Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 154

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 154
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as depositary under the deposit agreements, notice of such termination by the depositary shall not be provided to ADR holders unless a
successor depositary shall not be operating under the deposit agreements on the 60th day after Petrobras’ notice of removal was
first provided to the depositary. Notwithstanding anything to the contrary herein, the depositary may terminate the deposit agreements
without notifying Petrobras, but subject to giving 30 days’ notice to the ADR holders, under the following circumstances: (i) in
the event of Petrobras’ bankruptcy or insolvency, (ii) if the shares cease to be listed on an internationally recognized stock
exchange, (iii) if Petrobras effects (or will effect) a redemption of all or substantially all of the deposited securities, or a
cash or share distribution representing a return of all or substantially all of the value of the deposited securities, or (iv) there
occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in
exchange for or in lieu of deposited securities.

<div align='center'>44</div>

After the date so fixed for termination, the depositary
and its agents will perform no further acts under the deposit agreements and the ADRs, except to receive and hold (or sell) distributions
on deposited securities and deliver deposited securities being withdrawn. As soon as practicable after the date so fixed for termination,
the depositary shall use its reasonable efforts to sell the deposited securities and shall thereafter (as long as it may lawfully do so)
hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then
held by it under the deposit agreements, without liability for interest, in trust for the pro rata benefit of the ADR holders who have
not theretofore surrendered their ADRs. After making such sale, the depositary shall be discharged from all obligations in respect of
the deposit agreements and the ADRs, except to account for such net proceeds and other cash. After the date so fixed for termination,
Petrobras shall be discharged from all obligations under the deposit agreements except for its obligations to the depositary and its agents.

Limitations on Obligations and Liability to ADR holders

Prior to the issue, registration, registration
of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect