Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 15

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 15
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 past, the Brazilian
economy has experienced balance of payment deficits and shortages in foreign exchange reserves, and the government has responded by restricting
the ability of Brazilian or foreign persons or entities to convert reais into foreign currencies. The government may institute
a restrictive exchange control policy in the future. Any restrictive exchange control policy could prevent or restrict our access to U.S.
dollars, and consequently our ability to meet our U.S. dollar obligations under the guaranties and could also have a material adverse
effect on our business, financial condition and results of operations. We cannot predict the impact of any such measures on the Brazilian
economy. In the event that any such restrictive exchange control policies were instituted by the Brazilian government, we may face adverse
regulatory consequences in the Netherlands that may lead us to redeem the Notes prior to their maturity.

In addition, payments by Petrobras
under the guaranties in connection with PGF’s Notes do not currently require approval by or registration with the Central Bank of
Brazil. The Central Bank of Brazil may nonetheless impose prior approval requirements on the remittance of U.S. dollars, which could cause
delays in such payments.

Petrobras would be required to pay judgments of Brazilian courts enforcing its obligations under the guaranties only in reais.

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