Company: Petróleo Brasileiro S.A., Brazil
Company Division/Group: Petrobras
Company Description: Petrobras is a global integrated energy company that operates both in the upstream and downstream (refining and commercialization). We also produce and market electric energy and research for renewable resources. For 2004 figures we have global proven reserves totaling 11.8 billion barrels of oil equivalent – boe (SEC Criteria) and produced 2 million boe per day.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Best Finance Executive

Nomination Title: José Sergio Gabrielli de Azevedo – CFO and Investor Relations Officer

1. Tell the story about what this nominee achieved in the past year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

In 2004, José Gabrielli´s main challenges in his position as Petrobras’ CFO, which
he assumed in 2003, were (i) raising financing outside of Brazil, (ii) complying
with the demanding Sarbanes-Oxley Law and conducting a process to map and certify internal controls, and (iii) implementing better corporate governance practices

Mr. Gabrielli, in addition to obtaining funds from various sources to finance
Petrobras’ seven-year strategic plan, succeeded in lengthening the Company’s
debt profile, which has been a significant improvement for Petrobras. Thus, better
financial multiples were attained and better ratings were given by the risk-rating
agencies.

The demands of Sarbanes-Oxley and the New York Stock Exchange’s new listing
requirements challenged Mr. Gabrielli on a corporate level as he worked to bring
the practices, codes and governance policies of a newly acquired subsidiary in
Argentina, Petrobras Energia, in line with those of Petrobras. In addition to
instituting a committee to certify internal controls, Mr. Gabrielli established a
system whereby all corporate information published (annual and quarterly reports,
20-F, etc.) is certified by the responsible Company area.

2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

Debt Prospectus: http://www2.petrobras.com.br/portal/ingles/frame_ri.asp?pagina=/ri/ing/InformacoesFinanceiras/Prospectos/Prospectos.asp

Awards:
http://www2.petrobras.com.br/publicacao/imagens/2270_premio_site_ri_ing.pdf

Euromoney Corporate Governance Ranking of Emerging Market Companies
improvement (September 2004 edition)
http://www.euromoney.com

Rating Improvements (source Bloomberg):

Sep 2004, Moodys (Ba1 from Ba2)
Sep 2004, Fitch (BB- from B+)

3. Provide a brief (up to 100 words) biography about this nominee:

Mr. Gabrielli obtained a Master’s degree in macroeconomics from the
Universidade Federal da Bahia, and a Ph.D. in economics from Boston University,
where he wrote his dissertation on financing state companies. From 2000 to 2001,
he was a Visiting Research Scholar at the London School of Economics and
Political Science.  He was the head of Research and Post-graduate Studies, and
Director of the School of Economic Sciences at the Universidade Federal da
Bahia. Mr. Gabrielli is the author of numerous articles and books on productive
restructuring, the labor market, macroeconomics and regional development.