<SEC-DOCUMENT>0001104659-23-077482.txt : 20230703
<SEC-HEADER>0001104659-23-077482.hdr.sgml : 20230703
<ACCEPTANCE-DATETIME>20230703101814
ACCESSION NUMBER:		0001104659-23-077482
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20230703
FILED AS OF DATE:		20230703
DATE AS OF CHANGE:		20230703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROBRAS - PETROLEO BRASILEIRO SA
		CENTRAL INDEX KEY:			0001119639
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15106
		FILM NUMBER:		231063904

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA REPUBLICA DO CHILE 65
		CITY:			RIO DE JANERIO RJ BR
		STATE:			D5
		ZIP:			20035-900
		BUSINESS PHONE:		55-21-534-4477

	MAIL ADDRESS:	
		STREET 1:		AVENIDA REPUBLICA DO CHILE 65
		CITY:			RIO DE JANERIO RJ BR
		STATE:			D5
		ZIP:			20035-900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRAZILIAN PETROLEUM CORP
		DATE OF NAME CHANGE:	20000717
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2320394d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN
PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PURSUANT TO RULE 13A-16
OR 15D-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNDER THE SECURITIES
EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>For the month of July,
2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Commission File Number
001-15106</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PETR&Oacute;LEO BRASILEIRO
S.A. - PETROBRAS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Brazilian Petroleum
Corporation - PETROBRAS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Translation of Registrant's
name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Avenida Henrique Valadares,
28 &ndash; 19th floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>20231-030 &ndash;
Rio de Janeiro, RJ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Federative Republic
of Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Address of principal
executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT>
 &nbsp;&nbsp;&nbsp;Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report on Form&nbsp;6-K shall be deemed to be incorporated by
reference into the Registration Statement on Form&nbsp;F-3 of Petr&oacute;leo Brasileiro S.A. &mdash; Petrobras (No.&nbsp;333-261817)
and Petrobras Global Finance B.V. &ndash; PGF (No.&nbsp;333-261817-01) and the related prospectus supplement dated June&nbsp;26, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex4-1.htm">Exhibit&nbsp;4.1 &mdash; Guaranty for the 2033 Notes</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex4-2.htm">Exhibit&nbsp;4.2 &mdash; Fifth Supplemental Indenture</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex4-2.htm">Exhibit&nbsp;4.3 &mdash; Form&nbsp;of 6.500% Global Notes due 2033 (included in Exhibit&nbsp;4.2)</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex5-1.htm">Exhibit&nbsp;5.1 &mdash; Opinion of internal counsel to Petrobras</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex5-2.htm">Exhibit&nbsp;5.2 &mdash; Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, U.S. counsel to PGF and Petrobras</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="tm2320394d1_ex5-3.htm">Exhibit&nbsp;5.3 &mdash; Opinion of NautaDutilh N.V., Dutch counsel to PGF</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PETR&Oacute;LEO BRASILEIRO S.A--PETROBRAS</B> <B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Guilherme Rajime Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Guilherme Rajime Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Attorney in Fact &nbsp; &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lucas Tavares de Mello</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Lucas Tavares de Mello</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Attorney in Fact &nbsp; &nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: July&nbsp;3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2320394d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GUARANTY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of July&nbsp;3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PETR&Oacute;LEO BRASILEIRO S.A.&mdash;PETROBRAS,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Guarantor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON, as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trustee for the Noteholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Referred to Herein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranty</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guaranty
    Absolute</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Obligation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers
    and Acknowledgments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Claims
    Against the Issuer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments,
    Etc.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices,
    Etc.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;11.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;12.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    Waiver; Remedies</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;13.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
    Agreement; Assignment of Rights</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;14.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
    Rate Indemnity</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;15.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing
    Law; Jurisdiction; Waiver of Immunity, Etc.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;16.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution
    in Counterparts</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;17.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire
    Agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;18.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Trustee</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>GUARANTY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">GUARANTY (this &ldquo;<B>Guaranty</B>&rdquo;), dated
as of July&nbsp;3, 2023 between PETR&Oacute;LEO BRASILEIRO S.A.&mdash;PETROBRAS (the &ldquo;<B>Guarantor</B>&rdquo;), <I>sociedade de
economia mista</I> (partially state-owned enterprise) organized and existing under the laws of the Federative Republic of Brazil (&ldquo;<B>Brazil</B>&rdquo;),
and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee under the Indenture (as defined below) (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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 &ldquo;<B>Issuer</B>&rdquo;),
has entered into an Indenture dated as of August&nbsp;28, 2018 (the &ldquo;<B>Original Indentur</B>e&rdquo;) with the Trustee, as supplemented
by the Fifth Supplemental Indenture among the Issuer, the Guarantor and the Trustee, dated as of July&nbsp;3, 2023 (the &ldquo;<B>Fifth
Supplemental Indenture</B>&rdquo;). The Original Indenture, as supplemented by the Fifth Supplemental Indenture and as amended or supplemented
from time to time with respect to the Notes, is hereinafter referred to as the &ldquo;<B>Indenture</B>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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.$1,250,000,000 aggregate principal amount of its 6.500% Global Notes due 2033 under the Indenture (the &ldquo;<B>Notes</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Guarantor is willing to enter into
this Guaranty in order to provide the holders of the Notes (the &ldquo;<B>Noteholders</B>&rdquo;) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Guarantor agrees that it will derive
substantial direct and indirect benefits from the issuance of the Notes by the Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, it is a condition precedent to the issuance
of the Notes that the Guarantor shall have executed this Guaranty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">NOW, THEREFORE, the Guarantor and the Trustee hereby
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;1.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Definitions.
(a)&nbsp;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 Fifth Supplemental Indenture. All such definitions shall be read in a manner consistent with the terms
of this Guaranty. (b)&nbsp;As used herein, the following capitalized terms shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Authorized Representative</B>&rdquo;
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Board of Directors</B>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Denomination Currency</B>&rdquo; has
the meaning specified in Section&nbsp;14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Guaranteed Obligations</B>&rdquo; has
the meaning specified in Section&nbsp;2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Judgment Currency</B>&rdquo; has the
meaning specified in Section&nbsp;14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Material Adverse Effect</B>&rdquo; means
a material adverse effect on (a)&nbsp;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)&nbsp;the validity or enforceability of this Guaranty
or any other Transaction Document or (c)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Material Subsidiary</B>&rdquo; 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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Officer&rsquo;s Certificate</B>&rdquo;
means a certificate of an Authorized Representative of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Opinion of Counsel</B>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Permitted Lien</B>&rdquo; means a:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;Lien granted in respect of
Indebtedness owed to the Brazilian government, <I>Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social</I> or any official government
agency or department of the government of Brazil or of any state or region thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;Lien arising by operation
of law, such as merchants&rsquo;, maritime or other similar Liens arising in the Guarantor&rsquo;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;Lien arising from the Guarantor&rsquo;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&rsquo;s past practice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vi)&nbsp;Lien granted in connection
with the Indebtedness of a Wholly-Owned Subsidiary owing to the Guarantor or another Wholly-Owned Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vii)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(viii)&nbsp;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&rsquo;s Subsidiaries or any consortium or other venture in which the Guarantor or any Subsidiary
has any ownership or other similar interest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ix)&nbsp;Lien existing as of the date
of the Fifth Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)&nbsp;Lien resulting from the Transaction
Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xi)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xii)&nbsp;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)&nbsp;through (xi)&nbsp;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)&nbsp;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&rsquo;s Subsidiaries or any consortium or other venture in which the Guarantor or any Subsidiary have any ownership
or other similar interest; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xiii)&nbsp;Lien in respect of Indebtedness
the principal amount of which in the aggregate, together with all Liens not otherwise qualifying as the Guarantor&rsquo;s Permitted Liens
pursuant to clauses (i)&nbsp;through (xii)&nbsp;of this definition of Permitted Liens, does not exceed 20% of the Guarantor&rsquo;s consolidated
total assets (as determined in accordance with IFRS) at any date as at which the Guarantor&rsquo;s balance sheet is prepared and published
in accordance with applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Process Agent</B>&rdquo; has the meaning
specified in Section&nbsp;15(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Project Financing</B>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Qualifying Asset</B>&rdquo; in relation
to any Project Financing means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;any concession, authorization
or other legal right granted by any Governmental Authority to the Guarantor or any of the Guarantor&rsquo;s Subsidiaries, or any consortium
or other venture in which the Guarantor or any Subsidiary has any ownership or other similar interest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>SEC</B>&rdquo; means the United States
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Successor Company</B>&rdquo; has the
meaning specified in Section&nbsp;7(e)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Termination Date</B>&rdquo; has the
meaning specified in Section&nbsp;6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Transaction Documents</B>&rdquo; means,
collectively, the Indenture, the Notes and this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;Construction. The parties agree that
items (1)&nbsp;through (5)&nbsp;of Section&nbsp;1.01 of the Original Indenture shall apply to this Guaranty, except as otherwise expressly
provided or unless the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;2.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Guaranty.
