Rio de Janeiro, January 17, 2014 - Petróleo Brasileiro S.A. - Petrobras announces that its Executive Board approved yesterday a Voluntary Separation Incentive Plan - PIDV.

This Plan is part of the implementation of the Productivity Optimization Program - POP, which is designed to positively influence Petrobras' productivity aiming to contribute to the achievement of performance targets under the Business and Management Plan - PNG.

The PIDV proposal was developed so as to plan and systemize the separation of the employees that enroll in the program meeting the following objectives: adjust company personnel to its Business and Management Plan; achieve company interests in line w'ith employees' expectations and preserve existing knowledge in the company.

PIDV development considered voluntary enrollments and covers all separable employees aged 55 or higher.

Petrobras will keep its shareholders and other interested parties informed as to the development of the Program.

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