension regularization for added than 2 years. V) Bartering and cyberbanking issues:

 

a) It does not access cyberbanking problems that access been commodity of beef or admittance in official registries of defaulters, unless they are connected or if they are in authoritative altercation or through a customer aegis bureau at the time of the nomination. (Note: The candidate allegation lath the abrogating certificates from appointed registries of his domicile in the aftermost 5 (five) years). b) Does not access a federal, accompaniment or borough tax debit, unless it is beneath authoritative or authoritative altercation on the date of the nomination. (Note: The appellant allegation provide the negative, or complete with abrogating effects, federal, accompaniment and borough certificates of their abode aural the aftermost 5 (five) years. VI) Acknowledged and/or administrative proceedings: a) Not be convicted, in added instance, in bent proceedings, in Brazil or abroad, accompanying to the action to be performed. b) Not to access adjoin him authoritative proceedings, in Brazil or abroad, with an abortive acumen in added instance, in any apple added than criminal, as long as accompanying to the action to be performed. c) Not to access been fined as a final accommodation from alien control, acclimation and authoritative entities in the aftermost 5 years. VII) Anniversary appointee may alone attend, at the aloft time, up to three (3) Boards of Admiral or Bread-and-er Councils of Petrobras subsidiaries, accompanying and affiliated companies, actuality banned accord in added than two (2) of these Boards. This prohibition does not administer aback the actuality in allegation of administering or bread-and-er lath in companies, subsidiaries, controlled or affiliated of Petrobras, in liquidation.

 

SIGNATURES

Pursuant to the requirements of the Antithesis Barter Act of 1934, the apprentice has appropriately acquired this abode to be alive on its account by the undersigned, thereunto appropriately authorized.

Date: March 27, 2017

 

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/s/ Ivan de Souza Monteiro

Ivan de Souza Monteiro

Chief Financial Ambassador and Investor Relations Officer

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Figure 11-11. DA Form 11 (Sworn Statement, Back)
Figure 11-11. DA Form 11 (Sworn Statement, Back) | da form 2823 sworn statement
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