Rend A is a bond available to Brazilian savers that allows them to buy an income in retirement backed by the Government. Here is how it is getting on since launch

1. 1
INFORMAÇÃO INTERNA – INTERNAL INFORMATION
Market Insights Report
RendA+ Highlights
January 31– July 3
2023
July

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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With just over five months of operation, the new bond has already reached
more than R$ 1 billion in outstanding and 52 thousand investors. Thus, we
can assess the profile of investors and participants.
Purpose
On January 30, the Tesouro Direto Program launched RendA+ (Tesouro
RendA+ Aposentadoria Extra), a new bond to complement investors'
Retirement.
Context

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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In five months, RendA+ reached R$ 870,9 MM in accumulated purchases (856,6 MM in net
purchases)
23,6
Mar/23
4,5%
4,6%
19,0
4,7%
Jan/23
4,6%
23,7
Feb/23 June/23
Apr/23
4,7%
20,9
May/23
4,8%
1,5
23,8
151,9
13,0
149,5
250,4
175,5
2,3 5,1
13,0 130,7
6,9
151,8
175,5
250,4
157,0 137,6
Number of investors – RendA+
(Investors who bought and % of investors who traded each month - in thousands)
Purchases Volume –RendA+
(* BRL million)
(** Net purchases percentage)
Mar/23
Jan/23 Feb/23 June/23
Apr/23 May/23
Purchases
Sales

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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The new bond outstanding volume already has R$ 1 billion through 52 thousand investors
with a median of approximately R$ 1,000.00.
33,9
1,5
19,7
41,0
46,8 51,7 52,0
183,6
12,6
625,0
455,0
828,4
996,6 1.033,1
383 400
541
654
823
959 1.000
30/Jun
31/Jan* 28/Feb 31/Mar 03/Jul
31/May
28/Apr
Number of investors - RendA+
(in thousands)
RendA+ Outstanding Volume
(R$ milllion)
Median values per investor – RendA+
(R$)
*Data referring to operations settled up to the previous day

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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The most popular bond is the one with the shortest term, maturing in 2030. It contains the
most investors and the largest balances.
20%
6%
16%
28%
8%
15%
3% 5%
17,7
12,7
10,0 9,6
4,8 3,7 1,8 3,2
1%
36%
3%
19% 12% 13%
110,9
11% 5%
374,3
192,1
129,0 133,2
46,8 31,3 15,4
508
1.011 1.041 1.035 910 783
514 549
2045
2035 2050
2030 2060
2040 2055 2065
Number of investors on July 3rd* - RendA+
(In thousands) (Percentage of total)
RendA+ outstanding volume on July 3rd *
(BRL million) (Percentage of total)
Median of investor balance on July 3rd* – RendA+
(R$)
*Data referring to operations settled up to the previous day

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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48% of those who invest in the shorter-maturity bond (2030) are between 40 and 59 years old
and concentrate 69% of the outstanding balance in this bond.
6%
48%
72%
51%
60%
74%
2%
5%
40%
12,7
14%
3%
4%
41%
1% 2%
5%
49%
44%
1%
1%
1,8
1% 5%
58%
35%
3,7
7%
18% 1% 3,2
9%
14%
9,6
15%
20%
6%
51%
26%
17,7
10,0
4,8
Number of RendA+ investors by age group (*) (in thousands)
25-39
0-18 19-24 40-59 >60
2050
2%
2040
374,3
10% 40%
21%
4%
2060
2030
16%
6%
22%
2035
1% 23%
70%
6%
39%
56%
4%
2045
57%
77%
38%
4%
69%
2055
61%
31,3
32% 8%
46,8
39%
10%
192,1
15,4
28%
43%
2065
129,0 110,9 133,2
RendA+ investors’ total balance by age group (*) (BRL millions)
*Data from July 3rd referring to operations settled up to June 30

