Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 138

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 138
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DESCRIPTION OF SHARES AND AMERICAN DEPOSITARY SHARES</div>

Shares

For a description of Petrobras’ preferred
shares and common shares see “Shareholders’ Rights” and “Corporate Governance” in the 2023 Form 20-F,
incorporated herein by reference.

American Depositary Shares

Petrobras has listed on the New York Stock Exchange
American Depositary Shares, also referred to as ADSs, representing Petrobras’ preferred shares and ADSs representing Petrobras’
common shares. The terms of the preferred shares ADSs and the common share ADSs are substantially identical, except for the class of underlying
shares they represent. JPMorgan Chase Bank, N.A. (“JPMorgan”), as depositary, registers and delivers the ADSs pursuant to
the deposit agreement with respect to preferred shares ADS and the deposit agreement with respect to common shares ADS, in each case among
Petrobras, JPMorgan, as depositary, and holders from time to time of preferred shares ADSs and common shares ADSs, respectively (as amended
from time to time, the “deposit agreements”). Each ADS represents an ownership interest in two shares that are deposited with
the principal São Paulo office of Banco Bradesco S.A., as custodian for the depositary. In the future, each ADS may also represent
any securities, cash or other property deposited with the depositary but which they have not distributed directly to you. Unless certificated
ADRs are specifically requested by you, all ADSs will be issued on the books of the depositary in book-entry form and periodic statements
will be mailed to you which reflect your ownership interest in such ADSs. In this description, references to ADRs will include the statements
you will receive which reflect your ownership of ADSs. The depositary’s office is located at 383 Madison Avenue, Floor 11, New York,
New York 10179.

You may hold ADSs either directly or indirectly
through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of
the depositary, you are an ADR holder. This description assumes you are an ADR holder and hold your ADSs directly. If you have a beneficial
ownership interest in ADSs but hold the ADSs through your broker or financial institution nominee, you are a beneficial owner of ADSs
and must rely on the procedures of such broker or financial institution to assert the rights of an A