Petrobras Clarification on Bribe Payment Allegation

Maritime Activity Reports, Inc.

November 16, 2014

With regards news reports involving SBM Offshore, Petrobras wishes to clarify the following:
The company established an Internal Investigation Commission on February 13, 2014, the same day it became aware of the news about the alleged payment of bribes by SBM to Petrobras employees. The Commission’s findings, disclosed on March 31, 2014, based on work done within its regulatory scope, were that it did not find any facts or documents proving any improper payments made to Petrobras employees. On April 2, 2014, SBM informed the markets that it had also not found any evidence of improper payments.

Petrobras sent the Internal Investigation Commission’s final report to the Office of the Comptroller General (CGU), the Federal Audit Court (TCU) and the Federal Public Prosecution Ministry (MPF), and it has been collaborating closely with the authorities, providing clarifications and documents. It should be noted that, even after the completion of the initial investigation, the company continued to collect new facts through its Business Security Area, submitting complementary documentation to the CGU and MPF.

In April 2014, a Special Audit and Investigation process was initiated by the CGU, which began its work using the report produced by Petrobras’ Internal Investigation Commission and complementary documents submitted by the company. Petrobras has not yet been informed of the results of this Special Audit and Investigation.

Given the new facts published in the press, Petrobras announces that it has not received any notifications from the Dutch courts.

Finally, Petrobras confirms that, since the beginning of the investigations, it has not invited SBM to participate in any competitive tenders, and this situation will continue until the results of the investigations being conducted by the authorities have been announced.

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