Liquigás sale process – General Superintendence of the Administrative Council
for Economic Defense (CADE) Opinion


Rio de Janeiro, August 28, 2017 - Petróleo Brasileiro S.A. – Petrobras, pursuant
to the press release of 06/30/2017, informs about the progress of the process
analysis by the General Superintendence (“GS”) of the Administrative Council for
Economic Defense (”CADE”), regarding the sale of Liquigás Distribuidora S.A., a
wholly-owned Petrobras subsidiary, to Companhia Ultragaz S.A., a subsidiary of
Ultrapar Participações S.A.

On this date, GS ended the analysis phase of the transaction and the case will
be submitted to the Court of CADE in the next few days, as stated by the
procedure established in the Brazilian Law 12.529/2011, art. 57, II.

According to the Technical Opinion issued by the GS there were competitive
concerns identified. For this reason, the GS submitted its recommendation to
disapprove the transaction to the said Court, which will be responsible for
evaluating the case and identifying possible conditions to avoid such concerns.
Therefore, the opinion published by GS is not binding and the Court will take
the final decision on this case.

Petrobras and Ultragaz believe that there are initiatives capable of solving the
competition concerns raised by the GS and will continue to collaborate with CADE
in order to approve this transaction.

Petrobras will keep the market informed of any relevant decision.
____________________________________________________________________
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
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Exchange Act of 1934, as amended, that are subject to risks and uncertainties.
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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, 2016, and
the Company’s other filings with the U.S. Securities and Exchange Commission.