DIVIDEND POLICY
Petrobras's corporate governance policy encompasses modernization, transparency and commitment as encapsulated in the Company's Bylaws- based on the Corporate Law -, ensuring that:
Shareholders shall be entitled in each fiscal year to dividends and/or additional payment on shareholders' equity, which must not be less than 25% (twenty-five percent) of the net profit adjusted according to the Corporate Law, and divided pro-rata by the shares into which the capital of the Corporation is divided. (Article 8 of the Bylaws)
Preferred shares shall have priority in case of capital reimbursement and in the distribution of the 5% (five percent) minimum dividend, calculated on the part of the capital represented by such kind of shares, or 3% (three percent) of the net value of the share, always with the greater prevailing, with a participation equal to the common shares in corporate capital increases deriving from the incorporation of reserves and profits (Article 5 - Paragraph 2 the Bylaws)
Preferred shares shall participate non-cumulatively on equal conditions with the common shares in the distribution of dividends whenever the latter are greater than the minimum percentage as guaranteed to them in the preceding paragraph. (Article 5- Paragraph 3 of the Bylaws)
The Company may pay interim dividends and/or interest on shareholder equity through the appropriate provisioning and subsequent approval by the Board of Directors, these values being corrected by the SELIC rate as from the date of effective payment to the end of the fiscal year pursuant to Article 204 of Law 6,404 of 1976. (Sole Paragraph of Article 9 of the Bylaws)
The Bylaws require that an Ordinary General Meeting be held before April 30 of each year, Petrobras's Ordinary General Meeting for deciding on the annual dividend normally being held in the second half of March. Pursuant to the Corporate Law, the dividends are due to the shareholders on the declaration date (in Petrobras's case declaration of the annual dividend is made on the date of the Ordinary General Meeting) and must be paid within 60 days of that date. The dividend payment date may be different from that established in the Corporate Law provided that the shareholders decide on another date. However, this payment must be made in the same fiscal year as the Ordinary General Meeting, which declared the dividend payout. (Article 9 and Article 39 of the Bylaws)
 
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