Petrobras announces that the member of the Board of Directors Walter Mendes de Oliveira Filho resigned from the position of member of the Board of Directors and from the position of Chairman of the Statutory Audit Committee of the Company.

The Board of Directors of Petrobras approved the nomination of Mr. Walter Mendes for the position of President of Fundação Petrobras de Seguridade Social – Petros, which shall be assessed by the Deliberative Council of Petros.

In light of the resignation, the Board of Directors elected Mr. Marcelo Mesquita, appointed by Mr. Walter Mendes and by board member Guilherme Affonso Ferreira, as a member of the Board until the next General Shareholder’s Meeting of Petrobras, in accordance with Petrobras’ Bylaws and the Law 6,404/76, when it will be up to the minority shareholders holding common shares the election who will occupy this position.

The nomination of Mr. Walter Mendes and the election of Mr. Marcelo Mesquita complied with all the formalities of the analysis of integrity and of management and technical capacity, in accordance with the criteria, requirements and competences approved by the Board of Directors in October 2015.

Below is the curriculum of the new Board Member:

Marcelo Mesquita de Siqueira Filho - Has a degree in Economics from PUC-Rio, in French Studies from Nancy University II and an OPM (Owner/President Management) from Harvard, he is a co-founder partner of Leblon Equities (since 2008) and co-manager of equity funds and of Private Equity. He has 25 years of experience in the Brazilian stock market, having worked 10 years at UBS Pactual (1998-2008) and 7 years in Banco Garantia (1991-1998). At UBS Pactual, he was the co-responsible for the Capital Market area (2007-2008); co-responsible for the Stock area (2005-2007); and responsible for the Business and Strategist Analysis area (1998-2006). At Banco Garantia he was a commodities companies analyst of (1991-1997) and Investment Banker (1997-1998). Since 1995, he was appointed by investors as one of the leading analysts of Brazil according to several surveys made by Institutional Investor magazine. He was rated as "#1 Brazil Analyst" from 2003 to 2006 (#3 in 2002, #2 in 2001 and #3 in 2000). He was also rated as "#1 Stock Strategist in Brazil" from 2003 to 2005. Marcelo Mesquita worked in more than 50 transactions in the Brazilian stock market (IPOs), both in Garantia and UBS Pactual. Currently he is also a member of the Boards of Directors of BR Home Centers S.A., of Mills SI S.A. and of Tamboro Educacional S.A.