Rio de Janeiro, May 13, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 202/2016-CVM/SEP/GEA-1, which requests the following clarifications:

Official Letter 202/2016-CVM/SEP/GEA-1

“Dear Officer,

We refer to the news item published today in the Economia & Negócios (Economics & Business) section of the newspaper O Estado de São Paulo, entitled Brookfield faz oferta por gasodutos da Petrobras (Brookfield makes an offer for Petrobras gas pipelines), which contained the following affirmations:

The Canadian asset management firm Brookfíeld has offered US$5.2 billion (corresponding to R$18 billion) to acquire a Petrobras gas pipeline division, beating out its rivals, according to Reuters, citing three sources with knowledge of the deal. Brookfield’s offer for Nova Transportadora do Sudeste (NTS) exceeded the proposals from the Spanish company Gas Natural Fenosa, the French Engie and the Japanese Mitsui & Co. – all of which were also interested in the asset.

The transaction involves the sale of NTS, which operates a gas pipeline network in the Southeast. Petrobras is apparently interested in negotiating a potential improvement in the Canadian group’s offer.

[…]

Other Assets. This is not the only Petrobras asset in which Brookfield is interested. The Canadian giant has also expressed an interest in Petrobras’ stakes in the petrochemical company Braskem and in BR Distribuidora, Brazil’s leading gas station chain.

According to sources consulted by Estado, the discussions with Brookfield on the acquisition of the pipeline have made most progress in recent weeks. In the case of Braskem and BR Distribuidora, the interest continues, but the negotiations have bogged down.

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 through a Material Fact, as well as comment on other information deemed relevant to the issue.”

Clarification

As disclosed yesterday, May 12, 2016, through a Material Fact, Petrobras’ Executive Board approved the continuation of negotiations with Brookfield regarding the sale of Nova Transportadora do Sudeste (NTS) on an exclusive basis for 60 days, which may be extended for another 30 days if necessary.

These negotiations are ongoing, but there has been no agreement as yet pointing to the conclusion of the transaction or the amounts involved.

Any facts deemed to be material regarding this matter will be disclosed to the market in a timely manner.