LUIZ E. BRANDAO, Ph.d.

Curriculum Vitae April 2004 LUIZ E. BRANDAO, Ph.d. Business Address: McCombs School of Business University of Texas at Austin 1 University Station G6500, CBA 6495 Austin, TX 78752-1175 (512) 232-5902 luiz.brandao@mccombs.utexas.edu www.mccombs.utexas.edu/faculty/luiz.brandao Home Address: 12302 Hickorystick Cove Austin, TX 78750 Vox: (512) 680-1728 Fax: (512) 335-7847 brandao@alumni.stanford.org AREAS OF INTEREST Teaching : Business Finance, Valuation, Investments Research : Valuation, Real Option Theory, Risk Analysis and Management, Environmental Valuation EDUCATION Pontifícia Universidade Católica, Rio de Janeiro, Brazil 1998-2002 Ph.D., Finance Stanford University 1977-1979 MBA, Concentration in Finance and Information Systems Stanford University 1976-1977 MSc, Civil Engineering, Concentration in Structural Design and Analysis Pontifícia Universidade Católica, Rio de Janeiro, Brazil. 1969-1973 BS, Civil Engineering ACADEMIC AND TEACHING EXPERIENCE University of Texas at Austin, McCombs School of Business 2003 2004 Lecturer in the MSIS Department University of Texas at Austin, McCombs School of Business 2001 2002 Visiting Scholar Pontifícia Universidade Católica, Rio, Brazil., IAG Business School 1984 2004 Lecturer Fundação Getúlio Vargas, Rio, Brazil. 1993 2002 Lecturer in the Executive MBA Program in over 25 cities. IBMEC RJ Business School 1994 2001 Lecturer

COURSES TAUGHT University of Texas at Austin, McCombs School of Business MIS 383N: Valuation of Real Options, MBA Program, Spring 2003, Spring 2004 BA 386T: Statistics and Data Analysis, TEMBA Program, Spring 2003 Pontifícia Universidade Católica, Rio, Brazil, IAG Business School Corporate Finance: Fall 1984, Fall 1985, Fall 1986, Spring 1987, Fall 1987, Spring 1988, Fall 1988, Spring 1989, Fall 1989, Spring 1990, Fall 1990, Spring 1991, Fall 1991 Project Valuation: Spring 1992, Fall 1992, Spring 1993, Fall 1993, Spring 1994, Fall 1994, Spring 1995, Fall 1995, Spring 1996, Fall 1996, Spring 1997, Fall 1997, Spring 1998, Fall 1998, Spring 1999, Fall 1999, Spring 2000, Fall 2000, Spring 2001 Valuation of Projects and Firms: Spring 1998, Spring 1999, Spring 2000 Fundação Getúlio Vargas, Rio, Brazil. Corporate Finance: Belo Horizonte, Apr 2001, Caxias do Sul, Aug 1999, Maceio, Jul 2001, Aug 2001, Porto Alegre, Mar 2001, Salvador, Jan 2000, Santos, Oct 1999, Sao Jose do Rio Preto, Jan 1999 Corporate Financial Strategies: Belo Horizonte, Jun 1995, Blumenau, May 1995, Porto Alegre, Aug 1995, Vitória (Sep 1995, Sep 1997) Creating Shareholder Value: Belo Horizonte, (Feb 1997, Mar 1998, Oct 1996, Oct 1998, Apr 1997), João Pessoa, Dec 1997, Joinville, Sep 1997, Porto Alegre (Jul 1997, Nov 1997, Jul 1999), Ribeirao Preto (Jan 1996, Jun 1997), Nov 1997, Salvador, Sep 1999, Oct 1997, Aug 1998, Feb 1997, Vitória, May 1997, Project Finance: Belo Horizonte, Sep 1999, Campinas (Jun 2000, May 2001, Mar 2001, Jul 2000), Curitiba, May 2000, Porto Alegre, Aug 2000, Recife, Feb 2000, Ribeirao Preto, May 2001, Salvador, Jan 2000, Project Valuation: Belo Horizonte (Aug 1996, Jun 1996), Blumenau (Nov 1993, Sep 1995, Mar 1996), Campinas,Oct 2000, Curitiba, Oct 2000, Manaus, Nov 1996, Porto Alegre (Dec 1993, Dec 1994, Dec 1995, Apr 1996, Apr 1996, Aug 1996), Ribeirao Preto, May 1996, Rio de Janeiro, Jan 2001, Salvador (Dec 1995, Jul 1996, Jul 1997), Vitória, Feb 1995 Time Value of Money: Aracaju, Jun 2001, Belo Horizonte, May 2001, Maceio, Apr 2001 Valuation of Projects and Firms: Belo Horizonte (Sep 2000, Oct 2000, Jun 2001), Recife, Dec 1999, Aracaju, Jun 1999, Belem, Jan 2002, Caxias do Sul, Nov 2000, Curitiba (Jul 2001, Oct 2000), Fortaleza, May 2000, Porto Alegre (Jun 2001, Aug 2001), Recife, Aug 2002, Rio de Janeiro, Feb 2001, Salvador, Sep 2000, Santo Andre, Aug 2000, Sao Jose dos Campos, Oct 2000, Sete Lagoas, Jan 2001, Uberlandia, Jan 2001, Vitória (Sep 2000, Nov 2000, May 2000, Jun 2001)

