Rio de Janeiro, May 10, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 199/2016-CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 199/2016-CVM/SEP/GEA-1

“Dear Officer,

I refer to the news item published today in the Blog de Lauro Jardim, which, among other matters, affirms that  Petrobras’ balance sheet, to be published on Thursday, will show debt similar to that at the end of 2015. i.e. around US$130 billion, and that the company will remain in the red, contradicting certain investment bank projections.

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 disclosed to the market.”

Clarification

As disclosed on April 27, Petrobras will publish its results for the first quarter of 2016 on May 12. The financial statements are under preparation and the Company cannot, therefore, confirm any amount cited by the media.

It is usual that brokers make forecasts about the quarter results of public traded companies before the release of these results. The estimates presented by analysts for Petrobras 1st quarter 2016 results include a wide range of values, from positive to negative net income.

Petrobras complies with the best Corporate Governance practices, adopting quiet period 15 days before the release of its financial statements. Thus, the company does not comment or give any information about its results or perspectives to the external audience, including investors and analysts, assuring fair disclosure to the market.