Rio de Janeiro, March 31, 2015 - Petróleo Brasileiro S.A. - Petrobras complies with OFFICIAL LETTER/CVM/SEP/GEA-1/No. 101/2015, which requests the following clarification:

OFFICIAL LETTER/CVM/SEP/GEA-1/No. 101/2015

'In reference to news released on March 28, 2015 in the newspaper O Globo entitled 'Petrobras announces directors, but wants to change a few of them' containing the following statements:

'With the election of Petrobras's new directors scheduled for the upcoming April 29 meeting of shareholders, the state enterprise announced yesterday the candidates of the Federal Government, controller of the state enterprise. Confirming the candidacy of Vale CEO, Murilo Ferreira, as chair of the Board. However, on the list, Petrobras repeated the names of some current directors that the company's executive board wants gone - and that it will try to replace.

If the shareholders approve the proposal, Murilo will take the place of BNDES president, Luciano Coutinho, who has been intern chair of the Board since Thursday, following the resignation of former Finance Minister Guido Mantega. Coutinho could stay on as director, but Petrobras's CEO, Aldemir Bendine, wants BNDES to nominate someone not involved in government. Coutinho has already agreed, according to a Petrobras source. The bank refused to comment the matter.

Bendine has been saying in the company that he intends to carry out a complete revamp of the Board of Directors. Of the seven nominations the Federal Government is entitled to make, Chief Financial Director, Ivan Monteiro, lawyer Luiz Navarro and Bendine himself have recently taken office. The three stay. Those to be replaced include Coutinho, general Francisco Roberto de Albuquerque and Sergio Quintella.

The change, however, may happen a few months later. No changes to the agenda of the meetings are allowed after their publication to shareholders. According to attorney João Paulo de Carvalho Georgief, partner at Lobo & Ibeas, the notice of the Special Meeting of Shareholders will probably happen a month before. While for the Annual Meeting of Shareholders, it will happen 15 days before.'

We request Petrobras's clarification regarding the veracity of said statements, especially regarding the text in bold in the article.'

Clarification

Petrobras restates, as announced on March 27, that the candidates nominated to the Board of Directors by the controlling shareholder, represented by the Federal Government, whose elections will be held in the upcoming Ordinary and Extraordinary Meetings of Shareholders scheduled for April 29, 2015 are: Murilo Pinto de Oliveira Ferreira; Aldemir Bendine; Ivan de Souza Monteiro; Francisco Roberto de Albuquerque; Luciano Galvão Coutinho; Luiz Navarro and Sergio Franklin Quintella.

Relevant facts related to this subject will promptly be disclosed to the market.

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