Rio de Janeiro, April 1, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Executive Board has approved a Voluntary Severance Incentive Program – 2016 PIDV, open to all employees.

The aim of the Program is to adjust the size of the workforce to the needs of the Business and Management Plan (PNG), raising productivity and and generating value for the Company, with the focus on meeting the Plan’s targets.

The 2016 PIDV was developed based on the premises of preserving a sufficient number of employees to ensure the continuity of the Company’s operations, adjusting personnel in all areas.

Assuming that around 12,000 employees take part in the Program, its implementation cost is estimated at R$4.4 billion and the its expected return is of R$33 billion between 2016  and  2020.

The precise cost and return amounts may vary in line with how many workers sign up to the Program, as well as other variables, being these estimates based on assumptions and criteria applicable at present.

Facts deemed to be material regarding this matter will be disclosed to the market in a timely manner.