In re Petrobras Securities Litigation

The District Court directed that the Notice be mailed to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired the Petrobras Securities during the Class Period.

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The complaint alleges violations of Sections 10 (b) and 20 (a) of the Exchange Act and Sections 11, 12(a)(2), and 15 of the Securities Act. The complaint alleged that defendants made materially false and misleading statements throughout the Class Period about, among other things, the value of Petrobras's assets, the amounts of Petrobras's periodic expenses and net income, whether Petrobras suffered from material weakness in its disclosure controls and procedures and internal controls over financial reporting, and Petrobras's statement that it operates with integrity.

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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:

In re Petrobras Securities Litigation c/o GCG PO Box 10280 Dublin, OH 43017-5780

You may also update your address online at www.petrobrassecuritieslitigation.com, by clicking "Update Your Address."

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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.

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For purposes of the Settlements, "Covered Transaction" means any transaction that satisfies any of the following criteria:

(i) any transaction in a Petrobras Security listed for trading on the New York Stock Exchange ("NYSE");

(ii) any transaction in a Petrobras Security that cleared or settled through the Depository Trust Company's book-entry system; or

(iii) any transaction in a Petrobras Security to which the United States securities laws apply, including as applicable pursuant to the Supreme Court's decision in Morrison v. National Australia Bank, 561 U.S. 247 (2010).

Excluded from the definition of Covered Transaction are purchases of any Petrobras Security on the BOVESPA.

Exhibit W of the Notice lists the Petrobras Securities that satisfy criteria (i) and (ii).

Exhibit X of the Notice contains a full list of Petrobras Securities that are eligible to satisfy criterion (iii) if they were purchased in a transaction to which the United States securities laws apply.

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To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Proof of Claim with adequate supporting documentation.

The deadline for submitting timely Proofs of Claim expired on June 9, 2018.

Please note that per the Court’s July 12, 2019 Order, the Court will accept all late claims received through January 31, 2019; all claims received after January 31, 2019 are null and void.

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The deadline to object has passed. Your objection must have been received no later than May 11, 2018.

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To exclude yourself from the Settlement, you must have mailed your Request for Exclusion form so that it was received no later than April 27, 2018 to be deemed as a valid request, unless the District Court determines otherwise.

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If you do nothing, you will be included in the Settlement Class, but without submitting a valid and timely Proof of Claim Form, you will not be eligible to receive payment and will be bound by the terms of the Settlement. You are advised to review the Stipulation of Settlement which contains all the terms of the Settlement.

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You object to the Settlement when you wish to remain a Class Member, but object to the Settlement or 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. 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.

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If you submitted a timely and valid request for exclusion, you will not be bound by the Settlement, and you will not be eligible to receive any payment out of the Net Settlement Fund. You should note that pursuant to the recent U.S. Supreme Court decision in California Public Employees Retirement System v. ANZ Securities, Inc., 137 S. Ct. 811 (2017), if you exclude yourself from the Settlement Class, certain claims you may have against Defendants relating to your purchases of Petrobras securities, including debt securities issued by PifCo and/or PGF, during the Class Period may be time-barred and you may be unable to recover on those claims.

The deadline to exclude yourself was April 27, 2018. The list of timely and valid exclusion requests as entered by the Court is available here.

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Yes. If you requested exclusion is response to the previously mailed Notice of Pendency of Class Action dated May 9, 2016, you are included in this Settlement, and you must have requested exclusion again pursuant to this Notice if you did not want to be included in the Settlement Class.

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A Request for Exclusion Form should have been included in the Claim packet that was mailed to you. Please know, the deadline to exclude yourself was April 27, 2018.

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A Settlement Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s Recognized Claim (as defined in the Plan of Allocation) as compared to the total Recognized Claims of all Settlement Class Members who submit valid Proofs of Claim.

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A Settlement Class Member's actual recovery will be a proportion of the Net Settlement Fund determined by that claimant's Recognized Claim (as defined in the Plan of Allocation) as compared to the total Recognized Claims of all Settlement Class Members who submit valid Proofs of Claim.

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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.

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To be eligible to receive a payment, you must have timely completed and returned the Proof of Claim that accompanied the Notice and submitted it online at www.petrobrassecuritieslitigation.com no later than June 9, 2018 or mailed it postmarked no later than June 9, 2018.

Please note that per the Court’s July 12, 2019 Order, the Court will accept all late claims received through January 31, 2019; all claims received after January 31, 2019 are null and void.

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The initial distribution for the In re Petrobras Securities Litigation commenced on October 28, 2019 to eligible claimants who filed a valid claim form.

Payments were made to Authorized Claimants who were eligible to receive an award of at least $10.00. Pursuant to the Court-approved Distribution Plan, Authorized Claimants whose distribution amounts were less than the $10.00 Minimum Distribution Amount will did not receive a payment in the distribution.

