Nova Fronteira Merges into São Martinho S.A.

Instant Max AI

(Petrobras, 23.Feb.2017) – Petrobras announced that, further to the statement on 12/15/2016, its wholly owned subsidiary Petrobras Biocombustível S.A. (PBIO) finalized the merger of Nova Fronteira into São Martinho S.A.

The transaction was concluded on PBIO’s receipt of 24 million new ordinary shares issued by São Martinho, representing 6.593% of the voting and total capital of this company, replacing and proportionally to the Nova Fronteira shares held by PBIO.

These shares will not be subject to any type of lock-up and any sale shall be done in an organized manner, with the collaboration of São Martinho, for a period of up to four years.

The project is part of the five transactions that can be signed in accordance with the provisional ruling of the Brazilian Federal Accounting Court (TCU), as disclosed in the material fact dated 12/20/2016.

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