Appendix

Banco Central do Brasil Management

Members of the Monetary Policy Committee (Copom)

December 2003 | Report | 155 Banco Central do Brasil Management

Board Henrique de Campos Meirelles Governor

Afonso Sant'Anna Bevilaqua Deputy Governor

Antonio Gustavo Matos do Vale Deputy Governor

Alexandre Schwartsman 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

December 2003 | Inflation Report | 157 Members of the Monetary Policy Committee (Copom)

Voting members Non-voting members

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

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

Paulo Sérgio Cavalheiro Deputy Governor

Sérgio Darcy da Silva Alves Deputy Governor

158 | Inflation Report | December 2003 Acronyms

Abimaq Brazilian Association of the Machines and Equipment Industry Abiove Brazilian Association of Vegetable Oil Industries ACC Advances on Exchange Contracts ACSP São Paulo Trade Association Anda National Association of Fertilizer Distribution Aneel National Electric Power Agency Anfavea National Association of Automotive Vehicle Manufacturers BIS Bank for International Settlements BIT Informatics and telecommunications goods BNDES National Bank of Economic and Social Development BNDESpar BNDES Participações S.A. BoJ Bank of Japan Bovespa São Paulo Stock Exchange Caged General File of the Employed and Unemployed Camex Foreign Trade Chamber Cide Contribution on Intervention in the Economic Domain CLT Consolidated Labor Legislation CNI National Confederation of Industry Cofins Contribution to Social Security Financing Conab National Supply Company Compe System of Centralization of the Clearing of Checks and Other Papers Copom Monetary Policy Committee CPMF Provisional Contribution on Financial Transactions CVM Securities and Exchange Commission DAX Deutscher Aktienindex Deban Banco Central do Brasil Department of Banking Operations and the Payment System DI Interbank Deposits Dieese Interunion Department of Socio-Economic Statistics and Studies DJIA Dow Jones Industrial Average DOC Credit Documents ECB European Central Bank Embi+ Emerging Market Bond Index Plus Embi- Emerging Market Bond Index EU European Union Fecomercio SP Trade Federation of the State of São Paulo Fed Federal Reserve FGTS Employment Compensation Fund FGV Getulio Vargas Foundation

December 2003 | Inflation Report | 159 Fiesp Federation of Industries of the State of São Paulo FIF Financial investment funds Finame Special Industrial Financing Agency FTSE 100 Financial Times Securities Exchange Index Funcex Foreign Trade Studies Center Foundation GDP Gross Domestic Product Gerin Investor Relations Group of the IBGE Brazilian Institute of Geography and Statistics Ibovespa São Paulo Stock Exchange Index IBRD International Bank for Reconstruction and Development IGP General Price Index IGP-DI General Price Index – Internal Supply IGP-M General Price Index – Market II Import Tax IIC Consumer Intentions Index IIF Institute of International Finance IMF International Monetary Fund INA Economic Activity Level Indicator INPC National Consumer Price Index INSS National Social Security Institute IOF Financial Operations Tax IPA-OG-PI Wholesale Price Index – Overall Supply – Industrial Products IPCA Broad National Consumer Price Index IPC-Br Consumer Price Index – Brazil IPC-Fipe Consumer Price Index released by the Institute of Economic Research Foundation IPI Industrialized Products Tax Laia Latin American Integration Association LFT Treasury Financing Bills LSPA Systematic Farm Production Survey LTN National Treasury Bills Mapa Ministry of Agriculture, Livestock and Supply MDA Ministry of Agrarian Development MDIC Ministry of Development, Industry and Foreign Trade MTE Ministry of Labor and Employment Nasdaq National Association of Securities Dealers Automated Quotations NTN-B National Treasury Notes – Series B NTN-C National Treasury Notes – Series C NTN-I National Treasury Notes – Series I OECD Organization for Economic Cooperation and Development Opec Organization of Petroleum Exporting Countries PIM Monthly Industrial Survey PIM-PF Monthly Industrial Survey – Physical Output PMC Monthly Trade Sector Survey PME Monthly Employment Survey PNAA National Program of Access to Food PNAD National Household Survey PNPE National Program of Incentives to First Jobs for Youth Pronaf National Program of Strengthening Family Farming Reluz National Program of Efficient Public Lighting S&P 500 Standard and Poor's 500

160 | Inflation Report | December 2003 Selic Special System of Clearance and Custody SFH Housing Financial System Simples Integrated System of Payment of the Taxes and Contributions of Microbusinesses and Small Scale Companies SPC Credit Protection Service TJLP Long-Term UCL Unit Cost of Labor USDA United States Department of Agriculture VaR Value-at-risk WTO World Trade Organization

December 2003 | Inflation Report | 161