Rio de Janeiro, November 17, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 474/2015/CVM/SEP/GEA-1 requesting clarifications, as transcribed below:

Official Letter 474/2015/CVM/SEP/GEA-1

“We refer to the news item published on November 15, 2015 on the Mercado (market) section of the Folha de São Paulo newspaper, entitled: “Petrobras is considering selling the biofuel division”, which states that:

The biofuels area is not yet on Petrobras’ divestment plan, but the company’s management is considering offering the assets for sale on the market, according to Folha’s sources.

Given all the above, we would like you to confirm if the content of this news item is in fact true and, if so, why such information was not deemed to constitute a material fact”.

Clarification

As disclosed on June 29, 2015, Petrobras approved a divestment plan totaling US$15.1 billion for the 2015-2016 biennium.

Due to that Plan, the company is considering divestment opportunities in its several operational areas.

The divestment portfolio is dynamic and the materialization of these opportunities depends on negotiation and market conditions.

Any facts regarding this issue deemed to be material will be disclosed to the market in a timely manner.