(a)&nbsp;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 &ldquo;Guaranteed Obligations&rdquo;), 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All payments actually received by the Trustee
pursuant to this Section&nbsp;2 after 12:00 p.m.&nbsp;(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;3.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Guaranty
Absolute. (a)&nbsp;The Guarantor&rsquo;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&rsquo;s Subsidiaries or the Guarantor&rsquo;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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;any lack of validity or enforceability
of any of the Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;any provision of applicable
Law or regulation purporting to prohibit the payment by the Guarantor of any amount payable by it under this Guaranty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;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&rsquo;s obligations under the Notes of the Indenture or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vi)&nbsp;any manner of sale or other
disposition of any assets of any Noteholder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(vii)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(viii)&nbsp;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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ix)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(xi)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;4.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Independent
Obligation. The obligations of the Guarantor hereunder are independent of the Issuer&rsquo;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&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;5.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Waivers
and Acknowledgments. (a)&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;The Guarantor hereby unconditionally
and irrevocably waives (i)&nbsp;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)&nbsp;any defense based on any right of set-off or counterclaim against or in respect
of the Guaranteed Obligations of the Guarantor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;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&nbsp;5 are knowingly made in contemplation of such benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;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&nbsp;794, caput, of the Brazilian Civil Procedure Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;6.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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&rsquo;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)&nbsp;the
payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty and (b)&nbsp;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
 &ldquo;Termination Date&rdquo;), 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)&nbsp;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)&nbsp;all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and
(iii)&nbsp;the Termination Date shall have occurred, then the Trustee, on behalf of the Noteholders, will, at the Guarantor&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;7.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;Maintenance of Corporate Existence. The
Guarantor will (i)&nbsp;maintain in effect its corporate existence and all registrations necessary therefor except as otherwise permitted
by Section&nbsp;7(e)&nbsp;and (ii)&nbsp;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&nbsp;7(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;Maintenance of Office or Agency. So long
as any of the Notes are outstanding, the Guarantor will maintain in the United States, 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 United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;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 <I>pari passu</I>, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;Limitation on Consolidation, Merger,
Sale or Conveyance. (i)&nbsp;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(A)&nbsp;either the Guarantor is the
continuing entity or the person (the &ldquo;Successor Company&rdquo;) 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&rsquo;s obligations under this Guaranty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(B)&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(C)&nbsp;immediately after giving effect
to such transaction, no Event of Default, and no Default has occurred and is continuing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(D)&nbsp;the Guarantor has delivered
to the Trustee an Officer&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;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):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(A)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(B)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(C)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(D)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;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)&nbsp;any
of the Guarantor&rsquo;s Indebtedness or (ii)&nbsp;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&rsquo;s assets to secure (i)&nbsp;any of the Guarantor&rsquo;s Indebtedness; (ii)&nbsp;any of the Material
Subsidiary&rsquo;s Indebtedness or (iii)&nbsp;the Indebtedness of any other Person, unless the Guarantor contemporaneously creates or
permits the Lien to secure equally and ratably the Guarantor&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;Provision of Financial Statements and
Reports. (i)&nbsp;The Guarantor will provide to the Trustee, in English or accompanied by a certified English translation thereof, (A)&nbsp;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)&nbsp;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&nbsp;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&rsquo;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&rsquo;s financial statements
or reports are publicly available and accessible electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;The Guarantor will provide,
together with each of the financial statements delivered pursuant to Sections 7(g)(i)(A)&nbsp;and (B), an Officer&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;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&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;Delivery of the above reports
to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt of such reports shall not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Guarantor&rsquo;s compliance with
any of its covenants in the Indenture (as to which the Trustee is entitled to rely exclusively on an Officer&rsquo;s Certificate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;8.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;9.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;10.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notices,
Etc. (a)&nbsp;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 Henrique Valadares, 28 - 19<SUP>th</SUP> floor,
20231-030 Rio de Janeiro &ndash; RJ, Brazil, Telephone: +55 (21) 3224-1401, Telecopier: +55 (21) 3224 1401, Attention: Ricardo Rodriguez
Besada Filho, 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, E-mail: gcs.specialty.glam.conv@bnymellon.com, 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&nbsp;to any amendment or waiver of any provision of this Guaranty shall be effective as delivery of an original executed
counterpart thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;All payments made by the Guarantor to
the Trustee hereunder shall be made to the Payment Account (as defined in the Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;11.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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&nbsp;2 (with respect to the payment of all other amounts
owed under the Indenture), Section&nbsp;9 and Section&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;12.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;13.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Continuing
Agreement; Assignment of Rights Under the Indenture and the Notes. This Guaranty is a continuing guaranty and shall (a)&nbsp;remain in
full force and effect until the later of (i)&nbsp;the repayment in full by the Issuer of all amounts due and owing under the Indenture
with respect to the Notes and (ii)&nbsp;the repayment in full of all Guaranteed Obligations and all other amounts payable under this
Guaranty, (b)&nbsp;be binding upon the Guarantor, its successors and assigns and (c)&nbsp;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)&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;14.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Currency
Rate Indemnity. (a)&nbsp;The Guarantor shall (to the extent lawful) indemnify the Trustee and the Noteholders and keep them indemnified
against:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;any deficiency arising or
resulting from any variation in rates of exchange between (a)&nbsp;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)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;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 &ldquo;Judgment Currency&rdquo;) other than U.S. dollars (the &ldquo;Denomination Currency&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;15.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Governing
Law; Jurisdiction; Waiver of Immunity, Etc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;This Guaranty shall be governed by, and
construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;The Guarantor hereby irrevocably appoints
and empowers Petrobras America Inc., with offices located at 10350 Richmond Ave., Suite&nbsp;1400, Houston, TX 77042 as its authorized
agent (the &ldquo;Process Agent&rdquo;) 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&nbsp;10 or to any other address
of which it shall have given notice pursuant to Section&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;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)&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;16.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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., <U>www.docusign.com</U>) 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;17.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">SECTION&nbsp;18.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PETR&Oacute;LEO
    BRASILEIRO S.A. &ndash; PETROBRAS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Guilherme Rajim&eacute; Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Guilherme Rajim&eacute; Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Attorney-in-Fact</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Lucas Tavares de Mello</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Lucas Tavares de Mello</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Attorney-in-Fact</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSES:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Isabela de Souza Niedzielski Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Isabela de Souza Niedzielski Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Renan Feuchard Pinto</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Renan Feuchard Pinto</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;- Guaranty</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACKNOWLEDGED:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    BANK OF NEW YORK MELLON, as Trustee and not in its individual capacity</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Glenn G. McKeever</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    Glenn G. McKeever</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    Vice President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>tm2320394d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIFTH SUPPLEMENTAL INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">FIFTH SUPPLEMENTAL INDENTURE, effective as of July&nbsp;3,
2023, by and among PETROBRAS GLOBAL FINANCE B.V., a private company incorporated with limited liability under the laws of The Netherlands
(the &ldquo;<U>Company</U>&rdquo;), having its corporate seat at Rotterdam, The Netherlands and its principal office at Weena 798C, 23<SUP>rd</SUP>
floor, 3014 DA Rotterdam, The Netherlands, PETR&Oacute;LEO BRASILEIRO S.A. &ndash; Petrobras, a <I>sociedade de economia mista</I> (partially
state-owned enterprise) organized under the laws of Brazil, having its principal office at Avenida Henrique Valadares, 28 &ndash; 19<SUP>th</SUP>
floor, 20231-030 Rio de Janeiro &ndash; RJ, Brazil (&ldquo;<U>Petrobras</U>&rdquo;), and THE BANK OF NEW YORK MELLON, a New York banking
corporation, as Trustee hereunder (the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and the Trustee previously
have entered into an indenture, dated as of August&nbsp;28, 2018 (the &ldquo;<U>Original Indenture</U>&rdquo;), as supplemented by this
Fifth Supplemental Indenture, dated as of July&nbsp;3, 2023 (the &ldquo;<U>Fifth Supplemental Indenture</U>&rdquo;, and together with
the Original Indenture and any further supplements thereto, the &ldquo;<U>Indenture</U>&rdquo;) 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, Section&nbsp;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);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, on the date hereof the Company
intends to issue pursuant to Registration Statements on Form&nbsp;F-3 dated December&nbsp;21, 2021 (File Nos. 333-261817 and 333-261817-01)
(the &ldquo;<U>Registration Statement</U>&rdquo;), the related Base Prospectus dated December&nbsp;21, 2021 and the Prospectus Supplement
dated June&nbsp;26, 2023 (collectively, the &ldquo;<U>Offering Document</U>&rdquo;) and the Indenture, U.S.$1,250,000,000 of its 6.500%
Global Notes due 2033, in the form attached hereto as Exhibit&nbsp;A (the &ldquo;<U>Notes</U>&rdquo;), having the terms and conditions
contemplated in the Offering Document as provided for in the Original Indenture as supplemented by this Fifth Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, 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 <FONT STYLE="background-color: white">Annex D</FONT> to the Original Indenture (the &ldquo;<U>Guaranty</U>&rdquo;),
to provide for an unconditional and irrevocable guaranty of the Notes by Petrobras;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and Petrobras confirm
that any and all conditions and requirements necessary to make this Fifth 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 Fifth Supplemental
Indenture has been in all respects duly authorized;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, pursuant to Section&nbsp;9.01 of
the Original Indenture, the Trustee is authorized to execute and deliver this Fifth Supplemental Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company and Petrobras have
requested that the Trustee execute and deliver this Fifth Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;1</B></FONT><B><BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;1.01.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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
Fifth Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;1.02.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Additional
Definitions. (a)&nbsp;For the benefit of the Holders of the Notes, Section&nbsp;1.01 of the Original Indenture shall be amended by adding
the following new definitions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Closing Date&rdquo; means July&nbsp;3, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Default Rate&rdquo; has the meaning set forth
in Section&nbsp;2.01(f)&nbsp;herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Dutch Withholding Tax Act 2021&rdquo; means
the Dutch Withholding Tax Act 2021 (<I>Wet bronbelasting 2021</I>) as published in the Official Gazette (<I>Staatsblad</I>) Stb. 2019,
513 of December&nbsp;27, 2019 and in effect as of January&nbsp;1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Electronic Means&rdquo; shall mean the following
communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords
and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection
with its services hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Interest Payment Date&rdquo; has the meaning
set forth in Section&nbsp;2.01(e)&nbsp;herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Interest Period&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Make Whole Amount&rdquo; has the meaning set
forth in Section&nbsp;2.01(l)&nbsp;herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Notes Par Call Date&rdquo; means April&nbsp;3,
2033 (three months prior to the Stated Maturity of the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Offering Document&rdquo; shall have the meaning
set forth in the recitals to this Fifth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Payment Account&rdquo; has the meaning set
forth in Section&nbsp;2.01(g)&nbsp;herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Treasury Rate&rdquo; means, with respect to
any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor designation or publication) (&ldquo;H.15&rdquo;)
under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo; (or any successor caption
or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the yield for the Treasury constant maturity
on H.15 exactly equal to the period from the redemption date to the Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2)&nbsp;if there
is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &ndash; one yield corresponding to the
Treasury constant maturity on H.15 immediately shorter than the Remaining Life and one yield corresponding to the Treasury constant maturity
on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate to the Par Call Date on a straight-line basis (using
the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15
closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be
deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If on the third business day preceding the redemption
date H.15 or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the
rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding
such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as
applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States
Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States
Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices
for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average
of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places. The Company&rsquo;s actions and determinations in determining the redemption price shall
be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Stated Maturity&rdquo; has the meaning set
forth in Section&nbsp;2.01(d)&nbsp;herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;2</B></FONT><B><BR>
TERMS OF THE NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.01.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">General.
