Petrobras hereby announces that its Board of Directors has approved the Company’s new organizational model.

The revision of the model is due to the need to align the organization with the new reality of the oil and gas sector and to prioritize profitability and capital discipline. It also strengthens the Company’s governance through a greater control and compliance over the processes and the expansion executives’ accountability levels.

Thus, the top structure is replaced by the following organization:

The restructuring involves the merger of areas, centralization of activities, new criteria for the appointment of executive managers and the formal assignment of responsibility for results and decisions to managers.

The reduction of costs with these initiatives can reach R$ 1.8 billion per year and there will be an estimated reduction of, at least, 30% in management positions in non-operational areas. The Company has about 7,500 management positions approved, of which 5,300 in non-operational areas.

Six Statutory Technical Committees will be created, composed of executive managers who have the duty to prescreen and issuing recommendations on the subjects to be decided by the directors, who will share responsibility in decision-making.

The changes that result in amendments to Petrobras’ Bylaws will be submitted for approval by a Shareholders’ Meeting to be called at an opportune time.