Petrobras – Clarification on News: CARF Ruling

Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 432/2017-SAE which requests clarifications, as follows:

Letter no. 432/2017 – SAE

“Dear Sirs,

We request clarifications by 9.00 am on 3/24/2017, regarding the news published by Valor Econômico newspaper on 3/23/2017, under the headline “Petrobras afasta autuação de R$ 5,1 bi no Carf” [“Petrobras wards off R$ 5.1 billion sanction in Carf”], with your confirmation or denial, without prejudice to the provisions of the sole paragraph of art. 6 of CVM Instruction no. 358/02, as well as any other information deemed pertinent.

We were unable to identify this information in the documents sent by this company through the Empresas.NET System. In case of contradiction, please provide the document and the pages on which the information is included, and the date and time it was sent.

It should be highlighted that the company must disclose periodic and relevant information, as well as other information of interest to the market through the Empresas.NET System, ensuring its wide and immediate dissemination and the fair treatment of investors and other market players.”

Clarification:

Petrobras would like to inform that the Administrative Board of Tax Appeals (CARF) issued on 3/22/17 a decision in favor of the Company, in the administrative proceeding that addresses the deductibility of expenses incurred by Petrobras in the development of oil and gas production, for the purposes of calculating the Income Tax for Legal Entities (IRPJ) and Social Contribution on Net Profits (CSLL) for the 2009 period. However, the Company has not yet been notified of the content of the decision, so that its legal department can proceed to an appropriate analysis. It should be noted that the National Treasury may still appeal the decision. In such a case, if the appeal is accepted, Petrobras may apply to the courts to defend their rights.   Therefore, this is not a final decision in favor of the Company.

The information pertaining to this proceeding has been incorporated in the 2014 financial statements, the year of sanction, and remained reflected therein in the Company’s financial statements for the 2015 and 2016 fiscal years, in explanatory note 30 (Judicial proceedings and contingencies – item 30.3 – taxation proceedings).

Petrobras did not consider the information to be suitable to the effect that it could impact investor decisions in relation to Company securities.

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