Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 150

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 150
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bras, the depositary, ADR holders or beneficial owners of ADSs. The
spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk
management or other hedging related activity. Notwithstanding the foregoing, to the extent Petrobras provides U.S. dollars to the depositary,
neither the Bank nor any of its affiliates will execute an FX Transaction as set forth herein. In such case, the depositary will distribute
the U.S. dollars received from Petrobras.

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Further details relating to the applicable foreign
exchange rate, the applicable spread and the execution of FX Transactions will be provided by the depositary on ADR.com. Petrobras, and
by holding an ADS or an interest therein, ADR holders and beneficial owners of ADSs, will each be acknowledging and agreeing that the
terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the deposit
agreements.

Petrobras will pay all other charges and expenses
of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between Petrobras and
the depositary.

The fees and charges you may be required to pay
may vary over time and may be changed by Petrobras and by the depositary. ADR holders will receive prior notice of the increase in any
such fees and charges. The right of the depositary to charge and receive payment of fees, charges and expenses as provided above shall
survive the termination of the deposit agreements.

The depositary may make available to Petrobras
a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as
Petrobras and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly
from ADS holders depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary
collects fees for making distributions to ADS holders by deducting those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions,
or by directly billing ADS holders. The depositary will generally set off the amounts owing from distributions made to ADR holders. If,
however