BM&FBOVESPA

Growth story

Investor Relations Department

June 2013
1

Forward Looking Statements

This presentation may contain certain statements that express the managements expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries BM&FBOVESPA works in. The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BM&FBOVESPA performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries BM&FBOVESPA operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&FBOVESPA products in foreign jurisdictions. All forward-looking statements in this presentation are based on information and data available as of the date they were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or future development. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
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HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE BRAZILIAN MARKET OPPORTUNITIES MAIN GROWTH INITIATIVES OPERATIONAL PERFORMANCE FINANCIAL HIGHLIGHTS APPENDIX (includes results for 1Q13)

HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE Safety, resilience and transparency

History of BM&FBOVESPA
Important global exchange
1890: Foundation of Bolsa Livre (BOVESPA's predecessor) 1967: BOVESPAs Mutualization Aug 2007: BOVESPA Hld demutualization Oct 2007: BOVESPA Hld IPO (BOVH3)

1986: Start of BM&F activities

Sep 2007: BM&F demutualization

Nov 2007: BM&F IPO (BMEF3)

May 2008: integration between BM&F and BOVESPA Hld and creation of BM&FBOVESPA (BVMF3)

MARKET CAPITALIZATION (US$ billion) AND OPERATING MARGIN (%)

Worlds
3rd largest

exchange
70.7% 58.1% 63.0%

56.2%
56.6% 60.7% 26.2% 72.4% 53.5% 41.5% 34.9%

66.6%

22.7

19.4

13.0
BVMF

12.5
ICE

12.4
Deutsche Boerse

9.8
Nyse Euronext

6.3
ASX

6.3
SGX

5.8
LSE

5.2
Nasdaq
Oper. Margin (2012)

2.6
TMX

2.2
BME

CME

HKEx

Diversified and integrated

Integrated (Derivatives)

Diversified but not integrated

12M to Jun. 30, 2012. 12M to Mar 31, 2012. 9M to Sep. 30, 2012. Source: Bloomberg (May. 31, 2013).

Vertical model as a differential

Value gained across most of the chain
VALUE CHAIN

PRE-TRADING
Risk Analysis Access

TRADING
Risk Analysis (DMA) Trade Allocation Transfer

POST-TRADE
Clearing/risk analysis Position/ Auxiliary Settlement Collateral Depository Services

Vertically integrated
Trading Platform: equities, derivatives, government and
corporate bonds, funds, spot FX, among others Post-Trade Platform:
Central Counterparty (CCP) : An entity that interposes itself

Services for issuers and brokers

Listing (stocks, funds, corporate bonds, securitization, among other) Trading access (brokers) Securities Lending Custody for clubs and foreign investors (2.689 account) Market Data (vendors) Indices Licensing Software Licensing OTC (derivatives and fixed income) Commodities certification

between operations or contracts, becoming the guarantor of all

business Settlement System (SSS): system that allows the transfer of securities or assets from investors, in which the transfer may be

free or against payment

Central Depository (CSD): performs centralized asset custody and treatment of corporate actions (dividends, stock splits, etc.)

Vertical model as a differential

BM&FBOVESPA present at all post-trade stages
BRAZIL (Internalization of orders is forbidden) US (Internalization of orders is allowed)
Trading Venues

Trading DTCC
Brokers A and B Brokers A and B Broker A Broker B

Post trade
CCP SSS CSD
Investors Investors Investors Investors

Model 100% vertical: clearing, settlement and central depository at the final beneficial owner level Brokers settle positions and control their clients portfolios through BM&FBOVESPAs infrastructure (impact on post-trade fees)

Clearing, settlement and custody occur at the brokerage houses Each prime broker has its own structure to control its customers portfolios and settle positions (impact on the prime brokers costs)
7

Brazilian market regulatory framework

Resilience and safety as priorities
Brokerage houses & investors

Regulations prohibit internalization of orders, dark pools and ATS/MTFs and simultaneous exchange/OTC equities trading Settlement and clearing of equities trading must be done through a CCP Settlement and clearing at the final beneficial owner level make the Brazilian market safer and more resilient

