Today, Petrobras’ Board of Directors held an extraordinary meeting to discuss the appointment of Pedro Parente as both Chairman of the Board of Directors and Chief Executive Officer (CEO) of the Company.

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