Rio de Janeiro, October 8, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby complies with Official Letter No 396/2015/CVM/SEP/GEA-1 which requests clarifications as follows:

OFFICIAL LETTER No 396/2015/CVM/SEP/GEA-1

“We refer to the Material Fact disclosed by the issuer on October 5, 2015,  in which Petrobras informed adjustments to its financial planning for 2015 and 2016 in view of the new levels of Brent crude oil price and exchange rate (R$/US$).

We also refer to the news published, on this date, in the Folha de São Paulo newspaper, section Mercado [Market], entitled: “Petrobras concentra cortes na exploração” [Petrobras concentrates cuts in the exploration segment].

Consequently, we request the following clarifications: (i) the reason why said Material Fact did not inform the new premises adopted by the company regarding the oil price and exchange rate in the period, as per the Material Fact of June 29, 2015; and (ii) whether the statement that the investment cuts will concentrate in the exploration segment is true or not, and once its veracity is confirmed, please explain the reasons why it was not considered a material fact.”

Clarification

Petrobras, complementing the Material Fact disclosed to the market on October 5 regarding adjustments to the 2015-2019 Business and Management Plan (PNG 2015-2019), hereby informs the exchange rate and the Brent crude oil price on which the new projections for investments and costs were based:

Brent oil price (US$/barrel)

Exchange rate (R$/US$)

The lower investments and manageable operating expenses reflect the effect of changes in the exchange rate and reduced activities and optimizations.

Lastly, Petrobras further informs that regarding a new Business and Management Plan within a 5-year horizon any fact deemed as material on this subject will be timely disclosed to the market.