Petrobras, further to the material fact disclosed on 3/31/2017, informs that its Executive Board has approved the recomposition of its partnership and divestment portfolio. Among these projects, there are the sales of Pasadena Refinery and of the interest in Petrobras Oil & Gas B.V. (PO&G), which owns assets in Africa.

These and the other partnership and divestment projects will follow the procedures under the revised divestment methodology, in compliance with the decision by the Federal Accounting Court (TCU) issued on 3/15/2017.

Pursuant to this methodology, each project will be individually submitted to the Executive Board and, if approved, will be opportunely disclosed to the market and the respective Teasers (disclosure of divestment opportunity) offering more details on the relevant assets, the business model, and the selection criteria of potentials will be available on the company's web page. Thus, the approved portfolio is a portfolio of intentions, from which the disclosure of each project will begin individually and in a timely manner.

Petrobras clarifies that its divestment program is dynamic, and subject to changes due to market conditions and successive portfolio analyses, in compliance with the company’s Strategic Plan. Furthermore, the execution of each divestment will depend on the development of negotiations and necessary approvals. Therefore, some changes may occur throughout the processes of partnerships and divestments.

Lastly, Petrobras reinforces that upholds its partnerships and divestments program target of US$ 21 billion for the 2017/2018 biennium, as defined in the Strategic Plan.