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2015 fiscal year result announcement

resultadoIn 2015, we posted a 25 percent increase in adjusted EBITDA; however, due to the write-offs we had a loss. Read the announcement we disclosed on Monday (Mar. 21).

Consolidated net loss was R$ 34,836 million in 2015 and R$ 36,938 million in the 4Q-2015, due to:

i) impairment of assets and investments, mainly generated by decreased crude oil prices and by higher discount rate, attributable to an increase in Brazil’s risk premium, resulting from a credit risk downgrade (losing its investment grade status (R$ 49,748 million); and

ii) interest expenses and foreign exchange loss (R$ 32,908 million).• Operating loss decreased R$ 8,931 million in 2015 (R$ 21,322 million in 2014 and R$ 12,391 million in 2015).

• Adjusted EBITDA was R$ 73,859 million in 2015, 25% higher than in 2014, due to higher diesel and gasoline prices, lower production taxes and crude oil and oil products imports.

• Positive free cash flow of R$ 15,626 million in 2015, compared to negative free cash flow of R$ 19,554 million in 2014.

• Net debt was US$ 100,379 million as of December 31, 2015, a 5% decrease when compared to December 31, 2014.

• The average maturity of outstanding debt increased from 6.10 years as of December 31, 2014 to 7.14 years as of December 31, 2015.

• Capital expenditures and investments of R$ 76,315 million, 12% lower compared to 2014 (R$ 10,825 million).

Learn more at our Investor Relations website.

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