Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 32

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 32
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 subsidiary of PGF or Petrobras in cases when PGF is the surviving entity in the transaction and the transaction would 
 not have a material adverse effect on PGF and its subsidiaries taken as a whole, it being understood that if PGF is not the surviving      
 entity, PGF will be required to comply with the requirements set forth in the previous paragraph; or                                       |

| · | any direct or indirect subsidiary of PGF may                                                                                                 
 merge or consolidate with or into, or convey, transfer, spin-off, lease or otherwise dispose of assets to, any person (other than PGF        
 or any of its subsidiaries or affiliates) in cases when the transaction would not have a material adverse effect on PGF and its subsidiaries 
 taken as a whole; or                                                                                                                         |

| · | any direct or indirect subsidiary of PGF may                                                                                            
 merge or consolidate with or into, or convey, transfer, spin-off, lease or otherwise dispose of assets to, any other direct or indirect 
 subsidiary of PGF or Petrobras; or                                                                                                      |

| · | any direct or indirect subsidiary of PGF may                                                                                               
 liquidate or dissolve if PGF determines in good faith that the liquidation or dissolution is in the best interests of Petrobras, and would 
 not result in a material adverse effect on PGF and its subsidiaries taken as a whole and if the liquidation or dissolution is part of      
 a corporate reorganization of PGF or Petrobras.                                                                                            |

<div align='center'>S-27</div>

PGF may omit to comply with any term, provision or condition set forth in certain covenants applicable to a series of the Notes or any term, provision or condition of the indenture for such series, if before the time for the compliance the holders of at least a majority of the principal amount of the outstanding Notes of such series waive the compliance, but no waiver can operate except to the extent expressly waived, and, until a waiver becomes effective, PGF’s obligations and the duties of the trusteein respect of any such term,
provision or condition will remain in full force and effect.

As used above, the following
terms have the meanings set forth below:

“indebtedness”
means any obligation (whether present or future, actual or contingent and including any guaranty) for the payment or repayment of money
which has been borrowed or raised (including money raised by acceptances and all leases which, under IFRS Accounting Standards, would
be a capital lease obligation).

A “guar