Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 79

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 79
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. 14,596/23 set in legal statutes the minimum
17% threshold for all cases and regardless of compliance with Normative Instruction No. 1,530. This new threshold is in effect since
January 2024, except in the case of the taxpayers that opted to anticipate the effects of said law (which were already subject to
the new threshold in 2023).

On June 4, 2010, the Brazilian federal tax
authorities enacted Normative Instruction No. 1,037, as amended (“IN 1,037/10”), listing (i) the countries
and jurisdictions considered Favorable Tax Jurisdictions, and (ii) the privileged tax regimes. This is an exhaustive list and has
not yet been updated to reflect changes from Law No. 14,596.

<div align='center'>S-54</div>

The interpretation of the current tax legislation
could lead to the conclusion that the concept of “Privileged Tax Regime” should apply solely for purposes of Brazilian transfer
pricing and thin capitalization rules, stricter deductibility rules and other specific situations for specific taxpayers (a binding
tax ruling – Solução de Consulta COSIT No. 575, dated as of December 20, 2017 - issued by Brazilian
tax authorities seems to confirm this interpretation). However, one cannot assure that subsequent legislation or interpretations issued
by the Brazilian tax authorities regarding the definition of a “Privileged Tax Regime” provided by Law No. 11,727/08
and Law No. 14,596/23 will not also apply to payments to Non-Resident holders in connection with the notes.

In the event that the privileged tax regime concept
is interpreted to be applicable to transactions such as payments related to the Notes to Non-Resident, Law 11,727/08 would accordingly
result in the imposition of taxation to a Non-Resident that meets the privileged tax regime requirements in the same way applicable to
a resident located in a Favorable Tax Jurisdiction.

Holders should consult with their own tax advisors
regarding the consequences of the implementation of Law 11,727/08, Law 14,596/23 and IN 1,037/10 and of any related Brazilian tax law
or regulation concerning Favorable Tax Jurisdictions and “privileged tax regimes”.

Other Tax Considerations

Brazilian law imposes a Tax
on Foreign Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio