Appendix

Banco Central do Brasil Management

Members of the Monetary Policy Committee (Copom)

June 2004 | Report | 139 Banco Central do Brasil Management

Board

Henrique de Campos Meirelles Governor

Afonso Sant'Anna Bevilaqua Deputy Governor

Alexandre Schwartsman Deputy Governor

Antonio Gustavo Matos do Vale Deputy Governor

Eduardo Henrique de Mello Motta Loyo Deputy Governor

João Antônio Fleury Teixeira Deputy Governor

Luiz Augusto de Oliveira Candiota Deputy Governor

Paulo Sérgio Cavalheiro Deputy Governor

Sérgio Darcy da Silva Alves Deputy Governor

June 2004 | Inflation Report | 141 Members of the Monetary Policy Committee (Copom)

Voting members Non-voting members

Henrique de Campos Meirelles Altamir Lopes Governor Head of the Departament of (Depec)

Afonso Sant'Anna Bevilaqua (Dipec) Daso Maranhão Coimbra Deputy Governor Head of the Departament of International Reserve Operations (Depin) Alexandre Schwartsman (Direx) Deputy Governor José Antonio Marciano Head of the Departament of Banking Operations and Antonio Gustavo Matos do Vale (Dilid) Payments System (Deban) Deputy Governor José Pedro Ramos Fachada Martins da Silva Eduardo Henrique de Mello Motta Loyo (Diesp) Head of the Investor Relations Group (Gerin) Deputy Governor Marcelo Kfoury Muinhos João Antônio Fleury Teixeira (Dirad) Head of the Research Departament (Depep) Deputy Governor Sérgio Goldenstein Luiz Augusto de Oliveira Candiota (Dipom) Head of the Departament of Open Market Operations Deputy Governor (Demab)

Paulo Sérgio Cavalheiro (Difis) Deputy Governor

Sérgio Darcy da Silva Alves (Dinor) Deputy Governor

142 | Inflation Report | June 2004 Acronyms

Abimaq Brazilian Machinery Manufacturers Association ACC Advances on Export Contracts ACSP São Paulo Trade Association Aladi Latin American Integration Association Anfavea National Association of Automotive Vehicle Manufacturers ANP National Petroleum Agency b.p. Basis point Bacen Central Bank of BM&F Brazilian Mercantile & Futures Exchange BNDES Brazilian Development Bank BNDESpar BNDES Participações S.A. BoJ Bank of Japan BP Balance of Payments BVAR Bayesian Vector Autoregression Caged General File of the Employed and Unemployed Camex Foreign Trade Council CCR Reciprocal Credit and Payment Agreement Cepal Economic Commission for Latin America and the Caribbean Cide Contribution on Intervention in the Economic Domain CLT Consolidated Labor Legislation CMN National Monetary Council CNC Committee for Trade Negotiations CNI National Confederation of Industry Cofig Export and Guarantee Financing Committee Cofins Social Security Financing Contribution Copom Monetary Policy Committee CPMF Provisional Contribution on Financial Transactions DAX Deutscher Aktienindex Depec Department of Economics Depep Economic Research Department DI Interfinancial Deposit DJIA Dow Jones Industrial Average DLSP Net public sector debt DPMF Federal public securities debt ECB European Central Bank Embi+ Emerging Market Bond Index Plus EU European Union Fecomercio SP Trade Federation of the State of São Paulo

June 2004 | Inflation Report | 143 FGV Getulio Vargas Foundation Fiesp Federation of Industries of the State of São Paulo FIF Financial Investment Funds Finame Special Industrial Financing Agency FOB Free on Board FTSE 100 Financial Times Securities Exchange Index Funcex Foreign Trade Study Center Foundation GDP Gross Domestic Product Gerin Investor Relations Group of the HICP Harmonized Consumer Price Index IBGE Brazilian Institute of Geography and Statistics Ibovespa São Paulo Stock Exchange Index Icea Index of Current Economic Outlook Icei Current Industrial Employment Index ICP-Brasil Public Keys Infrastructure IEC Consumer Expectation Index IGP General Price Index IGP-DI General Price Index – Domestic Supply IIA Current Intentions Index IIC Consumer Intention Index IIF Institute of International Finance IIF Institute of International Finance IMF International Monetary Fund Inec Consumer Expectation National Index INPC National Consumer Price Index INSS National Social Security Institute IPA Wholesale Price Index IPA-DI Wholesale Price Index – Domestic Supply IPA-OG Wholesale Price Index – Overall Supply IPC Consumer Price Index IPCA Broad National Consumer Price Index IPC-Br Consumer Price Index – Brazil IPC-DI Consumer Price Index – Domestic Supply IPC-Fipe Consumer Price Index – Institute of Economic Research Foundation IPI Industrialized Products Tax IPP Producer Price Index ISM Institute for Supply Management LFT National Treasury Financing Bills LPG Liquefied Petroleum Gas LSPA Systematic Farm Production Survey LTN National Treasury Bills mbd Million barrels per day MDIC Ministry of Development, Industry and Commerce Mercosul Southern Common Market MP Provisional Measure MTE Ministry of Labor and Employment Nasdaq National Association of securities Dealers Automated Quotation NBCE Banco Central do Brasil Note – Special Series NCM Common Mercosul Nomenclature NTN-B National Treasury Note – Series B

144 | Inflation Report | June 2004 NTN-C National Treasury Note – Series C NTN-D National Treasury Note – Series D NTN-F National Treasury Note – Series F NTN-I National Treasury Note – Series I OECD Organisation for Economic Co-Operation and Development Opec Organization of Petroleum Exporting Countries p.p. Percentage points p.y. Per year Pasep Program of Civil Service Asset Formation PIA Active Age Population PIS Program of Social Integration PMC Monthly Trade Survey / Montly Survey of Trade (do IBGE) PME Monthly Employment Survey PMI Purchasing Managers Index POF Survey on Family Budget Proex Export Financing Program Recof Special Customs System for Industrial Deposit with Information System Control RPIX Retail Prices Index excluding Motgage Interest Payments S&P500 Standard and Poor’s 500 SDR Special Drawing Rights Secex Foreign Trade Secretariat Selic Special System of Clearance and Custody SPC Secretariat of Complementary Social Security TJLP Long-Term TMU Technical Memorandum of Understanding USA United States of America VAR Value at Risk WTI West Texas Intermediate

June 2004 | Inflation Report | 145