Rio de Janeiro, February 3, 2017 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter No. 114/2017-SAE/GAE 2, which requests the clarifications below:

Official Letter No. 114/2017-SAE/GAE 2

“Dear Sirs,

In an article published by the newspaper Valor Econômico on 02/03/2017, there is among other information, the following:

1.  Petrobras, partner with the Odebrecht group in Braskem, decided to question the terms of the agreements that the petrochemical company reached with the U.S. government, pertaining to its participation in the corruption scheme investigated by Operation Car Wash;
2.  the state-owned company claims losses of US$ 1 billion (around R$ 3.1 billion) rather than US$ 94 million, as Braskem reported to the U.S. Department of Justice (DoJ) in supply contracts for naphtha, a raw material in the petrochemical industry;
3.  the discrepancy in information may lead the DoJ to revise the terms of the agreement announced on December 23, pursuant to which Braskem agreed to pay US$ 957 million to authorities in Brazil (Brazilian Federal Prosecutor’s Office), in the United States, and in Switzerland;
4.  the state-owned company will also appeal  against the amounts payment from Braskem.

Clarification

Petrobras clarifies that the information that the Company has taken any initiative with the U.S. Department of Justice (DoJ) to dispute the terms of the agreement between Braskem and the legal authorities, is untrue.

The Company has no information on the possible revision of the agreement between Braskem and the Brazilian and foreign authorities. Furthermore, Petrobras only has knowledge of the public information related to said agreement .

Specifically in relation to the naphtha supply contract executed with Braskem in 2009, Petrobras awaits to have knowledge of the contents of the Leniency Agreement documents signed between Braskem and the Brazilian Federal Prosecutor’s office, as well as knowledge of the values to which it will be entitled as a result of said agreement, in order to assess the applicable measures.

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