News Clarification: Sale of Liquigás


Rio de Janeiro, March 2, 2018 - Petróleo Brasileiro S.A. – Petrobras reports that it received today, Official Letter no. 312/2018-SAE, which requests the following clarifications:

Official Letter no. 312/2018-  SAE

“Dear Gentlemen,
The news article published on the website of the newspaper Folha de São Paulo, on 3/2/2018, under the headline "Petrobras decide vender na Bolsa a sua rede de distribuição Liquigás” (“Petrobras decides to sell on the Stock Exchange its distribution network Liquigás"), states, among other information, that:
1. The state-owned enterprise, which holds 100% of the company’s share capital, is studying the initial public offering (IPO) of Liquigás with a secondary public offering of shares;
2. This strategy was decided by the Board of Petrobras;
3. Persons participating in the discussions claim that it is possible to raise with investors even more than R$ 2.8 billion, the amount offered by the Ultra group;
4. Petrobras could execute an IPO by offering for sale the totality of capital, but expects to carry out this transaction in stages. This is because more aggressive investors could acquire more than 50% of the shares in an offering;
5. The option to seek a strategic partner to acquire a minority stake prior to the IPO is not ruled out;
6. Another option under evaluation of the state-owned enterprise is the IPO and the transformation of Liquigás in a "corporation"."

Petrobras clarifies that there is no resolution by the company’s management bodies on the sale model of Liquigás Distribuidora S.A., a wholly-owned subsidiary of Petrobras.

Petrobras reiterates that it is analyzing alternatives for the divestment of Liquigás and, at this moment, there is no definition on value. Liquigás remains included in the partnership and divestment program of the company, as disclosed in the Material Fact of 2/28/2018.