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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66 % 62 %
34 % 38 %
100 %
Invest in RendA+ DO not invest in RendA+
100 %
Women
Men
The male audience is slightly larger (+4 p.p.) among people who invest in Renda+
Number of investors on July 3rd* – RendA+
(% by gender)
*Data referring to operations settled up to the previous day

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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50%
40%
6%
2%
40 - 59
25 - 39
0 - 18
>60
19 - 24
3%
48 %
34 %
9 %
1 %
8 %
21%
64%
14%
0 - 18 0%
1%
25 - 39
19 - 24
40 - 59
>60
21 %
48 %
30 %
1 %
0 % 51%
39%
20%
19%
19%
>60
25 - 39
0 - 18
19 - 24
40 - 59
The range of investors from 40 to 59 years old stands out, representing 40% of investors in
RendA+ and 64% of the outstanding volume (respectively +6 p.p. and +16 p.p. compared to
those who do not own this bond).
Invest in Renda+ Other bonds Invest in Renda+ Other bonds Invest in Renda+
*Data referring to operations settled up to the previous day
** Total balance considers only Tesouro Direto
Investors on July 3rd*
(% by age group)
Outstanding volume on July3rd *
(% by age group)
% in RendA+
(%ofthosewhoinvestin
Renda+**)

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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RendA+ has already attracted 12,300 new investors to the Tesouro Direto (TD),
representing 24% of the total*
39,7
76%
Total
Joined via other bonds
24%
Joined via Renda+*
52,0
12,3
82%
18%
842,9
190,2
1.033,1
1.180
454
1.000
Number of investors
(in thousands)
Renda+ outstanding
(BRLmillion)
Median of Renda+ outstanding
(R$)
* Data from July 3rd, referring to operations settled up to the previous day

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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Investments in Renda + already represent 19% of the investment of those who own the new
bond.
3.112
3.735
4.222
30/jan
12
(0%)
30/jun
28/Feb 31/mar
3.164
822
(17%)
31/jan
4.879
448
(12%)
180
(5%)
3.287
617
(15%)
3.394
28/Apr
4.057
31/May
995
(19%)
3.123
3.125 3.344
4.011
5.217
3-jul
5.224
4.222
1.002
(19%)
RendA+ Other bonds
*Data referring to operations settled up to the previous day
Renda+'s investments growth (July 3rd*
)
(BRL million)

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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50% of RendA+ investors allocate up to 25% of their balance to the new bond.
12.3 thousand invest only in RendA+.
26,1
24%
50%
8%
14% 4%
4,0 2,2
7,4
12,3
24%
25% 20%
144,2
14%
210,3
254,4
17%
174,2
250,0
977 1.497 1.832
4.593
454
50% - 74%
0 - 25% 25% - 49% 75% - 99% 100%
Outstanding volume of RendA+
(BRL million) (% of total)
Number of RendA+ investors
(investors in thousands) (% of total)
Median and percentage of investor's allocated balance to RendA+
(R$) 4.427
*Data from June 13 referring to operations settled up to June 12

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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576
676 400
492
(42%)
1.090
168
1.168
203
(17%)
467
342
545
205
(9%)
1.179
768
2.183
133
(17%)
37%
20% 16%
14,0
8,1
10,4
27%
19,4
1.153
15.065
5.205
26.853
Inflation + Fixed-rate
Inflation + Floating Rate
Inflation-linked All types
37% of investors who own Renda+ have a portfolio indexed only to inflation, with 42% of the
investments in Renda+
Inflation + Fixed-rate All types
Total balance of Renda+'s investors (*)
(BRL million)
Inflation-linked only
Renda + Inflation-linked Floating rate Fixed-rate
Portfolio of bonds held by the investors
(by index type)
Investors' balance by bond type =
Inflation + Floating rate
Number of investors per bonds portfolio
(in thousands)
Median of balance values per investor
(R$)
*Data from July 3rd referring to operations settled up to June 30

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INFORMAÇÃO INTERNA – INTERNAL INFORMATION
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Thank you!