Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 15

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 15
---
If proceedings were brought in Brazil seeking to enforce Petrobras’s obligationsin respect of the guaranties, Petrobras would
be required to discharge its obligations only in reais. Under Brazilian exchange controls, an obligation to pay amounts denominated
in a currency other than reais, which is payable in Brazil pursuant to a decision of a Brazilian court, will be satisfied in reais
at the rate of exchange in effect on the date of payment, as determined by the Central Bank of Brazil.

A finding that Petrobras is subject to U.S. bankruptcy laws and that any of the guaranties executed by it was a fraudulent conveyance could result in the relevant PGF noteholders losing their legal claim against Petrobras.

PGF’s obligation to
make payments on the Notes is supported by Petrobras’s obligation under the corresponding guaranty. Petrobras has been advised by
its external U.S. counsel that the guaranties are valid and enforceable in accordance with the laws of the State of New York and the United
States. In addition, Petrobras has been advised by its general counsel that the laws of Brazil do not prevent the guaranties from being
valid, binding and enforceable against Petrobras in accordance with their terms.

<div align='center'>S-14</div>

In the event that U.S. federal
fraudulent conveyance or similar laws are applied to the guaranties, and Petrobras, at the time it entered into the relevant guaranty:

| · | was or is insolvent or rendered insolvent by 
 reason of our entry into such guaranty;      |

| · | was or is engaged in business or transactions                                            
 for which the assets remaining with Petrobras constituted unreasonably small capital; or |

| · | intended to incur or incurred, or believed or                                                              
 believe that Petrobras would incur, debts beyond Petrobras’s ability to pay such debts as they mature; and |

| · | in each case, intended to receive or received                             
 less than the reasonably equivalent value or fair consideration therefor, |

then Petrobras’s obligations under such
guaranty could be avoided, or claims with respect to that agreement could be subordinated to the claims of other creditors. Among other
things, a legal challenge to the relevant guaranty on fraudulent conveyance grounds may focus on the benefits, if any, realized by Petrobras
as a result of the issuance of the Notes. To the extent that the relevant guaranty is held