Petrobras reaches agreement with investors to settle eleven individual
securities actions in the United States


Rio de Janeiro, November 23, 2016 – Petróleo Brasileiro S.A. – Petrobras
announces that its Board of Directors approved, in a meeting held today,
agreements to settle eleven individual securities actions brought before the US
District Court for the Southern District of New York by Abbey Life Assurance
Company Limited, et al., Aberdeen Emerging Markets Fund, et al., Aberdeen Latin
American Income Fund Limited, et al., Danske, et al., Delaware Enhanced Global
Dividend and Income Fund, et al., Dimensional Emerging Markets Fund, et al.,
Manning & Napier Advisors, LLC, et al., Russell Investment Company, et al.,
Skagen, et al., State of Alaska Department of Revenue, Treasury Division, et
al., State Street Cayman Trust Co., Ltd, and Ohio Public Employees Retirement
System. Petrobras has previously settled four individual securities actions
brought in the Southern District of New York, as announced on October 21, 2016.

In its third quarter financial statement released November 10, 2016, Petrobras
recognized a US$ 364 million provision. The costs of the settlements announced
today will be applied against that provision.

The eleven actions were consolidated for trial purposes with 12 other similar
actions, as well as the four previously settled actions and the class action
filed against the Company (and others) before the US District Court for the
Southern District of New York. With the settlement of these eleven actions,
along with the four that were previously settled, Petrobras has settled more
than half of the individual actions consolidated with the class action.

At this time, it is not possible for the Company to make a reliable estimate
with respect to the potential outcome of the class action.

Petrobras denies all allegations of wrongdoing and continues to defend itself
vigorously in all pending actions. The settlements, the terms of which are
confidential, are aimed at eliminating the uncertainties, burdens and expense of
ongoing litigation.



_________________________________________________________________________________
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.