Document:

EX-4.2

 Exhibit 4.2 

SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE, effective as of June 3, 2020, by and among PETROBRAS GLOBAL FINANCE B.V., a private company incorporated
with limited liability under the laws of The Netherlands (the “Company”), having its corporate seat at Rotterdam, The Netherlands and its principal office at Weena 762, 3014 DA Rotterdam, The Netherlands, PETRÓLEO BRASILEIRO
S.A. – Petrobras, a mixed capital company (sociedade de economia mista) organized under the laws of Brazil, having its principal office at Avenida República do Chile, 65, 20035-900 Rio de
Janeiro – RJ, Brazil (“Petrobras”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee hereunder (the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Company and the Trustee previously have entered into an indenture, dated as of August 28, 2018 (the “Original
Indenture”), as supplemented by this Second Supplemental Indenture, dated as of June 3, 2020 (the “Second Supplemental Indenture”, and together with the Original Indenture and any further supplements thereto, the
“Indenture”) providing for the issuance from time to time of debt securities of the Company to be issued in one or more series as provided in the Indenture; 

WHEREAS, Section 9.01 of the Original Indenture provides that, subsequent to the execution of the Original Indenture and subject
to satisfaction of certain conditions, the Company and the Trustee may enter into one or more indentures supplemental to the Original Indenture to add to, change or eliminate any of the provisions of the Original Indenture in respect of one or more
series of Securities (as defined in the Original Indenture); 
 WHEREAS, on the date hereof the Company intends to issue pursuant to
Registration Statements on Form F-3/A (File Nos. 333-229096 and 333-229096-01)
(the “Registration Statement”), dated March 1, 2019, the related Base Prospectus dated March 1, 2019 and the Prospectus Supplement dated May 27, 2020 (collectively, the “Offering Document”) and the
Indenture, U.S.$1,500,000,000 of its 5.600% Global Notes due 2031, in the form attached hereto as Exhibit A (the “Notes”), having the terms and conditions contemplated in the Offering Document as provided for in the Original
Indenture as supplemented by this Second Supplemental Indenture; 
 WHEREAS, as contemplated in the Offering Document, Petrobras and
the Trustee intend, in connection with the issuance of the Notes, to enter into a guaranty, dated as of the date hereof in the form attached as Annex D to the Original Indenture (the “Guaranty”), to provide for an unconditional and
irrevocable guaranty of the Notes by Petrobras; 
 WHEREAS, the Trustee has provided to the Company and Petrobras Statements of
Eligibility under the Trust Indenture Act of 1939, as amended, with respect to each of the Companies which have been filed as exhibits to the Registration Statement; 

WHEREAS, the Company and Petrobras confirm that any and all conditions and requirements necessary to make this Second Supplemental
Indenture a valid, binding, and legal instrument in accordance with the terms of the Indenture have been performed and fulfilled and the execution and delivery of this Second Supplemental Indenture has been in all respects duly authorized; 

 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Trustee is
authorized to execute and deliver this Second Supplemental Indenture; and 
 WHEREAS, the Company and Petrobras have requested that
the Trustee execute and deliver this Second Supplemental Indenture; 
 NOW, THEREFORE, for and in consideration of the premises and
the mutual covenants contained herein and in the Indenture and for other good and valuable consideration, the receipt and sufficiency of which are herein acknowledged, the Company, Petrobras, and the Trustee hereby agree, for the equal and ratable
benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Defined Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Original Indenture, as supplemented and amended hereby. All definitions in the Original Indenture shall be read in a manner consistent with the terms of this Second Supplemental Indenture. 

Section 1.02. Additional Definitions. (a) For the benefit of the Holders of the Notes, Section 1.01 of the Original Indenture
shall be amended by adding the following new definitions: 
 “Closing Date” means June 3, 2020. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the Notes Par Call Date that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable
maturity to the Notes Par Call Date. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations. 
 “Default Rate” has the meaning set forth in
Section 2.01(f) herein. 
 “Dutch Withholding Tax Act 2021” means the new withholding tax of 21.7% on interest payments to be
introduced in the Netherlands commencing on January 1, 2021. 
 “Dutch Withholding Tax Act 2021 Additional Amounts” means
Additional Amounts relating to interest payments under the Notes payable by the Company pursuant to the Dutch Withholding Tax Act 2021 that directly result from the purchase by the Company or its affiliates of any Notes. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Interest Payment Date” has the meaning set forth in Section 2.01(e) herein. 

“Interest Period” means the period beginning on an Interest Payment Date and ending on the day before the next Interest Payment
Date, except that the first Interest Period shall be the period beginning on the Closing Date and ending on the day before the next Interest Payment Date. 

“Make Whole Amount” has the meaning set forth in Section 2.01(l) herein. 

“Notes Par Call Date” means October 3, 2030 (three months prior to the Stated Maturity of the Notes). 

“Offering Document” shall have the meaning set forth in the recitals to this Second Supplemental Indenture. 

“Payment Account” has the meaning set forth in Section 2.01(g) herein. 

“Reference Treasury Dealer” means each of (i) BNP Paribas Securities Corp., (ii) BofA Securities, Inc., (iii) J.P. Morgan
Securities LLC and (iv) Scotia Capital (USA) Inc., or, in each case, their respective affiliates, which are primary United States government securities dealers and other leading primary United States government securities dealers in New York
City reasonably designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute
therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 “Stated Maturity” has the meaning set forth in Section 2.01(d) herein. 

 ARTICLE 2 

TERMS OF THE NOTES 

Section 2.01. General. In accordance with Section 3.01 of the Original Indenture, the following terms relating to the Notes are
hereby established: 
 (a) Title: The Notes shall constitute a series of Securities having the title “5.600%
Global Notes due 2031”. 
 (b) Aggregate Amount: The aggregate principal amount of the Notes that may be
authenticated and delivered under this Second Supplemental Indenture shall be U.S.$1,500,000,000. As provided in the Original Indenture, the Company may, from time to time, without the consent of the Holders of Notes, issue Add On Notes having
identical terms (including CUSIP, ISIN and other relevant identifying characteristics as the Notes), so long as, on the date of issuance of such Add On Notes: (i) no Default or Event of Default shall have occurred and then be continuing, or
shall occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank pari passu with the Notes and shall have identical terms, conditions and benefits as the Notes and be part of the same series as the Notes,
(iii) the Company and the Trustee shall have executed and delivered a further supplemental indenture to the Indenture providing for the issuance of such Add On Notes and reflecting such amendments to the Indenture as may be required to reflect
the increase in the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes, (iv) Petrobras shall have executed and delivered and the Trustee shall have acknowledged an amended Guaranty reflecting the increase in
the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes and (v) the Trustee shall have received all such opinions and other documents as it shall have requested, including an Opinion of Counsel stating that
such Add On Notes are authorized and permitted by the Indenture and all conditions precedent to the issuance of such Add On Notes have been complied with by the Company and Petrobras. All Add On Notes issued hereunder will, when issued, be
considered Notes for all purposes hereunder and will be subject to and take the benefit of all of the terms, conditions and provisions of this Indenture. 

(c) Ranking: The Notes (including any additional Add On Notes) shall be general senior unsecured and unsubordinated
obligations of the Company and shall at all times rank pari passu among themselves and at least equal in right of payment with all of the Company’s other present and future unsecured and unsubordinated obligations from time to time
outstanding that are not, by their terms, expressly subordinated in right of payment to the Notes (other than obligations preferred by statute or by operation of law). 

(d) Maturity: The entire outstanding principal of the Notes shall be payable in a single installment on January 3,
2031 (the “Stated Maturity”). No payments in respect of the principal of the Notes shall be paid prior to the Stated Maturity except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding
principal amount of the Notes, upon redemption prior to the Stated Maturity pursuant to Section 11.08 of the Original Indenture or pursuant to Section 2.01(k), Section 2.01(l) and Section 2.01(m) hereof. 

