Petrobras – Clarification on News: Revision of the Transfer of Rights Agreement

Petrobras – Clarification on News: Revision of the Transfer of Rights Agreement

Rio de Janeiro, May 20, 2015 – Petróleo Brasileiro S.A. – Petrobras, in relation to news released in the media regarding the value of the revision of the Transfer of Rights Agreement clarifies:

The Transfer of Rights Agreement, signed between Petrobras and the Federal Government in 2010, through which Petrobras acquired the right to produce up to 5 billion barrels in certain pre-salt areas, establishes that a revision in the value of the contract will be conducted after the exploratory phase, that is, after the declaration of commercial viability of the blocks.

According to the contract, this revision will be based on assessments of independent certifying companies (of volumes and other variables), one hired by Petrobras and the other by the Brazilian oil, natural gas and biofuels agency (ANP).

Only after the certification process is finished will Petrobras and ANP start the negotiations about the revision of the value of the contract.

There is no expected date for the conclusion of the certification work and thus, of the revision of the contract.

Announcements deemed relevant will be made to the market in a timely manner.