Rio de Janeiro, March 23, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 121/2016/CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 121/2016/CVM/SEP/GEA-1

“Dear Officer,

We refer to the news item published on this date in the Economia (Economy) section of the newspaper O Globo, entitled Petrobras tem novo prejuízo histórico (Petrobras records new record loss), which states that the Company’s shares traded on the New York Stock Exchange fell by 5.14% after the announcement of its results.

We therefore request clarification on the eventual disclosure of said information during the trading session of the New York Exchange, given article 5 of CVM Instruction 358/02, which states that the disclosure of material acts or facts must occur, whenever possible, before the beginning, or after the close, of trading on those stock exchanges and organized over-the-counter entities where the company’s shares are traded.”

Clarification

Petrobras clarifies that disclosed its 2015 Financial Results on March 21, 2016, at 6:12 p.m. Brasília time and 5:12 p.m. New York time.

Therefore, the Company’s disclosure complied with both the regulation of the Brazilian Securities Commission (CVM) and of the New York Stock Exchange (NYSE).

NYSE requires that the companies file their relevant facts after the market closes, currently at 4:00 p.m., site, or 5 p.m. in Brasilia.