In accordance with Section&nbsp;3.01 of the Original Indenture, the following terms relating to the Notes are hereby established:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Title</I>:
The Notes shall constitute a series of Securities having the title &ldquo;6.500% Global Notes due 2033&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Aggregate
Amount</I>: The aggregate principal amount of the Notes that may be authenticated and delivered under this Fifth Supplemental Indenture
shall be U.S.$1,250,000,000. 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,&nbsp;ISIN and other relevant identifying characteristics as the
Notes), so long as, on the date of issuance of such Add On Notes: (i)&nbsp;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)&nbsp;such Add On Notes shall rank <I>pari passu</I>
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)&nbsp;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)&nbsp;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)&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Ranking</I>:
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 <I>pari passu</I> among themselves and at least equal in right of payment with all of the Company&rsquo;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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Maturity</I>:
The entire outstanding principal of the Notes shall be payable in a single installment on July&nbsp;3, 2033 (the &ldquo;<U>Stated Maturity</U>&rdquo;).
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&nbsp;11.08 of the Original Indenture or pursuant to Section&nbsp;2.01(k), Section&nbsp;2.01(l)&nbsp;and Section&nbsp;2.01(m)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Interest</I>:
Interest shall accrue on the Notes at the rate of 6.500% 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&nbsp;3 and July&nbsp;3 of each year during which any portion of the Notes shall be Outstanding (each, an &ldquo;<U>Interest
Payment Date</U>&rdquo;), commencing on January&nbsp;3, 2024, 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)&nbsp;interest
accrued with respect to the Notes shall be calculated based on a 360-day year of twelve 30-day months, (ii)&nbsp;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&nbsp;10.08 of the Original Indenture,
(iii)&nbsp;all such payments to the Trustee shall be made by the Company by depositing immediately available funds in U.S.&nbsp;Dollars
prior to 3:00&nbsp;p.m., New York City Time, one Business Day prior to the relevant Interest Payment Date to the Payment Account and (iv)&nbsp;so
long as any of the Notes remain Outstanding, the Company shall maintain a paying agent in New York City.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Default
Rate</I>: Upon the occurrence and during the continuation of an Event of Default, (i)&nbsp;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 &ldquo;<U>Default
Rate</U>&rdquo;) and (ii)&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Payment
Account</I>: 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
Fifth Supplemental Indenture (the &ldquo;<U>Payment Account</U>&rdquo;) 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Form&nbsp;and
Denomination</I>: 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 principal amounts 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Guaranty</I>:
The Notes shall have the benefit of the Guaranty in the manner provided in Article&nbsp;3 of this Fifth Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Rating</I>:
The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Optional
Early Redemption at Par: </I>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 10 days&rsquo; but not more than 60 days&rsquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Optional
Early Redemption With &ldquo;Make-Whole&rdquo; Amount. </I>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 10 days&rsquo; but not more than 60 days&rsquo;
notice, at a Redemption Price equal to the greater of (A)&nbsp;100% of the principal amount of such Notes and (B)&nbsp;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 45 basis points (the
 &ldquo;<U>Make Whole Amount</U>&rdquo;), plus in each case accrued and unpaid interest on the principal amount of such Notes to (but not
including) the Redemption Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Redemption
Notice.</I> A redemption notice may at the Company&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Early
Redemption for Tax Reasons</I>. 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&nbsp;8.01 and 8.02 of the Original Indenture), the Company would be required to pay Additional Amounts pursuant to Section&nbsp;10.10
of the Original Indenture. For purposes of Section&nbsp;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&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Conversion</I>:
The Notes will not be convertible into, or exchangeable for, any other securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Except
as described in Sections 2.05, the Notes will be subject to the covenants provided in Article&nbsp;10 of the Original Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.02.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Amendments
Relating to the Appointment of Agent for Service. As it applies to the Notes, the first two sentences of Section&nbsp;1.15 of the Original
Indenture shall be replaced by the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&ldquo;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&nbsp;1400, Houston, TX 77042, and written notice of said service to the Company by the Person servicing
the same addressed as provided by Section&nbsp;1.05, shall be deemed in every respect effective service of process upon the Company in
any such legal action or proceeding.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.03.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Amendments
Relating to Execution and Authentication. As it applies to the Notes, the last paragraph of Section&nbsp;3.03 of the Original Indenture
shall be replaced by the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&ldquo;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&nbsp;3.09, for all purposes of this Indenture
such Security shall be deemed never <FONT STYLE="background-color: white">to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.04.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Amendments
Relating to Additional Amounts. As it applies to the Notes, Section&nbsp;10.10(1)&nbsp;of the Original Indenture shall be amended and
replaced to include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&ldquo;the holder or any other person that beneficially owns
an interest in its Notes (a &ldquo;beneficial owner&rdquo;) 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);&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As it applies to the Notes, Section&nbsp;10.10(3)&nbsp;of the Original
Indenture shall be amended and replaced to include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&ldquo;such Holder fails to comply with any certification,
identification or other reporting requirements concerning its or any beneficial owner&rsquo;s nationality, residence, identity or connection
with the Taxing Jurisdiction, if (x)&nbsp;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)&nbsp;such Holder is able
to comply with such requirements without undue hardship and (z)&nbsp;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;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As it applies to the Notes, Section&nbsp;10.10(6)&nbsp;of the Original
Indenture shall be amended and replaced to include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&ldquo;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.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As it applies to the Notes, a new Section&nbsp;10.10(7)&nbsp;shall
be included in the Original Indenture and the current Section&nbsp;10.10(7)&nbsp;of the Original Indenture shall be amended and become
Section&nbsp;10.10(8)&nbsp;as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 2in"> &ldquo;(7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a withholding or deduction is required to be made pursuant the Dutch Withholding Tax Act 2021; or</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 10pt">(8)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
combination of items (1), (2), (3), (4), (5), (6)&nbsp;and (7)&nbsp; above&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.05.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Amendments
Relating to Covenants. As it applies to the Notes, Section&nbsp;10 of the Original Indenture shall be amended to include or replace, as
applicable, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 10pt">&ldquo;Section&nbsp;10.03.</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Maintenance
of Office or Agency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">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.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-size: 10pt">&ldquo;Section&nbsp;10.11</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Negative
Pledge</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">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&rsquo;s assets to secure (a)&nbsp;any of the Company&rsquo;s
Indebtedness or (b)&nbsp;the Indebtedness of any other Person, unless the Company contemporaneously creates or permits such Lien to secure
equally and ratably the Company&rsquo;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&rsquo;s Material Subsidiaries, if any, to create or permit any Lien, other than a Permitted Lien, on
any of its assets to secure (a)&nbsp;any of the Company&rsquo;s Indebtedness, (b)&nbsp;any of its Material Subsidiary&rsquo;s Indebtedness
or (c)&nbsp;the Indebtedness of any other Person, unless it contemporaneously creates or permits such Lien to secure equally and ratably
the Company&rsquo;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.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&ldquo;Section&nbsp;10.13</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Use
of Proceeds</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">The Company shall use the net proceeds from the sale of the
Notes for general corporate purposes, which may include the repayment of outstanding indebtedness.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.06.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Application
of the Article&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;3</B></FONT><B><BR>
GUARANTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.01.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Execution.
