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Taxa Selic e meta COPOM 15% 17% 19% 21% 23% 25% 27% 07/9 9 09/9 9 11/9 9 01/0 0 03/0 0 05/0 0 07/0 0 09/0 0 11/0 0 01/0 1 03/0 1 05/0 1 07/0 1 09/0 1 11/0 1 01/0 2 03/0 2 05/0 2 07/0 2 09/0 2 11/0 2 01/0 3

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Taxa Selic: desvio em relação à meta do COPOM -0,0110 -0,0090 -0,0070 -0,0050 -0,0030 -0,0010 0,0010 07/9 9 09/9 9 11/9 9 01/0 0 03/0 0 05/0 0 07/0 0 09/0 0 11/0 0 01/0 1 03/0 1 05/0 1 07/0 1 09/0 1 11/0 1 01/0 2 03/0 2 05/0 2 07/0 2 09/0 2 11/0 2 01/0 3 lo g ( s e lic ) - lo g (m e ta ) 0,0000 0,0005 0,0010 0,0015 0,0020 0,0025 d e s v io p a d rã o ( 2 2 d .)

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Taxa DI: primeira diferença -0,0030 -0,0020 -0,0010 0,0000 0,0010 0,0020 0,0030 07/9 9 09/9 9 11/9 9 01/0 0 03/0 0 05/0 0 07/0 0 09/0 0 11/0 0 01/0 1 03/0 1 05/0 1 07/0 1 09/0 1 11/0 1 01/0 2 03/0 2 05/0 2 07/0 2 09/0 2 11/0 2 01/0 3 lo g ( d i( t) ) - lo g (d i( t-1 )) 0,000000 0,000500 0,001000 0,001500 0,002000 0,002500 d e s v io p a d rã o ( 2 2 d .)

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Operações Compromissadas (volume Selic)

0 20 40 60 80 100 120 140 160 ja n-01 mar -01 mai -01 jul-0 1 set-0 1 no v-01 ja n-02 mar -02 mai -02 jul-0 2 set-0 2 no v-02

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Dia Data Ajuste em excesso Exigível Ajuste/Exigível Dia Data Ajuste em excesso Exigível Ajuste/Exigível 5a. 13/01/2000 -51.690 11.207.077 -0,092245% 2a. 17/01/2000 -6.012 12.877.699 -0,009337% 5a. 20/01/2000 -42.835 11.240.995 -0,076212% 2a. 24/01/2000 -25.370 12.328.258 -0,041157% 5a. 27/01/2000 -52.173 10.650.935 -0,097969% 2a. 31/01/2000 -41.015 11.845.560 -0,069250% 5a. 03/02/2000 -48.940 10.325.564 -0,094794% 2a. 07/02/2000 57.958 11.822.879 0,098044% 5a. 10/02/2000 -51.059 10.186.942 -0,100244% 2a. 14/02/2000 -61.050 11.942.372 -0,102241% 5a. 17/02/2000 -51.379 10.204.677 -0,100697% 2a. 21/02/2000 -11.585 11.531.076 -0,020094% 5a. 24/02/2000 -85.063 10.024.387 -0,169712% 2a. 28/02/2000 -18.495 11.075.510 -0,033398% 5a. 02/03/2000 -39.692 9.738.515 -0,081516% 6a. 03/03/2000 -38.653 11.153.744 -0,086637% 5a. 09/03/2000 -75.375 10.001.954 -0,251201% 2a. 13/03/2000 -745.956 11.702.797 -1,593542% 5a. 16/03/2000 -110.018 10.158.965 -0,216593% 2a. 20/03/2000 786.925 11.690.877 1,346221% 5a. 23/03/2000 -45.928 10.097.783 -0,090967% 2a. 27/03/2000 -59.935 11.207.793 -0,106952% 5a. 30/03/2000 -70.954 9.624.297 -0,147448% 2a. 03/04/2000 -49.674 9.481.888 -0,104777% 5a. 06/04/2000 -104.389 8.392.403 -0,248770% 2a. 10/04/2000 -86.038 9.687.949 -0,177619% 5a. 13/04/2000 -31.123 8.464.722 -0,073536% 2a. 17/04/2000 -84.718 9.961.742 -0,170087% 5a. 20/04/2000 -72.398 8.715.403 -0,166138% 2a. 24/04/2000 -58.589 9.785.418 -0,149684% 5a. 27/04/2000 -42.017 8.301.961 -0,101222% 6a. 28/04/2000 -634.210 9.675.679 -1,638671% 5a. 04/05/2000 -75.599 8.368.424 -0,180677% 2a. 08/05/2000 553.427 9.932.146 1,114416% 5a. 11/05/2000 -41.850 8.525.914 -0,098171% 2a. 15/05/2000 -94.851 10.485.648 -0,180916% 5a. 18/05/2000 -79.025 8.850.270 -0,178582% 2a. 22/05/2000 -31.106 10.055.919 -0,061866% 5a. 25/05/2000 -72.216 8.509.563 -0,169729% 2a. 29/05/2000 -61.289 9.525.314 -0,128687% 5a. 01/06/2000 -107.370 8.299.098 -0,258751% 2a. 05/06/2000 -51.988 9.711.700 -0,107063% 5a. 08/06/2000 -36.225 8.375.311 -0,086504% 2a. 12/06/2000 -89.203 10.010.857 -0,178213% 5a. 15/06/2000 -64.130 8.584.102 -0,149416% 2a. 19/06/2000 -134.428 10.108.846 -0,265961% 4a. 21/06/2000 -57.206 8.770.596 -0,163062% 2a. 26/06/2000 -532.055 9.890.129 -1,344914% 5a. 29/06/2000 -67.583 6.873.846 -0,196638% 2a. 03/07/2000 451.813 8.278.809 1,091493% 5a. 06/07/2000 -60.977 6.928.173 -0,176026% 2a. 10/07/2000 -134.741 9.262.673 -0,290933% 5a. 13/07/2000 -77.884 7.147.112 -0,217945% 2a. 17/07/2000 -77.424 9.029.839 -0,171485% 5a. 20/07/2000 -30.523 7.460.307 -0,081828%

Media: -62.344 9.072.475 -0,145235% Media: -47.343 10.520.856 -0,125308% Grupo A (Valores em R$ 1.000,00) Grupo B (Valores em R$ 1.000,00)

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