Rio de Janeiro, February 3, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 37/2016-CVM/SEP/GEA-1, which requests the following clarifications:

OFFICIAL LETTER 37/2016-CVM/SEP/GEA-1

“Dear Officer,

1. We refer to the news item published in the Economia (Economy) section of today’s edition of the newspaper O Globo, entitled Uma saída para o Comperj (A way out for Comperj), which contains the following affirmations:

According to an executive close to Petrobras, one of the solutions being analyzed is the merger of Comperj with the Duque de Caxias Refinery (Reduc), both in the state of Rio  de Janeiro, and the Gabriel Passos Refinery (Regap), in Minas Gerais, and the seeking of a partner to assume a relevant minority interest in the joint assets of the three refineries.

This partner would be responsible for the remaining investments to at least conclude the first refining unit, estimated at around US$2.3 billion. The original plan called for two units.

[…]

END OF PETROCHEMICAL COMPLEX: According to the idea being studied, Petrobras would create a holding company for the three refineries, which are already interconnected by an extensive network of oil and gas pipelines. This would make operations more attractive, facilitating the task of finding a partner to conclude Comperj.

“This new complex would be capable of processing 566,000 barrels of oil per day into various types of oil product, such as gasoline and diesel,” declared the executive.

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.

[…]

5. You should also be aware that, by order of the Corporate Relations Department, in the use of its legal attributes and pursuant to item II of article 9 of Law 6385/76 and CVM Instruction 452/07, non-compliance with the requirements of this Official Letter within one (1) business day as of recognition of its content, sent by e-mail, may subject your company to a punitive fine in the amount of one thousand reais (R$1,000.00), without prejudice to any other administrative sanctions.”

Clarification

Petrobras hereby clarifies that, as disclosed in its 2015-19 Business and Management Plan (BMP) on June 29, 2015, it is seeking options for the conclusion of the works of the Rio de Janeiro Petrochemical Complex (Comperj), given that the investments needed to complete the refining project of this Complex are not included in the Company’s current portfolio.

Thus, many options of business that enable continued investments are being analyzed. However, these studies are still preliminary and no conclusion has been reached on the matter.