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|1.||Why did I get this Notice?|
The Notice is being sent to you pursuant to an order of the United States District Court for the Southern District of New York (the “Court” or “District Court”) because you or someone in your family may have purchased or otherwise acquired a legal or beneficial ownership interest in Braskem American Depositary Receipts (“ADRs”).
The Court has directed us to send you the Notice because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement of this case. Additionally, you have the right to understand how a class action lawsuit may generally affect your legal rights.
|2.||What are the allegations in this Settlement?|
The Settlement resolves class action litigation over whether Braskem, and certain of Braskem’s executives, made materially false and misleading statements and omissions to investors concerning, among other things, an alleged bribery scheme affecting the price at which Braskem purchased naphtha from Petroleo Brasileiro S.A.
|3.||How can I update my address?|
All requests to update your information must be received in writing. Please send a letter including your full name, current and former mailing address with the specific request to update your mailing address to:
BRASKEM, S.A., SECURITIES SETTLEMENT c/o GCG PO Box 10495 Dublin, Ohio 43017-4095
Or emailed to firstname.lastname@example.org
|4.||Why did I receive more than one notice?|
You may have received multiple Notices for different reasons:
Your name and account title may have been provided to us from more than one broker, nominee or other financial institution. So, if your eligible securities are all held in one account then you may disregard the duplicative notices.
If your eligible securities are held in multiple types of accounts like an IRA, individual investor, trust account or joint account, then a notice may correspond to each of those accounts.
|5.||What is an ADR?|
ADR is short for American Depositary Receipts.
|6.||How do I participate in the Settlement?|
If you wish to obtain a payment as a member of the Settlement Class, you will need to file a Proof of Claim Form which must be postmarked no later than January 16, 2018.
Please retain all records of your ownership of, or transactions in, Braskem ADRs during the Class Period, as they may be needed to document your claim. Do not submit original documentation with your Proof of Claim Form—submit copies only—because materials submitted will not be returned.
|7.||How do I object to the Settlement?|
Objections must be submitted in writing. You must file any written objection, together with copies of all other supporting papers and briefs, with the Clerk’s Office at the United States District Court for the Southern District of New York on or before January 31, 2018. You must also serve the papers on Lead Counsel for the Settlement Class and Defendants’ Counsel so that the papers are received on or before February 7, 2018.
U.S. District Court for the
Southern District of New York
500 Pearl St
New York, NY 10007
Lead Counsel for
Cohen Milstein Sellers
& Toll PLLC
Steven J. Toll
1100 New York Ave. N.W.
Washington, D.C. 20005
Covington & Burling LLP
Mark P. Gimbel
The NY Times Building
620 8th Ave
New York, NY 10018
To object, you must send a letter, brief or other writing saying that you object to the Settlement in ‘In re Braskem, S.A., Securities Litigation, Case No. 15-CV-5132-PAE’ explaining in detail the basis for your objection or objections.
Be sure to include your name, address, telephone number, your signature, the quantity of Braskem ADRs that you purchased or acquired from July 15, 2010 through March 11, 2015, both dates inclusive, the dates of these purchases and sales, and copies of documents (such as brokerage statements) sufficient to show that you are a member of the Settlement Class.
Persons or entities who intend to object to the Settlement, the Plan of Allocation and/or to Lead Counsel’s application for an award of attorneys’ fees and reimbursement of Litigation Expenses must include a list of cases in which you or your counsel have appeared as settlement objectors or counsel for objectors in the preceding five years.
If you wish to be heard orally at the Final Approval Hearing in opposition to the approval of the Settlement, the Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you have filed and served a timely written objection, you also must notify counsel on or before February 7, 2018, concerning your intention to appear.
Persons or entities who intend to object and desire to present evidence at the Final Approval Hearing must include in their written objections the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing.
|8.||How do I exclude myself from the Settlement?|
To exclude yourself from the Settlement you must submit a written request for exclusion from the Settlement Class, addressed to:
Braskem, S.A. Securities Settlement c/o GCG P.O. Box 10495 Dublin, Ohio 43017-4095.
The exclusion request must be received by no later than January 22, 2018.
Each request for exclusion must clearly indicate the name, address and telephone number of the person or entity seeking exclusion, that the sender requests to be excluded from the Settlement Class in In re Braskem, S.A., Securities Litigation, Case No. 15-CV-5132-PAE (S.D.N.Y.), and must be signed by such person or entity.
Such persons or entities requesting exclusion are also required to provide the following information:
|9.||What happens if I do nothing?|
If you do nothing you will receive no payment. However you will remain a Settlement Class Member, give up your rights to seek recovery against the Defendants and the other Released Parties through other litigation and be bound by the Judgment entered by the Court if it approves the Settlement, including the release of the Released Claims.
|10.||What is the difference between opting out and objecting?|
You object to the Settlement when you wish to remain a Class Member and be subject to the Settlement, but disagree with some aspect of the Settlement. An objection allows your views to be heard in Court however an objection still allows you to participate in the Settlement.
In contrast, excluding yourself from the proposed Settlement means that you are no longer part of the proposed Settlement and don’t want the Settlement to apply to you even if the Court finally approves it. Once excluded from the proposed Settlement, you lose any right to receive a cash payment from the Settlement or to object to any aspect of the Settlement because the case no longer affects you.
|11.||How much will my payment be?|
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement. Calculations of recognized loss amounts will be conducted according to the Court approved Plan of Allocation, which was included with the Notice.
|12.||What is the estimated amount of recovery per ADR?|
Your recovery will depend on the number of Braskem ADRs that you purchased or acquired during the Class Period, the price(s) at which those ADRs were purchased or acquired, the timing of your purchases or acquisitions, and any sales.
