Investor Presentaiton

TESOURONACIONAL Tesouro Direto Investors Base Retail Sales Program The Tesouro Direto, a retail sales program to sell regularly bonds to Brazilians citizens through internet, was launched in 2002 with the following objectives: (i) to offer another savings product alternative; (ii) to increase the investors base; and (iii) for didactic purposes (transparency). ✓ ✓ uses roughly the same on-the-run instruments for debt roll-over. One exception tailored for retailers: Zero-coupon inflation-linked bonds, the most sold individuals choose one agent (bank or broker) to link them into the system and then are enabled to buy securities regular government securities through the internet Costs vary a lot - there is a list on the website There is weekly liquidity: bonds are bought back by the Treasury every Wednesday ✓ Minimum amount per operation: 1/10 of a bond unit => around US$ 30.0 ✓ Customized portfolio: 3 kinds of bonds (fixed rate, inflation linked and floating rate) with maturities. ranging from 1 to 40 years. 00 8

View entire presentation