Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 31

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 31
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 to any person or entity (other than a direct or indirect subsidiary of Petrobras) or permit
any person (other than a direct or indirect subsidiary of PGF) to merge with or into it unless such consolidation, amalgamation, merger, lease, spin-off or transfer of properties, assets or revenues does not violate any provision of Dutch financial regulatory laws and:

| · | either PGF is the continuing entity or the person                                                                                         
 (the “successor company”) formed by the consolidation or into which PGF is merged or that acquired (through a transfer of                 
 assets, a spin-off or otherwise) or leased the property or assets of PGF will assume (jointly and severally with PGF unless PGF will have 
 ceased to exist as a result of that merger, consolidation or amalgamation), by a supplemental indenture, all of PGF’s obligations         
 under the indenture and the Notes of a series;                                                                                            |

| · | the successor company (jointly and severally                                                                                                  
 with PGF unless PGF will have ceased to exist as part of the merger, consolidation or amalgamation) agrees to indemnify each holder against   
 any tax, assessment or governmental charge thereafter imposed on the holder solely as a consequence of the consolidation, merger, conveyance, 
 spin-off, transfer or lease with respect to the payment of principal of, or interest on, the Notes of the relevant series;                    |

| · | immediately after giving effect to the transaction,                 
 no event of default, and no default has occurred and is continuing; |

| · | PGF has delivered to the trustee a directors’                                                                                                
 certificate and an opinion of counsel, each stating that the transaction, and each supplemental indenture relating to the transaction,       
 comply with the terms of the indenture of the relevant series, and that all conditions precedent provided for in such indenture and relating 
 to the transaction have been complied with; and                                                                                              |

| · | PGF has delivered notice of any such transaction 
 to the trustee.                                  |

Notwithstanding anything to
the contrary in the foregoing, so long as no default or event of default under the indenture or the Notes of a series will have occurred
and be continuing at the time of the proposed transaction or would result from the transaction:

| · | PGF may merge, amalgamate or consolidate with                                                                                              
 or into, or convey, transfer, spin-off, lease or otherwise dispose of all or substantially all of its properties, assets or revenues to    
 a direct or indirect