Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 46

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 46
---
in respect of such indebtedness.

A “qualifying asset”
in relation to any project means:

| · | any concession, authorization or other legal                                                                                    
 right granted by any governmental authority to Petrobras or any of Petrobras’s subsidiaries, or any consortium or other venture 
 in which Petrobras or any subsidiary has any ownership or other similar interest;                                               |

| · | any drilling or other rig, any drilling or production                                                                                     
 platform, pipeline, marine vessel, vehicle or other equipment or any refinery, oil or gas field, processing plant, real property (whether 
 leased or owned), right of way or plant or other fixtures or equipment;                                                                   |

| · | any revenues or claims that arise from the operation,                                                                                       
 failure to meet specifications, failure to complete, exploitation, sale, loss or damage to, such concession, authorization or other legal   
 right or such drilling or other rig, drilling or production platform, pipeline, marine vessel, vehicle or other equipment or refinery,      
 oil or gas field, processing plant, real property, right of way, plant or other fixtures or equipment or any contract or agreement relating 
 to any of the foregoing or the project financing of any of the foregoing (including insurance policies, credit support arrangements and     
 other similar contracts) or any rights under any performance bond, letter of credit or similar instrument issued in connection therewith;   |

| · | any oil, gas, petrochemical or other hydrocarbon-based                                                                                    
 products produced or processed by such project, including any receivables or contract rights arising therefrom or relating thereto and    
 any such product (and such receivables or contract rights) produced or processed by other projects, fields or assets to which the lenders 
 providing the project financing required, as a condition therefore, recourse as security in addition to that produced or processed by     
 such project; and                                                                                                                         |

| · | shares or other ownership interest in, and any                                                                                                
 subordinated debt rights owing to Petrobras by, a special purpose company formed solely for the development of a project, and whose principal 
 assets and business are constituted by such project and whose liabilities solely relate to such project.                                      |

A “Petrobras permitted
lien” means a:

| (a) | lien granted in respect of indebtedness owed to the Brazilian government,                                                
 Banco Nacional de Desenvolvimento Econômico e Social or any official government agency or department of Brazil or of any 
 state or region of Brazil;                                                                                               |

| (b) | lien arising by operation