The Trustee is hereby authorized and directed to acknowledge the Guaranty and to perform all of its duties and obligations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.02.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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 Fifth 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.03.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Petrobras
hereby (i)&nbsp;acknowledges and agrees to be bound by the provisions of Section&nbsp;1.08 of the Original Indenture and (ii)&nbsp;confirms
that (A)&nbsp;its obligations under the Guaranty shall be issued pursuant to the Indenture and (B)&nbsp;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.04.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Taxes;
Additional Amounts. For the avoidance of doubt, the Company&rsquo;s obligations to pay any indemnity with respect to taxes, including
the obligation to pay Additional Amounts pursuant to Section&nbsp;10.10 of the Original Indenture, shall extend to any payments made by
Petrobras pursuant to the Guaranty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;4</B></FONT><B><BR>
MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.01.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Effect
of the Fifth Supplemental Indenture. This Fifth 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 Fifth Supplemental Indenture, is in all respects ratified
and confirmed, and the Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed as one and the same
instrument. All provisions included in this Fifth Supplemental Indenture supersede any conflicting provisions included in the Original
Indenture unless not permitted by law. The provisions of this Fifth 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 Fifth Supplemental Indenture. The Trustee accepts the trusts created by the Original Indenture,
as supplemented by this Fifth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Original Indenture,
as supplemented by this Fifth Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.02.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Governing
Law. This Fifth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.03.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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 Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company
and Petrobras.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.04.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Effect
of Headings. The section headings herein are for convenience only and shall not affect the construction of this Fifth Supplemental Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.05.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Counterparts.
The parties may sign any number of copies of this Fifth 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., <FONT>www.docusign.com</FONT>) 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.06.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.07.</FONT><FONT STYLE="color: #010000">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Electronic
Means. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (&ldquo;Instructions&rdquo;)
given pursuant to this Fifth Supplemental Indenture and related documents and delivered using Electronic Means; provided, however, that
the Company and/or Petrobras, as applicable, shall provide to the Trustee an incumbency certificate listing officers with the authority
to provide such Instructions (&ldquo;Authorized Officers&rdquo;) and containing specimen signatures of such Authorized Officers, which
incumbency certificate shall be amended by the Company and/or Petrobras, as applicable, whenever a person is to be added or deleted from
the listing. If the Company and/or Petrobras, as applicable, elects to give the Trustee Instructions using Electronic Means and the Trustee
in its discretion elects to act upon such Instructions, the Trustee&rsquo;s understanding of such Instructions shall be deemed controlling.
The Company and Petrobras understand and agree that the Trustee cannot determine the identity of the actual sender of such Instructions
and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the
incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company and Petrobras shall be responsible
for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company, Petrobras and all Authorized
Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or
authentication keys upon receipt by the Company and/or Petrobras, as applicable. The Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Trustee&rsquo;s reliance upon and compliance with such Instructions notwithstanding
such directions conflict or are inconsistent with a subsequent written instruction. The Company and Petrobras agree: (i)&nbsp;to assume
all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Company and/or Petrobras, as applicable; (iii)&nbsp;that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE TO FOLLOW IMMEDIATELY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the parties have caused this
Fifth Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized as of the day and year first above
written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PETROBRAS GLOBAL FINANCE B.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Guilherme Rajim&eacute; Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Guilherme Rajim&eacute; Takahashi
    Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Jo&atilde;o Lossio Pereira dos Reis</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Jo&atilde;o Lossio Pereira dos
    Reis</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director B</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PETR&Oacute;LEO BRASILEIRO S.A. &ndash;
    PETROBRAS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Guilherme Rajim&eacute; Takahashi Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Guilherme Rajim&eacute; Takahashi
    Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Attorney-in-Fact</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Lucas Tavares de Mello</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Lucas Tavares de Mello</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Attorney-in-Fact</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">WITNESSES:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Isabela de
    Souza Niedzielski Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Isabela de Souza Niedzielski
    Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Renan Feuchard
    Pinto</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Renan Feuchard Pinto</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;&ndash; Fifth Supplemental
Indenture</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">THE BANK OF NEW YORK MELLON, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;/s/ Glenn G. McKeever</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Glenn G. McKeever</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;&ndash; Fifth Supplemental
Indenture</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;of 6.500% Global Note due 2033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 (&ldquo;DTC&rdquo;) 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&nbsp;&amp; CO., OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; 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&nbsp;&amp; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PETROBRAS GLOBAL FINANCE B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6.500% Global Notes due 2033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.: 71647N BK4<BR>
ISIN No.: US71647NBK46</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-left: 0.25in; width: 30%"><FONT STYLE="font-size: 10pt">U.S.$ </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Initial Issuance Date:</FONT></TD>
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">July&nbsp;3, 2023</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">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 &ldquo;<U>Issuer</U>&rdquo;), designated as its 6.500% Global Notes due 2033 (the &ldquo;<U>Notes</U>&rdquo;), issued in an initial
aggregate principal amount of U.S.$1,250,000,000 under the Fifth Supplemental Indenture (the &ldquo;<U>Fifth Supplemental Indenture</U>&rdquo;),
effective as of July&nbsp;3, 2023, by and among the Issuer, Petr&oacute;leo Brasileiro S.A. &ndash; Petrobras, a <I>sociedade de economia
mista</I> (partially state-owned enterprise) organized under the laws of Brazil (&ldquo;<U>Petrobras</U>&rdquo;), and The Bank of New
York Mellon, a New York banking corporation, as Trustee (the &ldquo;<U>Trustee</U>&rdquo;), to the Indenture, dated as of August&nbsp;28,
2018 (the &ldquo;<U>Original Indenture</U>&rdquo;, and as supplemented by the Fifth Supplemental Indenture and any further supplements
thereto with respect to the Notes, the &ldquo;<U>Indenture</U>&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">The Issuer, for value received,
hereby promises to pay to Cede&nbsp;&amp; Co., or its registered assigns, as nominee of The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;),
and as the Holder of record of this Note, the principal amount specified above in U.S. dollars on July&nbsp;3, 2033 (or earlier as provided
for in the Indenture) upon presentation and surrender hereof, at the office or agency of the Trustee referred to below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">As provided for in the Indenture,
the Issuer promises to pay interest on the outstanding principal amount hereof, semi-annually in arrears on January&nbsp;3 and July&nbsp;3
of each year, (each such date, an &ldquo;<U>Interest Payment Date</U>&rdquo;), commencing on January&nbsp;3, 2024 at a rate equal to 6.500%
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">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 6.500% 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Notes are subject to redemption
by the Issuer on the terms and conditions specified in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless the certificate of authentication
hereon has been duly executed by the Trustee by manual or electronic signature, this Note shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS NOTE SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the Issuer
has caused this Note to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PETROBRAS GLOBAL FINANCE B.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Guilherme Rajim&eacute; Takahashi Saraiva</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Guilherme Rajim&eacute; Takahashi
    Saraiva</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director A</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Jo&atilde;o Lossio Pereira dos Reis</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Jo&atilde;o Lossio Pereira dos
    Reis</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Managing Director B</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">WITNESSES:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">1.</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Isabela de Souza Niedzielski Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Isabela de Souza Niedzielski
    Machado Andr&eacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2.</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Renan Feuchard Pinto</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Renan Feuchard Pinto</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Notes of the series designated
therein referred to in the within mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: July&nbsp;3, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Bank of New York Mellon,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Glenn G. McKeever</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Glenn G. McKeever</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ASSIGNMENT FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For value received</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">hereby sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please insert social security or&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">other identifying number of assignee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please print or type name and address,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">including zip code, of assignee:)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 33%; text-align: left"><FONT STYLE="font-size: 10pt">Date:</FONT></TD><TD STYLE="text-align: left; width: 34%"><FONT STYLE="font-size: 10pt">Your Signature:</FONT></TD>
                                                                                           <TD STYLE="text-align: center; width: 33%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">(Sign exactly as your name&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">appears on the face of this Note)</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2320394d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2320394d1_ex5-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 20%">July 3, 2023</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petr&oacute;leo Brasileiro S.A.&mdash; Petrobras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Henrique Valadares, 28 &ndash; 9th floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20231-030 Rio de Janeiro&mdash;RJ</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Petrobras Global Finance B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Weena 798C, 23<SUP>rd</SUP> floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3014 DA Rotterdam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Netherlands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">I am the General Counsel
of Petr&oacute;leo Brasileiro S.A. &mdash; Petrobras (&ldquo;<U>Petrobras</U>&rdquo;), a <I>sociedade de economia mista </I>(partially
state-owned enterprise) organized and existing under the laws of the Federative Republic of Brazil (&ldquo;<U>Brazil</U>&rdquo;). This
opinion is being furnished to you in connection with the guaranty (the &ldquo;<U>Guaranty</U>&rdquo;) dated as of July 3, 2023 for the
U.S.$1,250,000,000 aggregate principal amount of 6.500% Global Notes due 2033 (the &ldquo;<U>Notes</U>&rdquo;) by and between Petrobras,
as the guarantor, and The Bank of New York Mellon, a New York banking corporation, as trustee (the &ldquo;<U>Trustee</U>&rdquo;) under
