BM&F BOVESPA S.

A
Pro Forma Consolidated Income Statement
(In thousands of Reais)
3Q08

%V

2Q08

%V

3Q07

Variation
Variation
3Q08 x 2Q08 3Q08 x 3Q07

9M08

%V

9M07

%V

Variation

Operational Revenues

450,833

111.4%

483,625

111.4%

402,008

-6.8%

12.1%

1,372,066

111.4%

1,071,551

111.3%

28.0%

Trading and Clearing Systems - BM&F

170,386

42.1%

161,321

37.2%

157,388

5.6%

8.3%

486,645

39.5%

458,373

47.6%

6.2%

162,226
5,526
80
1,752
802

40.1%
1.4%
0.0%
0.4%
0.2%

152,412
4,780
82
3,173
874

35.1%
1.1%
0.0%
0.7%
0.2%

151,011
5,198
302
515
361

6.4%
15.6%
-2.2%
-44.8%
-8.3%

7.4%
6.3%
-73.4%
240.3%
122.0%

463,302
14,926
269
5,857
2,291

37.6%
1.2%
0.0%
0.5%
0.2%

435,593
16,386
738
4,670
986

45.3%
1.7%
0.1%
0.5%
0.1%

6.4%
-8.9%
-63.5%
25.4%
132.3%

264,601

65.4%

309,329

71.2%

232,541

-14.5%

13.8%

844,457

68.6%

577,361

60.0%

158,587
66,704
12,368
7,496
15,868
3,578

39.2%
16.5%
3.1%
1.9%
3.9%
0.9%

188,462
80,965
14,367
7,157
15,019
3,359

43.4%
18.6%
3.3%
1.6%
3.5%
0.8%

127,700
75,715
16,316
5,629
7,181
-

-15.9%
-17.6%
-13.9%
4.7%
5.7%
6.5%

24.2%
-11.9%
-24.2%
33.2%
121.0%
-

511,391
213,713
42,115
21,776
45,206
10,256

41.5%
17.4%
3.4%
1.8%
3.7%
0.8%

323,330
183,262
35,791
15,623
19,355
-

33.6%
19.0%
3.7%
1.6%
2.0%
0.0%

58.2%
16.6%
17.7%
39.4%
133.6%

15,846

3.9%

12,975

3.0%

12,079

22.1%

31.2%

40,964

3.3%

35,817

3.7%

14.4%

11,523
1,784
2,540

2.8%
0.4%
0.6%

10,961
207
1,807

2.5%
0.0%
0.4%

6,353
1,814
3,912

5.1%
761.6%
40.6%

81.4%
-1.7%
-35.1%

32,172
2,162
6,631

2.6%
0.2%
0.5%

15,788
2,591
17,438

1.6%
0.3%
1.8%

103.8%
-16.6%
-62.0%

(140,492)
(126,302)
(14,190)

Derivatives
Foreign Exchange
Securities
Brazilian Commodities Exchange
BM&F Bank
Trading and Clearing Systems - Bovespa
Trading fees
Clearing fees
Securities Lending
Listing
Depositary, custody and back-office
Trading access (Brokers)
Other Operational Revenues
Vendors
Commodities classification fees
Others
Revenue deductions
PIS and Cofins
Service tax

(46,158)
(41,354)
(4,804)

-11.4%
-10.2%
-1.2%

(49,446)
(44,504)
(4,942)

-11.4%
-10.3%
-1.1%

(41,219)
(37,573)
(3,646)

-6.6%
-7.1%
-2.8%

12.0%
10.1%
31.7%

Net Operational Revenues

404,675

100.0%

434,179

100.0%

360,789

-6.8%

12.2%

(137,158)

-33.9%

(146,700)

-33.8%

(145,572)

-6.5%

-5.8%

(55,364)
(36,843)
(8,030)
(11,470)
(2,972)
(4,287)
(1,200)
(928)
(5,324)
1,916
(1,267)
(11,389)

-13.7%
-9.1%
-2.0%
-2.8%
-0.7%
-1.1%
-0.3%
-0.2%
-1.3%
0.5%
-0.3%
-2.8%

(56,966)
(41,618)
(7,923)
(9,962)
(3,270)
(4,984)
(1,096)
(1,200)
(7,824)
(1,685)
(2,020)
(8,152)

-13.1%
-9.6%
-1.8%
-2.3%
-0.8%
-1.1%
-0.3%
-0.3%
-1.8%
-0.4%
-0.5%
-1.9%

(57,895)
(36,456)
(8,580)
(12,111)
(3,580)
(3,538)
(923)
(1,151)
(9,216)
(2,513)
(9,609)

-2.8%
-11.5%
1.4%
15.1%
-9.1%
-14.0%
9.5%
-22.7%
-32.0%
-213.7%
-37.3%
39.7%

267,517
66.1%

66.1%

287,479
66.2%

66.2%

215,217
59.7%

(121,658)

-30.1%

(81,105)

-18.7%

67,957

16.8%

77,244

93,671
(25,714)

