Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 47

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 47
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 any of Petrobras’s subsidiaries or any consortium or other venture in which Petrobras or            
 any subsidiary have any ownership or other similar interest; and                                                                           |

| (m) | lien in respect of indebtedness the principal amount of which in                                                                         
 the aggregate, together with all liens not otherwise qualifying as Petrobras permitted liens pursuant to another part of this definition 
 of Petrobras permitted liens, does not exceed 20% of Petrobras’s consolidated total assets (as determined in accordance with IFRS        
 Accounting Standards) at any date as at which Petrobras’s balance sheet is prepared and published in accordance with applicable          
 law.                                                                                                                                     |

<div align='center'>S-37</div>

A “wholly-owned subsidiary”
means, with respect to any corporate entity, any person of which 100% of the outstanding capital stock (other than qualifying shares,
if any) having by its terms ordinary voting power (not dependent on the happening of a contingency) to elect the board of directors (or
equivalent controlling governing body) of that person is at the time owned or controlled directly or indirectly by that corporate entity,
by one or more wholly-owned subsidiaries of that corporate entity or by that corporate entity and one or more wholly-owned subsidiaries.

A “material subsidiary”
means a subsidiary of Petrobras which on any given date of determination accounts for more than 15% of Petrobras’s total consolidated
assets (as set forth on Petrobras’s most recent balance sheet prepared in accordance with IFRS Accounting Standards).

Limitation on Consolidation, Merger, Sale or Conveyance

Petrobras will not, in one
or a series of transactions, consolidate or amalgamate with or merge into any corporation or convey, lease, spin-off or transfer substantially
all of its properties, assets or revenues to any person or entity (other than a direct or indirect subsidiary of Petrobras) or permit
any person (other than a direct or indirect subsidiary of Petrobras) to merge with or into it unless:

| · | either Petrobras is the continuing entity or                                                                                            
 the person (the “successor company”) formed by such consolidation or into which Petrobras is merged or that acquired (through           
 a transfer of assets, a spin-off or otherwise) or leased such property or assets of Petrobras will assume (jointly and severally with   
 Petrobras unless Petrobras will have ceased to exist as a result of such merger, consolidation or amalgamation), by an amendment to the 
 applicable guaranty