Rio de Janeiro, December 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 532/2015/CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 532/2015/CVM/SEP/GEA-1

“1. We refer to the news item published today in the Empresas (Companies) section of the newspaper Valor Econômico, entitled: Petrobras enfrenta dificuldades para vender até ativos do pré-sal, (Petrobras facing difficulties  in selling even pre-salt assets), which states that:

Under pressure from suppliers and the courts and mistrusted by its creditors, Petrobras has not succeeded in selling its exploration and production assets, despite having offered pre-salt areas. None of its partners to whom it offered the 10% of Libra that exceeded the mandatory stake in the pre-salt area wanted to increase their share.

[…]

Unable to sell the assets separately, Petrobras is currently studying the sale of Tartaruga as part of package, according to a source. Whoever wants to acquire this promising field will have to acquire others that have an expensive future investment program. Combining the sale makes sense to Petrobras, as it will be able to rid itself of the investments envisaged when it acquired the concessions.

2. 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 disclosed on June 29, 2015, Petrobras approved a US$15.1 billion divestment program for 2015 and 2016.

The divestment portfolio is dynamic, given that the progress of the transactions depends on market and business conditions. Petrobras is constantly analyzing its asset portfolio and verifying the best conditions for the execution of this program.

As disclosed on December 11, 2015, at this time, Petrobras is not currently considering selling a share of the Libra area.

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