23.1%
-6.4%

4,080

Operational Expenses
Personel
Data processing
Depreciation and Amortization
Third Party Services
Maintenance
Communications
Leases
Supplies
Marketing
Taxes
Board Compensation
Other
Operating Income
Operating Margin (variation in p.p)
Goodwill Amortization
Financial Income
Financial Revenues
Financial Expenses
Non-Op Result
Income before Taxes
Income Before Taxes Adjusted by Goodwill
Income Tax and Social Contribution
Income Tax
Social Contribution
Deferred Inc.Tax and Soc. Contribution
Deferred income tax
Deferred social contribution
Efective Tax Rate
Efective Tax Rate Adjusted by Goodwill
Minority Interest

-11.4%
-10.3%
-1.2%

(109,180)
(99,342)
(9,838)

-11.3%
-10.3%
-1.0%

28.7%
27.1%
44.2%

100.0%

962,371

100.0%

28.0%

(416,408)

-33.8%

(414,242)

-43.0%

0.5%

-4.4%
1.1%
-6.4%
-5.3%
-17.0%
21.2%
30.0%
-19.4%
-42.2%
-176.2%
18.5%

(167,298)
(114,028)
(23,730)
(30,660)
(9,485)
(13,495)
(3,268)
(2,644)
(20,301)
(1,282)
(5,323)
(24,894)

-13.6%
-9.3%
-1.9%
-2.5%
-0.8%
-1.1%
-0.3%
-0.2%
-1.6%
-0.1%
-0.4%
-2.0%

(163,449)
(103,070)
(25,484)
(29,017)
(10,499)
(9,822)
(2,491)
(2,989)
(26,811)
(7,235)
(33,375)

-17.0%
-10.7%
-2.6%
-3.0%
-1.1%
-1.0%
-0.3%
-0.3%
-2.8%
-0.8%
0.0%
-3.5%

2.4%
10.6%
-6.9%
5.7%
-9.7%
37.4%
31.2%
-11.5%
-24.3%
-82.3%

-6.9%
-0.1

24.3%
6.5

815,167
66.2%

66.2%

548,129
57.0%

57.0%

49%
9.2

50.0%

(202,763)

-16.5%

17.8%

77,989

-12.0%

-12.9%

222,993

18.1%

232,485

24.2%

-4.1%

92,364
(15,120)

21.3%
-3.5%

85,960
(7,971)

1.4%
70.1%

9.0%
222.6%

269,003
(46,010)

21.8%
-3.7%

246,418
(13,933)

25.6%
-1.4%

9.2%
230.2%

1.0%

7,531

1.7%

9,742

-45.8%

-58.1%

14,922

1.2%

16,627

1.7%

-10.3%

217,897

53.8%

291,149

67.1%

302,948

-25.2%

-28.1%

850,319

69.0%

797,241

82.8%

6.7%

339,555

83.9%

372,254

85.7%

302,948

-8.8%

12.1%

1,053,082

85.5%

797,241

82.8%

32.1%

(68,109)
(50,289)
(17,820)

-16.8%
-12.4%
-4.4%

(124,973)
(91,792)
(33,181)

-28.8%
-21.1%
-7.6%

(97,922)
(73,393)
(24,529)

-45.5%
-45.2%
-46.3%

-30.4%
-31.5%
-27.4%

-24.7%
-18.2%
-6.5%

(266,919)
(201,323)
(65,596)

-27.7%
-20.9%
-6.8%

14.1%
11.2%
22.7%

86,177
63,304
22,873

21.3%
15.6%
5.7%

32.3%
32.3%

-11.67
-13.51

-1.1
-12.3

35.8%
28.9%

31.3%
20.1%

0.0%
0.0%
0.0%

42.9%
33.6%

1,231,574

(304,445)
(223,956)
(80,489)
86,177
63,304
22,873

7.0%
5.1%
1.9%

-25.4%

0.0%

0.0%
0.0%
0.0%

33.5%
33.5%

2.3
-4.6

(354)

-0.1%

(970)

-0.2%

(690)

-63.5%

-48.6%

(961)

-0.1%

(2,056)

-0.2%

-53.2%

Net Income
Net Margin (variation in p.p)

235,611
58.2%

58.2%

165,206
38.1%

38.1%

204,336
56.6%

42.6%
20.2

15.3%
1.6

631,090
51.2%

51.2%

528,266
54.9%

54.9%

19.5%
-3.6

EBITDA
EBITDA Margin (variation in p.p)

275,547
68.1%

68.1%

295,402
68.0%

68.0%

223,797
62.0%

-6.7%
0.1

23.1%
6.1

838,897
68.1%

68.1%

573,613
59.6%

59.6%

46.2%
8.5

Adjusted Net Income by Goodwill

Adjusted Net Margin (variation in p.p)

315,905
78.1%

78.1%

218,735
50.4%

50.4%

204,336
56.6%

44.4%
27.7

54.6%
21.4

764,914
62.1%

62.1%

528,266
54.9%

54.9%

44.8%
7.2