Petrobras Announces new President, Management Changes

Petrobras reports that it has received the letter of resignation of Mr. Aldemir Bendine the functions of a member of the Board of Directors and President of the Company today. In addition, Mr. Bendine also resigned today, the office of member of the Board of Directors of Petrobras Distribuidora - BR.

In view of the resignation, the Board held a special meeting that has elected Pedro Pullen Parente engineer as a member of the Board of Petrobras today. The Council at the same meeting also elected Mr. Pedro Parente for the office of President of the Company since 05.31.2016 and has appointed the Director of Human Resources, Safety, Environment and Health and Human Services, Hugo Repsold Junior, for the interim exercise of the functions of the President of the Company.

Petrobras also reports that it has received the letter of resignation of the Director of Administration Luciano Coutinho today and that the post remain vacant until the election of a new member to the Council.

Pedro Pullen Parente began his career in public service in Banco do Brasil in 1971, and in 1973 was transferred to the Central Bank, both through public tender. He was a consultant to the International Monetary Fund and public institutions in Brazil, including Secretaries of State and the National Constituent Assembly of 1988, having acted in various positions in the economic area of the government. He was Minister of State between 1999 and 2002, having been the coordinator of the transition team of President Fernando Henrique Cardoso the Government of President Lula.

In that period, it was important his role as Speaker of the House Management Energy Crisis. He was a member of the Board of Directors of Petrobras from 24/03/1999 to 31/12/2002 and President of the Council from 25/03/2002. He was Executive Vice President (COO) of RBS Group in the period 2003 to 2009 and President and CEO of Bunge Brazil between 2010 and 2014. He is currently a board member of SBR-Global, as well as being Managing Partner group of companies Prada consulting and financial advice. He is also Chairman of the Board of Directors of BM & FBOVESPA since March 2015.