Appendix

Banco Central do Brasil Management

Members of the Monetary Policy Committee (Copom)

March 2006 | Report | 143 Banco Central do Brasil Management

Board

Henrique de Campos Meirelles Governor

Afonso Sant'Anna Bevilaqua Deputy Governor

Alexandre Antonio Tombini Deputy Governor

Alexandre Schwartsman Deputy Governor

Antonio Gustavo Matos do Vale Deputy Governor

João Antônio Fleury Teixeira Deputy Governor

Paulo Sérgio Cavalheiro Deputy Governor

Rodrigo Telles da Rocha Azevedo Deputy Governor

Sérgio Darcy da Silva Alves Deputy Governor

March 2006 | Inflation Report | 145 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 Carlos Hamilton Vasconcelos Araujo Deputy Governor Head of the Research Departament (Depep)

Alexandre Antonio Tombini Daso Maranhão Coimbra Deputy Governor Head of the Departament of International Reserve Operations (Depin) Alexandre Schwartsman Deputy Governor Ivan Luis Gonçalves de Oliveira Lima Head of the Departament of Open Market Operations Antonio Gustavo Matos do Vale (Demab) Deputy Governor José Antonio Marciano João Antônio Fleury Teixeira Head of the Departament of Banking Operations and Deputy Governor Payments System (Deban)

Paulo Sérgio Cavalheiro José Pedro Ramos Fachada Martins da Silva Deputy Governor Head of the Investor Relations Group (Gerin)

Rodrigo Telles da Rocha Azevedo Deputy Governor

Sérgio Darcy da Silva Alves Deputy Governor

146 | Inflation Report | March 2006 Acronyms

ACC Advances on Exchange Contracts ACSP São Paulo Trade Association Aladi Latin American Integration Association Anfavea National Association of Automotive Vehicle Manufacturers BNDES National Bank of Economic and Social Development BoE Bank of England BoJ Bank of Japan Bovespa São Paulo Stock Exchange Caged General Registry of Employed and Unemployed Persons CMN National Monetary Council CNI National Confederation of Industry Conab National Supply Company Copom Monetary Policy Committee CPMF Provisional Contribution on Financial Transactions CRB Commodity Research Bureau CSLL Social Contribution on Net Profi ts CVM Securities and Exchange Commission DPF Federal Police Department ECB European Central Bank EIU Intelligence Unit Embi+ Emerging Market Bond Index Plus FAT Workers Support Fund FCFIP Investment Funds in Quotas of Participation Investment Funds FDI Foreign Direct Investments Fecomercio RJ Trade Federation of the State of Rio de Janeiro Fed Federal Reserve System FGTS Employment Compensation Fund FGV Getulio Vargas Foundation FIDC Credit Rights Investment Fund FIEE Emerging Company Investment Funds FIP Participation Investment Fund FMP Mutual Privatization Funds Funcex Center of Foreign Trade Studies Foundation GDP Gross Domestic Product Gerin Investor Relations Group of the Central Bank of GFCF Gross Fixed Capital Formation HHI Hirschman-Herfi ndahl Index IBGE Brazilian Institute of Geography and Statistics Ibovespa São Paulo Stock Exchange Index

March 2006 | Inflation Report | 147 ICC Consumer Confi dence Index Icea Current Economic Conditions Index ICMS Tax on the Circulation of Merchandise and Services IEC Consumer Expectations Index IGP-DI General Price Index – Domestic Supply IGP-M General Price Index – Market IIF Institute of International Finance IMF International Monetary Fund Inec National Consumer Expectation Index INPC National Consumer Price Index INSS National Social Security Institute IPA-DI Wholesale Price Index – Domestic Supply IPC Índice de Precios y Cotizaciones IPCA Broad National Consumer Price Index IPC-Br Consumer Price Index – Brazil IPI lndustrialized Products Tax IPVA Tax on Proprietorship of Automotive Vehicles IRPJ Corporate Income Tax LDO Budget Directives Law Loas/RMV Organic Social Assistance Law/Lifetime Monthly Income LSPA Systematic Farm Production Survey LTN National Treasury Bills M1 Currency outside banks + demand deposits M2 M1 + special interest – earning deposits + savings deposits + securities issued by depository institutions M3 M2 + fi xed income fund quotas + repo operations registered at Selic M4 M3 + high liquidity public securities Mercosul Southern Common Market MP Provisional Measure MTE Ministry of Labor and Employment Nasdaq National Association of Securities Dealers Automated Quotation NPSD Net Public Sector Debt NTN-B National Treasury Note – Series B OECD Organisation for Economic Co-operation and Development p.p. Percentage points p.y. per year PAF Annual Financing Plan PEA Total labor force PED Survey of Employment and Pesa Special Asset Restructuring Program PGFN General Prosecutor of the National Treasury PMC Monthly Trade Survey (do IBGE) PME Monthly Employment Survey POF Household Budget Survey RMCCI International Exchange and Capital Market Regulations SCPC Credit Protection Service Seade State System of Data Analysis Foundation Secex Foreign Trade Secretariat Selic Special System of Clearance and Custody SITC Standard International Trade Classifi cation SRF Secretariat of Federal Revenue

148 | Inflation Report | March 2006 TN National Treasury UCI Installed Capacity Utilization USDA US Department of Agriculture WPI Wholesale Price Index WTI West Texas Intermediate WTO World Trade Organization

March 2006 | Inflation Report | 149