On the afternoon of Wednesday, April 29, new members were elected to Petrobras’ Board of Directors and Fiscal Council. The names of the new members were determined by shareholders at the ordinary general meeting held at Petrobras’ head office in Rio de Janeiro. The new members were elected to serve one-year terms. An extraordinary general shareholders’ meeting was also held to discuss a number of other subjects. See the names of the members elected by shareholders and the meetings’ decisions below:

The following members of the Board of Directors were elected:

BOARD OF DIRECTORS

Members elected by the controlling shareholder

Murilo Pinto de Oliveira Ferreira

Aldemir Bendine

Luciano Galvão Coutinho

Luiz Nelson Guedes de Carvalho

Luiz Augusto Fraga Navarro de Britto Filho

Roberto da Cunha Castello Branco

Segen Farid Estefen

Member elected by common share-owning minority shareholders

Walter Mendes de Oliveira Filho

Member elected by preferred share-owning shareholders

Guilherme Affonso Ferreira

Representative of Petrobras employees

Deyvid Souza Bacelar da Silva

Murilo Pinto de Oliveira Ferreira was elected chairman of the Board of Directors, pursuant to article 18 of the company’s by-laws.

The following members of the Fiscal Council and respective alternate members were elected:

FISCAL COUNCIL

Members elected by the controlling shareholder

Paulo José dos Reis Souza (full member) and Paula Bicudo de Castro Magalhães (alternate member), as representatives of the National Treasury

Cesar Acosta Rech (full member) and Symone Christine de Santana Araújo (alternate member)

Marisete Fátima Dadald Pereira (full member) and Agnes Maria de Aragão da Costa (alternate member)

Members elected by common share-owning minority shareholders

Reginaldo Ferreira Alexandre (full member) and Mário Cordeiro Filho (alternate member)

Members elected by preferred share-owning shareholders

Walter Luis Bernardes Albertoni (full member) and Roberto Lamb (alternate member)

EXTRAORDINARY GENERAL SHAREHOLDERS’ MEETING

The total remuneration to be paid to Petrobras’ officers was established at up to R$19,430,778.39 (nineteen million, four hundred and thirty thousand, seven hundred and seventy eight reais, thirty nine centavos), for the period between April 2015 and March 2016. It is explicitly prohibited to transfer to the respective fees any benefits that may be granted to company employees through the formalization of the Collective Work Agreement on its respective base date.

The Board of Directors was delegated the power to effect the individual distribution of the sums allocated to pay the remuneration of the Executive Board’s members, subject to the overall total and deducting the share allocated for the Board of Directors.

The monthly salary for the members of the Board of Directors and members of the Fiscal Council was established at one-tenth of the maximum average monthly remuneration of the members of the Executive Board, deducting the sums related to vacation bonus pay and benefits.

The use of resources related to the balance of the overall officers’ total approved at the extraordinary general meeting of April 2, 2014 to pay the balance for vacation bonus pay, housing allowance and airline tickets for members of the Executive Board was ratified.