 (e) Interest: Interest shall accrue on the Notes at the rate of
5.600% per annum until all required amounts due in respect of the Notes have been paid. All interest shall be paid by the Company to the Trustee and distributed by the Trustee in accordance with this Indenture semi-annually in arrears on
January 3 and July 3 of each year during which any portion of the Notes shall be Outstanding (each, an “Interest Payment Date”), commencing on January 3, 2021, and will initially accrue from and including the date of
issuance and thereafter from the last Interest Payment Date to which interest has been paid. Interest shall be paid to the Person in whose name a Note is registered at the close of business on the preceding Regular Record Date (which shall mean,
with respect to any payment to be made on an Interest Payment Date, the Business Day preceding the relevant Interest Payment Date). As provided in the Original Indenture, (i) interest accrued with respect to the Notes shall be calculated based
on a 360-day year of twelve 30-day months, (ii) payment of principal and interest and other amounts on the Notes will be made at the Corporate Trust Office of the
Trustee in New York City, or such other paying agent office in the United States as the Company appoints, in the form provided for in Section 10.08 of the Original Indenture, (iii) all such payments to the Trustee shall be made by the
Company by depositing immediately available funds in U.S. Dollars prior to 3:00 p.m., New York City Time, one Business Day prior to the relevant Interest Payment Date to the Payment Account and (iv) so long as any of the Notes remain
Outstanding, the Company shall maintain a paying agent in New York City. 
 (f) Default Rate: Upon the occurrence and
during the continuation of an Event of Default, (i) interest on the outstanding principal amount of the Notes shall accrue on the Notes at a rate equal to 0.5% per annum above the interest rate on the Notes at that time (the “Default
Rate”) and (ii) to the fullest extent permitted by law, interest shall accrue on the amount of any interest, fee, Additional Amounts, or other amount payable under the Indenture and the Notes that is not paid when due, from the date
such amount was due until such amount shall be paid in full, excluding the date of such payment, at the Default Rate. 
 (g)
Payment Account: On the Closing Date, the Trustee shall establish (and shall promptly notify the Company of the establishment of such account, including the relevant account numbers and other relevant identifying details) and, until the Notes
and all accounts due in respect thereof have been paid in full, the Trustee shall maintain the special purpose non-interest bearing trust account established pursuant to the Second Supplemental Indenture (the
“Payment Account”) into which all payments required to be made by the Company under or with respect to the Notes shall be deposited. The Company agrees that the Payment Account shall be maintained in the name of the Trustee and
under its sole dominion and control (acting on behalf of the Holders of the Notes) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes. No funds contained in the
Payment Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Company or any other Person have an interest therein or amounts on deposit therein. All amounts on deposit in the Payment Account on
any Interest Payment Date after the Trustee has paid all amounts due and owing to the holders of the Notes as of such Interest Payment Date shall be retained in the Payment Account and used by the Trustee to pay any amounts due and owing to the
Holders of the Notes on the next succeeding Interest Payment Date. 

 (h) Form and Denomination: The Notes shall be issuable in whole in
the registered form of one or more Global Notes (without coupons), in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof, and shall be transferable in integral multiples of U.S.$2,000 and integral multiples of
U.S.$1,000 in excess thereof and the Depository for such Global Notes shall be The Depository Trust Company, New York, New York. 

(i) Guaranty: The Notes shall have the benefit of the Guaranty in the manner provided in Article 3 of this Second
Supplemental Indenture. 
 (j) Rating: The Notes can be issued without the requirement that they have any rating from
a nationally recognized statistical rating organization. 
 (k) Optional Early Redemption at Par: The Company
will have the right at its option to redeem the Notes, in whole or in part, at any time or from time to time on or after the Notes Par Call Date, on at least 15 days’ but not more than 60 days’ notice, at a Redemption Price equal to 100%
of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

(l) Optional Early Redemption With “Make-Whole” Amount. The Company will have the right at its option to
redeem the Notes, in whole or in part, at any time or from time to time prior to the Notes Par Call Date, on at least 15 days’ but not more than 60 days’ notice, at a Redemption Price equal to the greater of (A) 100% of the principal
amount of such Notes and (B) the sum of the present values of each remaining scheduled payment of principal and interest thereon that would be due after the Redemption Date as if the Notes were redeemed on the Notes Par Call Date (exclusive of
interest accrued to the date of redemption) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 50 basis points (the “Make-Whole Amount”), plus in each case accrued and unpaid interest on the principal amount of such Notes to (but not including) the Redemption Date. 

(m) Redemption Notice. A redemption notice may at the Company’s option be subject to the satisfaction of one or
more conditions precedent, and such notice may be rescinded or the applicable Redemption Date delayed in the event that any or all such conditions shall not have been satisfied by the applicable Redemption Date. Any conditions precedent shall be
described in such notice. 
 (n) Early Redemption for Tax Reasons. The Notes may be redeemed at the option of the
Company, in whole but not in part, at any time at a Redemption Price equal to the principal amount thereof plus accrued and unpaid interest to the Redemption Date if and when, as a result of any change in, execution of, or amendment to, any laws or
regulations or ruling promulgated thereunder of the jurisdiction in which the Company is 

 
incorporated (or, in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political subdivision or taxing authority thereof or
therein) or the official entry or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the official application of or interpretation of, or any execution of or amendment to, any treaty or
treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on
or after the date hereof (or in the case of a successor Person to the Company, the date on which such successor Person became such pursuant to Section 8.01 and 8.02 of the Original Indenture), the Company would be required to pay Additional
Amounts pursuant to Section 10.10 of the Original Indenture. For the avoidance of doubt, the Company shall have the option to so redeem the Notes in the event that it is required to pay Dutch Withholding Tax Act 2021 Additional Amounts;
provided, however, that the Company shall take reasonable measures to avoid any withholding tax on interest payments under the Notes as per the Dutch Withholding Tax Act 2021 directly resulting from the purchase by the Company or its
affiliates of any Notes; provided, further, that prior to giving the notice of redemption of the Notes (A) the Company or its successor shall deliver to the Trustee a Director’s Certificate to the effect that the obligations of the
Company or its successor to pay Dutch Withholding Tax Act 2021 Additional Amounts cannot be avoided by the Company or its successor taking reasonable measures available to it, and (B) the Company or its successor shall deliver to the Trustee an
Opinion of Counsel stating that the Company or its successor would be obligated to pay Dutch Withholding Tax 2021 Additional Amounts. The Trustee shall accept such Director’s Certificate and Opinion of Counsel as sufficient evidence of the
satisfaction of the conditions precedent set forth above, and shall be conclusive and binding on the Holders. For purposes of Section 11.08 of the Original Indenture, the reincorporation of the Company shall be treated as the adoption of a
successor entity, provided, however, that redemption under Section 11.08 of the Original Indenture shall not be available if the reincorporation was performed in anticipation of a change in, execution of or amendment to any laws or treaties or
the official application or interpretation of any laws or treaties of such new jurisdiction of incorporation that would result in an obligation to pay Additional Amounts. 

(o) Conversion: The Notes will not be convertible into, or exchangeable for, any other securities. 

(p) Except as described in Sections 2.05, the Notes will be subject to the covenants provided in Article 10 of the Original
Indenture. 

 Section 2.02. Amendments Relating to the Appointment of Agent for Service. As it
applies to the Notes, the first two sentences of Section 1.15 of the Original Indenture shall be replaced by the following: 
 “By
the execution and delivery of this Indenture, the Company hereby appoints Petrobras America Inc. as its agent upon which process may be served in any legal action or proceeding which may be instituted in any state or Federal court in the Borough of
Manhattan, The City of New York, State of New York, arising out of or relating to the Securities or this Indenture, but for that purpose only. Service of process upon such agent at the office of Petrobras America Inc. at 10350 Richmond Ave., Suite
1400, Houston, TX 77042, and written notice of said service to the Company by the Person servicing the same addressed as provided by Section 1.05, shall be deemed in every respect effective service of process upon the Company in any such legal
action or proceeding.” 
 Section 2.03. Amendments Relating to Execution and Authentication. As it applies to the Notes, the last
paragraph of Section 3.03 of the Original Indenture shall be replaced by the following: 
 “No Security shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or electronic signature, and
such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.” 
 Section 2.04.
Amendments Relating to Additional Amounts. As it applies to the Notes, Section 10.10(1) of the Original Indenture shall be amended and replaced to include the following: 

“the holder or any other person that beneficially owns an interest in its Notes (a “beneficial owner”) has a connection with
the taxing jurisdiction other than merely holding the Notes or receiving principal or interest payments on the Notes (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a
place of business or a place of management, present or deemed present within the taxing jurisdiction);” 

 As it applies to the Notes, Section 10.10(3) of the Original Indenture Shall be amended and replaced to
include the following: 
 “such Holder fails to comply with any certification, identification or other reporting requirements
concerning its or any beneficial owner’s nationality, residence, identity or connection with the Taxing Jurisdiction, if (x) such compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to
exemption from all or a part of the tax, levy, deduction or other governmental charge, (y) such Holder is able to comply with such requirements without undue hardship and (z) at least 30 calendar days prior to the first payment date with
respect to which such requirements under the applicable law, regulation, administrative practice or treaty will apply, the Company has notified all Holders that they will be required to comply with such requirements;” 

As it applies to the Notes, Section 10.10(6) of the Original Indenture Shall be amended and replaced to include the following: 

“where the holder any beneficial owner would have been able to avoid the tax, levy, deduction or other governmental charge by taking
reasonable measures available to such holder or beneficial owner.” 
 Section 2.05. Amendments Relating to Covenants. As it
applies to the Notes, Section 10 of the Original Indenture shall be amended to include or replace, as applicable, the following: 

“Section 10.03. Maintenance of Office or Agency. 

