Investor Presentaiton

TESOURONACIONAL Investors Base - Retail Sales Program Tesouro Direto: Investors evolution 350,000 300,000 250,000 200,000 150,000 100,000 50,000 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 ➤ There are 500 thousand Brazilian investing directly in stock exchange ... a lot of room for increasing the number of Treasury Direct participants. Jun-12 Sep-12 317,352

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