| Maximum Spread | (a) 1.00% a year, when the arithmetic mean of the Bid Rate and the Ask Rate is between IPCA + 2.00% (two percent) a year, and IPCA + 4.00% (four percent) a year; (b) 0.50% (fifty hundredths of one percent) when the arithmetic mean of the Bid Rate and the Ask Rate is between IPCA + 4.00% (four percent) a year and IPCA + 10.00% (ten percent) a year; (c) 1.00% (one percent) a year, when arithmetic mean of the Bid Rate and the Ask Rate is between IPCA + 10.00% (ten percent) a year and IPCA + 13.00% (thirteen percent) a year; and (d) 1.20% (one percent and twenty hundredths of one percent) a year, when the arithmetic mean of the of the Bid Rate and the Ask Rate is over IPCA + 13.00% (thirteen percent) a year. In the case of (a), (b), (c) and (d) the lowest spread between that established by BM&FBOVESPA and that established in this contract will always prevail. Market Makers will make every effort to ensure that the bid-offer spread is no more than 0.20% (twenty hundredths of one percent) a year. The Market Maker that bids for Third Series Debentures at under IPCA+ 2.00% (two percent) a year will not be obligated to submit an offer. |