Investments and production curve

Clarification on News: Investments and production curve

Rio de Janeiro, May 15, 2017 - Petróleo Brasileiro S.A. - Petrobras reports that it received on 05/12/2017, Official Letter No. 983/2017-SAE/CVM, requesting the following clarification:

Official Letter No. 983/2017-SAE/CVM

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'Dear Sirs,The news piece broadcast by Agência Estado - Broadcast on 05/12/2017 states, among other information, that:• Petrobras revised the investment made in 2017, in the amount of US$ 20 billion as announced in March, to US$ 17 billion;• this revision in investment will have no impact on production in 2017.We did not identify this information in the documents forwarded by this Company through Sistema Empresas.NET. In the event of contradiction, please inform the document and the pages on which the information is contained, as well as the date and time when said information was sent.'

Clarifications:

Petrobras clarifies that, on 05/12/2017, it filed at CVM [the Brazilian Securities & Exchange Commission], through Sistema Empresas.Net, at 09:48 AM (Filing Record No. 009512IPE120520170104286705-80), a presentation on the Company results for the 1st Quarter 2017, entitled 'Divulgação de Resultados 1T 2017 - Teleconferência/Webcast' [Disclosure of Income 1Q 2017-Conference Call/Webcast], which contains the information on revision of investment forecast to US$ 17 billion in 2017 (as found on page 21 of such document).

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With respect to eventual impacts on the production for 2017, there was no change in relation to that informed to the market at the time of disclosure of the 2017-2021 Strategic Plan and Business and Management Plan [Plano Estratégico e Plano de Negócios e Gestão 2017-2021], made on 09/20/2016, so that the production target previously informed for the year is upheld.

In the aforementioned presentation (on its page 7), the startup of 3 (three) new production systems and 1 (one) Long Duration Test [Teste de Longa Duração] (TLD) in 2017, as set forth in PNG [General Concessions Plan] 2017-2021, is confirmed.