Petrobras Takes Issue with Marlim Tax Calculations

Petrobras says that in view of the news the press has divulged regarding an alleged calculation error the Company may have made in paying the so-called "Special Participation" governmental contribution, which it incurs on oil production, and in this specific case in connection with the Marlim Field, in the Campos Basin, we hereby clarify that Petrobras has always acted in strict observance of the law and of the National Petroleum Agency's (ANP) regulations and that it indeed paid the exact amount of the special participation charged by the ANP, under the terms of the deliberation of that agency's highest decision-making body, its Collegial Board.

The ANP recently changed its collection values by revoking decisions made by its own board. The ANP is billing Petrobras again, retroactively and for a higher sum, for ascertainment periods Petrobras has already paid in compliance with the ANP's own previous decision. Petrobras, as an ANP concessionaire for oil exploration and production activities, will respect the ANP's decisions and deliberations at all times, as long as they observe the legal order in effect in Brazil.

It is our understanding, however, that there is no legal basis for ANP's decision reversal regarding ascertainment periods that have already been paid, as this violates constitutional principles and causes this Company to seek to protect its rights in order to maintain its good corporate management practices and to defend its shareholders' interests.


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