the indenture dated as of August 28, 2018, by and between Petrobras&rsquo;s wholly-owned subsidiary, Petrobras Global Finance B.V. (&ldquo;<U>PGF</U>&rdquo;),
and the Trustee (the &ldquo;<U>2018 Base Indenture</U>&rdquo;) as supplemented pursuant to the Fifth Supplemental Indenture, dated as
of July 3, 2023 (the &ldquo;<U>Fifth Supplemental Indenture</U>&rdquo; and, together with the 2018 Base Indenture, the &ldquo;<U>Indenture</U>&rdquo;;
the Indenture, together with the Guaranty, the &ldquo;<U>Transaction Documents</U>&rdquo;) by and among PGF, Petrobras and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">For the purpose of rendering
this opinion, I have examined the execution copies or copies certified to my satisfaction of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">the 2018 Base Indenture;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">a form of the Fifth Supplemental Indenture;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">a form of the Guaranty for the Notes;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iv)</TD><TD STYLE="text-align: justify">the <I>Estatuto Social </I>of Petrobras;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">resolutions of the board of directors and board of executive officers of Petrobras authorizing the signing
of each Transaction Document to which Petrobras is a party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(vi)</TD><TD STYLE="text-align: justify">a Secretary&rsquo;s Certificate of Petrobras;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">an Officer&rsquo;s Certificate of Petrobras; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(viii)</TD><TD STYLE="text-align: justify">such other documents, records and matters of law as I have deemed
necessary;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the foregoing
opinions, I have assumed the authenticity of all documents represented to me to be originals, the conformity to original documents of
all copies of documents submitted to me, the accuracy and completeness of all corporate records made available to me and the genuineness
of all signatures that purport to have been made in a corporate, governmental, fiduciary or other capacity, and that the persons who affixed
such signatures had authority to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the foregoing and
subject to the qualifications and limitations hereinafter specified, I am of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Petrobras has been duly incorporated and is validly existing as a <I>sociedade de economia mista</I> (partially
state-owned enterprise) under the laws of Brazil.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Petrobras has all power and authority to enter into and perform its obligations under the Guaranty.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The execution, delivery and performance of the Guaranty have been duly authorized by the board of directors
and board of executive officers of Petrobras.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I express no opinion as to
any matter which may be, or which purports to be, governed by the laws of any jurisdiction other than the laws of Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is limited to
the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby consent to the use
of my name in the prospectus constituting a part of the Registration Statement, and in any prospectus supplements related thereto, under
the heading &ldquo;Legal Matters&rdquo; as counsel who has passed on specific opinions based on Brazilian law relating to the Notes, the
Indenture and the Guaranty, and to the use of this opinion as an exhibit to the Registration Statement. In giving such consent, I do not
thereby admit that I am within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as
amended, or the rules and regulations of the Securities and Exchange Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Marcelo Oliveira Mello</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Marcelo Oliveira Mello</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: General Counsel of Petrobras</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>tm2320394d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><B>Exhibit&nbsp;5</B>.<B>2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 70%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 30%">July&nbsp;3, 2023</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petr&oacute;leo Brasileiro S.A.&mdash;Petrobras</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Av. Henrique Valadares, 28 &ndash; 9th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20231-030 Rio de Janeiro &ndash; RJ</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brazil</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petrobras Global Finance B.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Weena 798C, 23<SUP>rd</SUP> floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3014 DA Rotterdam</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Netherlands</P></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special United States counsel
to Petr&oacute;leo Brasileiro S.A. &ndash; Petrobras, a <I>sociedade de economia mista </I>(partially state-owned enterprise) organized
and existing under the laws of the Federative Republic of Brazil (&ldquo;<U>Petrobras</U>&rdquo;), and Petrobras Global Finance B.V.,
a Dutch private company (&ldquo;<U>PGF</U>&rdquo; and, together with Petrobras, the &ldquo;<U>Companies</U>&rdquo;), in connection with
PGF&rsquo;s offering pursuant to a registration statement on Form&nbsp;F-3 (Nos. 333-261817 and 333-261817-01) of U.S.$1,250,000,000,
aggregate principal amount of PGF&rsquo;s 6.500% Global Notes due 2033 (the &ldquo;<U>Notes</U>&rdquo;). The Notes are to be issued under
an indenture dated as of August&nbsp;28, 2018 between PGF and The Bank of New York Mellon, a New York banking corporation, as trustee
(the &ldquo;<U>Trustee</U>&rdquo;) (the &ldquo;<U>2018 Base Indenture</U>&rdquo;), as supplemented by the fifth supplemental indenture
thereto dated as of July&nbsp;3, 2023 (the &ldquo;<U>Fifth Supplemental Indenture</U>&rdquo; and, together with the 2018 Base Indenture,
the &ldquo;<U>Indenture</U>&rdquo;) among PGF, Petrobras and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Notes will have the benefit of a guaranty dated
as of July&nbsp;3, 2023 (the &ldquo;<U>Guaranty</U>&rdquo; and, together with the Notes, the &ldquo;<U>Securities</U>&rdquo;), in each
case between Petrobras and the Trustee. Such registration statement, as amended as of its most recent effective date (July&nbsp;3, 2023),
insofar as it relates to the Securities (as determined for purposes of Rule&nbsp;430B(f)(2)&nbsp;under the Securities Act of 1933, as
amended (the &ldquo;<U>Securities Act</U>&rdquo;)), but excluding the documents incorporated by reference therein, is herein called the
 &ldquo;<U>Registration Statement</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In arriving at the opinions expressed below, we
have reviewed the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;an executed copy of the 2018 Base Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;a form of the Fifth Supplemental Indenture,
including forms of global certificates representing the Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;a form of the Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2320394d1_ex5-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petr&oacute;leo Brasileiro S.A. &ndash; Petrobras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petrobras Global Finance B.V., p. 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In addition, we have reviewed originals or copies certified or otherwise
identified to our satisfaction of such other documents, and we have made such investigations of law, as we have deemed appropriate as
a basis for the opinions expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In rendering the opinions expressed below, we have
assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted
to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based on the foregoing, and subject to the further
assumptions and qualifications set forth below, it is our opinion that, when the Fifth Supplemental Indenture and the Guaranty have been
duly executed and delivered by PGF and Petrobras, as applicable, in the forms thereof that we have examined, and the Notes have been
duly delivered to and paid for by the purchasers thereof in the manner described in the Registration Statement and executed and authenticated,
in the form thereof that we have examined, in accordance with the terms of the Indenture, the Notes will be valid, binding and enforceable
obligations of PGF, entitled to the benefits of the Indenture, and the Guaranty will be valid, binding and enforceable obligations of
Petrobras.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Insofar as the foregoing opinion relates to the
validity, binding effect or enforceability of any agreement or obligation of PGF or Petrobras, (a)&nbsp;we have assumed that each of
Petrobras and PGF and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to
it to the extent necessary to make such agreement or obligation enforceable against it (except that no such assumption is made as to
Petrobras and PGF regarding matters of the federal law of the United States of America or the law of the State of New York that in our
experience normally would be applicable to general business entities in relation to transactions of the type contemplated in the Indenture
and the Notes), (b)&nbsp;such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights
generally and to general principles of equity, and (c)&nbsp;such opinions are subject to the effect of judicial application of foreign
laws or foreign governmental actions affecting creditors&rsquo; rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We note that the enforceability of the waiver in
Section&nbsp;15 of the Guaranty and Section&nbsp;1.15 of the 2018 Base Indenture by each of Petrobras and PGF, as applicable, of any
immunities from court jurisdiction and from legal process is subject to the limitations imposed by the U.S. Foreign Sovereign Immunities
Act of 1976.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We note that the designation in Section&nbsp;15
of the Guaranty and Section&nbsp;1.15 of the 2018 Base Indenture of any federal court in the Borough of Manhattan, the City of New York,
State of New York, as the venue for actions or proceedings relating to the Guaranty, the Indenture and the Notes, are (notwithstanding
the waiver in Section&nbsp;15 of the Guaranty and Section&nbsp;1.15 of the 2018 Base Indenture) subject to the power of such courts to
transfer actions pursuant to 28 U.S.C. &sect;1404(a)&nbsp;or to dismiss such actions or proceedings on the grounds that such a federal
court is an inconvenient forum for such actions or proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We express no opinion as to the subject matter jurisdiction
of any U.S. federal court to adjudicate any action relating to the Guaranty, the Indenture or the Notes where jurisdiction based on diversity
of citizenship under 28 U.S.C. &sect; 1332 does not exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petr&oacute;leo Brasileiro S.A. &ndash; Petrobras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petrobras Global Finance B.V., p. 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We express no opinion as to the enforceability of
Section&nbsp;14 of the Guaranty and Section&nbsp;10.12 of the 2018 Base Indenture relating to currency indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We note that the waiver of defenses in Sections
3 and 5 of the Guaranty may be ineffective to the extent that any such defense involves a matter of public policy in the State of New
York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinions are limited to the federal
law of the United States of America and the law of the state of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration
Statement under the heading &ldquo;Validity of Securities&rdquo; and in the prospectus supplement related thereto under the heading &ldquo;Legal
Matters&rdquo; as counsel for Petrobras and PGF who have passed on the validity of the Securities being registered by the Registration
Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under
Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder. The opinions expressed herein are
rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations,
as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">CLEARY GOTTLIEB STEEN&nbsp;&amp; HAMILTON LLP</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 47%"> /s/ Francesca L. Odell</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; text-align: left">Francesca L. Odell, a Partner</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>6
<FILENAME>tm2320394d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.3</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATTORNEYS &bull; CIVIL LAW NOTARIES &bull; TAX ADVISERS</FONT></P>
                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">P.O.&nbsp;Box 7113</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1007 JC Amsterdam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beethovenstraat 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1082 PR Amsterdam</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">T +31 20 71 71 000</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                       <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 25%"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="tm2320394d1_ex5-3img001.jpg" ALT=""></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0">Amsterdam, July&nbsp;3, 2023</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Petrobras Global Finance B.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Weena 798C, 23rd floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3014 DA Rotterdam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Netherlands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Petr&oacute;leo Brasileiro S.A.&mdash; Petrobras</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Av. Henrique Valadares, 28, Tower A, 1st floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">20231-030 Rio de Janeiro&mdash;RJ</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Brazil</P></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: bottom; width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amsterdam</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brussels</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">London</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Luxemburg</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rotterdam</P></TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 70%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear addressees:</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter is rendered at your request.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as legal counsel as to Dutch law