In accordance with the 9/24/19 Distribution Order, the distribution of the reserve (to those Authorized Claimants whose Distribution Amounts calculated to $500.00 or more) commenced on 2/25/2020.

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On June 22, 2018, the Court held the Settlement Hearing. The motion of Class Plaintiffs for certification of the Settlement Class and for final approval of the Settlement Agreement and Plan of Allocation was granted.

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Class Counsel are the attorneys representing the class. You can contact them by mail at:

Pomerantz LLP Jeremy A. Lieberman, Esq. 600 Third Ave. 20th Floor New York, NY 10016 (212) 661-1100 (888) 476-6529 settlement@pomlaw.com

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You will not be personally responsible for Class Counsel's attorneys' fees or costs. The District Court has determined the award of attorneys' fees and reimbursement of expenses, which will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.

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No, you did not have to attend the Settlement Hearing. The District Court considered all submissions, even if a Settlement Class Member did not attend the hearing.

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The Fairness Hearing was held on June 4, 2018.

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The District Court defined the Settlement Class as anyone who:

(i) during the time Period between January 22, 2010 and July 28, 2015, inclusive purchased or otherwise acquired Petrobras Securities, including debt securities issued by PifCo and/or PGF, on the New York Stock Exchange or pursuant to other Covered Transactions; and/or

(ii) purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in Covered Transactions, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or a March 10, 2014 public offering registered in the United States before Petrobras made generally available to its security holders an earnings statement covering a period of at least twelve months beginning after the effective date of the offerings (August 11, 2014 in the case of the May 13, 2013 public offering and May 15, 2015 in the case of the March 10, 2014 public offering).

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Excluded from both the Exchange Act Class and the Securities Act Class are:

• Defendants,
• current or former officers and directors of Petrobras, members of their immediate families and their legal representatives, heirs, successors or assigns,
• any entity in which Defendants have or had a controlling interest, and
• any Persons who have been or subsequently are the subject of a final judgment of conviction convicting them of a criminal or civil offense related to corruption under the laws of Brazil, under the United States Code, arising out of or relating to conduct related to the allegations asserted in the Action not including "Investment Vehicles" meaning any investment company, pooled investment fund, or separately managed account in which any Underwriter Defendant or any of its affiliates has or may have a direct or indirect interest or as to which any Underwriter Defendant or any of its affiliates may act as an investment advisor, general partner, managing member or in other similar capacity.

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• Petrobras Common ADS (Ticker symbol: PBR)
• Petrobras Preferred ADS (Ticker Symbol: PBR/A)
• Multiple Notes

A list of securities eligible to qualify as Petrobras Securities can be found in Exhibit X to the Notice, which you can view online at www.petrobrassecuritieslitigation.com.

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The class period is from January 22, 2010 through July 28, 2015, inclusive.

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You will need three pieces of documentation for each gifted or otherwise transferred share transaction within the Class Period:

The broker's statement or trade confirmation slip showing securities that were purchased, including purchase details requested on the Proof of Claim Form;

The broker's statement showing those securities being transferred from this account; and

The broker's statement showing those shares being transferred into the new account.

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If you received a Notice on behalf of a deceased class member and wish to receive a settlement benefit on their behalf, please provide documentation supporting the class member's deceased status as well as beneficiary or estate documentation to identify the beneficiaries of the deceased claimant.

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The deadline to submit a timely Proof of Claim Form was June 9, 2018.

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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 shares held at the beginning or end of the class period, but they are not evidence for when and how much the shares 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.

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You should enter the account number from your broker statements and/or confirmation slips in which you made transactions in Petrobras Securities.

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A claim can still be filed if a claimant does not have an SSN/TIN. If no SSN/TIN is available, this field may be omitted.

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No. Claimants are given one claim and control number per claim.

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The filing deadline has passed, and we are now in the Distribution phase of this matter which includes distributing payments to eligible Class Members who submitted a valid and timely claim form.

Note that the initial distribution commenced on 10/28/2019. The final distribution commenced on 2/25/2020.

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Individuals with deficient claims were notified by mail starting in 2018. At that time individuals with deficient claims were provided instruction on how to fix or otherwise correct their claim and the time frame to do so. Although the initial distribution commenced on October 28, 2019 you may still submit additional documentation which may be considered for future distributions; please note that there is no guarantee that late adjustments will be accepted.

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The letter that was sent to you provided a response due date. Although the initial distribution commenced on October 28, 2019 you may still submit additional documentation which may be considered for future distributions; please note that there is no guarantee that late adjustments will be accepted.

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Please refer to the deficiency letter that was mailed to you. If you still have questions, you may call us at 1-855-907-3218 or email us at info@petrobrassecuritieslitigation.com. Please note that although the initial distribution commenced on October 28, 2019 you may still submit additional documentation which may be considered for future distributions; please note that there is no guarantee that late adjustments will be accepted.

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