Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 140

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 140
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 has agreed that, to the extent practicable, it will pay to you the cash dividends or other
distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars
(if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in
the deposit agreements. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public
and/or private sale of shares under the deposit agreements. Such division, branch and/or affiliate may charge the depositary a fee in
connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to
the number of underlying shares that your ADSs represent. See “Fees and Expenses” for a further description of any fees, charges
and expenses that may be owing, including, without limitation, those related to the foreign exchange process.

Except as stated below, the depositary will deliver
such distributions to ADR holders in proportion to their interests in the following manner:

| · | Cash. The depositary will distribute any U.S. dollars available to it resulting from a cash                                                     
 dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable),       
 on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution                    
 being impermissible or impracticable with respect to certain ADR holders, and (iii) deduction of the depositary’s and/or its                    
 agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars to the extent that it determines that such                     
 conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means              
 as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining            
 any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost        
 and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. If exchange              
 rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution. |

| · | Shares. In the case of a distribution in shares, the