Petrobras informs that it has done yesterday(17 dec.) the partial prepayment of the Pre-70 Term of Financial Commitment (TFC Pre-70), celebrated with the Fundação Petrobras de Seguridade Social (Petros), in the amount of R$ 94 million and will do in January 2021 the partial prepayment of R$ 4.493 billion.

The TFC Pre-70 was signed in 2008 and is part of the Reciprocal Obligations Agreement (ROA), signed with Petros and several trade unions in 2006. The TFC Pre-70 disciplines the form of payment of obligations, of an actuarial nature, assumed by Petrobras. The ROA allowed the company to promote a series of regulatory adjustments in the Petrobras System Petros Plan (PPSP) and the offer of a new benefit plan (Petros-2 Plan) to employees hired after the PPSP was closed to new adhesions.

With the split process of the Pre-70 Group for the Petros under Pre-70 Petrobras System Renegotiated (PPSP-R Pre-70) and Pre-70 Petrobras System Non-Renegotiated (PPSP-NR Pre-70) plans occurred in 2019, an amendment was signed to the TFC Pre-70 with the objective, among others, to establish the possibility of advance payments by Petrobras.

The prepayments are in line with the company's liability management process, reducing interest expenses and the amount of real guarantees, in addition to contributing to improving the liquidity of the plans.

It is worth mentioning that the TFC Pre-70 is a commitment already registered in Petrobras' Financial Statements, composing the register of the actuarial liability value, as explained in note "14. Employee benefits" of the 3Q20 Quarterly Information.