Clarification on News: Deals between Braskem, Odebrecht, and Public Authorities


Rio de Janeiro, December 27, 2016 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 577/2016/CVM/SEP/GEA-1 which requests clarifications, as follows:

Official Letter no. 577/2016/CVM/SEP/GEA-1

“Dear Executive Officer,

I report to the news herein attached, published on December 21 and 22, 2016, in some newspapers, under the titles “Lava-Jato: Braskem e Odebrecht anunciam acordo com EUA e Suíça” [“Car Wash: Braskem and Odebrecht announce deal with US and Switzerland”] – O Globo –; “Nas entrelinhas” [“Between the Lines”] – Correio Braziliense –; “Documentos citam receptores de propina” [“Documents mention bribe beneficiaries”] and “Braskem falsificou registros para ocultar suborno” [“Braskem forged records to conceal bribery”] – both in Folha de S. Paulo –; which address facts related to investigations of illicit acts.

In this respect, I request a statement from the company on the content of the articles, insofar as Petrobras is concerned.

Petrobras hereby clarifies that it only became aware of the acknowledgement of the illicit acts committed and the amounts referring to the Deals signed between Braskem and Public Brazilian and foreign Authorities upon the public disclosures carried out by Braskem itself and such Authorities.

As already widely disclosed, Petrobras – acknowledged as a victim of the facts disclosed by Operation Car Wash – has been effectively collaborating with the public authorities that lead the related investigations. Nevertheless, it is important to clarify that the Company did not participate in the negotiations of said Deals, nor had access to any information related thereto, up to the moment when they became public.

In compliance with article 4 of CVM Instruction 358/2002, the Company, in the person of its Executive Officer for Investor Relations, inquired those administrators with access to potentially material acts or facts related to the news mentioned herein, who confirmed that there is no material information that should have been disclosed to the market.

Petrobras is analyzing the terms of the Deals signed with Braskem, and which were disclosed to the market, to decide on the applicable measures to be adopted in defending its interests.

Facts deemed relevant on the subject shall be timely disclosed to the market.

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