Rio de Janeiro, March 21, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 117/2016-CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 117/2016-CVM/SEP/GEA-1

“Dear Officer,

We refer to the news item published on March 15, 2016 in the electronic medium O Antagonista, entitled: Dida autorizou Petrobras a bancar advogado de Cerveró (Dida authorized Petrobras to pay Cerveró’s lawyer), which contains the following affirmations:

In one sections of his state’s evidence as part of his plea bargaining agreement, Delcídio do Amaral stated that Nestor Cerveró’s family was having difficulties in paying the fees of his lawyer, Edson Ribeiro.

Payment for Ribeiro’s services was “partially made by Petrobras”. Delcídio then spoke with Aldemir Bendine, CEO of Petrobras, who authorized the payment of two bills, one of R$600,000 and the other of R$147,000.

It is ridiculous that a company robbed by its officers should then pay for the legal defense of those officers.

Given the above, we would like you to confirm if the content of this news item is in fact true and, if so, to identify the parameters used by the company for said approval. We also request that you comment on any other relevant information on this topic.”

Clarification

Petrobras clarifies that fee proposals mentioned in the news item were approved by the insurance company before the appointment of Aldemir Bendine as CEO and were being covered by the existing D&O (Directors and Officers) insurance policy.

The fees payments of lawyer Edson Ribeiro, in the amount of six hundred thousand reais (R$600,000.00), as compensation, was approved by the insurance company on October 29, 2014 and were for the purpose of defending the interests of former executive officer Nestor Cerveró in the process analyzing the acquisition of the Pasadena Refinery in the Federal Accounting Court. When this approval took place, the former officer was not yet a defendant in the process arising from the Operation Car Wash investigations. Following his condemnation, the insurance company suspended payment of Ribeiro’s remaining fees, which are currently under analysis.

On September 2, 2014, the law firm Siqueira Castro was hired to defend members of Petrobras’ management, including former officer Nestor Cerveró. The amount envisaged for the defense of each officer was one hundred and forty-seven thousand reais (R$147,000.00). As the firm was unsuccessful in the writ of mandamos with the Federal Supreme Court, only forty-two thousand reais (R$42,000) was paid as compensation in regard to each manager. The insurance company effected payment in October 2014. On that occasion also, the former officer was not a defendant in the process arising from Operation Car Wash”.