Clarification on News: Dividends

03/19/2018

Rio de Janeiro, March 19, 2018 - Petróleo Brasileiro S.A. – Petrobras reports to have received the Official Letter no. 424/2018-SAE, from B3,  which requests the following clarification:

Official Letter no. 424/2018-SAE

“Dear Sirs,

In an article published on 03/16/2018 by the newspaper Valor Econômico, under the heading ‘Petrobras could pay dividends in the 1st quarter’ [‘Petrobras pode pagar dividendo no 1° tri’] brings, among other information, that Petrobras is planning to start paying quarterly dividends and with a ‘high probability’ of doing so already in the first quarter.
 
We request clarification on this topic before 9:00 AM on 03/19/2018, with your confirmation or denial, as well as other information considered relevant.”

Clarification

On 03/15/2018, Petrobras reported in a press release that its Board of Directors had ordered the beginning of studies about amendments in the company’s Dividend Policy, seeking, among other things, to enable quarterly payments of Dividends or Interest on Own  Capital.  

Also on 03/15/18, the Company disclosed corporate financial statements for the year 2017, clarifying that, despite the accounting loss, Petrobras’ operating results were positive.

In this regard, it is relevant to highlight that the perspective of improved results for 2018 is due to the expectation of higher operational generation, new partnerships and divestments and reduction of the Company’s indebtedness, in line with the information disclosed in the 2017 fiscal year results presentation, also filed in CVM, on 03/15/2018.

In addition, the documentation referred above shows that the Company aimed, over the last year, to eliminate a number of relevant uncertainties with a potential to impact corporate results, such as the agreement to settle the class action brought by foreign investors in the United States, as well as adherence to federal debt settlement programs.

Therefore, the manifestations referred to in the above-mentioned Official Letter were simply the confirmation, based on facts already properly disclosed to the market, of a higher probability of dividend payments as a natural consequence of all financial data already disclosed by the Company, and are not tied to any forward-looking statements.