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Investor Presentaiton

R$ Billion 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Jan-08 TESOURONACIONAL Investors Base - Retail Sales Program Tesouro Direto Outstanding Stock 10.00 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 ➤ Despite it reached R$ 9 billion (roughly USD 4,5 billion), the Treasury Direct Program represents less than 0,5% of the total Federal Public Debt held by the public. 10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 8.99

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