BR Distribuidora S.A.’s $2.5 Billion Secondary Follow-on Offering

Davis Polk advised the respective agents of the Brazilian underwriters in connection with the follow-on offering by Petróleo Brasileiro S.A. — Petrobras of 393,187,500 common shares of BR Distribuidora S.A. (including the full exercise of the Brazilian underwriters’ over-allotment option) for an aggregate amount of R$9.6 billion (approximately $2.5 billion). Pinheiro Guimarães acted as Brazilian counsel to the underwriters.

The common shares trade on the B3 S.A. – Brasil, Bolsa, Balcão (São Paulo Stock Exchange). Common shares sold in the international offering were placed under Rule 144A and Regulation S.

Headquartered in Rio de Janeiro, Brazil, BR is the largest fuel and lubricant supplier in Brazil in terms of volume of sales and an associate of Petrobras, the largest oil company in Brazil and its largest shareholder.

Caixa, UBS Group, Morgan Stanley, Bank of America and XP Investimentos acted as underwriters on the deal.

The Davis Polk corporate team included Maurice Blanco (Picture) and Elliot M. de Carvalho. The tax team included Michael Mollerus, Dao Fu and Tomislava Dragicevic.

Pinheiro Guimarães team was led by partners Francisco José Pinheiro Guimarães and Cristina Tomiyama and associates Fernando Friedmann, Arnold Kim, Paula Rodrigues and Camila Ohno.

Involved fees earner: Maurice Blanco – Davis Polk & Wardwell; Elliot de Carvalho – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Dao Fu – Davis Polk & Wardwell; Michael Mollerus – Davis Polk & Wardwell; Paula Regina Fernandes Rodrigues – Pinheiro Guimarães; Fernando John Friedmann Junior – Pinheiro Guimarães; Arnold Kim – Pinheiro Guimarães; Camila Ohno – Pinheiro Guimarães; Francisco José Pinheiro Guimarães – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães;

Law Firms: Davis Polk & Wardwell; Pinheiro Guimarães;

Clients: Bank of America; CaixaBank; Morgan Stanley; UBS; XP Investimentos;