Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 48

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 48
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 any reserve or similar account to pay interest on such 
 securities for a period of up to 24 months as required by any rating agency as a condition to such rating agency rating such securities  
 investment grade, or as is otherwise consistent with market conditions at such time;                                                     |

| (l) | lien granted or incurred to secure any extension, renewal, refinancing, refunding or exchange (or successive                               
 extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any indebtedness secured by any lien referred 
 to in paragraphs (a) through (k) above (but not paragraph (d)), provided that such lien does not extend to any other                       
 property, the principal amount of the indebtedness secured by the lien is not increased, and in the case of paragraphs (a), (b), (c) and   
 (g), the obligees meet the requirements of that paragraph, and in the case of paragraph (h), the indebtedness is incurred in connection    
 with a project financing by Petrobras, 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