Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 155

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 155
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, without limitation, voting);                                                                                                  |

| · | it exercises or fails to exercise discretion under the deposit agreements or the ADRs including, without limitation, any failure to 
 determine that any distribution or action may be lawful or reasonably practicable;                                                  |

| · | it performs its obligations under the deposit agreements and ADRs without gross negligence or willful misconduct; |

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| · | it takes any action or refrains from taking any action in reliance upon the advice of or information from legal counsel, accountants,            
 any person presenting shares for deposit, any ADR holder, or any other person believed by it to be competent to give such advice or information, 
 or in the case of the depositary only, from Petrobras;                                                                                           |

| · | it relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, 
 presented or given by the proper party or parties; or                                                                                |

| · | for the inability of any ADR holder or beneficial owner of ADSs to benefit from, or participate in, any distribution, offering, right 
 or other benefit which is made available to holders of shares but is not made available to ADR holders.                               |

The depositary shall not be a fiduciary or have
any fiduciary duty to ADR holders or beneficial owners of ADSs. Neither the depositary nor its agents have any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any deposited securities, the ADSs or the ADRs. The depositary
and its agents shall only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited
securities, the ADSs or the ADRs, which in the depositary’s opinion may involve the depositary in expense or liability, if indemnity
satisfactory to the depositary against all expense (including fees and disbursements of counsel) and liability is furnished as often as
may be required. The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on
its behalf in connection with the deposit agreements, any ADR holder or holders, any ADRs or otherwise related to the deposit agreements
or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws,
rules, regulations, administrative or judicial