PBR - Off the Call: Special Dividends Ruled Out

Research evidence excerpt

PBR - Off the Call: Special Dividends Ruled Out

Petroleo Brasileiro SA (PBR PBR/A)

Equity Research

May 12, 2026

Registration of non-US analysts: Alejandro Anibal Demichelis is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified

as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to

the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

Registration of non-US analysts: Pedro Baptista is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research

analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA

Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

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as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published May 12, 2026 14:48 P.M.

Recommendation Distributed May 12, 2026 14:48 P.M.

Company Specific Disclosures