Company: PBR
Filing Date: 2025-09-05
Form Type: 424B2
Source: 0001104659-25-087755
Chunk: 82

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-05
Form: 424B2
Chunk 82
---
 the Notes and capital gains realized upon the disposal or redemption
of the Notes, except if:

| (i) | such holder derives profits from an enterprise, whether as entrepreneur (ondernemer) or pursuant                                             
 to a co-entitlement to the net worth of the enterprise, other than as an entrepreneur or a shareholder, which enterprise is, in whole        
 or in part, carried on through a (deemed) permanent establishment (vaste inrichting) or a permanent representative (vaste vertegenwoordiger) 
 that is taxable in the Netherlands, to which the Notes are attributable;                                                                     |

| (ii) | the holder is an individual and derives benefits from miscellaneous activities                                          
 (overige werkzaamheden) carried out in the Netherlands in respect of the Notes, including without limitation activities 
 which are beyond the scope of active portfolio investment activities;                                                   |

| (iii) | the holder is not an individual and is entitled to a share in the profits of an enterprise or a co-entitlement                               
 to the net worth of an enterprise, which is effectively managed in the Netherlands, other than by way of securities, and to which enterprise 
 the Notes are attributable; or                                                                                                               |

| (iv) | the holder is an individual and is entitled to a share in the profits of an enterprise that is effectively       
 managed in the Netherlands, other than by way of securities, and to which enterprise the Notes are attributable. |

Dutch Withholding Tax

Holders of Notes Not Related to PGF

All payments made by PGF under
the Notes to holders of Notes other than holders that are "related entities" in respect of PGF (within the meaning of the Dutch
Withholding Tax Act 2021; Wet bronbelasting 2021) (see below) can be made free of withholding or deduction for any taxes of any
nature imposed, levied, withheld or assessed by the Netherlands or any political subdivision or taxing authority thereof or therein, unless
the Notes qualify as equity of PGF for Dutch tax purposes.

Holders of Notes Related to PGF

Payments of interest (or amounts
deemed interest) made by PGF under the Notes to holders of Notes that are related entities in respect of PGF (within the meaning of the
Dutch Withholding Tax Act 2021, as defined below) may become subject to Dutch withholding tax at a rate of 25.8% (rate for 2025), if such
related entity:

| · |