    to the Issuer, in connection with the issuance of the Notes.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalised terms used in this opinion letter
    have the meanings set forth in Exhibit&nbsp;A. The headings used in this opinion letter are for convenience of reference only and are
    not to affect its construction or to be taken into consideration in its interpretation.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter may only be relied upon in
    connection with the Supplemental Indenture, the Prospectus Supplement and the Notes. It does not purport to address all matters of Dutch
    law that may be of relevance to you with respect to the Supplemental Indenture, the Prospectus Supplement and the Notes. This opinion
    letter is strictly limited to the matters stated in it and may not be read as extending by implication to any matters not specifically
    referred to in it. Nothing in this opinion letter should be taken as expressing an opinion in respect of any representations or warranties,
    or other information, contained in the Supplemental Indenture, the Prospectus Supplement and the Notes or any other document reviewed
    in connection with this opinion letter, except as expressly confirmed in this opinion letter. Except as set forth herein, its contents
    may not be quoted, otherwise included, summarised or referred to in any publication or document or disclosed to any other party, in whole
    or in part, for any purpose, without our prior written consent.</P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the filing of this opinion as an
    exhibit to the Form&nbsp;6-K filed by the Guarantor with the U.S. Securities and Exchange Commission and incorporated by reference into
    the Prospectus Supplement and to the use of our name under the heading &quot;Legal Matters&quot; in the Prospectus Supplement. The previous
    sentence is no admittance that we are in the category of persons whose consent for the filing and reference in that paragraph is required
    under Section&nbsp;7 of the U.S. Securities Act of 1933, as amended, or any rules&nbsp;or regulations of the U.S. Securities and Exchange
    Commission promulgated under it.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This communication is confidential and may be subject to professional privilege. All legal relationships are subject to NautaDutilh N.V.'s general terms and conditions (see <U>https://www.nautadutilh.com/terms</U>), which apply mutatis mutandis to our relationship with third parties relying on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court and will be provided free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In rendering the opinions expressed in this opinion
letter, we have exclusively reviewed and relied upon pdf copies of the Supplemental Indenture, the Prospectus Supplement, the Notes and
the Corporate Documents and we have assumed the Supplemental Indenture is entered into and the Notes are issued for <I>bona fide</I>
commercial reasons. We have not investigated or verified any factual matter disclosed to us in the course of our review.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have reviewed the Supplemental Indenture,
the Prospectus Supplement and the Notes with a view to Dutch law only and we have not otherwise been involved in the structuring, drafting
or negotiation thereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter sets out our opinion on certain
matters of the laws with general applicability of the Netherlands, and, insofar as they are directly applicable in the Netherlands, of
the European Union, as at today's date and as presently interpreted under published authoritative case law of the Dutch courts, the General
Court and the Court of Justice of the European Union. For purposes of the opinions expressed in paragraph 5 (<I>No Violation of Law</I>)
and paragraph 6 (<I>No Authorisations, Consents or Approvals</I>) we have given regard only to those laws that we, having exercised customary
professional diligence, would reasonably be expected to recognise as being applicable to an entity, transaction or agreement to which
this opinion letter relates. We do not express any opinion on tax law, regulatory law (except for the opinion expressed in paragraph
6 (<I>No Authorisations, Consents or Approvals</I>)), Dutch or European competition law or data protection law. No undertaking is assumed
on our part to revise, update or amend this opinion letter in connection with or to notify or inform you of, any developments and/or
changes of Dutch law subsequent to today's date. We do not purport to opine on the consequences of amendments to the Supplemental Indenture,
the Prospectus Supplement and the Notes subsequent to the date of this opinion letter.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed in this opinion letter
are to be construed and interpreted in accordance with Dutch law. Our willingness to render this opinion letter is based on the condition
that (i)&nbsp;the competent courts at Amsterdam, the Netherlands have exclusive jurisdiction to settle any issues of interpretation or
liability arising out of or in connection with this opinion letter, (ii)&nbsp;any legal relationship arising out of or in connection
with this opinion letter (whether contractual or non-contractual), including the above agreement as jurisdiction, is governed by Dutch
law and (iii)&nbsp;no person other than NautaDutilh may be held liable in connection with this opinion letter.</P>

</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="tm2320394d1_ex5-3img002.jpg" ALT=""><BR> <BR> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this opinion letter, legal concepts are expressed
in English terms. The Dutch legal concepts concerned may not be identical in meaning to the concepts described by the English terms as
they exist under the law of other jurisdictions. In the event of a conflict or inconsistency, the relevant expression shall be deemed
to refer only to the Dutch legal concepts described by the English terms.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this opinion letter, we have
assumed that:</P>

</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">a.</TD><TD STYLE="text-align: justify; width: 65%">each copy of a document conforms to the original,
                                            each original is authentic, and each signature is the genuine signature of the individual
                                            purported to have placed that signature;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">b.</TD><TD STYLE="text-align: justify; width: 65%">if any signature under any document is an electronic
                                            signature (as opposed to a handwritten (&quot;wet ink&quot;) signature) only, the method
                                            used for signing is sufficiently reliable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">c.</TD><TD STYLE="text-align: justify; width: 65%">the Deed of Incorporation is a valid notarial
                                            deed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">d.</TD><TD STYLE="text-align: justify; width: 65%">(i)&nbsp;no regulations (<I>reglementen</I>)
                                            have been adopted by any corporate body of the Issuer and (ii)&nbsp;the Articles of Association
                                            are the Issuer's articles of association currently in force. The Extract supports item (ii)&nbsp;of
                                            this assumption;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">e.</TD><TD STYLE="text-align: justify; width: 65%">the Issuer has not (i)&nbsp;been dissolved (<I>ontbonden</I>), (ii)&nbsp;ceased to exist
                                                         pursuant to a merger (<I>fusie</I>) or a division (<I>splitsing</I>), (iii)&nbsp;been converted (<I>omgezet</I>) into another legal
                                                         form, either national or foreign, (iv)&nbsp;had its assets placed under administration (<I>onder bewind gesteld</I>), (v)&nbsp;been
                                                         declared bankrupt (<I>failliet verklaard</I>), (vi)&nbsp;granted a suspension of payments (<I>surseance van betaling verleend</I>),
                                                         (vii)&nbsp;started or become subject to statutory proceedings for the restructuring of its debts (<I>akkoordprocedure</I>)
                                                         (viii)&nbsp;been subjected to the appointment of an administrator (<I>curator</I>) in respect of any of its bodies or
                                                         representatives on the basis of Article&nbsp;1:76 DFSA, (ix)&nbsp;been subjected to any intervention, recovery or resolution measure
                                                         pursuant to the BRRD, the SRM Regulation or the DFSA, as applicable or (x)&nbsp;been made subject to similar proceedings in any
                                                         jurisdiction or otherwise been limited in its power to dispose of its assets. The Extract and our inquiries of the date of this
                                                         opinion letter with the Insolvency Registers support the items (i)&nbsp;through (vii)&nbsp;(except for any statutory proceedings for
                                                         the restructuring of debts (<I>akkoordprocedure</I>) that have not, or not yet, been filed in the Insolvency Registers) of this
                                                         assumption. However, this information does not constitute conclusive evidence that the events set out in items (i)&nbsp;through
                                                         (vii)&nbsp;have not occurred;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">f.</TD><TD STYLE="text-align: justify; width: 65%">the resolutions recorded in the Resolutions
                                            are in full force and effect, and the factual statements made and the confirmations given
                                            in the Resolutions are complete and correct;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">g.</TD><TD STYLE="text-align: justify; width: 65%">no works council (<I>ondernemingsraad</I>)
                                            has been established or is in the process of being established with respect to the business
                                            of the Issuer. This assumption is supported by the confirmation in this respect as included
                                            in the Resolutions of the management board (<I>bestuur</I>) of the Issuer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">h.</TD><TD STYLE="text-align: justify; width: 65%">under any applicable law (other than, in relation
                                            to the Issuer, Dutch law):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">i.</TD><TD STYLE="text-align: justify; width: 60%">the Supplemental Indenture constitutes
                                            the legal, valid and binding obligations of the persons expressed to be a party thereto,
                                            enforceable against them in accordance with their terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">ii.</TD><TD STYLE="text-align: justify; width: 60%">the choice of law clause in the Supplemental
                                            Indenture constitutes a legal, valid and binding choice of law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">iii.</TD><TD STYLE="text-align: justify; width: 60%">the agreement conferring jurisdiction
                                            in the Supplemental Indenture constitutes a legal, valid and binding agreement conferring
                                            jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">i.</TD><TD STYLE="text-align: justify; width: 65%">the Base Indenture has not been terminated,
                                            recinded, cancelled or nullified and is in full force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">j.</TD><TD STYLE="text-align: justify; width: 65%">the issuance and offer of the Notes and the
                                            distribution of the Prospectus Supplement are made in conformity with the Prospectus Supplement
                                            in particular with the selling restrictions and legal requirements set out therein (including
                                            offering Notes in the European Economic Area only to qualified investors as defined in the
                                            Prospectus Regulation); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">k.</TD><TD STYLE="text-align: justify; width: 65%">each Note will be duly executed, authenticated
                                            and delivered in accordance with the Supplemental Indenture and the Base Indenture.</TD></TR>
                                                                                                                                         </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 70%">Based upon and subject to the foregoing and subject
to the qualifications set forth in this opinion letter and to any matters, documents or events not disclosed to us, we express the following
opinions:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>Incorporation and Corporate Status</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">1.</TD><TD STYLE="text-align: justify; width: 65%">The Issuer has been duly incorporated and
                                            is validly existing as a legal entity in the form of a <I>besloten vennootschap met beperkte
