RATING ACTIONS

ARC Ratings, S.A (ARC Ratings) has assigned the final public “B+” issuer medium and long-term rating, with a Stable outllok, to Great Capital S.à r.L (Great Capital), based on the Group’s relevant oil resources and the opportunity to realize a challenging investment plan that, combined with Group’s management capacity and track record, the hedging policy for oil price and favourable policies for investing, will boost the Group’s cash generation. These are balanced with the high leveraged financing policy, the investment risk and the concentration of the Group’s operation in Brazil.