Petroleo Brasileiro Petrobras : Clarification on News: New investment plan

Rio de Janeiro, January 08, 2016 - Petróleo Brasileiro S.A. - Petrobras complies with Official Letter 06/2016-CVM/SEP/GEA-1 which requests clarifications as transcribed below:

OFFICIAL LETTER 06/2016-CVM/SEP/GEA-1

'We present clarifications about the news item published today on the O Estado de São Paulo newspaper, Seção Economia & Negócios (Economy & Business Section), under the title: 'Petrobras' new investment plan will be even leaner than the 2015 plan', which states the following:

The investments should strengthen the company's new profile, focused on deep-water production and with fewer expenses in exploratory activity. Onshore and shallow-water blocks are no longer on the company's radar, unlike what happened until last year, when it started to review its portfolio given the cash restriction amid the industry's crisis. In response, the government-owned company put less attractive areas for sale and bet on the productivity of the pre-salt areas.

[...]

In addition to investing less, the oil company may also expand the list of assets for sale, should it realize that the goal of revenue collection with these sales will not be achieved. After disposing of its interest in Gaspetro and with the postponement of BR Distribuidora's IPO, the government-owned company still has 26 assets under negotiation to reach the goal of US$59 billion by 2018. 'If we realize that we are not going to meet the goal, we will increase the list of assets', said another source familiar with the matter.

Given all 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 deemed to constitute a material fact, and comment other information deemed relevant on the matter.'

Clarification

As announced on June 29, 2015, in its 2015-2019 Business and Management Plan, the Company is subject to various risk factors that may adversely impact its forecast, among which are changes in market conditions, such as oil price and exchange rate.

However, Petrobras is unaware of the source of the information provided in the report and reiterates that other estimates than those disclosed by the Company in press releases and material facts are not legitimate.

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