At a meeting on February 6, the Petrobras Board of Directors approved by majority vote the election of Aldemir Bendine as its CEO. He will take over from Maria das Graças Silva Foster, who will also be leaving the Company’s Board of Directors. The result of this election will stand until the next Shareholders’ General Meeting, in accordance with the provisions of Brazilian law and the Company’s Articles of Incorporation.

Aldemir Bendine was the CEO of the Brazilian bank, Banco do Brasil. He has a bachelor’s degree in Business Administration from PUC-Rio, and an MBA in Finance and in Senior Executive Studies.

The Board of Directors also elected by majority vote Ivan de Souza Monteiro, as Chief Financial and Investor Relations Officer, replacing Almir Guilherme Barbassa. Ivan Monteiro had been Senior Vice President of Financial Management and Investor Relations of Banco do Brasil since June 2009, where he had already served as Commercial Officer, Senior Vice President of Finance, Capital Markets and Investor Relations, and also as Chairman of the Supervisory Board of BB AG. He has a bachelor’s degree in Electronic Engineering and Telecommunications from INATEL-MG and an MBA in Finance and Management.

The following executives were also elected by majority vote to take over as interim Executive Directors:

- The current Manager of Corporate Exploration and Production, Solange da Silva Guedes, will take over as Exploration and Production Director, replacing José Miranda Formigli Filho. Solange Guedes has a PhD in petroleum engineering and 30 years’ experience at Petrobras, where she has held various management positions, all related to Exploration and Production.

- The current Executive Manager of Downstream Logistics, Jorge Celestino Ramos, will take over from José Carlos Cosenza as as Downstream Director. Jorge Celestino has a bachelor’s degree in chemical engineering from Rio de Janeiro State University (UERJ) and in Oil Process Engineering from CENPRO, as well as a specialization in Ethanol Production Technology from COPPE / UFRJ and an MBA in Business Administration and Marketing. He has been a Petrobras employee for 32 years and has held several management positions in Downstream and at Petrobras Distribuidora.

- The current Corporate Gas and Power Manager, Hugo Repsold Júnior, is to take over as Gas and Power Director, replacing José Alcides Santoro Martins. Hugo Repsold has a bachelor’s degree in Mechanical Engineering from Fluminense Federal University (UFF) and in economics from Rio de Janeiro State University (UERJ), as well as a Master’s degree in Energy Planning under the Energy Planning Program of the Federal University of Rio de Janeiro (Coppe / PPE / UFRJ). He has been with the Company for 30 years and has held several management positions in Exploration and Production, Strategy and Corporate Performance and Gas & Energy.

- The current Manager of Subsea Development Engineering, Roberto Moro, will take over as Engineering, Technology and Procurement Director, replacing José Antônio de Figueiredo. Roberto Moro has a bachelor’s degree in Mechanical Engineering from University Gama Filho, specializing in Project Management. He has been working at Petrobras for 33 years and has held several management positions in Engineering.

Petrobras would like to expresses its gratitude Graça Foster, Almir Barbassa, José Formigli, José Cosenza, José Alcides Santoro and José Antônio de Figueiredo for their technical expertise, professionalism and the dedication they have shown in the exercise of their duties.