Rio de Janeiro, July 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to BM&FBovespa Official Letter 2351/2015-SAE, as transcribed below:

OFFICIAL LETTER 2351/2015-SAE

“We request clarification, by 9AM July 17th, 2015, regarding the content of news released by O Estado de Sao Paulo, edition of 07/16/2015, informing that Petrobras, which forecasts US$ 142 billion of operational expenses and fixed costs by 2019, has presented to its Board of Directors estimates to cut these costs by 10%-30%.”

Clarification

As disclosed in the presentation of its 2015-2019 Business and Management Plan, filled on June 29th, Petrobras forecasts manageable operating costs of US$ 142 billion between 2015 and 2019.

This estimate already considers cost reductions related to productivity gains, such as:

• Efficiency in the management of contracted services
• Rationalization of structures and reorganization of businesses
• Optimization of personnel costs
• Reduction in the costs of inputs acquisition
• Reduction in the transportation costs

Material facts on this matter will be disclosed to the market in a timely manner.