Rio de Janeiro, December 30, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 3881/2015-SAE, which requests the following clarifications:

Official Letter 3881/2015-SAE 

“A news item published in the newspaper Valor Econômico on December 30, 2015, states, among other matters, that Petrobras obtained a partial court victory in the United States last week, when Justice Jed Rakoff decided to exclude debt securities from the class action filed by investors against the company.

We have not identified this information among the documents the company delivered through the Empresas.NET System. Should this information have already been provided, please inform us in which document and on which pages it can be found, as well as the date on which they were delivered.

It is worth emphasizing that the company must disclose periodic, eventual and other information of interest to the market through the Empresas.NET System, thereby ensuring its ample and immediate dissemination and the equitable treatment of its investors and other market participants.

We therefore request that you provide us with clarifications regarding said news item by 9:00 a.m. on January 4, 2016, with your confirmation or not, together with any other information deemed relevant.”

Clarification

Petrobras clarifies that the judge presiding over the class action in the United States has issued a decision regarding the motion to dismiss filed by the Company, partially accepting its arguments.

Among other matters, Petrobras defended that the allegations presented by the plaintiffs were not sufficient to prove that the transactions involving the Company’s bonds occurred in the United States and sought to limit the period covered by the action.

The judge recognized that certain plaintiffs had failed to prove that the acquisition of the bonds had taken place in the United States. Furthermore, he understood that the plaintiffs could not require for indemnification, based on Section 11 of the Securities Act, for the purchase of bonds after May 15, 2015.

On the other hand, the judge did not reduce the period covered by the class action, affirming that the Company’s arguments on the issue would require an analysis of the facts, which could not be done in the motion to dismiss phase.

This decision reduces the scope of the pleadings filed against Petrobras.

The Company will continue to firmly defend its rights.