So long as any Note remains Outstanding, the Company will maintain in the United States, an office or agency where notices to and demands upon
the Company in respect of this Indenture and the Notes may be served, and the Company will not change the designation of such office without prior notice to the Trustee and designation of a replacement office in the United States. If at any time the
Company shall fail to maintain any required office or agency or shall fail to furnish the Trustee with the address thereof, all presentations, surrenders, notices and demands may be served at the Corporate Trust Office and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.” 

 “Section 10.11 Negative Pledge 

So long as any Note remains Outstanding, the Company will not create or permit any Lien, other than a Permitted Lien, on any of the
Company’s assets to secure (a) any of the Company’s Indebtedness or (b) the Indebtedness of any other Person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably the Company’s
obligations under the Notes and this Indenture or the Company provides such other security for the Notes as is duly approved by a resolution of the Holders of the Notes in accordance with this Indenture. In addition, the Company will not allow any
of the Company’s Material Subsidiaries, if any, to create or permit any Lien, other than a Permitted Lien, on any of its assets to secure (a) any of the Company’s Indebtedness, (b) any of its Material Subsidiary’s
Indebtedness or (c) the Indebtedness of any other Person, unless it contemporaneously creates or permits such Lien to secure equally and ratably the Company’s obligations under the Notes and this Indenture or the Company provides such
other security for the Notes as is duly approved by a resolution of the Holders of the Notes in accordance with this Indenture.” 

“Section 10.13 Use of Proceeds 

The Company shall use the net proceeds from the sale of the Notes for general corporate purposes.” 

Section 2.06. Application of the Article of the Indenture Regarding Defeasance and Covenant Defeasance. The provisions of Sections 14.01,
14.02 and 14.03 of the Original Indenture shall apply to the Notes. 
 ARTICLE 3 

GUARANTY 

Section 3.01. Execution. The Trustee is hereby authorized and directed to acknowledge the Guaranty and to perform all of its duties and
obligations thereunder. 
 Section 3.02. Enforcement. The Trustee shall enforce the provisions of the Guaranty against Petrobras in
accordance with the terms thereof and the terms of the Indenture, and Petrobras, by execution of this Second Supplemental Indenture, and by so agreeing to become a party to the Indenture, agrees that each Holder of the Notes shall have direct rights
under the Guaranty as if it were a party thereto. 
 Section 3.03. Petrobras hereby (i) acknowledges and agrees to be bound by the
provisions of Section 1.08 of the Original Indenture and (ii) confirms that (A) its obligations under the Guaranty shall be issued pursuant to the Indenture and (B) it intends for the Holders of the Notes, in addition to those
rights under the Guaranty as provided therein, to be entitled to the benefits of the Indenture with respect to their rights against Petrobras under the Guaranty. 

Section 3.04. Taxes; Additional Amounts. For the avoidance of doubt, the Company’s obligations to pay any indemnity with respect to
taxes, including the obligation to pay Additional Amounts pursuant to Section 10.10 of the Original Indenture, shall extend to any payments made by Petrobras pursuant to the Guaranty. 

 ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Effect of the Second Supplemental Indenture. This Second Supplemental Indenture supplements the Indenture and shall be a
part, and subject to all the terms, thereof. The Original Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed, and the Original Indenture and this Second Supplemental Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law. The provisions of
this Second Supplemental Indenture are intended to apply solely to the Notes and the Holders thereof and shall not apply to any future issuance of securities by the Company (other than any Add On Notes as provided herein) and all references to
provisions of the Original Indenture herein amended and restated or otherwise modified shall have effect solely with respect to the Notes contemplated in this Second Supplemental Indenture. The Trustee accepts the trusts created by the Original
Indenture, as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Original Indenture, as supplemented by this Second Supplemental Indenture. 

Section 4.02. Governing Law. This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 Section 4.03. Trustee Makes No Representation. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and Petrobras. 

Section 4.04. Effect of Headings. The section headings herein are for convenience only and shall not affect the construction of this
Second Supplemental Indenture. 
 Section 4.05. Counterparts. The parties may sign any number of copies of this Second Supplemental
Indenture. Each signed copy shall be an original, but all of them shall represent the same agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000,
Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes. 
 Section 4.06. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES. 

[SIGNATURE PAGE TO FOLLOW IMMEDIATELY] 

 IN WITNESS WHEREOF, the parties have caused this Second Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	PETROBRAS GLOBAL FINANCE B.V.
		
	By:	 	 /s/ Guilherme Rajime T. Saraiva

	Name:	 	Guilherme Rajime T. Saraiva
	Title:	 	Managing Director A
		
	By:	 	 /s/ João Lossio Pereira dos Reis

	Name:	 	João Lossio Pereira dos Reis
	Title:	 	Petrobras Global Finance B.V.
		 	Managing Director B
	
	PETRÓLEO BRASILEIRO S.A. – PETROBRAS
		
	By:	 	 /s/ Larry C. Cardoso

		 	Name: Larry C. Cardoso
		 	Title: Attorney in Fact
		
	By:	 	 /s/ André L. Campos Silva

		 	Name: André L. Campos Silva
		 	Title: Attorney in Fact
	
	WITNESSES:
		
	1.	 	 /s/ Isabela de S. N. M. Andréa

		 	Name: Isabela de S. N. M. Andréa
		
	2.	 	 /s/ Renan Feuchard Pinto

		 	Name: Renan Feuchard Pinto

 [Signature Page - Second Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Bret S. Derman

	Name:	 	Bret Derman
	Title:	 	Vice President
	
	WITNESSES:
		
	1.	 	 /s/ Wanda Camacho

		 	Name: Wanda Camacho
		
	2.	 	 /s/ Teresa H. Wyszomierski

		 	Name: Teresa H. Wyszomierski

 ACKNOWLEDGMENT 
  

					
	STATE OF NEW YORK	  	)	  	
		  	      :ss.:	  	
	COUNTY OF Kings (signatory)	  	)	  	
	COUNTY OF Kings (notary)	  	)	  	

 On the 2nd day of June two thousand and
twenty, pursuant to New York State Executive Order 202.7, before me appeared Bret S. Derman via video conference, to me known, and who being by me duly sworn, did depose and acknowledge that (s)he is the Vice President of The Bank
of New York Mellon, the corporation described in and which executed the above instrument. 
 [Notary Seal] 

 

	
	                 /s/ Brendan
Cyr

	Notary Public-State of New York
	No. 02CY6235114
	Qualified in New York County
	My Commission Expires January 31, 2023

 [Signature Page - Second Supplemental Indenture] 

 Form of 5.600% Global Note due 2031 

GLOBAL NOTE 
 THIS CERTIFICATE IS A GLOBAL NOTE
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO
THE ISSUER OR THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
HOLDER HEREOF, CEDE & CO., HAS A PROPERTY INTEREST IN THE NOTES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 

 PETROBRAS GLOBAL FINANCE B.V. 

