Brazil’s Petrobras On Petros Plan

(Petrobras, 5.May.2020) — Petrobras, following up on the press release disclosed on March 10, related to the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), informs that obtained the approval by the Secretariat for Coordination and Governance of State-Owned Companies (SEST) and by the National Superintendence of Supplementary Pension Plans (PREVIC).

The operationalization of the New Plan will take place from June 2020 and Petrobras’ liability amount will be paid by extraordinary contributions throughout the life of the plans, estimated in R$ 13.6 billion. Additionally, the initial payment of the cash contribution related to the peculium benefit, in the amount of R$ 2.02 billion, will be postponed and paid in installments, according to the SEST rules and in accordance with the new actions to strengthen Petrobras resilience, with a view to preserving the company’s cash at this time. As determined by SEST, the Conduct Adjustment Term (TAC) that will consolidate the terms defined in the New Plan is in final process at PREVIC.

The new model is a milestone in the history of these plans, by reducing the financial impact of the extraordinary contributions of most of the participants and beneficiaries, as well as the improvement of the regulations of the plans, which will allow the review of normal contributions.

Together with the approval, SEST and PREVIC requested some adjustments to the New Plan regulations that will be implemented within 360 days.

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