Clarification of News Item: Appointment of Parente as CEO of Petrobras

Rio de Janeiro, May 24, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 226/2016-CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 226/2016-CVM/SEP/GEA-1

“Dear Officer,

We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled Parente deve assumir Petrobras no dia 31 (Parente to take over at Petrobras on the 31st), which contains the following affirmations:

Petrobras’ Board of Directors will discuss the nomination of Pedro Parente to head the company and occupy a seat on the Board, replacing Aldemir Bendine. Although the note distributed by the company yesterday did not mention approval, it became clear that Parente will take up office next Tuesday.

According to a Valor source, Bendine had his letter of resignation ready, but the decision was that he would remain in his position until Monday the 30th. Of the remaining Executive Board members, only Ivan Monteiro, the CFO, was formally approached by Parente to remain in his post.

Given the above, and the absence of said information in the Notice to the Market delivered at 8:02 p.m. on May 23, 2016, we would like you to confirm if the content of this news item is in fact true and, if so, why such information was not disclosed through a Material Fact, as well as comment on other information deemed relevant to the issue.”


Petrobras hereby declares that, following the nomination by the controlling shareholder of the executive Pedro Parente as the CEO of Petrobras, in line with its bylaws and governance, integrity and compliance standards, is considering such nomination, as published to the market on May 23, 2016.

Furthermore, the Company declares that it has not received any letter of resignation from its current CEO until now.

There was also no discussion from any Company’s body concerning the current composition of the Executive Board.

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

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