Petrobras hereby responds to BM&FBovespa Official Letter 2851/2015-SAE, which requests the following clarifications:

BM&FBovespa Official Letter 2851/2015-SAE

“We request that you provide clarification, by 9:00 a.m. on September 15, 2015, of the content of the article published by the newspaper Valor Econômico on September 14, 2015, entitled “Petrobras promises unprecedented expense cuts”, as well as any other information deemed important”.

Clarification

As disclosed in the material fact of June 29, the 2015-2019 Business and Management Plan envisages the adoption of optimization measures and productivity gains in order to reduce manageable operating expenses (total costs and expenses less raw material acquisitions).

Initiatives already identified by the Company show that this can be achieved by greater efficiency in regard to the management of contracted services, the streamlining of structures and the reorganization of businesses, the optimization of personnel costs and a reduction in expenditures on inputs, in order to ensure a manageable operating expense ceiling of US$142 billion between 2015 and 2019.

With this in mind, on August 26 all Company employees were informed of the first immediate impact measures to reduce manageable operating expenses, including a reduction in expenses associated with travel and transportation, the hiring of consultants, events and communications (freebies and printed publications), training programs outside Petrobras University, and personnel.

In addition, on September 10 Petrobras presented the trade unions with its proposal for the social clauses in the 2015 Collective Bargaining Agreement, including the possibility of administrative area employees on flexi time opting for a 30-hour working week with a proportional reduction in compensation (25%).

These and other measures will play a fundamental role in achieving the goal established by the 2015-2019 Business and Management Plan, ensuring the Company’s alignment with the current business environment.