The National Agency of Petroleum, Natural Gas and Biofuels ("ANP”)’s Board of Directors approved on January 7, 2015 the minutes of a new resolution that modifies the procedures to be adopted in the bidding rounds for the concession of exploration and production of oil and gas activities under the concession regime.

ANP published on the Federal Official Gazette of January 8, 2015 the Notice of Public Hearing and Consultation No. 1/2015 (“Notice”) by which ANP informs that a Public Hearing concerning the new resolution shall take place on February 5, 2015, starting at 9:00AM, in the ANP’s auditorium at Rio Branco Av., 65, 13th floor, Centro, Rio de Janeiro - RJ.

The Public Hearing will be preceded by a Public Consultation that shall start on January 9, 2015 and last for 20 days, as reported by the Notice. The new resolution will revoke the current ANP Resolution No. 27 of June 2, 2011.

All information related to the minutes of the new resolution, as of the Public Hearing and Consultation, can be found on the following website: http://www.brasil-rounds.gov.br/index_e.asp