Rio de Janeiro, July 21st, 2015 - Petróleo Brasileiro S.A. - Petrobras hereby responds to Official Letter 278/2015/CVM/SEP/GEA-1, as transcribed below:

OFFICIAL LETTER 278/2015/CVM/SEP/GEA-1

We refer to the article published on July 18, 2015 on the G1 website, entitled Petrobras sai no prejuízo em contrato com a Braskem, aponta relatório (Report states that Petrobras suffered losses from contract with Braskem), which states, among other matters, that:

"An internal Petrobras investigative report shows that the state-owned firm suffered losses from a contract with Braskem, a petrochemical manufacturer owned by the Odebrecht group in association with Petrobras. Jornal Nacional has had access to this report.

According to the Operation Lava Jato informants, Paulo Roberto Costa and the black market currency dealer Alberto Youssef, Braskem paid bribes in order to benefit from the contract with Petrobras.

In 2009, Braskem entered into an agreement to acquire naphtha, an essential raw material for the manufacture of plastics, from Petrobras. However, the arrangement became a target of investigation in March of this year.

An internal Petrobras committee was set up to examine the contract and concluded that the state-owned firm had suffered losses because Braskem was paying below the market price. The committee's report stated that the contract had been sent to the Petrobras Executive Board for its approval by Paulo Roberto Costa without any study proving its financial feasibility for the Company.

We therefore request a declaration regarding the veracity of the affirmations in this article and, should they be confirmed, an explanation of why the Company did not treat this matter as a Material Fact, as required by CVM Instruction 358/2002."

Clarification

The naphtha supply contract entered into between Petrobras and Braskem was analyzed by an Internal Investigative Committee set up after the Company had access to the Terms of Cooperation of Mrs. Alberto Youssef and Paulo Roberto Costa.

The Internal Committee, based on its investigations and respecting its regulatory competence, identified certain irregularities in relation to the internal procedures for approving the contract for supplying petrochemical naphtha to Braskem, signed in July 2009.

Petrobras implemented the appropriate administrative measures and forwarded the Committee's final report to the Federal Prosecution Office (MPF) and the Paraná Regional Superintendence Federal Police Department in order to ensure a deeper investigation by the responsible authorities.

The analysis of the contract with Braskem is being conducted under the Lava-Jato investigation, which was already widely disclosed to the market.

At last, the Company affirms that other measures are still under evaluation and that it is collaborating with the authorities by providing documents and information.

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