Depending on the number of eligible ADRs that participate in the Settlement, and when and at what price those ADRs were purchased or acquired and sold, the estimated average recovery per ADR will be approximately $0.65 before deduction of Court-approved fees and expenses and any other awards or payments.
|13.||What tax implications will I have if I receive a payment?|
The tax implications and reporting of the payments made to authorized claimants vary between individuals and account types, and we are not able to assist or advise, as this would constitute giving legal advice. Please consult a tax professional for questions about tax implications and reporting.
|14.||How can I get a payment?|
The only way to be considered for a payment from the Settlement is to file a Proof of Claim Form, which must be postmarked no later than January 16, 2018. The Net Settlement Fund will only be distributed to Authorized Claimants who timely submit acceptable Proof of Claims under the Plan of Allocation described in the Notice, or as otherwise ordered by the Court.
|15.||When and where will the Court decide whether or not to approve the Settlement?|
The Final Approval Hearing will be held on February 21, 2018 at 10:00 A.M., before the Honorable Paul A. Engelmayer at the United States District Court for the Southern District of New York, 40 Foley Square, Courtroom 706, New York, New York 10007.
|16.||Who is Lead Counsel?|
Class members will be represented by Lead Counsel, COHEN MILSTEIN SELLERS & TOLL PLLC.
|17.||How will Lead Counsel be paid?|
You will not be personally responsible for Lead Counsel’s attorneys’ fees or costs. Lead Counsel has agreed to represent the Class on a contingent fee basis, which means that they will be awarded fees and costs only if they succeed in obtaining a recovery from one or more Defendants. Any attorneys’ fees for Lead Counsel will be awarded by the Court, if there is a settlement or judgment acquired on behalf of the Class.
|18.||Do I have to come to the hearing?|
No, however you are welcome to attend at your own expense.
|19.||Can I speak at the hearing?|
If you wish to be heard orally at the Final Approval Hearing you must notify counsel on or before February 7, 2018, concerning your intention to appear.
COHEN MILSTEIN SELLERS & TOLL PLLC Steven J. Toll 1100 New York Ave. N.W. Suite 500 Washington, D.C. 20005
COVINGTON & BURLING LLP Mark P. Gimbel The New York Times Building 620 Eighth Avenue New York, NY 10018
|20.||How do I know if I am affected by the Settlement?|
The Settlement Class consists of all persons or entities who purchased or otherwise acquired a legal or beneficial ownership interest in Braskem ADRs between July 15, 2010 and March 11, 2015, inclusive.
|21.||Who is excluded from the class?|
Excluded from the Settlement Class are: (1) Defendants and members of the immediate family of any Defendant; (2) any entity in which any Defendant has, or had during the Settlement Class Period, a controlling interest; (3) the officers and directors of Braskem during the Settlement Class Period; and (4) the legal representatives, agents, executors, heirs, successors, or assigns of any of the foregoing excluded persons or entities who assert an interest in Braskem ADRs through or on behalf of any such excluded persons or entities. Also excluded from the Settlement Class are any putative Settlement Class Members who exclude themselves by filing a request for exclusion in accordance with the requirements set forth in the Notice.
|22.||What are the eligible CUSIPs/Ticker symbol?|
|23.||What is the class period?|
The class period is from July 15, 2010 through March 11, 2015, both dates inclusive.
|24.||I had ADRs that were transferred from one account to another or that were gifted to me, what documentation do I need to provide?|
You will need the following pieces of documentation for each gifted or otherwise transferred ADR transaction during the purchase and sales period:
|25.||I received a Notice on behalf of a deceased individual. Can I file a claim?|
If you received a notice on behalf of a deceased Settlement Class Member, and believe you are entitled to act on the deceased’s behalf, please submit a completed Proof of Claim Form, along with a copy of the death certificate and documentation which supports your right to act on behalf of the deceased or to accept funds on behalf of the estate. Acceptable documentation includes but is not limited to Probate Order, Last Will and Testament, an Order appointing you as the Administrator or Executor of the Estate and a Small Estate Affidavit.
|26.||What if I held ADRs as a broker or nominee for a Beneficial Owner?|
If you purchased or otherwise acquired Braskem ADRs for the beneficial interest of a person or organization other than yourself, you must either
If you choose the second option, the Claims Administrator will send a copy of the Notice and the Proof of Claim Form to each beneficial owner whose name and address you provide.
|27.||When is the Claim Form Deadline?|
To be considered timely Claim Forms must be postmarked no later than January 16, 2018.
|28.||What are acceptable forms of supporting documentation?|
Acceptable supporting documentation includes trade confirmations, official monthly, quarterly or year-end broker statements or other account statements to verify purchases, sales or beginning or ending holdings. Include documentation to support each transaction. Stock certificates may be used to support the amount of ADRs held at the end of the class period, but they are not evidence for when and how much the ADRs were purchased.
If you no longer have the supporting documentation you should consult with your broker or financial advisor, who may be able to obtain the documents for you. In the case that you cannot locate your supporting documentation, you can ask your broker to write a letter on letterhead detailing purchases, sales and beginning and ending holdings.
We recommend that you file your claim to the best of your ability, as accurately as possible. Ultimately, however, you may be required to provide independent supporting documentation to verify your claim.