Rio de Janeiro, December 11, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 531/2015/CVM/SEP/GEA-1 which requests the following clarifications:

Official Letter 531/2015/CVM/SEP/GEA-1

“We refer to the news item published on December 9, 2015 in the Negócios (Business) section of the Reuters Brasil website, entitled Petrobras oferece vender até 10% da área de Libra no pré-sal, dizem fonts (Sources claim Petrobras intends to sell up to 10% of the Libra pre-salt area), which states that:

As part of its efforts to reduce debt, Petrobras is offering to sell up to a quarter of its 40% stake in the enormous Libra pre-salt exploration area, considered the biggest in the global oil industry, claimed two sources on Tuesday.

[…]

Petrobras has a target of selling 15.1 billion dollars by the end of next year, but has encountered difficulties in selling assets in less attractive areas in Brazil and the Gulf of Mexico.

Petrobras’ CEO, Aldemir Bendine, told the Brazilian Congress that the company would be unable to settle its obligations of more than 130 billion dollars and maintain next year’s 19 million dollar investment program if it did not reach its asset sales target.

The company is currently offering more attractive oil prospects in the pre-salt areas in the Santos basin, south of Rio de Janeiro, claimed several industry sources. These areas contain ample reserves beneath an area of mineral salts in deepwater areas.

Given 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, We also request that you comment on any other relevant information on this topic.”

Clarification

As announced in 06/29/15, Petrobras approved a divestment plan of US$ 15.1 billion for the years 2015 and 2016.

In view of this plan, the company is studying divestment opportunities in their various areas of expertise, but is not considering at this time the sale of interest in the area of Libra.

The divestment portfolio is dynamic and the accomplishment of these transactions depends on negotiating and market conditions.

Any material facts on this topic will be disclosed to the market on a timely basis.