Trading

Under the prevailing regulations, potential competitors must provide an integrated solution with the same status regarding rules and transparency In Brazil the final investor pays the exchange: compared to other markets we have a competitive all-in-cost, as BM&FBOVESPA provides more services than other exchanges Naked access is not allowed Naked short selling is not possible
8

Post-Trade

Corporate Governance
Multidisciplinary knowledge in conducting business
BOARD OF DIRECTORS
Pedro Parente (Chairman) Independent Director, CEO of Bunge Brasil Marcelo Trindade (Vice Chairman) Independent Director, lawyer Alfredo Antnio Lima de Menezes Non Executive Director, Executive Officer of Bradesco Andr Esteves Non Executive Director, CEO of BTG Pactual

EXECUTIVE OFFICERS
Edemir Pinto CEO
Eduardo Guardia Chief Product / IRO Ccero Vieira COO Daniel Sonder CFO Luis Furtado CIO

Candido Bracher Non Executive Director, CEO of Ita BBA

Charles Carey Independent Director, Director of CME Group Claudio Haddad Independent Director, engineer and professor Jos Berenguer Neto Non Executive Director, CEO of JP Morgan Brazil Jos Roberto Mendona de Barros Independent Director, economist and professor Luiz Fernando Figueiredo Independent Director, Co-Founder of Mau Investments Luiz Nelson Guedes De Carvalho Independent Director, professor

COMMITTEES
Audit Committee Nominations and Corporate Governance Committee Compensation Committee

Risk Committee
Advisory Committee For The Securities Intermediation Industry

Ownership structure
Widely-held shareholder base

2.4% 5.3% 5.2% 5.1% 6.6%

Funds managed by BlackRock, Inc. Funds managed by OppenheimerFunds, Inc.

CMEG Brasil I Participaes Ltda.

Funds managed by Vontobel Asset Management Inc. Other

75.5%

Treasury stock

GM of 03/27/2012 Number of individual shareholders Number of institutional shareholders Total number of shareholders Free float (ON) 64,355 3,530 67,885 1,926,291,202 (97.3%) 10

BRAZILIAN MARKET OPPORTUNITIES Main growth drivers

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Opportunities in the Brazilian market

BM&FBOVESPA prepared to capture future growth
GROWTH DRIVES
Investment needed to promote growth
EQUITIES MARKET

Interest rates at the lowest in history

lower interest rates => opportunity for diversification with investments in equities from institutional investors more resources being directed into equities more listed companies DERIVATIVES MARKET more credit and more in fixed-rate government debt => more demand for hedging from financial institutions lower interest rates=> longer maturities of traded contracts more foreign trade => higher volumes in FX contracts stock market growth, the launch and development of ETFs and more exposure to equity among institutional investors => growth in Index-based contracts

National savings still highly concentrated in fixed income

CAPITAL MARKETS WILL HAVE CENTRAL ROLE IN THE COMING YEARS

Credit/GDP Evolution in Brazil (%)
Mortgage Total Credit

Credit/GDP Ratio (%)* - 2011

53.5%
100%
51% 173% 116%

Selic Interest Rate Evolution (% p.a.)

Jan-07 to May-13
193%
13.25 11.25 8.75 13.75 10.75

188%

128%

11.00 7.25 8.00

27.4%
6.3%

105%

4.5%

2001 2002 2003 2004 2005 2006 2008 2009 2010 2011 2012

Brasil * Coria Alemanha Frana Austrlia

Japo

Reino Unido

EUA

2007

2008

2009

2010

2011

2012

2013

Source : Central Bank of Brazil and World Bank. * For Brazil, considers only bank credit.

