Petrobras – Changes in Management

Rio de Janeiro, May 23, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby informs the market that its Board of Directors held an extraordinary meeting today to analyze the nomination of executive Pedro Parente to the positions of Chairman of the Board of Directors and Chief Executive Officer (CEO) of the Company.

At the meeting today, the Compensation and Succession Committee informed the Board of Directors about the necessary requirements for appointments to these relevant positions, as well as of all the necessary corporate governance, compliance and integrity procedures for the succession process, in accordance with the Company’s new bylaws, approved by the Shareholders’ Meeting of April 28, 2016.

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