Investor Presentaiton

TESOURONACIONAL Investors Base - Non-Resident Investors In 2005-06, The National Treasury adopted a series of measures aimed at improving DPF management - The Brazilian National Treasury took further steps to consolidate the process of market. opening to NRI – Non-Resident Investors. On Feb-06 non-residents investors were exempted from withholding tax on gains in operations with domestic federal bonds. That searched for: ➤ Increasing the participation of foreign investor, which typically prefer long term bonds, especially fixed rated and inflation linked ones; Help to increase of participation of these bonds and the lengthening of the average maturity of the public debt 3

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