                                            aansprakelijkheid </I>(a private company with limited liability) under Dutch law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>Corporate Power</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">2.</TD><TD STYLE="text-align: justify; width: 65%">The Issuer has the corporate power to enter
                                            into the Supplemental Indenture and has the corporate power to perform its obligations thereunder,
                                            to publish the Prospectus Supplement and to issue the Notes and to perform its obligations
                                            thereunder. The Issuer does not violate any provision of its Articles of Association by entering
                                            into the Supplemental Indenture and does not violate any provision of its Articles of Association
                                            by performing its obligations thereunder, by the publication of the Prospectus Supplement
                                            or the issuance of the Notes and performance of its obligations thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>Corporate Action</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">3.</TD><TD STYLE="text-align: justify; width: 65%">The Issuer has taken all corporate action
                                            required by its Articles of Association and Dutch law in connection with its entering into
                                            the Supplemental Indenture, the publication of the Prospectus Supplement and the issuance
                                            of the Notes and the performance of its obligatons thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>Choice of Law / Enforceability</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">4.</TD><TD STYLE="text-align: justify; width: 65%">The choice of the laws of the State of
                                            New York to govern the obligations of the Issuer under the Supplemental Indenture is recognised
                                            under Dutch law, and accordingly the enforceability of those obligations is determined under
                                            Dutch law by reference to the laws of the State of New York.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>No Violation of Law</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">5.</TD><TD STYLE="text-align: justify; width: 65%">The entering into of the Supplemental Indenture
                                            and the Notes, the publication of the Prospectus Supplement and the issuance of the Notes
                                            by the Issuer and the performance of its obligations thereunder do not in themselves result
                                            in a violation of Dutch law which would affect the enforceability of the Issuer's obligations
                                            thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>No Authorisations, Consents or Approvals</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">6.</TD><TD STYLE="text-align: justify; width: 65%">No authorisation, consent, approval, licence
                                            or order from or notice to or filing with any regulatory or other authority or governmental
                                            body of the Netherlands is or was required by the Issuer in order to allow under Dutch law
                                            its entering into the Supplemental Indenture or the performance of its obligations thereunder,
                                            the publication of the Prospectus Supplement, or the issuance of the Notes or the performance
                                            of its obligations thereunder, the absence of which would affect the enforceability of the
                                            Issuer's obligations thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="width: 5%; text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>Jurisdiction</B></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 5%">7.</TD><TD STYLE="text-align: justify; width: 65%">The agreement conferring jurisdiction in
                                            the Supplemental Indenture to the non-exclusive jurisdiction of any federal court in the
                                            Borough of Manhattan, the City of New York, State of New York are recognised under Dutch
                                            law and will be given effect to by the Dutch courts.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="width: 5%; text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify; width: 65%"><B>No Immunity</B></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 5%">8.</TD><TD STYLE="text-align: justify; width: 65%">The Issuer does not enjoy any right of
                                            immunity from legal proceedings in the Netherlands in relation to the Supplemental Indenture,
                                            it cannot claim immunity from the enforcement of judgments of Dutch courts and its assets
                                            located in the Netherlands do not enjoy immunity from attachment or enforcement in the Netherlands.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 25%"></TD><TD STYLE="width: 5%; text-align: justify"></TD><TD STYLE="text-align: justify; width: 70%">The opinions expressed above are subject to the following qualifications:</TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 7%">A.</TD><TD STYLE="text-align: justify; width: 63%">As Dutch lawyers we are not qualified or
                                            able to assess the true meaning and purport of the terms of the Supplemental Indenture, the
                                            Prospectus Supplement or the Notes under the applicable law and the obligations of the parties
                                            to the Supplemental Indenture, the Prospectus Supplement or the Notes and we have made no
                                            investigation of that meaning and purport. Our review of the Supplemental Indenture, the
                                            Prospectus Supplement or the Notes and of any other documents subject or expressed to be
                                            subject to any law other than Dutch law has therefore been limited to the terms of these
                                            documents as they appear to us on their face.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 7%">B.</TD><TD STYLE="text-align: justify; width: 63%">The opinion expressed in paragraph 1 (<I>Incorporation
                                            and Corporate Status</I>) of this opinion letter must not be read to imply that the Issuer
                                            cannot be dissolved (<I>ontbonden</I>). A company such as the Issuer may be dissolved, <I>inter
                                            alia</I> by the competent court at the request of the company's management board, any interested
                                            party (<I>belanghebbende</I>) or the public prosecution office in certain circumstances,
                                            such as when there are certain defects in the incorporation of the company. Any such dissolution
                                            will not have retro-active effect.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 7%">C.</TD><TD STYLE="text-align: justify; width: 63%">The Extract does not constitute conclusive
                                            evidence of the facts reflected therein.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30%"></TD><TD STYLE="text-align: justify; width: 7%">D.</TD><TD STYLE="text-align: justify; width: 63%">Pursuant to Article&nbsp;2:7 DCC, any transaction
                                            entered into by a legal entity may be nullified by the legal entity itself or its liquidator
                                            in bankruptcy proceedings (<I>curator</I>) if the objects of that entity were transgressed
                                            by the transaction and the other party to the transaction knew or should have known this
                                            without independent investigation (<I>wist of zonder eigen onderzoek moest weten</I>). The
                                            Dutch Supreme Court (<I>Hoge Raad der Nederlanden</I>) has ruled that in determining whether
                                            the objects of a legal entity are transgressed, not only the description of the objects in
                                            that legal entity's articles of association (<I>statuten</I>) is decisive, but all (relevant)
                                            circumstances must be taken into account, in particular whether the interests of the legal
                                            entity were served by the transaction.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">E.</TD><TD STYLE="text-align: justify; width: 63%">Despite any generally recognised choice
                                            of law clause contained in the Supplemental Indenture a court in the Netherlands (a)&nbsp;may
                                            apply overriding mandatory provisions of (i)&nbsp;Dutch law and (ii)&nbsp;the law of the
                                            country where the obligations arising out of the agreement have to be or have been performed,
                                            in so far as those overriding mandatory provisions render the performance of the agreement
                                            unlawful, (b)&nbsp;may refuse application of a provision of the chosen law if application
                                            thereof is manifestly incompatible with the public policy (&quot;<I>ordre public</I>&quot;)
                                            of the Netherlands or the European Union, (c)&nbsp;may, in relation to the manner of performance
                                            of an agreement and the steps to be taken in the event of defective performance, have regard
                                            to the law of the country where performance of the agreement takes place and (d)&nbsp;will
                                            ignore the choice of law clause to the extent it relates to (i)&nbsp;an act of unfair competition
                                            or an act restricting free competition, or<BR>
                                            (ii)&nbsp;infringement of an intellectual property right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">F.</TD><TD STYLE="text-align: justify; width: 63%">The opinions expressed in this opinion
                                            letter may be limited or affected by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">a.</TD><TD STYLE="text-align: justify; width: 60%">rules&nbsp;relating to Insolvency Proceedings
                                            or similar proceedings under a foreign law and other rules&nbsp;affecting creditors' rights
                                            generally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">b.</TD><TD STYLE="text-align: justify; width: 60%">the provisions of fraudulent preference
                                            and fraudulent conveyance (<I>Actio Pauliana</I>) and similar rights available in other jurisdictions
                                            to insolvency practitioners and insolvency office holders in bankruptcy proceedings or creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">c.</TD><TD STYLE="text-align: justify; width: 60%">claims based on tort (<I>onrechtmatige
                                            daad</I>);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">d.</TD><TD STYLE="text-align: justify; width: 60%">sanctions and measures, including but not
                                            limited to those concerning export control, pursuant to European Union regulations, under
                                            the Sanctions Act 1977 (<I>Sanctiewet 1977</I>) or other legislation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">e.</TD><TD STYLE="text-align: justify; width: 60%">the Anti-Boycott Regulation, Anti Money
                                            Laundering Laws and related legislation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35%"></TD><TD STYLE="width: 5%">f.</TD><TD STYLE="text-align: justify; width: 60%">any intervention, recovery or resolution
                                            measure by any regulatory or other authority or governmental body in relation to financial
                                            enterprises or their affiliated entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">G.</TD><TD STYLE="text-align: justify; width: 63%">An agreement conferring jurisdiction may
                                            be ignored pursuant to the Recast Enforcement Regulation, the Lugano II Convention, any instrument
                                            or national legislation referred to in Article&nbsp;67 of the Recast Enforcement Regulation
                                            or the Lugano II Convention, or limited exceptions contained in the DCCP.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">H.</TD><TD STYLE="text-align: justify; width: 63%">The attachment of or enforcement against
                                            assets located in the Netherlands is subject to limited restrictions, including that assets
                                            located in the Netherlands that are destined for the public service (<I>goederen bestemd
                                            voor de openbare dienst</I>) and the books and records of a company may not be attached whether
                                            by pre-judgment attachment or attachment for the purpose of a foreclosure sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">I.</TD><TD STYLE="text-align: justify; width: 63%">As a matter of EU law, it cannot be excluded