5.600% Global Notes due 2031 
 No.
__________________ 
 CUSIP No.: 71647NBH1 
 ISIN No.:
US71647NBH17 
  

							
		 		 	Principal Amount:	 	U.S.$ 1,500,000,000
		 		 	Initial Issuance Date:	 	June 3, 2020

 This Note is one of a duly authorized issue of notes of PETROBRAS GLOBAL FINANCE B.V., a private company
incorporated with limited liability under the laws of The Netherlands (the “Issuer”), designated as its 5.600% Global Notes due 2031 (the “Notes”), issued in an initial aggregate principal amount of U.S.$
1,500,000,000 under the Second Supplemental Indenture (the “Second Supplemental Indenture”), effective as of June 3, 2020, by and among the Issuer, Petróleo Brasileiro S.A. – Petrobras, a mixed capital company
(sociedade de economia mista) organized under the laws of Brazil (“Petrobras”), and The Bank of New York Mellon, a New York banking corporation, as Trustee (the “Trustee”), to the Indenture, dated as of
August 28, 2018 (the “Original Indenture”, and as supplemented by the Second Supplemental Indenture and any further supplements thereto with respect to the Notes, the “Indenture”), by and among the Issuer and
the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders, and of the terms upon which the Notes
are, and are to be, authenticated and delivered. All capitalized terms used in this Note which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

The Issuer, for value received, hereby promises to pay to Cede & Co., or its registered assigns, as nominee of The Depository Trust
Company (“DTC”), and as the Holder of record of this Note, the principal amount specified above in U.S. dollars on January 3, 2031 (or earlier as provided for in the Indenture) upon presentation and surrender hereof, at the
office or agency of the Trustee referred to below. 
 As provided for in the Indenture, the Issuer promises to pay interest on the
outstanding principal amount hereof, from June 3, 2020, semi-annually in arrears on January 3 and July 3 of each year, (each such date, an “Interest Payment Date”), commencing January 3, 2021 at a rate equal to
5.600% per annum, and will initially accrue from the date of issuance and thereafter from the last Interest Payment Date to which interest has been paid. Interest payable, and punctually paid or duly provided for, on this Note on any Interest
Payment Date will, as provided in the Indenture, be paid in U.S. dollars to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Business Day preceding such interest payment. 

Payment of the principal of and interest on this Note will be payable by wire transfer to a U.S. dollar account maintained by the Holder of
this Note as reflected in the Note Register of the Trustee. In the event the date for any payment of the principal of or interest on any Note is not a Business Day, then payment will be made on the next Business Day with the same force and

 
effect as if made on the nominal date of any such date for such payment and no additional interest will accrue on such payment as a result of such payment being made on the next succeeding
Business Day. Interest shall accrue on the Notes at the rate of 5.600% per annum until all required amounts due in respect of the Notes have been paid. Interest accrued with respect to this Note shall be calculated based on a 360-day year of twelve 30-day months. 
 The Notes are subject to
redemption by the Issuer on the terms and conditions specified in the Indenture. 
 This Note does not purport to summarize the Indenture,
and reference is made to the Indenture for information with respect to the respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders. 

If an Event of Default shall occur and be continuing, the outstanding principal amount of all the Notes may become or may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 Modifications of the Indenture may be made by the Issuer and the
Trustee only to the extent and in the circumstances permitted by the Indenture. 
 The Notes shall be issued only in fully registered form,
without coupons. Notes shall be issued in the form of beneficial interests in one or more global securities in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. 

Prior to and at the time of due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or
the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuer, the Trustee nor any agent thereof shall be affected by notice to the contrary.

 Unless the certificate of authentication hereon has been duly executed by the Trustee by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH,
AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

			
	PETROBRAS GLOBAL FINANCE B.V.
		
	By:	 	
                 

	Name:
	Title:	 	Managing Director A
		
	By:	 	              

	Name:
	Title:	 	Managing Director B
	
	WITNESSES:
		
	1.	 	
                 

	Name:	 	
		
	2.	 	              

	Name:	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein referred to in the within mentioned Indenture. 

Dated: June 3, 2020 
  

			
	The Bank of New York Mellon,
	as Trustee
		
	By:	 	
                     

	Name:
	Title:

 ASSIGNMENT FORM 

For value received 
 hereby sells,
assigns and transfers unto 
 (Please insert social security or 

other identifying number of assignee) 
 (Please print or type
name and address, 
 including zip code, of assignee:) 
 the
within Note and does hereby irrevocably constitute and appoint Attorney to transfer the Note on the books of the Note Registrar with full power of substitution in the premises. 

Date:
                                         
       Your Signature: 
  

	
	(Sign exactly as your name
	appears on the face of this Note)EX-4.4

 Exhibit 4.4 

GUARANTY 
 Dated as of
June 3, 2020 
 between 

PETRÓLEO BRASILEIRO S.A.—PETROBRAS, 

as Guarantor, 
 and 

THE BANK OF NEW YORK MELLON, as 

Trustee for the Noteholders 

Referred to Herein 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	Definitions.	  	 	3	 
			
	 SECTION 2.
	 	Guaranty	  	 	7	 
			
	 SECTION 3.
	 	Guaranty Absolute	  	 	8	 
			
	 SECTION 4.
	 	Independent Obligation	  	 	9	 
			
	 SECTION 5.
	 	Waivers and Acknowledgments.	  	 	9	 
			
	 SECTION 6.
	 	Claims Against the Issuer	  	 	11	 
			
	 SECTION 7.
	 	Covenants	  	 	11	 
			
	 SECTION 8.
	 	Amendments, Etc.	  	 	14	 
			
	 SECTION 9.
	 	Indemnity	  	 	15	 
			
	 SECTION 10.
	 	Notices, Etc.	  	 	15	 
			
	 SECTION 11.
	 	Survival.	  	 	15	 
			
	 SECTION 12.
	 	No Waiver; Remedies.	  	 	15	 
			
	 SECTION 13.
	 	Continuing Agreement; Assignment of Rights	  	 	16	 
			
	 SECTION 14.
	 	Currency Rate Indemnity	  	 	16	 
			
	 SECTION 15.
	 	Governing Law; Jurisdiction; Waiver of Immunity, Etc.	  	 	17	 
			
	 SECTION 16.
	 	Execution in Counterparts	  	 	18	 
			
	 SECTION 17.
	 	Entire Agreement	  	 	18	 
			
	 SECTION 18.
	 	The Trustee.	  	 	18	 

  
 2 

 GUARANTY 

GUARANTY (this “Guaranty”), dated as of June 3, 2020 between PETRÓLEO BRASILEIRO S.A.—PETROBRAS (the
“Guarantor”), a sociedade de economia mista organized and existing under the laws of the Federative Republic of Brazil (“Brazil”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee
under the Indenture (as defined below) (the “Trustee”). 
 WITNESSETH: 

WHEREAS, Petrobras Global Finance B.V., a private company incorporated with limited liability under the laws of The Netherlands and a
wholly-owned Subsidiary of the Guarantor (the “Issuer”), has entered into an Indenture dated as of August 28, 2018 (the “Original Indenture”) with the Trustee, as supplemented by the Third Supplemental
Indenture among the Issuer, the Guarantor and the Trustee, dated as of June 3, 2020 (the “Third Supplemental Indenture”). The Original Indenture, as supplemented by the Third Supplemental Indenture and as amended or
supplemented from time to time with respect to the Notes, is hereinafter referred to as the “Indenture”; 
 WHEREAS, the
Issuer has duly authorized the issuance of its notes in such principal amount or amounts as may from time to time be authorized in accordance with the Indenture and is, on the date hereof, issuing U.S.$1,750,000,000 aggregate principal amount of its
6.750% Global Notes due 2050 under the Indenture (the “Notes”); 
 WHEREAS, the Guarantor is willing to enter into this
Guaranty in order to provide the holders of the Notes (the “Noteholders”) with an irrevocable and unconditional guaranty that, if the Issuer shall fail to make any required payments of principal, interest or other amounts due in
respect of the Notes and the Indenture, the Guarantor will pay any such amounts whether at stated maturity, or earlier or later by acceleration or otherwise; 

WHEREAS, the Guarantor agrees that it will derive substantial direct and indirect benefits from the issuance of the Notes by the Issuer; 

WHEREAS, it is a condition precedent to the issuance of the Notes that the Guarantor shall have executed this Guaranty; 

WHEREAS, each of the parties hereto is entering into this Guaranty for the benefit of the other party and for the equal and ratable benefit of
the Noteholders; 
 NOW, THEREFORE, the Guarantor and the Trustee hereby agree as follows: 

SECTION 1. Definitions. (a) All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Original Indenture, as supplemented and amended by the Third Supplemental Indenture. All such definitions shall be read in a manner consistent with the terms of this Guaranty. 

  
 3 

 (b) As used herein, the following capitalized terms shall have the following meanings: 

“Authorized Representative” of the Guarantor or any other Person means the person or persons authorized to act on behalf of
such entity by its chief executive officer, president, chief operating officer, chief financial officer or any vice president or its Board of Directors or any other governing body of such entity. 

“Board of Directors” when used with respect to a corporation, means either the board of directors of such corporation or any
committee of that board duly authorized to act for it, and when used with respect to a limited liability company, partnership or other entity other than a corporation, any Person or body authorized by the organizational documents or by the voting
equity owners of such entity to act for them. 
 “Denomination Currency” has the meaning specified in Section 14(b).

