Petrobras / Clarification on News: Asset Sales

Petrobras / Clarification on News: Asset Sales

Rio de Janeiro, April 2, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with OFFICIAL LETTER/CVM/SEP/GEA-1/No. 110/2015, which requests the following clarification:

OFFICIAL LETTER/CVM/SEP/GEA-1/No. 110/2015

In reference to market announcement released on March 19, 2015 in response to OFFICIAL LETTER/CVM/SEP/GEA-1/No. 84/2015, as well as news released on April 1, 2015 in the newspaper O Estado de São Paulo entitled “Petrobras will not sell BR Distribuidora, says director” containing the following statements:

“Although “desperate” to reorganize its cash, Petrobras is unlikely to put up for sale its subsidiary BR Distribuidora, as had been speculated by the market for weeks. In the last Board meeting held on the 27th Petrobras CEO, Aldemir Bendine, refused any chances of that happening, according to reports of director Silvio Sinedino, representative of the employees.

The oil company announced yesterday its first divestment of the year worth US$ 101 million for assets in Argentina.

In an online interview, Sinedino criticized Petrobras’s CEO regarding negotiations to sell its interest in the subsidiary BR Distribuidora and part of the Transpetro fleet. “The divestment plan is in every newspaper and the Board has not seen it? I asked CEO Bendine and he stated that BR would not be sold.” The market speculates that the fuel distributor is being negotiated with private banks interested in acquiring a 49% interest. The sale would also consider transferring the company’s management to the new members through a shareholders’ agreement.”

We request Petrobras’s clarification regarding the statements released in the news:

Clarification

As disclosed in the form of Relevant Fact on March 2nd, 2015, Petrobras’ Executive Board approved, on February 26th, 2015, the revision of the divestment plan for the two-year period of 2015 and 2016 in the total amount of US$ 13.7 billion.

This plan is part of Petrobras’s financial planning aimed at reducing leverage, preserving cash and focusing on priority investments, mainly oil and gas production in Brazil in areas of high productivity and return.

According to the press release from 03/19/2015, we reaffirm that the divestment portfolio is dynamic, as development of the transactions is subject to negotiating and market conditions.

Therefore, the list of opportunities for sale, which includes assets from the exploration & production, downstream and gas & energy segments, may change due to market conditions and ongoing analysis of the company’s business.

Material facts concerning this topic will be promptly announced to the market.

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