                                            that, notwithstanding an agreement conferring jurisdiction exclusively on the New York Courts
                                            in the Supplemental Indenture or the Prospectus Supplement, a Dutch court (or any other court
                                            in an EU member state or a state party to the Lugano II Convention) is bound to accept jurisdiction
                                            over claims instituted against a party to the Supplemental Indenture or the Prospectus Supplement
                                            if such party is domiciled in the Netherlands (or such other EU member state or state party
                                            to the Lugano II Convention).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">J.</TD><TD STYLE="text-align: justify; width: 63%">The Rome I Regulation does not apply to
                                            obligations arising under the Notes to the extent that (i)&nbsp;these obligations arise out
                                            of the negotiable character of the Notes or, (ii)&nbsp;the Notes constitute a &quot;promissory
                                            note&quot;, &quot;bill of exchange&quot; or &quot;cheque&quot; within the meaning of the
                                            1930 Convention on the Settlement of Certain Conflicts of Laws in Connection with Bills of
                                            Exchange and Promissory Notes or the 1931 Convention on the Settlement of Certain Conflicts
                                            of Laws in Connection with Cheques. Consequently we do not express an opinion regarding the
                                            choice of law with respect to obligations arising under the Notes to the extent that (i)&nbsp;these
                                            obligations arise out of the negotiable character of the Notes and/or, (ii)&nbsp;the Notes
                                            qualify as a promissory note, bill of exchange or cheque within the meaning of the respective
                                            conventions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 7%">K.</TD><TD STYLE="text-align: justify; width: 63%">With respect to any trust to be created
                                            under the Supplemental Indenture pursuant to which the Issuer shall hold monies or other
                                            assets on trust, it should be noted that any assets held by the Issuer pursuant to any such
                                            provision may form part of the Issuer's estate and therefore be subject to recourse by any
                                            creditor of the Issuer. However, the Netherlands have ratified the Hague Convention on the
                                            Law Applicable to Trusts and their Recognition of 1985 (the &quot;<B>Hague Trust Convention</B>&quot;)
                                            and consequently, if a trust purported to be created under the Supplemental Indenture has
                                            the characteristics of a trust under the Hague Trust Convention, the recognition of that
                                            trust by the courts of the Netherlands will be subject to the requirements and limitations
                                            of the Hague Trust Convention.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 30%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely yours,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ NautaDutilh N.V.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NautaDutilh N.V.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 70%"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;A</B></FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>LIST OF DEFINITIONS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Anti-Boycott Regulation</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-left: 5.4pt; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Council Regulation (EC) No 2271/96 of 22
                                                                      November&nbsp;1996 on protecting against the effects of the extra-territorial application of legislation adopted by a third country,
                                                                      and actions based thereon or resulting therefrom</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Anti Money Laundering Laws</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the European Anti-Money Laundering Directives,
    as implemented in the Netherlands in the Money Laundering and Terrorist Financing Prevention Act (<I>Wet ter voorkoming van witwassen
    en financieren van terrorisme</I>) and the Dutch Criminal Code (<I>Wetboek van Strafrecht</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Articles of Association</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Issuer's articles of association as they
    read after the execution of a deed of amendment dated November&nbsp;2, 2021, which, according to the relevant Extract was the last
    amendment to the Issuer&rsquo;s articles of association</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Bankruptcy Code</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Dutch Bankruptcy Code (<I>Faillissementswet</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Base Indenture</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the base indenture dated August&nbsp;28,
    2018, among the Issuer and The Bank of New York Mellon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>BRRD</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directive
2014/59/EU of the European Parliament and of the Council of May&nbsp;15, 2014 establishing a framework for the recovery and resolution
of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC,
2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European
Parliament and of the Council, as transposed into Dutch law, and the rules&nbsp;and regulations promulgated pursuant thereto</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Commercial Register</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Dutch Commercial Register (<I>handelsregister</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Corporate Documents</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the documents listed in Exhibit&nbsp;B</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>DCC</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Dutch Civil Code (<I>Burgerlijk Wetboek</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>DCCP</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Dutch Code of Civil Procedure (<I>Wetboek
    van Burgerlijke Rechtsvordering</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Deed of Incorporation</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the deed of incorporation (<I>akte van oprichting</I>)
    of the Issuer, dated August&nbsp;2, 2012</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>DFSA</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Dutch Financial Supervision Act (<I>Wet
    op het financieel toezicht</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>eIDAS Regulation</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulation (EU) No 910/2014 of the European
    Parliament and of the Council of 23 July&nbsp;2014 on electronic identification and trust services for electronic transactions in
    the internal market and repealing Directive 1999/93/EC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Exhibit</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">an exhibit to this opinion letter</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Extract</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a pdf copy of an extract from the Commercial
    Register, received by us by email and dated the date of this opinion letter with respect to the Issuer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Guarantor</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Petr&oacute;leo Brasileiro S.A.&mdash; Petrobras</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Insolvency Proceedings</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">any
insolvency proceedings within the meaning of Regulation (EU) 2015/848 of the European Parliament and of the Council of May&nbsp;20, 2015
on insolvency proceedings (recast) , as amended by Regulation (EU) 2021/2260 of the European Parliament and of the Counsel of 15 December&nbsp;2021,
listed in Annex A thereto, any statutory proceedings for the restructuring of debts (<I>akkoordprocedure</I>) pursuant to the Bankruptcy
Code, and the appointment of an administrator (<I>curator</I>) in respect of any bodies or representatives on the basis of Article&nbsp;1:76
DFSA and any intervention, recovery or resolution measure on the basis of the BRRD, the SRM Regulation or the DFSA</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Insolvency Registers</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the online central insolvency register (<I>Centraal
    Insolventie Register</I>) and the online EU Insolvency Register (<I>Centraal Insolventie Register-EU Registraties</I>) held by the
    Council for the Administration of Justice (<I>Raad voor de Rechtspraak</I>) and the online Register of Decisions in a WHOA Procedure
    (<I>Register uitspraken in een WHOA-procedure</I>) held by the Council for the Administration of Justice (<I>Raad voor de Rechtspraak</I>)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Issuer</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify">Petrobras Global Finance
    B.V.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Lugano II Convention</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Convention of October&nbsp;30, 2007 on
    Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>NautaDutilh</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NautaDutilh N.V.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>the Netherlands</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the European territory of the Kingdom of
    the Netherlands</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Notes</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the U.S.$ 1,250,000,000 6.500% Global Notes
    Due 2033 issued by the Issuer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&quot;<B>Prospectus Regulation</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulation (EU) 2017/1129 of the European
    Parliament and of the Council of June&nbsp;14, 2017 on the prospectus to be published when securities are offered to the public or
    admitted to trading on a regulated market, and repealing Directive 2003/71/EC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&quot;<B>Prospectus Supplement</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the preliminary
prospectus supplement and the final prospectus supplement in relation to the Notes, in each case dated June&nbsp;26, 2023, supplementing
the prospectus forming part of the Registration Statement</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Recast Enforcement Regulation</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the Regulation (EU) No.&nbsp;1215/2012 of
    the European Parliament and of the Council of December&nbsp;12, 2012 on jurisdiction and the recognition and enforcement of judgments
    in civil and commercial matters (recast) and the rules&nbsp;and regulations promulgated pursuant thereto</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Registration Statement</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the registration statement of the Issuer
    and the Guarantor as registrants on form F-3 under the Securities Act of 1933 of the United States, dated December&nbsp;21, 2021</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Resolutions</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the document containing the resolutions of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify; text-indent: -0.25in">(i)&#8239;&#8239;&#8239;&#8239;the
    management board of the Issuer dated June&nbsp;20, 2023; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify; text-indent: -0.25in">(ii)&#8239;&#8239;&#8239;the
    Company&rsquo;s sole shareholder dated June&nbsp;20, 2023</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&quot;<B>Rome I Regulation</B>&quot;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulation (EC) No 593/2008 of the European
    Parliament and of the Council of June&nbsp;17, 2008 on the law applicable to contractual obligations (Rome I)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>SRM Regulation</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulation (EU) No 806/2014 of the European
    Parliament and of the Council of July&nbsp;15, 2014 establishing uniform rules&nbsp;and a uniform procedure for the resolution of
    credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and
    amending Regulation (EU) No 1093/2010, and the rules&nbsp;and regulations promulgated pursuant thereto</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&quot;<B>Supplemental Indenture</B>&quot;</TD>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt; text-align: justify">a fifth supplemental indenture
    dated July&nbsp;3, 2023 among the Issuer, the Guarantor and The Bank of New York Mellon, supplementing the Base Indenture and governing
    the Notes</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="tm2320394d1_ex5-3img002.jpg" ALT=""><BR> <BR> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left"></TD><TD STYLE="text-align: justify; width: 70%"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT&nbsp;B</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 5%; text-align: left"></TD><TD STYLE="text-align: justify; width: 70%"><FONT STYLE="text-transform: uppercase"><B>LIST OF CORPORATE
DOCUMENTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">1.</TD><TD STYLE="text-align: justify; width: 65%">the Deed of Incorporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">2.</TD><TD STYLE="text-align: justify; width: 65%">the Articles of Association;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">3.</TD><TD STYLE="text-align: justify; width: 65%">the Extract; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30%"></TD><TD STYLE="width: 5%">4.</TD><TD STYLE="text-align: justify; width: 65%">the Resolutions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