 “Guaranteed Obligations” has the meaning specified in Section 2. 

“Judgment Currency” has the meaning specified in Section 14(b). 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, assets, property, condition
(financial or otherwise) or, results of operation, of the Guarantor together with its consolidated Subsidiaries, taken as a whole, (b) the validity or enforceability of this Guaranty or any other Transaction Document or (c) the ability of
the Guarantor to perform its obligations under this Guaranty or any other Transaction Document, or the material rights or benefits available to the Noteholders or the Trustee, as representative of the Noteholders under the Indenture, this Guaranty
or any of the other Transaction Documents. 
 “Material Subsidiary” means, as to any Person, any Subsidiary of such Person
which, on any given date of determination, accounts for more than 15% of such Person’s total consolidated assets, as such total assets are set forth on the most recent consolidated financial statements of such Person prepared in accordance with
IFRS. 
 “Officer’s Certificate” means a certificate of an Authorized Representative of the Guarantor. 

“Opinion of Counsel” means a written opinion of counsel from any Person either expressly referred to herein or otherwise
reasonably satisfactory to the Trustee which may include, without limitation, counsel for the Guarantor, whether or not such counsel is an employee of the Guarantor. 

“Permitted Lien” means a: 

(i) Lien granted in respect of Indebtedness owed to the Brazilian government, Banco Nacional de Desenvolvimento
Econômico e Social or any official government agency or department of the government of Brazil or of any state or region thereof; 

(ii) Lien arising by operation of law, such as merchants’, maritime or other similar Liens arising in the Guarantor’s
ordinary course of business or that of any Subsidiary or Lien in respect of taxes, assessments or other governmental charges that are not yet delinquent or that are being contested in good faith by appropriate proceedings; 

  
 4 

 (iii) Lien arising from the Guarantor’s obligations under performance
bonds or surety bonds and appeal bonds or similar obligations incurred in the ordinary course of business and consistent with the Guarantor’s past practice; 

(iv) Lien arising in the ordinary course of business in connection with Indebtedness maturing not more than one year after the
date on which that Indebtedness was originally incurred and which is related to the financing of export, import or other trade transactions; 

(v) Lien granted upon or with respect to any assets hereafter acquired by the Guarantor or any Subsidiary to secure the
acquisition costs of those assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition of those assets, including any Lien existing at the time of the acquisition of those assets, so long as the maximum amount so
secured will not exceed the aggregate acquisition costs of all such assets or the aggregate Indebtedness incurred solely for the acquisition of those assets, as the case may be; 

(vi) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary owing to the Guarantor or another
Wholly-Owned Subsidiary; 
 (vii) Lien existing on any asset or on any stock of any Subsidiary prior to the acquisition
thereof by the Guarantor or any Subsidiary so long as that Lien is not created in anticipation of that acquisition; 
 (viii)
Lien over any Qualifying Asset relating to a project financed by, and securing Indebtedness incurred in connection with, the Project Financing of that project by the Guarantor, any of the Guarantor’s Subsidiaries or any consortium or other
venture in which the Guarantor or any Subsidiary has any ownership or other similar interest; 
 (ix) Lien existing as of the
date of the Third Supplemental Indenture; 
 (x) Lien resulting from the Transaction Documents; 

(xi) Lien incurred in connection with the issuance of debt or similar securities of a type comparable to those already issued
by the Guarantor, on amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on such securities for a period of up to 24 months as required by any Rating Agency as a condition to such Rating Agency rating
such securities investment grade, or as is otherwise consistent with market conditions at such time; 
 (xii) Lien granted or
incurred to secure any extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any Indebtedness secured by a Lien referred to in paragraphs
(i) through (xi) above (but not paragraph (iv)), provided that such Lien does not extend to any other property, the principal amount of the Indebtedness secured by the Lien is not increased, and in the case of paragraphs (i), (ii), (iii) and
(vii), the obligees meet the requirements of that paragraph, and in the case of paragraph (viii), the Indebtedness is incurred in connection with a Project Financing by the Guarantor, any of the Guarantor’s Subsidiaries or any consortium or
other venture in which the Guarantor or any Subsidiary have any ownership or other similar interest; and 

  
 5 

 (xiii) Lien in respect of Indebtedness the principal amount of which in the
aggregate, together with all Liens not otherwise qualifying as the Guarantor’s Permitted Liens pursuant to clauses (i) through (xii) of this definition of Permitted Liens, does not exceed 20% of the Guarantor’s consolidated total
assets (as determined in accordance with IFRS) at any date as at which the Guarantor’s balance sheet is prepared and published in accordance with applicable Law. 

“Process Agent” has the meaning specified in Section 15(c). 

“Project Financing” of any project means the incurrence of Indebtedness relating to the exploration, development, expansion,
renovation, upgrade or other modification or construction of such project pursuant to which the providers of such Indebtedness or any trustee or other intermediary on their behalf or beneficiaries designated by any such provider, trustee or other
intermediary are granted security over one or more Qualifying Assets relating to such project for repayment of principal, premium and interest or any other amount in respect of such Indebtedness. 

“Qualifying Asset” in relation to any Project Financing means: 

(i) any concession, authorization or other legal right granted by any Governmental Authority to the Guarantor or any of the
Guarantor’s Subsidiaries, or any consortium or other venture in which the Guarantor or any Subsidiary has any ownership or other similar interest; 

(ii) any drilling or other rig, any drilling or production platform, pipeline, marine vessel, vehicle or other equipment or any
refinery, oil or gas field, processing plant, real property (whether leased or owned), right of way or plant or other fixtures or equipment; 

(iii) any revenues or claims which arise from the operation, failure to meet specifications, failure to complete, exploitation,
sale, loss or damage to, such concession, authorization or other legal right or such drilling or other rig, drilling or production platform, pipeline, marine vessel, vehicle or other equipment or refinery, oil or gas field, processing plant, real
property, right of way, plant or other fixtures or equipment or any contract or agreement relating to any of the foregoing or the Project Financing of any of the foregoing (including insurance policies, credit support arrangements and other similar
contracts) or any rights under any performance bond, letter of credit or similar instrument issued in connection therewith; 

(iv) any oil, gas, petrochemical or other hydrocarbon-based products produced or processed by such project, including any
receivables or contract rights arising therefrom or relating thereto and any such product (and such receivables or contract rights) produced or processed by other projects, fields or assets to which the lenders providing the Project Financing
required, as a condition therefor, recourse as security in addition to that produced or processed by such project; and 

  
 6 

 (v) shares or other ownership interest in, and any subordinated debt rights
owing to the Guarantor by, a special purpose company formed solely for the development of a project, and whose principal assets and business are constituted by such project and whose liabilities solely relate to such project. 

“SEC” means the United States Securities and Exchange Commission. 

“Successor Company” has the meaning specified in Section 7(e)(A). 

“Termination Date” has the meaning specified in Section 6. 

“Transaction Documents” means, collectively, the Indenture, the Notes and this Guaranty. 

(c) Construction. The parties agree that items (1) through (5) of Section 1.01 of the Original Indenture shall apply to this Guaranty, except as
otherwise expressly provided or unless the context otherwise requires. 
 SECTION 2. Guaranty. (a) The Guarantor hereby unconditionally
and irrevocably guarantees the full and punctual payment when due, as a guaranty of payment and not of collection, whether at the Stated Maturity, or earlier or later by acceleration or otherwise, of all obligations of the Issuer now or hereafter
existing under the Indenture and the Notes, whether for principal, interest, make-whole premium, Additional Amounts, fees, indemnities, costs, expenses or otherwise (such obligations being the “Guaranteed Obligations”), and the Guarantor
agrees to pay any and all expenses (including reasonable and documented counsel fees and expenses) incurred by the Trustee or any Noteholder in enforcing any rights under this Guaranty with respect to such Guaranteed Obligations. Without limiting
the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by the Issuer to the Trustee or any Noteholder under the Indenture and the Notes but for
the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, insolvency, reorganization or similar proceeding involving the Issuer. 

(b) In the event that the Issuer does not make payments to the Trustee of all or any portion of the Guaranteed Obligations, upon receipt of
notice of such non-payment from the Trustee, the Guarantor will make immediate payment to the Trustee of any such amount or portion of the Guaranteed Obligations owing or payable under the Indenture and the
Notes. Such notice shall specify the amount or amounts under the Indenture and the Notes that were not paid on the date that such amounts were required to be paid under the terms of the Indenture and the Notes. 

