Incentive Program

Fee incentive for Structured Transactions with Listed Ibovespa Derivatives

This policy will remain in effect until January 29, 2027, and it may be changed again or terminated early by B3.

Accreditation

Investors who wish to benefit from the fee incentive for the Ibovespa Structured Transactions must send a request to [email protected]. The requests will be analyzed within five business days and investors will be informed of the decision at the same email as above.

The investor is responsible for guaranteeing that there is a position account dedicated exclusively to this end, in other words, an account that is solely for Structured Transactions with Listed Ibovespa Derivatives. Systemic inability by the investor and/or participant to meet this demand will prevent the investor from using the benefit.

General Rules

Ibovespa Structured Transactions

For fee purposes, Ibovespa Structured Transactions will be transactions that meet the criteria described below:

Structure 1 - Buy of Futures + Sell of Call + Buy of Put

Operation	Instrument	Quantity	Options Condition
Sell	Ibovespa Futures (IND/WIN)	Proportionally equivalent quantity	-
Buy	Ibovespa Call Option		Same Stike price and expiration date (between the options)
Sell	Ibovespa Put Option

Structure 2 — Sell of Futures + Buy of Call + Sell of Put

Operation	Instrument	Quantity	Options Condition
Buy	Ibovespa Futures (IND/WIN)	Proportionally equivalent quantity	-
Sell	Ibovespa Call Option		Same Stike price and expiration date (between the options)
Buy	Ibovespa Put Option

Additional remarks:

• Traded quantities must adhere to a 1:1:1 ratio, considering the differences in size of Futures contracts and Options on Ibovespa with a 10% tolerance margin for the total volume of the futures market.
• For Options on Ibovespa, both monthly and weekly contracts may be considered.
• In the case of transactions with odd-numbered expiration dates for Options on Ibovespa, the transactions may be structured using Ibovespa Futures contracts with an even-numbered expiration date immediately following the Option’s contract month.

Definition of the Fees

The investor whose accreditation is approved will have access to the differentiated fee structure, as detailed below.

There will be a 90% (ninety percent) reduction on:

Futures Contracts

• Trading Fee and registration fee
• Settlement fee

Option contracts

• Trading Fee and registration fee
• Settlement fee
• Fee at the options exercise

The above reduction will apply only in the following cases:

• Ibovespa Structured Transactions
• Offsetting the structure fully or partially, if the remaining quantities are the same.
• Settlement on expiration.

The Ibovespa Structured Transactions trading volume will not be considered as volume traded by the investor for ADTV/ADV calculation purposes and for per-volume discounts, whether for Ibovespa Futures or for Options on Ibovespa.

Transactions outside of the Ibovespa Structured Transactions and other situations

If any transactions are executed outside of the Ibovespa Structured Transactions, B3 reserves the right to charge the fee differential subsequently and to de-register the investor from the incentive rule.

Partial reduction of the instruments without maintaining an equal quantity at all legs of the transaction entails the subsequent charge of the full amount of all the legs of the strategy.

Excess futures contracts will be subject to the charge of the first tier in the fee structure in effect for the respective futures contracts, without the possibility of volume or day trade discounts. Excess Options on Ibovespa will also be subject to full charges according to the type of investor, without the possibility of discounts for day trading.