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Waiver of the preemptive right to subscribe to debentures convertible into shares issued by Sete Brasil

Petrobras has announced that at a meeting held today, its Board of Directors approved the proposal to waive the preemptive right to subscribe to debentures convertible into shares issued by Sete Brasil Participações S.A. ("Sete Brasil") and that it will submit this matter to a vote at an Extraordinary Shareholders' Meeting to be convened in due course.

If the waiver goes forward and other parties acquire such debentures, subsequently opting to convert them into shares in Sete Brasil, Petrobras' stake in Sete Brasil may be diluted.

Sete Brasil is a private corporation, founded to build 29 drilling rigs, in which Petrobras currently holds, directly and indirectly, a 9.36% stake.
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