(c) The obligation of the Guarantor under this Guaranty shall be absolute and unconditional upon receipt by it of the notice contemplated
herein absent manifest error. The Guarantor shall not be relieved of its obligations hereunder unless and until the Trustee shall have indefeasibly received all amounts required to be paid by the Guarantor hereunder (and any Event of Default under
the Indenture has been cured, it being understood that the Guarantor’s obligations hereunder shall terminate following payment by the Issuer and/or the Guarantor of the entire principal, all accrued interest and all other amounts due and owing
in respect of the Notes and the Indenture. All amounts payable by the Guarantor hereunder shall be payable in U.S. dollars and in immediately available funds to the Trustee. 

  
 7 

 All payments actually received by the Trustee pursuant to this Section 2 after 12:00
p.m. (New York time) on any Business Day will be deemed, for purposes of this Guaranty, to have been received by the Trustee on the next succeeding Business Day. 

SECTION 3. Guaranty Absolute. (a) The Guarantor’s obligations under this Guaranty are absolute and unconditional regardless of any
law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Noteholder under its Notes or the Indenture. The obligations of the Guarantor under or in respect of this Guaranty are
independent of the Guaranteed Obligations or any other obligations of the Issuer, the Issuer’s Subsidiaries or the Guarantor’s Subsidiaries under or in respect of the Indenture and the Notes or any other document or agreement, and a
separate action or actions may be brought and prosecuted against the Guarantor to enforce this Guaranty, irrespective of whether any action is brought against the Issuer or whether the Issuer is joined in any such action or actions. The liability of
the Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following:

 (i) any lack of validity or enforceability of any of the Transaction Documents; 

(ii) any provision of applicable Law or regulation purporting to prohibit the payment by the Issuer of any amount payable by it
under the Indenture and the Notes; 
 (iii) any provision of applicable Law or regulation purporting to prohibit the payment
by the Guarantor of any amount payable by it under this Guaranty; 
 (iv) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Guaranteed Obligations or any other obligations of any other person or entity under or in respect of the Transaction Documents, or any other amendment or waiver of or any consent to departure from any
Transaction Document, including, without limitation, any increase in the obligations of the Issuer under the Indenture and the Notes as a result of further issuances, any rescheduling of the Issuer’s obligations under the Notes of the Indenture
or otherwise; 
 (v) any taking, release or amendment or waiver of, or consent to departure from, any other guaranty or
agreement similar in function to this Guaranty, for all or any of the obligations of the Issuer under the Indenture or the Notes; 

(vi) any manner of sale or other disposition of any assets of any Noteholder; 

(vii) any change, restructuring or termination of the corporate structure or existence of the Issuer or the Guarantor or any
Subsidiary thereof or any change in the name, purposes, business, capital stock (including ownership thereof) or constitutive documents of the Issuer or the Guarantor; 

  
 8 

 (viii) any failure of the Trustee to disclose to the Guarantor any
information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Issuer or any of its Subsidiaries (the Guarantor hereby waiving any duty on the part of the Trustee or any Noteholders
to disclose such information); 
 (ix) the failure of any other person or entity to execute or deliver any other guaranty or
agreement or the release or reduction of liability of any other guarantor or surety with respect to the Indenture; 
 (x) any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation by the Trustee or any Noteholder that might otherwise constitute a defense available to, or a discharge of, the
Issuer or the Guarantor or any other party; or 
 (xi) any claim of set-off or other
right which the Guarantor may have at any time against the Issuer or the Trustee, whether in connection with this transaction or with any unrelated transaction. 

(b) This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligations is rescinded or must otherwise be returned by any Noteholder or any other person or entity upon the insolvency, bankruptcy or reorganization of the Issuer or the Guarantor or otherwise, all as though such payment had not been made. 

SECTION 4. Independent Obligation. The obligations of the Guarantor hereunder are independent of the Issuer’s obligations under the Notes
and the Indenture. The Trustee, on behalf of the Noteholders, may neglect or forbear to enforce payment under the Indenture and the Notes, without in any way affecting or impairing the liability of the Guarantor hereunder. The Trustee shall not be
obligated to exhaust recourse or remedies against the Issuer to recover payments required to be made under the Indenture nor take any other action against the Issuer before being entitled to payment from the Guarantor of all amounts contemplated in
Section 2 hereof owed hereunder or proceed against or have resort to any balance of any deposit account or credit on the books of the Trustee in favor of the Issuer or in favor of the Guarantor. Without limiting the generality of the foregoing,
the Trustee shall have the right to bring a suit directly against the Guarantor, either prior or subsequent to or concurrently with any lawsuit against, or without bringing suit against, the Issuer. 

SECTION 5. Waivers and Acknowledgments. (a) The Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Trustee, on
behalf of the Noteholders, protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against the Issuer or any other Person. 

  
 9 

 (b) The Guarantor hereby unconditionally and irrevocably waives any right to revoke this
Guaranty and acknowledges that this Guaranty is continuing in nature and applies to the Guaranteed Obligations, whether the same are existing now or in the future. 

(c) The Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon an
election of remedies by any Noteholder or the Trustee on behalf of the Noteholders that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of
the Guarantor or other rights of the Guarantor to proceed against the Issuer or any other person or entity and (ii) any defense based on any right of set-off or counterclaim against or in respect of the
Guaranteed Obligations of the Guarantor hereunder. 
 (d) The Guarantor hereby unconditionally and irrevocably waives any duty on the part of
the Trustee or any Noteholder to disclose to the Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Issuer now or hereafter known by the Trustee
or any Noteholder, as applicable. 
 (e) The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the
financing arrangements contemplated by the Transaction Documents and that the waivers set forth in this Section 5 are knowingly made in contemplation of such benefits. 

(f) The recitals contained in this Guaranty shall be taken as the statements of the Issuer and the Guarantor, as applicable, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Guaranty, of any offering materials, the Indenture or of the Notes. 

(g) The Guarantor unconditionally and irrevocably waives, to the fullest extent permitted under Brazilian law, any benefit it may be entitled
to under Articles 827, 834, 835, 838 and 839 of the Brazilian Civil Code, and under Article 794, caput, of the Brazilian Civil Procedure Code. 

  
 10 

 SECTION 6. Claims Against the Issuer. The Guarantor hereby unconditionally and irrevocably
agrees not to exercise any rights that it may now have or hereafter acquire against the Issuer or any other guarantor that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under or in respect of this
Guaranty or any other Transaction Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification, or to participate in any claim or remedy of the Trustee, on behalf of the Noteholders,
against the Issuer or any other person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer or any other person, directly
or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other
amounts payable under this Guaranty shall have been paid in full in cash. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the later of (a) the payment in full in cash of the
Guaranteed Obligations and all other amounts payable under this Guaranty and (b) the date on which all of the obligations of the Issuer under the Indenture and the Notes have been discharged in full (the later of such dates being the
“Termination Date”), such amount shall be paid over to and received and held by the Trustee in trust for the benefit of the Noteholders, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or
delivered to the Trustee in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in
accordance with the terms of the Indenture. If (i) the Guarantor shall make payment to any Noteholder or the Trustee, on behalf of the Noteholders, of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been paid in full in cash and (iii) the Termination Date shall have occurred, then the Trustee, on behalf of the Noteholders, will, at the Guarantor’s written request and
expense, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the Guaranteed Obligations resulting
from such payment made by the Guarantor pursuant to this Guaranty. 
 SECTION 7. Covenants. For so long as the Notes remain outstanding or
any amount remains unpaid on the Notes and the Indenture, the Guarantor will, and will cause each of its Subsidiaries, as applicable, to comply with the terms and covenants set forth below (except as otherwise provided in a duly authorized amendment
to this Guaranty as provided herein): 
 (a) Performance of Obligations. The Guarantor shall pay all amounts owed by it and comply with all
its other obligations under the terms of this Guaranty and the Indenture in accordance with the terms thereof. 
 (b) Maintenance of
Corporate Existence. The Guarantor will (i) maintain in effect its corporate existence and all registrations necessary therefor except as otherwise permitted by Section 7(e) and (ii) take all actions to maintain all rights,
privileges, titles to property, franchises, concessions and the like necessary or desirable in the normal conduct of its business, activities or operations; provided, however, that this Section 7(b) shall not require the Guarantor to maintain
any such right, privilege, title to property or franchise if the failure to do so does not, and will not, have a Material Adverse Effect. 

