Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 29

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 29
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 (iii) the indebtedness of any other person, unless it contemporaneously creates or
permits the lien to secure equally and ratably its obligations under such series of Notes and the indenture for such series or PGF provides
such other security for such series of Notes and the indenture for such series as is duly approved by a resolution of the holders of such
series of Notes in accordance with such indenture. This covenant is subject to a number of important exceptions, including an exception
that permits PGF to grant liens in respect of indebtedness the principal amount of which, in the aggregate, together with all other liens
not otherwise described in a specific exception, does not exceed 20% of PGF’s consolidated total assets (as determined in accordance
with IFRS Accounting Standards) at any time as at which PGF’s balance sheet is prepared and published in accordance with applicable
law.

<div align='center'>S-26</div>

Limitation on Consolidation, Merger, Sale or Conveyance

PGF 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 PGF) to merge with or into it unless such consolidation, amalgamation, merger, lease, spin-off or transfer of properties, assets or revenues does not violate any provision of Dutch financial regulatory laws and:

| · | either PGF is the continuing entity or the person                                                                                         
 (the “successor company”) formed by the consolidation or into which PGF is merged or that acquired (through a transfer of                 
 assets, a spin-off or otherwise) or leased the property or assets of PGF will assume (jointly and severally with PGF unless PGF will have 
 ceased to exist as a result of that merger, consolidation or amalgamation), by a supplemental indenture, all of PGF’s obligations         
 under the indenture and the Notes of a series;                                                                                            |

| · | the successor company (jointly and severally                                                                                                  
 with PGF unless PGF will have ceased to exist as part of the merger, consolidation or amalgamation) agrees to indemnify each holder against   
 any tax, assessment or governmental charge thereafter imposed on the holder solely as a consequence of the consolidation, merger