PRESS RELEASE

Petrobras to appeal overseas tax ruling

By
Thursday, January 24, 2019

From Petrobras.

Rio de Janeiro, January 23, 2019 - Petróleo Brasileiro S.A - Petrobras informs that the Administrative Board of Tax Appeals (CARF) issued yesterday, by a majoroty vote, an unfavorable decision on a tax administrative proceeding that addresses the collection of Corporate Income Tax (IRPJ) and Social Contribution on Net Profits (CSLL), related to 2012, on profits earned by controlled and subsidiary companies abroad, in the approximate amount of R$ 1.7 billion.

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Petrobras awaits the notification and will appeal to the Superior Chamber of CARF. The company understands that the judgment does not change the classification of expectation of possible loss.

The information regarding this process is presented in the financial statements (ITR) of the 3rd quarter of 2018, in explanatory note 28.3 (Contigent liabilities).