Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 148

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 148
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 connection with 
 the deposit or withdrawal of deposited securities; and                                                                               |

| · | fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public 
 and/or private sale of securities under the deposit agreements.                                                                    |

To facilitate the administration of various depositary
receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the depositary may
engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”) and/or its affiliates in order to enter into
spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX Transactions”). For Brazilian reais,
FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity.

The foreign exchange rate applied to an FX Transaction
will be either (a) a published benchmark rate or (b) a rate determined by a third party local liquidity provider, in each case
plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply to such currency
on the “Disclosure” page (or successor page) of www.adr.com (as updated by the depositary from time to time, “ADR.com”).
Such applicable foreign exchange rate and spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation
to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers
or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions
in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according
to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other
factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem
appropriate without regard to the impact of such activities on Petrobras, the depositary, ADR holders or beneficial owners of ADSs. The
spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk
management or other hedging related activity. Notwithstanding the foregoing, to the extent Petrobras provides U.S. dollars to the depositary,
neither the Bank nor any of its affiliates will execute an