PBR - Off the Call: Special Dividends Ruled Out

研报英文原文证据摘录

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.

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

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