COURSES TAUGHT IBMEC RJ Business School, Rio de Janeiro Corporate Finance: Aug 1995, Aug 1995, Jun 1994, Sep 1994, Mar 1995, Jun 1995, Sep 1995, Mar 1996, Jun 1996, Sep 1996, Mar 1997, Jun 1997, Sep 1997, Jun 1994, Sep 1994, Mar 1995, Jun 1995, Sep 1995 Project Finance: Abr 200, May 2001, Nov 2000 Valuation: Apr 2001, Mar 2000, Sep 2000, Aug 1996, Jan 2001 SHORT COURSES FOR CORPORATE CLIENTS Odebrecht Construction Company: Distance Learning Course in Finance, Capital Budgeting: Jan 1993, Mar 1993, Jun 1993, Sep 1993, Dec 1993, Jan 1996, Jan 1998, Feb 1999, Feb 2002, Apr 2002, Feb 2004 CEMIG Power, Belo Horizonte, MG Executive MBA Course Capital Budgeting, Feb 2001 BBM Bank Professional Development Program Corporate Finance, Feb 1999, Feb 2000, Mar 2001 Universidade Federal de Juiz de Fora, School of Business and Economics Executive MBA Course in Valuation, Nov 2001 Sao Paulo Business School, Sao Paulo, SP MBA Program Valuation of Real Options, July 2001 Department of Transportation, Brasilia, DF Professional Development Program Project Analysis, April 2001 Department of Civil Aeronautics (DAC) Executive MBA Program Valuation, March 2001 Fundição Tupy, Joinville, SC Executive MBA in Finance Corporate Finance, April 2000 Universidade Federal do Rio de Janeiro Center for Computer Science and Data Processing (NCE) Executive MBA Program Corporate Finance and Decisions, Aug 2000 Petrobrás S.A. Duque de Caxias Refinery (Reduc) Professional Development Program Corporate Finance, Aug 2000 Companhia Vale do Rio Doce (CVRD), Vitória, ES Executive Training Program Project Valuation, May 2000 Cargill, Bebeduro, São Paulo Executive MBA Course Corporate Finance, Aug 1999

