Petroleo Brasileiro Petrobras : Adjustments to the 2015-2019 Business and Management Plan

Rio de Janeiro, October 5, 2015 - Petróleo Brasileiro S.A. - Petrobras hereby informs that, in view of the new levels of Brent crude oil prices and exchange rate (R$/US$), it has adjusted its financial planning for 2015 and 2016.

When the Company first disclosed its 2015-2019 Business and Management Plan (PNG 2015-2019), it informed that the Plan's execution is subject to risk factors that may adversely impact its projections, including changes in market variables such as oil prices and exchange rate.

Consequently, to preserve its fundamental goals of deleveraging the Company and creating value for shareholders, Petrobras is adjusting its projections for investment and manageable operating expenses as follows:

Investments (US$ billion)

Manageable operating expenses^₁ (US$ billion)

_{¹ total costs and expenses, excluding raw material purchase}

The projection for disinvestments in 2015-2016 remains US$15.1 billion - US$0.7 billion in 2015 and US$14.4 billion in 2016.

The targets of average daily production of oil and LGN in Brazil envisaged in the PNG 2015-2019 (2.125 million barrels per day in 2015 and 2.185 million barrels per day in 2016) remain unchanged.

Petrobras reiterates its commitment to acting with capital discipline and profitability.