Petrobras – Inclusion of Debts in the Tax Regularization Program

Rio de Janeiro, June 1, 2017  – Petrobras informs that it requested the inclusion of tax debts in the Tax Regularization Program (Programa de Regurarização Tributária) created by Provisional Measure 766/2017 and governed by Normative Instruction of the Brazilian Federal Revenue Service No. 1.687/2017 and National Treasury Attorney’s Office Ordinance No. 152/2017.

Enrollment in this Program by Petrobras and its subsidiaries occurred mainly in lawsuits in the administrative stage with probable loss expectation related to Brazilian federal tax credits applied that were disallowed, in the amount of R$1,660 million, which was settled with 20% in cash and the remainder with tax loss carryforwards. The estimated impact on Petrobras consolidated result is R$ 308 million, net of taxes.

Petrobras’ assessment considered that the alternative judicialization of the lawsuits would involve the composition of collateral security, as well as the increase in the amount of the debt over time.

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