  
 11 

 (c) Maintenance of Office or Agency. So long as any of the Notes are outstanding, the
Guarantor will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices to and demands upon the Guarantor in respect of this Guaranty may be served, and the Guarantor will not change the designation of such
office without prior written notice to the Trustee and designation of a replacement office or agency in the same general location. 
 (d)
Ranking. The Guarantor will ensure at all times that its obligations under this Guaranty will constitute the general, senior, unsecured and unsubordinated obligations of the Guarantor and will rank pari passu, without any preferences among
themselves, with all other present and future senior unsecured and unsubordinated obligations of the Guarantor (other than obligations preferred by statute or by operation of law) that are not, by their terms, expressly subordinated in right of
payment to the obligations of the Guarantor under this Guaranty. 
 (e) Limitation on Consolidation, Merger, Sale or Conveyance. (i) The
Guarantor will not, in one or a series of transactions, consolidate or amalgamate with or merge into any corporation or convey, lease, spin-off or transfer substantially all of its properties, assets or
revenues to any person or entity (other than a direct or indirect Subsidiary of the Guarantor) or permit any person or entity (other than a direct or indirect Subsidiary of the Guarantor) to merge with or into it, unless: 

(A) either the Guarantor is the continuing entity or the person (the “Successor Company”) formed by such
consolidation or into which the Guarantor is merged or that acquired or leased such property or assets of the Guarantor will assume (jointly and severally with the Guarantor unless the Guarantor shall have ceased to exist as a result of such merger,
consolidation or amalgamation), by an amendment to this Guaranty (the form and substance of which shall be previously approved by the Trustee), all of the Guarantor’s obligations under this Guaranty; 

(B) the Successor Company (jointly and severally with the Guarantor unless the Guarantor shall have ceased to exist as part of
such merger, consolidation or amalgamation) agrees to indemnify each Noteholder against any tax, assessment or governmental charge thereafter imposed on such Noteholder solely as a consequence of such consolidation, merger, conveyance, transfer or
lease with respect to the payment of principal of, or interest on, the Notes pursuant to this Guaranty; 
 (C) immediately
after giving effect to such transaction, no Event of Default, and no Default has occurred and is continuing; and 
 (D) the
Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such merger consolidation, sale, transfer or other conveyance or disposition and the amendment to this Guaranty comply with the terms
of this Guaranty and that all conditions precedent provided for herein and relating to such transaction have been complied with. 

(ii) Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event of Default shall have occurred
and be continuing at the time of such proposed transaction or would result therefrom and the Guarantor has delivered written notice of any such transaction to the Trustee (which notice shall contain a description of such merger, consolidation or
conveyance): 

  
 12 

 (A) the Guarantor may merge, amalgamate or consolidate with or into, or
convey, transfer, lease, spin-off or otherwise dispose of all or substantially all of its properties, assets or revenues to a direct or indirect Subsidiary of the Guarantor in cases when the Guarantor is the
surviving entity in such transaction and such transaction would not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole, it being understood that if the Guarantor is not the surviving entity, the Guarantor shall be
required to comply with the requirements set forth in the previous paragraph; or 
 (B) any direct or indirect Subsidiary of
the Guarantor may merge or consolidate with or into, or convey, transfer, lease, spin-off or otherwise dispose of assets to, any person (other than the Guarantor or any of its Subsidiaries or Affiliates) in
cases when such transaction would not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole; or 

(C) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or into, or convey, transfer, lease, spin-off or otherwise dispose of assets to, any direct or indirect Subsidiary of the Guarantor; or 

(D) any direct or indirect Subsidiary of the Guarantor may liquidate or dissolve if the Guarantor determines in good faith that
such liquidation or dissolution is in the best interests of the Guarantor, and would not result in a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole and if such liquidation or dissolution is part of a corporate
reorganization of the Guarantor. 
 (f) Negative Pledge. So long as any Note remains outstanding, the Guarantor will not create or permit any
Lien, other than a Permitted Lien, on any of its assets to secure (i) any of the Guarantor’s Indebtedness or (ii) the Indebtedness of any other person, unless the Guarantor contemporaneously creates or permits the lien to secure
equally and ratably its obligations under the guaranties or the Guarantor provides other security for its obligations under this Guaranty and the Indenture as is duly approved by a resolution of the Noteholders in accordance with the Indenture. In
addition, the Guarantor will not allow any of its Material Subsidiaries, if any, to create or permit any lien, other than a Permitted Lien, on any of the Guarantor’s assets to secure (i) any of the Guarantor’s Indebtedness;
(ii) any of the Material Subsidiary’s Indebtedness or (iii) the Indebtedness of any other Person, unless the Guarantor contemporaneously creates or permits the Lien to secure equally and ratably the Guarantor’s obligations under
this Guaranty and the Indenture or the Guarantor provides such other security for its obligations under this Guaranty and the Indenture as is duly approved by the Trustee, at the discretion of the Noteholders in accordance with the Indenture. 

(g) Provision of Financial Statements and Reports. (i) The Guarantor will provide to the Trustee, in English or accompanied by a certified
English translation thereof, (A) within 90 calendar days after the end of each fiscal quarter (other than the fourth quarter), its unaudited and consolidated balance sheet and statement of income calculated in accordance with IFRS and (B)

  
 13 

 
within 120 calendar days after the end of each fiscal year, its audited and consolidated balance sheet and statement of income calculated in accordance with IFRS. For purposes of this
Section 7(g), as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic publication of such financial statements or reports shall comply with the
Guarantor’s obligation to deliver such statements and reports to the Trustee hereunder. The Guarantor shall provide the Trustee with prompt written notification at such time that the Guarantor ceases to be a reporting company. The Trustee shall
have no obligation to determine if and when the Guarantor’s financial statements or reports are publicly available and accessible electronically. 

(ii) The Guarantor will provide, together with each of the financial statements delivered pursuant to Sections 7(g)(i)(A) and
(B), an Officer’s Certificate stating that a review of the activities of the Guarantor and the Issuer has been made during the period covered by such financial statements with a view to determining whether the Guarantor and the Issuer have
kept, observed, performed and fulfilled their covenants and agreements under this Guaranty and that no Default or Event of Default has occurred during such period or, if one or more have actually occurred, specifying all such events and what actions
have been taken and will be taken with respect to such Default or Event of Default. 
 (iii) The Guarantor shall, whether or
not it is required to file reports with the SEC, file with the SEC and deliver to the Trustee (for redelivery to all Noteholders) all reports and other information as it would be required to file with the SEC under the Exchange Act if it were
subject to those regulations; provided, however, that if the SEC does not permit the filing described in the first sentence of this Section 7(g)(iii), the Guarantor will provide annual and interim reports and other information to the Trustee
within the same time periods that would be applicable if the Guarantor were required and permitted to file these reports with the SEC. 

(iv) Delivery of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of such
reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants in the Indenture (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate). 
 SECTION 8. Amendments, Etc. No amendment or waiver of any provision of
this Guaranty and no consent to any departure by the Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by the Trustee and the Guarantor, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. For the avoidance of doubt, Article IX of the Indenture shall apply to an amendment to this Guaranty to determine whether the consent of Holders is required for an amendment and if so,
the required percentage of Holders of the Notes required to approve the amendment. 

  
 14 

 SECTION 9. Indemnity. The Guarantor agrees to fully indemnify the Trustee and any
predecessor Trustee and their agents for, and to hold it harmless against, any and all loss, liability, damages, claims or expense arising out of or in connection with the performance of its duties under this Guaranty, including the costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent that any such loss, liability or expense may be attributable to its negligence
or bad faith. 
 SECTION 10. Notices, Etc. (a) All notices and other communications provided for hereunder shall be in writing
(including telegraphic or telecopy) and mailed, telecopied or delivered by hand, if to the Guarantor, addressed to it at Avenida República do Chile 65, 10th Floor, 20031-912, Rio de Janeiro – RJ, Brazil, Telephone: +55 (21) 3224-1401, Telecopier: +55 (21) 3224 1401, Attention: Larry Carris Cardoso, Finance Department, if to the Trustee, to The Bank of New York Mellon, at
240 Greenwich Street, Floor 7 East, New York, New York, 10286, USA, Telephone: +1 (212) 815 4259, Telecopier: +1 (212) 815 5603, Attention: Corporate Trust Department or, as to any party, at such other address as shall be designated by such party in
a written notice to each other party. All such notices and other communications shall, when telecopied, be effective when transmitted. Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of any provision
of this Guaranty shall be effective as delivery of an original executed counterpart thereof. 
 (b) All payments made by the Guarantor to the
Trustee hereunder shall be made to the Payment Account (as defined in the Indenture). 
 SECTION 11. Survival. Without prejudice to the
survival of any of the other agreements of the Guarantor under this Guaranty or any of the other Transaction Documents, the agreements and obligations of the Guarantor contained in Section 2 (with respect to the payment of all other amounts
owed under the Indenture), Section 9 and Section 14 shall survive the payment in full of the Guaranteed Obligations and all of the other amounts payable under this Guaranty, the termination of this Guaranty and/or the resignation or
removal of the Trustee. 
 SECTION 12. No Waiver; Remedies. No failure on the part of the Trustee to exercise, and no delay in exercising,
any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and
not exclusive of any remedies provided by law. 

