Rio de Janeiro, June 24th, 2015 – Petróleo Brasileiro S.A. – Petrobras complies with Official Letter n.º 193/2015/CVM/SEP/GEA-1, which requests clarifications as follows:

OFFICIAL LETTER n.º 193/2015/CVM/SEP/GEA-1

“We refer to the News released on this date in the newspaper “O Estado de São Paulo” entitled “According to the Accounting Court, Petrobras´ losses reaches R$ 39 billion, in which presents the following statements:

The Federal Accounting Court investigates the losses in Petrobras´ works and acquisitions of assets, which can reach R$ 39 billion. Such amount – superior to R$ 6.2 billion recognized by the State-owned Company as corruption loss, in the 2014 annual balance – is the sum of overpricing losses and projects mismanagement in four enterprises of the Company, some of which divided by the contractor´s club that are under investigation by the Lava-Jato (“Car Wash”) Operation.

The Accounting Court found a loss that may reach US$ 11 billion (R$ 33.4 billion, according to yesterday´s Exchange rate) only in the Complexo Petroquímico do Rio de Janeiro (Comperj), a work practically interrupted due to the financial crisis faced by the Company since last year.

According to the Accounting Court technical area, which investigates “reckless management” in the complex, the interventions begun without proper evaluation of risks of the enterprise. The competitive biddings were made for works without any project. After the beginning of services, the contractors obtained improper readjustments. According to auditors, the enterprise will hardly bring a financial return compatible to which was invested in capital.

The overpricing assessed by the Accounting Court technical area is R$ 596 million, only in two contracts in order to build industrial units of Comperj.

In Abreu e Lima Refinery, in Pernambuco state, they suspect that the losses may reach R$ 1.6 billion. The Accounting Court assessed that the improper readjustments in four consortium contracts integrated by Camargo Corrêa, OAS and Odebrecht, which are under investigation of Lava-Jato (“Car Wash”) Operation, have a total of R$ 368 million. The Court suspended payments of R$ 168 million through a provisional remedy.

Presidente Getúlio Vargas Refinery (Repar), in Paraná State, which was under modernization repair, is under audits surveillance that indicates losses of r$ 1.4 billion. One of the contracts related to improvements of coke unit and auxiliary structures, has an overpricing suspicion of R$ 33 million. The case has not yet been on trial.

Prevention. Cases that assess the mainly losses in the Company are under rapporteur of Mr. Vital do Rêgo, appellate judge. Even prior to final judgement of cases, the Federal Accounting Court took provisional remedies. On cases of acquisition of Pasadena Refinery (USA), for example, the Accounting Court determined the assets freeze of ten executives responsible for Government Treasury damage of US$ 792 million (R$ 2,4 billion).”

(Original, without emphasis)”

“We request your statement on the News released on the subject, as well as possible measures adopted in the matter, or which the Company intends to adopt”.

Clarification

The Federal Accounting Court did not notify Petrobras, until now, on the existence of a pending lawsuit that aims the assessment of losses of approximately R$ 39 billion, according to information on the matter.

The lawsuits related to Complexo Petroquímico do Rio de Janeiro (COMPERJ), Abreu e Lima Refinery (RNEST), Presidente Getúlio Vargas Refinery (REPAR) and acquisition of Pasadena Refinery and Trading Company are still pending on the Federal Accounting Court. Until now, there is no final judgment on them.

Facts considered relevant on the matter will be timely communicated to the market.