Petrobras On Unfavorable CARF Decision

(Petrobras, 21.Jan.2020) — Petrobras announced the Higher Chamber of the Administrative Tax Appeals Council (CARF) issued an unfavorable decision, by a casting vote, on an administrative tax proceeding which deals with the collection of PIS/COFINS – Import tax regarding remittances abroad for the payment of charters contracts in the calendar years of 2011 and 2012, in the approximate amount of R$ 9 billion.

Petrobras is awaiting the summons of the decision and will take the judicial measures to defend its rights. The company understands that the decision does not change the possibility of loss expectation.

Information on this proceeding is disclosed in the 2018 financial statements, through note 31.3. Contingent Liabilities – tax proceedings.

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