Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 143

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 143
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 can be effected
for distribution to some but not all of the ADR holders entitled thereto, the depositary shall make such conversion and distribution in
U.S. dollars to the extent permissible to the ADR holders entitled thereto and may either so distribute or hold such balance (without
liability for interest thereon) for the respective accounts of, the ADR holders entitled thereto for whom such conversion and distribution
is not reasonably practicable; provided, however, that if requested in writing by an ADR holder entitled thereto and permitted by applicable
law, the depositary may, in its discretion, distribute the foreign currency, as promptly as practicable. To the extent the depositary
holds foreign currency, any and all costs and expenses related to, or arising from, the holding of such foreign currency shall be paid
from such foreign currency thereby reducing the amount so held hereunder.

Any U.S. dollars will be distributed by checks
drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by
the depositary in accordance with its then current practices.

The depositary is not responsible if it fails to
determine that any distribution or action is lawful or reasonably practicable.

There can be no assurance that the depositary will
be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price,
nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled
by the depositary in accordance with its then current policies, which are currently set forth in the “Depositary Receipt Sale and
Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the depositary
shall be solely responsible for.

Deposit, Withdrawal and Cancellation

How does the depositary issue ADSs?

The depositary will issue ADSs if you or your broker
deposit shares or evidence of rights to receive shares with the custodian and pay the fees and expenses owing to the depositary in connection
with such issuance.

Shares deposited in the future with the custodian
must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of JPMorgan, as
depositary for the benefit of ADR holders or in such other name as the depositary shall direct.

The custodian will hold all