Minority Shareholders Committee Internal Regulations Approval

Rio de Janeiro, January 24, 2017 – Petróleo Brasileiro S.A. – Petrobras informs
that its Board of Directors approved the Minority Shareholders Committee
Internal Regulations in a meeting held today, to govern this committee’s
composition and operation as well as the relationship between the committee and
other bodies within the company.
As disclosed to the market on October 24, 2016 the committee was created to
monitor the revision process of the Transfer of Rights Agreement. According to
the Board’s approval held today, this committee’s duties will be expanded to
advise the Board on a permanent basis regarding the analysis and recommendations
on other transactions with related parties involving Petrobras and the Federal
Government, its agencies and foundations, that are under the Board’s approval.

The committee will be composed of two Board members elected by the minority
shareholders and by a third independent member that can be part or not of the
Board of Directors, according to criteria defined in Law 13.303/2016.  In the
case of the Transfer of Rights Agreement revision, the independent member needs
to have notorious knowledge in technical-financial analysis of investment
projects.
The Committee’s Internal Regulations is available on the Internet at the
company’s website (http://www.petrobras.com.br/ri).

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www.petrobras.com.br/ir
Contacts:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations Department I e-mail:
petroinvest@petrobras.com.br
Av. República do Chile, 65 – 10th floor, 1002 – B – 20031-912 – Rio de Janeiro,
RJ | Phone: 55 (21) 3224-1510 / 3224-9947
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, that are subject to risks and uncertainties.
The forward-looking statements, which address the Company’s expected business
and financial performance, among other matters, contain words such as “believe,”
“expect,” “estimate,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,”
“will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made. There is no
assurance that the expected events, trends or results will actually occur. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events or for any
other reason.
The Company’s actual results could differ materially from those expressed or
forecast in any forward-looking statements as a result of a variety of
assumptions and factors. These factors include, but are not limited to, the
following: (i) failure to comply with laws or regulations, including fraudulent
activity, corruption, and bribery; (ii) the outcome of ongoing corruption
investigations and any new facts or information that may arise in relation to
the “Lava Jato Operation”; (iii) the effectiveness of the Company’s risk
management policies and procedures, including operational risk; and (iv)
litigation, such as class actions or proceedings brought by governmental and
regulatory agencies.  A description of other factors can be found in the
Company’s Annual Report on Form 20-F for the year ended December 31, 2015, and
the Company’s other filings with the U.S. Securities and Exchange Commission.