Rio de Janeiro, July 16, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby announces that, due to the unfavorable final ruling in the administrative sphere by the Tax Appeals Board (CARF), it paid today the amount of  R$1.6 billion in relation to the Tax Deficiency Notice issued by the Brazilian Federal Revenue Service, R$1.2 billion of which in cash and R$0.4 billion in tax losses.

This Tax Deficiency Notice refers to Financial Operations Tax (IOF) on loans made by the Company to its overseas subsidiaries in 2008. The discussion began in 2012 and over time the probative-evidentiary context proved to be unfavorable to the position defended by the Company.

Consequently, taking the issue to the judicial sphere would require the constitution of a guarantee, as well as a substantial increase in the amount of the debt over time due to interest and additional financial charges.

It is important to note that if the payment were not made, in addition to the above impacts, the debt would be registered as delinquent, which would prevent the renewal of the Federal Tax Clearance Certificate or even result in its cancellation, which could substantially jeopardize the Company, for example by preventing it from importing and exporting oil and oil product.

This payment will be recognized in the financial statements for the second quarter of 2015 with a negative impact of R$1.4 billion, net of taxes.