Banco do Brasil: Distance Learning Course in Finance - Project Valuation: June 1997, Aug 1977, Mar 1999 MBA in Finance Corporate Finance: July 2000, Brasilia, DF. HSBC Bank Professional Development Program - Managing for Value Curitiba: Sep 1999, Oct 1999, Nov 1999, Dec 1999 Belo Horizonte: Oct 1999, Nov 1999, Dec 1999 São Paulo: Nov 1999 Universidade Federal Fluminense School of Industrial Engineering and Metallurgy of Volta Redonda Executive MBA Corporate Finance and Investments, May 1999, Apr 1998 Eletrobrás S.A., Rio de Janeiro, RJ Executive MBA Program Value Creation and EVA, Nov 1998 Construtora Andrade Guttierrez: Distance Learning Course in Finance - Capital Budgeting: Jan 1997, July 1997 Globo TV Network: Globo 2000 Management Development Course Corporate Finance: Apr 1996, Aug 1995, Aug 1996, Oct 1995, Oct 1996, Sep 1996 Corporate Finance Course Project and Firm Valuation: Oct 1998 Light & Power Co Creating Shareholder Value Course Corporate Finance: May 1997, May 1997, Jul 1998, Jun 1997, Jun 1997, May 1997, May 1997, May 1998 Banco Bozzano Simonsen Professional Development Program Corporate Finance, Oct 1997 O Globo Newspaper Calandra Project: Principles of Corporate Finance, Aug 1996 Calandra Project: Capital Budgeting, Sep 1996 Petrobrás S.A. Headquarters, Rio de Janeiro, RJ Executive MBA Course in Finance Corporate Finance, Oct 1996 Petroflex S.A., Triunfo, RS Professional Development Program Course on Valuation Triunfo, RS, Aug 1995, Rio de Janeiro, RJ, Feb 1996, Duque de Caxias, RJ, Aug 1996 Boavista Bank Finance Course Corporate Finance, Sep 1995 Embratel Telecommunications (MCI) Executive MBA Course Corporate Finance, June 1994, Nov 1995

Universidade Federal do Rio de Janeiro COPPEAD Business School Executive MBA Course for Executives of FINEP (Federal Industry Development Agency) Project Valuation, April 1995 Texaco do Brasil S.A. Finance Program for non Financial Executives - Corporate Finance and Valuation: Jan 1992, Mar 1992, Apr 1992, Jun 1992, Aug 1992, Oct 1992, Jun 1993, Jun 1994, Oct 1996, Oct 1997 National Economic and Social Development Bank (BNDES) Corporate Program in Finance Capital Budgeting, Mar 1994 Montreal Engineering Co Professional Development Program Corporate Finance, May 1985 PUBLICATIONS and WORKING PAPERS The Valuation of R&D Projects with the Option to Expand. (With Jim Dyer). Working Paper, 2004. Valuing Real Options Projects in Incomplete Markets with Correlated Uncertainties. (With Jim Dyer). Finalist of the 2003 Decision Analysis Society Student Paper Competition. "Decision Analysis and Real Options: A Discrete Time Approach to Real Option Valuation". (With Jim Dyer). Forthcoming in the Special Volume of Annals of Operations Research - Recent Advances in Decision Making under Uncertainty", 2003. What is the right time to invest in the firm?. Revista Conjuntura Econômica, Fundacao Getulio Vargas, Rio de Janeiro, February 2001. Use of Arrow and Debreu Pure State Contingent Securities to value an Investment Opportunity with Real Options Theory. (With Tara Baidya). Foz do Iguassu, Annals of ENANPAD 1999,. Economic Valuation: A Tool for Environmental Management Case Study: Repopulation of the Ibiraquera Lake with Sea Shrimp Larvae. (with Sandra Hacon and Manoel Sampaio). Annals of the V National Meeting on Environmental Management. FEA/USP and EAESP/FGV, São Paulo, May 1999. O DIA Newspaper: Design and Implementation of novel Business Strategy. ABAMEC Association of Securities Analysts and FGV - Fundação Getúlio Vargas. Rio de Janeiro, Brazil., April 1996. Turning around a newspaper business Rio de Janeiro, Case Studies: Revista Brasileira de Management. Rio de Janeiro, Ano 1, nº 3 - May/June 1997. Creating Shareholder Value. Course Notes. Rio de Janeiro, FGV-EPGE., 1997. Distance learning course in Project Valuation. Course Notes. Rio de Janeiro, IAG PUC-Rio/Banco do Brasil. 1997. Financial Strategies of Firms. Course Notes. Rio de Janeiro, IBMEC, 1995. Project Valuation. Course Notes. Rio de Janeiro, IAG, PUC-Rio, 1994

