Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 120

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 120
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% of PGF’s consolidated     
 total assets (as determined in accordance with IFRS) at any date as at which PGF’s balance sheet is prepared and published in accordance 
 with applicable law.                                                                                                                     |

A “wholly-owned subsidiary” means,
with respect to any corporate entity, any person of which 100% of the outstanding capital stock (other than qualifying shares, if any)
having by its terms ordinary voting power (not dependent on the happening of a contingency) to elect the board of directors (or equivalent
controlling governing body) of that person, is at the time owned or controlled directly or indirectly by that corporate entity, by one
or more wholly-owned subsidiaries of that corporate entity or by that corporate entity and one or more wholly-owned subsidiaries.

PGF may omit to comply with any term, provision
or condition set forth in certain covenants applicable to the debt securities of a series or any term, provision or condition of the indenture,
if before the time for the compliance the holders of at least a majority of the principal amount of the outstanding debt securities of
a 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 trustee in respect of any such term, provision or condition will remain in full force and
effect. (PGF Section 10.09)

Additional restrictive covenants with respect to
securities of PGF may be contained in the applicable supplemental indenture and described in the applicable prospectus supplement with
respect to those securities.

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Defeasance and Discharge</div>

The following discussion of full defeasance and
discharge and covenant defeasance and discharge will only be applicable to your series of debt securities if we choose to apply them to
that series, in which case we will state that in the prospectus supplement. (Petrobras Section 14.01; PGF Section 14.01)

Full Defeasance

If the applicable prospectus supplement states
that full defeasance will apply to a particular series of debt securities, we will be legally released from any payment and other obligations
on such debt securities, except for various obligations described below (called “full defeasance”), provided that we, in addition
to other actions, put in place the following arrangements for you to be repaid:

| · | We must irrevocably deposit in trust for your benefit