Retail Debt Program Tesouro Direto. David Athayde Investor Relations Office Brasília June-2013

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1 Retail Debt Program Tesouro Direto David Athayde Investor Relations Office Brasília June-2013

2 Main Features Guidelines» Launched in 2002, as a partnership between the Treasury and BM&FBovespa (stock exchange)» Treasury: in charge of bond offering and pricing» BM&Fbovespa: responsible for the electronic system that supports the negotiations through Tesouro Direto» Objectives (from the Treasury point of view):» To offer another savings product alternative» To increase the investors base» Didactic purposes transparency and financial education 2

3 Main Features Characteristics» Interned Based» Individuals need one agent (bank or broker) to link them into the system, but the decision over the portfolio composition is theirs.» Minimum/Maximum amount per operation:» Min: Regular Purchases: 10% of a bond unit => around US$ 35 / Programmed : around US$ 15» Max: US$ 500,000» Offers regular government securities through the internet» Uses roughly the same on-the-run instruments for debt roll-over» One exception tailored for retailers: Zero-coupon inflation-linked bonds 3

4 Main Features Characteristics» Consulting the system» The system can be accessed for consulting purposes 24 hours a day, 7 days a week» Buying Bonds» It is possible to buy Bonds on weekdays, weekends and holidays» Except from 5am to 9am on weekdays system maintenance» Selling Bonds to the Brazilian Treasury» The selling of Bonds to the Brazilian Treasury can be done every Wednesday at market prices» Weekly liquidity 4

5 Advantages Competitive Costs» Financial Institution Fee (vary a lot, some have zero fee) from 0 to 1%per year.» Custody Fee (BM&FBovespa Brazilian Stock Exchange) 0.3% per year.» Investment Funds usually have higher fees, which are inversely proportional to the volume available for investment (low-income investors pay more)» As the investor is responsible for his portfolio allocation, there are no costs related to the asset manager role. 5

6 6

7 Advantages Flexibility Customized Portfolio» Maturities range from 2 to 40 years» Three types of bonds: fixed rate / inflation-linked / floating rate» Two available flows:» LTN, LFT and NTN-B Principal: the principal and interests are paid only when the bond is redeemed;» NTN-B and NTN-F: there are also semi-annual coupon payments. 7

8 List of Bonds Offered Available Prices and Rates Security Inflation (CPI) Linked NTNB Principal Rate(p.y.) Unitary Price Maturity ASK BID ASK BID 15/05/2019 3,74% - R$ 1.812,02 - NTNB /08/2020 3,78% - R$ 2.598,45 - NTNB Principal /08/2024 4,09% - R$ 1.438,68 - NTNB /05/2035 4,23% - R$ 2.882,62 - NTNB Principal /05/2035 4,35% - R$ 886,35 - NTNB /08/2050 4,40% - R$ 2.939,24 - Fixed Rate LTN /01/2016 9,12% - R$ 784,98 - LTN /01/2017 9,43% - R$ 711,97 - NTNF /01/2023 9,79% - R$ 1.036,38 - Floating Rate (Selic) LFT /03/2017-0,03% - R$ 5.541,15 - As of: 25-Apr :20:56 8

9 Advantages Simple Purchase Procedure 9

10 Purchase Procedure Clearing Process» After the purchase is confirmed, a protocol number and the payment due date are displayed.» The financial resources should be made available to the Custodian on the week day that follows the purchase date.» The investor is responsible for :» Contacting the Custodian to obtain its banking details» Transferring the money to the appropriate account 10

11 Advantages Safety» Public bonds usually are the safest financial investment in a country» Once purchased, the bond is registered as a property of the investor» If the financial institution goes bankrupt, the investor just have to transfer his bonds to another institution. Competitive Returns» Lower Costs» Considering the declining trend of interest rates in Brazil, investors can guarantee an high yield bond for a long period. 11