PRESENTATIONS, LECTURES AND AWARDS Nominated for nominated for Outstanding Elective Professor, McCombs School of Business, University of Texas at Austin, MBA program, Spring 2004. Nominated for 2004 CBA Foundation Advisory Council Award For Teaching Innovation, McCombs School of Business, University of Texas at Austin, 2004. Brazilian Economic Development: Past, Present, and Future, 1st Conference of Texas Brazilianists, University of Texas at Austin. Panel Chair. April 10, 2004. Separation of Market-Correlated and Private Uncertainties in Real Options Valuation, INFORMS National Meeting, October 20-21, 2003 (with Jim Dyer and Joe Hahn). Brazil 2003: Political, Economic and Business Perspectives, University of Texas at Austin, McCombs School of Business. Panelist, November 2002. Introduction to Project Finance Presented at the Federal University of Rio de Janeiro, COPPEAD Business School, Sep 2000. Conselho Nacional de Pesquisa (CNPq), Brasília, DF Doctoral Scholarship award and support for research at UT Austin, $15,000, 2001-2002 Coordenação de Aperfeiçoamento do Pessoal de Nível Superior (CAPES), Brasília, DF Doctoral Scholarship award, $26,000, 1998-2001 Use of Arrow and Debreu Pure State Contingent Securities to value an Investment Opportunity with Real Options Theory. (With Tara Baidya). Presented at 23º Meeting of ANPAD - ENANPAD 1999, Foz do Iguaçu, PR, October 1999. Economic Valuation: A Tool for Environmental Management Case Study: Repopulation of the Ibiraquera Lake with Sea Shrimp Larvae. (with Sandra Hacon and Manoel Sampaio) Presented at the V National Meeting on Environmental Management. FEA/USP and EAESP/FGV, São Paulo, May 1999. Award for Best Lecturer and Guest Speaker at Graduation Ceremony. VI Executive Education Course for Norberto Odebrecht Company. PUC-Rio, Rio de Janeiro, November 1998 First Prize in Nationwide Competition for Best Business Case Study. O DIA Newspaper: Design and Implementation of novel Business Strategy. ABAMEC Association of Securities Analysts and FGV - Fundação Getúlio Vargas. Presented at Sao Paulo, Brazil., April 1996. Award for Best Lecturer and Guest Speaker at Graduation Ceremony. I Executive Finance Course. FGV, Ribeirão Preto, São Paulo, October 1997 Issues in Valuation Presented at the Federal University of Rio de Janeiro, COPPEAD Business School, Apr 1995 Panel on Bank Treasury Issues in Unstable Economies. VII Business Administration Week - PUC- Rio, 1995 Moderator Corporate Finance: Theory and Practice. IV Business Adminstration Week - PUC-Rio, 1992.

"Tunnel Design using Finite Element Analysis - Presented at seminar at Swiss Federal Institute of Technology - ETH Zurich. (Eidgenössische Technische Hochschule Zürich). September 1975 BUSINESS EXPERIENCE GEOMAG S.A Airborne Geophysics Member of the Board of Directors 1992 1996 Encal S.A. Airborne Geophysics - Chief Financial Officer 1981 1990 Shell Brasil S/A. - Senior Financial Analyst 1979 1981 Coepe Engineering Ltd. 1974 1976 Project Engineer responsible for structural design and feasibility studies CONSULTING AND SERVICE Center for Petroleum Asset Risk Management The University of Texas at Austin 2003 2004 Senior Faculty Member. Development of real option analysis for oil projects under uncertainty Book Review of Real Options: Corporate Strategy, Valuation, and Risk Management 2002 Alexander Triantis, Finance Division of Addison-Wesley Higher Education Publishing Book Review of An Applied Course in Real Options Valuation 2003 Richard L. Shockley, Thomson Learning Book Review of Probability Models for Economic Decisions. 2003 Roger B. Myerson, Duxbury, Thomson Learning Referee for Operations Research and Editorial board of INFORMS 2002 Referee for The Energy Journal, Department of Economics, University of Toronto, 2004 Referee for Operations Research and Editorial board of INFORMS 2002 Brazilian Environmental Protection Agency Department of the Environment 1998 2000 Economic evaluation and cost/benefit analysis of environmental projects supported with resources from the InterAmerican Development Bank IADB. Chocolate, Mark Store and Opel Clothing Stores, Rio de Janeiro 2000 M&A firm valuation FINEP Federal Industry Research and Project Agency 1985-1992 Referee for industry requests for government funding of research projects SEBRAE/RJ Small Business Administration (State level) 1994 Operational reorganization of agency British School of Rio de Janeiro - Honorary Treasurer 1994-1996 Humphrey Instruments Inc., USA 1978 1979 Development of financial planning and analysis software for top management of firm