Solaron warns of major governance failings 18 months before company �ned for anti-trust practices

OGX Petróleo e Gás Participações S.A.

OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A.

OGX is a Brazilian publicly listed oil and gas company and was Brazil’s second largest oil company by market value.

During 2013 OGX was the subject of multiple anti-trust investigations and fined by Brazilian regulators for gun-jumping. OGX filed for bankruptcy protection in October 2013.

In January 2012 Solaron’s research revealed significant governance risks at OGX, including:

• Misleading investors.• Evidence of corruption and access to privileged information.• Evidence of bribery and undue government influence to win contracts.

January 2012 Solaron research indicates significant governance risks.

June 2012 OGX share value drops 45% due to missed guidance targets.

July 2013 OGX subject of multiple anti-trust investigations and fined BRL 3m.

September 2013 OGX’s share value has dropped 95% since October 2010.

October 2013 OGX files for bankruptcy protection.