New CEO and changes to Management

05/30/2016

Rio de Janeiro, May 30, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby announces that it received today a letter of resignation from Mr. Aldemir Bendine of Petrobras’ Board member and CEO positions. Additionally, Mr. Aldemir Bendine also resigned today, the office of Member of the Board of Petrobras Distribuidora – BR.

In light of the resignation presented, the Board of Directors held today an extraordinary meeting, in which elected engineer Pedro Pullen Parente as Petrobras’ Board member. The Board, at the same meeting, also elected Mr. Pedro Parente to the position of CEO of the Company from 05.31.2016 and appointed the Human Resources, HSE and Services Officer Hugo Repsold Júnior to exercise the responsibilities of the CEO on an interim basis.

Petrobras also informs that has also received a letter of resignation from Board Member Luciano Galvão Coutinho and the position will remain vacant until the election of a new member of the Board.

Pedro Pullen Parente began his public service career at Banco do Brasil in 1971 and was transferred to the Central Bank in 1973, in both cases following public examination. He has been a consultant for the International Monetary Fund and public institutions in Brazil, including several State Departments and the National Constituent Assembly of 1988, and has occupied various government positions in the economics area. He was Minister of State between 1999 and 2002, having led the team handling the transition from President Fernando Henrique Cardoso’s government to President Lula’s administration. During this period, he played an important role as President of the Energy Crisis Management Chamber. He was a member of the Board of Directors of Petrobras between March 24, 1999 and December 31, 2002 and Chairman of the Board as of March 25, 2002. He was Chief Operating Officer of RBS Group between 2003 and 2009 and President and CEO of Bunge Brasil from 2010 to 2014. He is currently a member of the Board of Directors of SBR-Global, as well as an Executive Partner of the Prada group of consulting and financial advisory companies. He has also been Chairman of the Board of Directors of the BM&FBOVESPA – Securities, Commodities and Futures Exchange since March 2015.