Rio de Janeiro, November 16, 2016 – Petróleo Brasileiro S.A. – Petrobras responds to the Official Letter No. 3252/2016-SAE/GAE 2 requesting clarifications, as follows:

Official Letter No. 3252/2016-SAE/GAE 2  

“Dear Sirs,

In news published by the newspaper Valor Econômico, on 11/16/2016, it is stated, among other information, that Petrobras has progressed in negotiations with individual investors who claim to have sustained losses with shares of the Company and shall execute new agreements by the end of the year, which represent approximately 70% of the volume claimed by shareholders alleging to have been damaged by fraud in the Company, disclosed under Operation Car Wash [Operação Lava-Jato].”

Clarification

Petrobras clarifies that it is evaluating new agreements and, in line with the information in the Press Release of 10/21/2016, the purpose of any agreement shall be to eliminate uncertainties, liens and costs associated with the continuity of these disputes, without any recognition of liability by the Company.

The conclusion of any agreement will depend upon the approval of the Executive Board and the Board of Directors, and as soon as it is confirmed, it shall be disclosed.

Facts deemed to be material to the subject will be timely disclosed to the mark