Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 37

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 37
---
 notice may be rescinded or the redemption
date delayed in the event that any or all such conditions shall not have been satisfied by the redemption date.

“Treasury Rate” means, with respect
to any redemption date, the yield determined by PGF in accordance with the following two paragraphs.

The Treasury Rate shall be determined by PGF after
4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of
the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption
or heading). In determining the Treasury Rate, PGF shall select, as applicable: (1) the yield for the Treasury constant maturity
on H.15 exactly equal to the period from the redemption date to the relevant Par Call Date (the “Remaining Life”); or (2) if
there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding
to the Treasury constant maturity on H.15 immediately shorter than the Remaining Life and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the relevant Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.

<div align='center'>S-30</div>

If on the third business day preceding the redemption
date H.15 or any successor designation or publication is no longer published, PGF shall calculate the Treasury Rate based on the rate