Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 535/2015/CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 535/2015/CVM/SEP/GEA-1

“We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled Estatal e Braskem acertam preço da nafta (Petrobras and Braskem agree on naphtha price), which states that:

Petrobras and Braskem have reached an agreement regarding the price of naphtha in a new long-term supply contract, Valor has discovered. The state-run oil company and the petrochemical firm agreed on establishing a fixed price for the input of very close to 100% of the ARA (Amsterdam, Rotterdam and Antwerp) price, which is used in the European market and is among the most expensive in the world. The definitive contract, however, has not yet been signed. “It‘s expensive but it’s the best deal we could get,” declared a source.

Signature of the 10-year agreement now depends on certain complementary conditions, such as the place of delivery of the raw material and the payment terms, which have run up against red tape within Petrobras. There is also no definitive position regarding a clause calling for the renegotiation of the contract terms if market conditions become exceptionally unfavorable for one of the parties.

There were expectations that the contract would be announced today during the Annual Meeting of the Chemical Industry (Enaiq) in São Paulo, as agreed upon in last week’s meeting between board members of the Brazilian Chemical Industry Association (Abiquim) and Petrobras’ Downstream Officer, Jorge Celestino Ramos. “The information I have is that the problem is no longer the price,” Abiquim’s Executive President Fernando Figueiredo told Valor. “But I’m beginning to worry because the 15th is close and there is no official confirmation as yet.”

The validity term of the last amendment to the contract entered into in 2009 and terminated by Petrobras in February 2014 runs out on Tuesday. This amendment is for 45 days and there are fears that Petrobras will propose a new extension. Valor has discovered that the naphtha price was already virtually agreed upon before execution of the present amendment, following intervention by the federal government, including President Dilma Rousseff.

The new price is practically the same as that paid currently to Petrobras, i.e. 100% of the ARA price. Under the contract that ended in 2014, Braskem paid between 92.5% and 105% of the European price depending on market conditions. At this time, with oil trading at less than US$40 per barrel, the percentage would be close to the ceiling.

The agreement puts an end to the impasse which has lasted for more than two years. The chemical firm and Petrobras, the second largest shareholder of Braskem, which is controlled by Odebrecht, have been discussing a new supply contract for naphtha, Braskem’s main raw material, since 2013. During these negotiations, the 2009 agreement came under investigation by Operation Car Wash, after Petrobras’ former Downstream Officer, Paulo Roberto Costa had declared, under sworn testimony, that he had received US$5 million per year to favor Braskem in the naphtha purchases.

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 on October 30, 2015, entered into force new amendments to the Nafta agreements signed with Braskem, ending on December 15,2015, enabling the maintenance of supply during the negotiations of a long-term agreement.

Regarding this long-term agreement, Petrobras is still negotiating with Braskem and in search terms that are balanced and commutative for both companies.

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