Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 144

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 144
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 deposited shares for
the account and to the order of the depositary for the benefit of ADR holders, to the extent not prohibited by law. ADR holders thus have
no direct ownership interest in the shares and only have such rights as are contained in the deposit agreements. The custodian will also
hold any additional securities, property and cash received on or in substitution for the deposited shares. The deposited shares and any
such additional items are referred to as “deposited securities.”

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Deposited securities are not intended to, and shall
not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is
intended to be, and shall at all times during the term of the deposit agreements continue to be, vested in the beneficial owners of the
ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreements, in the forms of
ADRs and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be, and shall at all
times during the term of the deposit agreements be, the record holders only of the deposited securities represented by the ADSs for the
benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims
any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.

Upon each deposit of shares, receipt of related
delivery documentation and compliance with the other provisions of the deposit agreements, including the payment of the fees and charges
of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order
of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically
requested to the contrary, be part of the depositary’s direct registration system, and an ADR holder will receive periodic statements
from the depositary which will show the number of ADSs registered in such ADR holder’s name. An ADR holder can request that the
ADSs not be held through the depositary’s direct registration system and that a certificated ADR be issued.

How do ADR holders cancel an ADS and obtain deposited securities?

When you turn in your ADR certificate at the depositary’s
office, or when you