Clarification on News – Addendum: Energy Development Account Budget for the year 2017

Rio de Janeiro, March 13, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 115/2017/CVM/SEP/GEA-1 which requests additional clarifications, as follows:

Official Letter no. 115/2017/CVM/SEP/GEA-1

“Dear Sir,

1. We herein refer to the reply forwarded by the Company on 03.07.2017, through the Empresas.Net System, under Category “Market Communication”, Type “Clarifications on News: Energy Development Account Budget for the year 2017,” referring to Official Letter no. 300/2017-SAE and Official Letter no. 109/2017/CVM/SEP/GEA-1, both of 03.06.2017.

2. In this respect, we request complementation of said notice to the market, via Empresas.NET System, in order to respond to the following questions from the aforementioned letters:

1. Inform the document and the pages on which the information narrated in the matter in included, considering we were unable to identify this information in the documents sent by this company, through the Empresas.NET System;
2. Offer a statement in relation to the news and possible impacts on the Company, considering that millionaire loss; and
3. Inform the reason why the company did not consider such a situation to be a material fact. ”


Petrobras clarifies that the information narrated in the article is included in the Petition for Reconsideration forwarded to ANEEL – Proceeding no. 48513.005286/2017-00.

The company periodically discloses the market the relevant information concerning the evolution of electricity sector receivables, as well as the measures taken by Petrobras about this issue and possible impacts on accounting provisions. In this sense, we highlight Explanatory Note 7.4 in the ITR for 3Q 2016, disclosed to the market on 11/10/2016.

Petrobras further clarifies that it assessed the content of the Petition for Reconsideration and understand it not to represent relevant information that could impact investor decision in respect to the company’s securities, especially, taking into consideration the current stage of the matter.

The article published describes facts which are not yet final and which have changed in recent days. This is corroborated by the appeal filed by Petrobras, which has not yet been judged by ANEEL plus Ratifying Resolution  2.204 2017, dated of 3/7/2017, through which some of the claims by Petrobras in its Petition for Reconsideration have already been included in the budget for the Energy Development Account (“CDE”) for the year 2017.

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