12 Taxation IOF and Withholding» The securities offered at Tesouro Direto are subject to the same taxes of any fixed Income investments:» The regressive IOF tax (for investments below 30 days)» Withholding tax :» 22.5% up to 180 days;» 20.0% from 181 to 360 days;» 17.5% from 361 to 720 days;» 15.0% above 720 days.» The withholding tax is only charged at the moment of selling, previous redemption and when the bond have coupon payments semi-annually. 12

13 Fees BM&FBovespa and the Financial Institution» BM&FBOVESPA charges 0.30% per year over the total value of the stock» Each financial institution has a different fee:» This fee is freely agreed with the investor» Induce market competition 13

14 Recent Developments Improvements» Home-Broker integration» Investor can operate through his financial institution s web site» Cost Reduction» There was also a negotiation fee that was abolished» Scheduled Sales» Periodical purchase and sales programming» Re-investment» Incentive to retailers» Fee draw-backs conditional on performance 14

15 Up to 1 k 1 to 2 k 2 to 3 k 3 to 4 k 4 to 5 k 5 to 10 k 10 to 50 k 50 to 100 k 100 to 500 k 500 k a 1 M Recent Numbers # of Operations by Financial Volume Mar 13 Sales by Maturity Mar % 12.5% 12.5% 19.6% > 10years 46,2% 1-5 years 28,4% 7.7% 5.0% 4.4% 3.7% 2.6% 0.2% 5-10 years 25,4% 15

16 Recent Numbers Outstanding Mar 13 Selic 8.8% Fixed 23.8% Inflation 67.4% Total = R$ 9.5 bn / US$ 4.8 bn 16

17 Recent Numbers Return Feb 13 Bond Maturity Gross Return In February In the Year In 12 Months LTN 1/1/ % -0.30% 14.78% LTN 1/1/ % - - NTN-F 1/1/ % -1.56% - NTN-B 8/15/ % -1.01% 18.94% NTN-B 5/15/ % -2.01% 23.73% NTN-B 8/15/ % -5.68% - NTN-B Principal 5/15/ % - - NTN-B Principal 8/15/ % -2.27% 25.10% NTN-B Principal 5/15/ % -2.61% 32.78% LFT 3/7/ % 1.57% 7.39% 17

18 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Recent Numbers Enrolled Investors 350,000 12, , ,092 10, ,000 8, , ,273 6, , ,000 4,496 4,042 4, ,000 2,000 Monthly Variation (RHS) Total 18

19 Cross-Country Comparison Share of Retail Investors through TD is not Representative (% of Overall Debt) Brazil USA Sweden Ireland UK 19

20 Looking Ahead Great Increase Potential» Computers base-> 99 mn (2012)» 1 Computer out of 2 inhabitants» 94 mn internet users» 71.43% of households have Internet» E-commerce traded R$22.5 bn in 2012» Internet Banking -> 42 mn people in 2011.» 24% of banking transactions» 15.7 bn transactions» 46% of active accounts» 572 thousand investors with homebroker (2012)» 15% of BM&FBOVESPA trades 20

21 Looking Ahead Main Challenges» Work on distribution channels» Banks are not interested in selling Tesouro Direto bonds. They prefer to sell their own financial products, through which they raise capital. Tesouro Direto only gives operational fees.» Identify the investor needs» The Treasury is hiring a survey company in order to understand the main difficulties faced by the potential investors.» Invest on advertising and financial education 21

22 For additional information access the National Treasury website: Or contact Institutional Relations area: The information on this presentation is issued by the Brazilian Debt Management Office (DMO) for informational purposes. It does not contain and is not an invitation or offer to buy or sell securities. Translation of the original text of this document is provided only for the convenience of the reader. While reasonable care has been taken to ensure the authenticity of the translation, its accuracy cannot be guaranteed. Reliance upon this translation shall be at the reader's own risk. Under no circumstances, shall the Brazilian National Treasury, its officers, employees or agents be liable to the reader or anyone else for any inaccuracy, error, inconsistency, omission, deletion, defect or alteration of the content of the translation from the original Portuguese text, regardless of cause, or for any damages resulting therefore. The original Portuguese text of this document is the only official version, which can be found in In the event of any discrepancy or contradiction between the Portuguese and translated version, the Portuguese version shall prevail. 22

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