Rio de Janeiro, January 23, 2012 - Petróleo Brasileiro S.A. - Petrobras, clarifies about news published by the Brazilian press about the replacement of the Executive Board members.

The Company informs that the Board of Directors is responsible for the election of its CEO. The president of Petrobras' Board of Directors, Mr. Guido Mantega, informed that the indication of the current Gas & Energy Director, Mrs. Maria das Graças Silva Foster, as Petrobras CEO; will be presented for the appreciation of the Board in the next meeting, to be held in February 9.

Once the subject is approved by the Board, the Company will disclosure it to the market immediately.