Petrobras – Investor Relations

Petrobras

Investor Relations

Changes in the Board of Directors and in the Executive Board

(Rio de Janeiro, September 21, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that on this date, pursuant to the terms of Art. 20 of its Articles of Incorporation, the Board of Directors named Ms. Maria das Graças Silva Foster as the Director for Gas & Energy. Ms. Graça is stepping-down from the presidency of BR Distribuidora to take the place of Mr. Ildo Luís Sauer.

The Board of Directors accepted, on this date, the resignation of Board Member Mr. Roger Agnelli.

Ms. Graça is a career Petrobras professional. A graduate in Chemical Engineering from the Federal Fluminense University (UFF), she holds a Master’s Degree in Nuclear Engineering from the Federal University of Rio de Janeiro (COPPE/UFRJ), and an MBA in Economics from the Getúlio Vargas Foundation.

She had been serving as the President of Petrobras Distribuidora S.A. since May 2006. Previously, she had performed as the President of Petroquisa, a position she took over in September 2005. In that period, she also accumulated the position Director for Investor Relations for that company. Simultaneously, she was also the Executive Manager for Petrochemicals and Fertilizers, connected to Petrobras’ Downstream Board.

From January 2003 to May 2006, Ms. Graça was the Mines & Energy Ministry’s Secretary for Oil, Natural Gas, and Renewable Fuels. In that interval, via Presidential Decrees, Ms. Graça also performed as the Interministerial coordinator for the Federal Government’s Biodiesel Program: Biodiesel Production and Use; and as the National Executive Secretary for the Federal Government’s Program for the National Oil Industry’s Mobilization (PROMINP).

Before that, she had already held managerial positions at the Gas & Energy Business Unit and at the Leopoldo Miguez de Mello Research & Development Center (CENPES), at Petrobras, in addition to at the Transportadora Brasileira do Gasoduto Bolívia-Brasil (TBG).

We also announce Mr. José Eduardo de Barros Dutra has been appointed president of Petrobras Distribuidora.

Mr. Dutra holds a degree in geology from the Rio de Janeiro Federal Rural University, obtained in 1979. He was elected member of Petrobras S.A.’s Board of Directors by the company’s Extraordinary General Assembly held on January 2 2003 and, the next day, he took over as president, a position he was appointed to by the Board of Directors. He was also elected member of Petrobras Distribuidora (BR) Board of Directors, for the same period. Mr. Dutra was the president of the Board of Directors of Petrobras Transporte S.A. (Transpetro), Petrobras Química S.A. (Petroquisa), Petrobras Gás S.A. (Gaspetro), Petrobras Energía S.A. (Pesa), and Petrobras Energía Participaciones S.A. (Pepsa), until he resigned from those positions on July 22, 2005.

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