  
 15 

 SECTION 13. Continuing Agreement; Assignment of Rights Under the Indenture and the Notes.
This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the later of (i) the repayment in full by the Issuer of all amounts due and owing under the Indenture with respect to the Notes and (ii) the
repayment in full of all Guaranteed Obligations and all other amounts payable under this Guaranty, (b) be binding upon the Guarantor, its successors and assigns and (c) inure to the benefit of and be enforceable by the Trustee, on behalf
of Noteholders, and their successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Noteholder may assign or otherwise transfer its rights and obligations under the Indenture
(including, without limitation, the Note held by it) to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Noteholder herein or otherwise, in each case
as and to the extent provided in the Indenture. The Guarantor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of all of the Noteholders. 

SECTION 14. Currency Rate Indemnity. (a) The Guarantor shall (to the extent lawful) indemnify the Trustee and the Noteholders and keep
them indemnified against: 
 (i) in the case of nonpayment by the Guarantor of any amount due to the Trustee, on behalf of
the Noteholders, under this Guaranty any loss or damage incurred by any of them arising by reason of any variation between the rates of exchange used for the purposes of calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Guarantor; and 
 (ii) any deficiency arising or resulting from any
variation in rates of exchange between (a) the date as of which the local currency equivalent of the amounts due or contingently due under this Guaranty or in respect of the Notes is calculated for the purposes of any bankruptcy, insolvency or
liquidation of the Guarantor, and (b) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by any variation in rates of
exchange occurring between the said final date and the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith. 

(a) The Guarantor agrees that, if a judgment or order given or made by any court for the payment of any amount in respect of its obligations
hereunder is expressed in a currency (the “Judgment Currency”) other than U.S. dollars (the “Denomination Currency”), it will indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any
variation in rates of exchange between the date at which the amount in the Denomination Currency is notionally converted into the amount in the Judgment Currency for the purposes of such judgment or order and the date of actual payment thereof. 

(b) The above indemnities shall constitute separate and independent obligations of the Guarantor from its obligations hereunder, will give rise
to separate and independent causes of action, will apply irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment or the filing of any proof or proofs in any bankruptcy,
insolvency or liquidation of the Guarantor for a liquidated sum or sums in respect of amounts due under this Guaranty, or under the Indenture or the Notes or under any judgment or order. 

  
 16 

 SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc. 

(a) This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York. 

(b) The Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any state or
Federal court in the Borough of Manhattan, The City of New York, State of New York, in any action or proceeding arising out of or relating to this Guaranty or any of the other Transaction Documents to which it is or is to be a party, or for
recognition or enforcement of any judgment, and the Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such state court or, to the extent permitted
by law, in such federal court. The Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Guaranty or any other Transaction Document shall affect any right that any party may otherwise have to bring any action or proceeding against the Issuer or the Guarantor, as the case may be, relating to this Guaranty or any other Transaction
Document in the courts of any jurisdiction. 
 (c) The Guarantor hereby irrevocably appoints and empowers Petrobras America Inc., with
offices located at 10350 Richmond Ave., Suite 1400, Houston, TX 77042 as its authorized agent (the “Process Agent”) to accept and acknowledge for and on its behalf and on behalf of its property service of any and all legal process,
summons, notices and documents which may be served in any such suit, action or proceedings in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, which service may be made on such designee, appointee and
agent in accordance with legal procedures prescribed for such courts. The Guarantor will take any and all action necessary to continue such designation in full force and effect and to advise the Trustee of any change of address of such Process Agent
and; should such Process Agent become unavailable for this purpose for any reason, the Guarantor will promptly and irrevocably designate a new Process Agent within the United States, which will agree to act as such, with the powers and for the
purposes specified in this subsection (c). The Guarantor irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by hand
delivery, to it at its address set forth in Section 10 or to any other address of which it shall have given notice pursuant to Section 10 or to its Process Agent. Service upon the Guarantor or the Process Agent as provided for herein will,
to the fullest extent permitted by law, constitute valid and effective personal service upon it and the failure of the Process Agent to give any notice of such service to the Guarantor shall not impair or affect in any way the validity of such
service or any judgment rendered in any action or proceeding based thereon. 
 (d) The Guarantor irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty or any of the other Transaction Documents
to which it is or is to be a party in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York. The Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such suit, action or proceeding in any such court. 

  
 17 

 (e) THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OF THE TRANSACTION DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY NOTEHOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR
ENFORCEMENT THEREOF. 
 (f) This Guaranty and any other documents delivered pursuant hereto, and any actions taken hereunder, constitute
commercial acts by the Guarantor. The Guarantor irrevocably and unconditionally and to the fullest extent permitted by law, waives, and agrees not to plead or claim, any immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) for itself, the Issuer or any of their property, assets or revenues wherever located with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Guaranty, any of the Transaction Documents or any document delivered pursuant hereto, in each case for the benefit of each assigns, it being intended that the foregoing waiver and
agreement will be effective, irrevocable and not subject to withdrawal in any and all jurisdictions, and, without limiting the generality of the foregoing, agrees that the waivers set forth in this subsection (f) shall have the fullest scope
permitted under the United States Foreign Sovereign Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act. 

SECTION 16. Execution in Counterparts. This Guaranty and each amendment, waiver and consent with respect hereto may be executed in any number
of counterparts and by different parties thereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Counterparts may be delivered
via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

SECTION 17. Entire Agreement. This Guaranty, together with the Indenture and the Notes, sets forth the entire agreement of the parties hereto
with respect to the subject matter hereof. 
 SECTION 18. The Trustee. In the performance of its obligations hereunder, the Trustee shall be
entitled to all the rights, benefits, protections, indemnities and immunities afforded to it under the Indenture. 

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered by its officer
thereunto duly authorized as of the date first above written. 
  

			
	PETRÓLEO BRASILEIRO S.A. – PETROBRAS
		
	By:	 	 /s/ Larry C. Cardoso

	Name: Larry C. Cardoso
	Title: Attorney in Fact
		
	By:	 	 /s/ André L. Campos Silva

	Name: André L. Campos Silva
	Title: Attorney in Fact
	
	WITNESSES:
		
	1.	 	 /s/ Isabela de S. N. M. Andréa

	Name: Isabela de S. N. M. Andréa
		
	2.	 	 /s/ Renan Feuchard Pinto

	Name: Renan Feuchard Pinto

 [Signature Page - Guaranty] 

			
	ACKNOWLEDGED:
	THE BANK OF NEW YORK MELLON, as Trustee and not in its individual capacity
		
	By:	 	 /s/ Bret S. Derman

	Name: Bret Derman
	Title: Vice President
	
	WITNESSES:
		
	1.	 	 /s/ Wanda Camacho

		 	Name: Wanda Camacho
		
	2.	 	 /s/ Teresa H. Wyszomierski_

		 	Name: Teresa H. Wyszomierski

 ACKNOWLEDGMENT 
  

					
	STATE OF NEW YORK	  	)	  	
		  	      :ss.:	  	
	COUNTY OF Kings (signatory)	  	)	  	
	COUNTY OF Kings (notary)	  	)	  	

 On the 2nd day of June two thousand and
twenty, pursuant to New York State Executive Order 202.7, before me appeared Bret S. Derman via video conference, to me known, and who being by me duly sworn, did depose and acknowledge that (s)he is the Vice President of The Bank
of New York Mellon, the corporation described in and which executed the above instrument. 
 [Notary Seal] 

 

	
	 /s/ Brendan Cyr

	Notary Public-State of New York
	No. 02CY6235114
	Qualified in New York County
	My Commission Expires January 31, 2023

 [Signature Page - Guaranty]

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