Petroleo Brasileiro Petrobras : Clarification on News: Approval of Internal Restructuring

Rio de Janeiro, January 21, 2016 - Petróleo Brasileiro S.A. - Petrobras hereby responds to Official Letter 217/2016-SAE, which requests the following clarifications:

Official Letter 217/2016-SAE

'Dear Sirs,

A news item published on January 21, 2016 by Agência Estado - Broadcast, states, among other matters, that the members of Petrobras' Board of Directors expect that the internal restructuring plan, whose aim is to reduce the Company's number of departments by between 25% and 30%, will be approved in February.

We did not identify this information in the documents sent by this company via the Empresas.NET System. If we are mistaken, please indicate the document and the pages containing the information in question and the date and time when they were sent.

It is worth emphasizing that the company must disclose periodic, eventual and other information of interest to the market through the Empresas.NET System, thereby ensuring its immediate and ample dissemination and the equitable treatment of its investors and other market participants.

We therefore request that you provide us with clarification on the above item by 9:00 a.m. on January 22, 2016, confirming its veracity or not, together with any other information deemed important.'

Clarification

As disclosed to the market on March 25, 2015, a project is under way in Petrobras to revise its corporate governance and its management organizational model within the context of the new business scenario and the Company's investment plan.

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