Petrobras achieves top grade in Governance Indicator

Rio de Janeiro, November 10, 2017 - Petróleo Brasileiro S.A. – Petrobras reports
that it has achieved top grade in the Governance Indicator ("IG-SEST") prepared
by the Secretariat of Coordination and Governance of State-Owned Enterprises -
SEST, under the Ministry of Planning, Development and Management - MPDG, with
the results gathered in its 1st Assessment Report. The company obtained grade
10.0 and reached Governance Level 1.

IG-SEST is a continuous monitoring tool for purposes of measuring compliance
with the requirements set forth by Law No. 13.303/2016, and it aims to track the
performance of the quality of governance of Federal state-owned companies. The
methodology adopted consists of items divided into three dimensions:
“Management, control and audit"; "Transparency of information"; and "Councils,
committees and boards." Based on the outcome of the assessment, the company is
ranked among four levels of governance, with Level 1 being the highest, and
receives the SEST Certificate with Seal of Governance.

Petrobras received grade 10.0 in the three dimensions assessed, with highlights
on: (i) transparency of information; (ii) internal controls system; (iii)
segregation of the risk management area from other activities; (iv) training of
senior management; and (v) participation of independent members on the Board of
Directors and the Audit Committee.

This result demonstrates Petrobras’ commitment with the continuous improvement
of its governance, as well as its alignment to best market practices.

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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, 2016, and
the Company’s other filings with the U.S. Securities and Exchange Commission.