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Capital Market
Great opportunities in the equities and derivatives segments
NUMBER OF CUSTODY ACCOUNTS (thousand)
Number of retail investors represents only 0.3% of the population (lower than global average)
May'13 668.9

INVESTMENT FUNDS
Funds AUM evolution (in BRL billion). Global average of 40% for equities
2,189 2,266

Equities Fixed Income

Jan'05 128.6

657 11%

861 10%

899 11%

1,703 1,787 1,513 1,375 18% 18% 1,301 22% 1,070 15% 14% 11%

1,925 15%

14% 14%

Jan-05 Jul-05 Jan-06 Jul-06 Jan-07

Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12

Jan-13

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q13

LISTED COMPANIES
Lower number of listed companies in comparison with other countries
6,856 4,916 4,041 3,972 3,481 3,200 2,767 2,056 1,784 364
India USA China/HK Canada Japan Spain UK Australia Korea Brazil

PENSION FUNDS
Participation of equities in the portfolio of pension funds

Fixed Income and Others Equity

168
28%

216
29%

256
30%

295
31%

352
33%

436
37%

419
28%

492
33%

538
33%

574
30%

619
29%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source : BM&FBOVESPA, ANBIMA , WFE (Dec-12) and ABRAPP.

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Interest Rate Contracts in Brazilian Reals

Structural changes behind the growth in volumes
INTEREST RATES IN BRL: ADV PER CONTRACT MONTH (million contracts)
longer maturities of contracts
1.61
1.27

2.13
1.73
1.11

2.12
1.63

CAGR: +10% CAGR: +36%

0.93
0.62 0.32

0.86
0.46

0.96
0.64 0.85

0.62

CAGR: -20%
0.49

0.40

1Q08

1Q09

1Q10
1st-4th Maturity

1Q11
5th Maturity Total

1Q12

1Q13

STOCK OF FIXED-RATE CREDIT (BRL billion)

more credit increases the banks demand for financial derivatives on BM&FBOVESPA
Dec'12: BRL 850.9

PUBLIC DEBT / FIXED RATE (BRL billion)

more fixed-rate debt increases banks and institutional investors demand for futures contracts on BM&FBOVESPA

Apr'13: BRL 720.8 bn

Jan'05: BRL 180.0

Jan'05: BRL 151.4 bn

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Mar-05Mar-06Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13

Source: Central Bank of Brazil

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BM&FBOVESPA
Well positioned to capture and generate growth
Falling interest rates

Significant investments in technology and the quest for greater efficiency (cost control)
High Potential for Revenue Growth

Strong need for investments to promote growth

External Factors

BM&FBOVESPA Strategic Focus

Strengthening of regulatory and institutional structure

Investments portfolios still concentrated in high liquidity fixed income products

Operating Leverage

Focus on clients: development of markets and products

Sustainable Results (Maximization of Shareholders Return)

15

MAIN GROWTH INITIATIVES Investments, new products and focus on the customer

16

Strategic projects
Building a new one-stop-shop exchange
PUMA Trading System - Multi-Asset Class Platform
State-of-the-art trading technology, developed in partnership with the CME Group, with technological independence Derivatives module : successfully implemented in 3Q11 Equities module: successfully implemented in Apr-13 Over-the-counter and Fixed Income Platforms New platforms have been developed to offer greater flexibility, quality and agility to our customers Registration platform: registration of fixed income instruments (initially CBD and LCI) OTC derivatives: registration of financial derivatives (initially, non-deliverable forward contracts, or NDFs), developed with the Calypso Technology Company Trading of corporate bonds: developing new platform for secondary market and change the pricing policy Clearinghouses integration Creating an integrated clearinghouse, which will consolidate the activities of the four current clearinghouses: equities and corporate debt, derivatives, foreign exchange and securities Licensing of TRADExpress Real Time Clearing system, developed in partnership with Swedish firm Cinnober (with right of access to source code) Integrated tests with the market and the beginning of the deployment of new systems planned 1Q14 (derivatives) and end 2014 (equities)
17

Clearinghouses Integration
Further differentiation in BM&FBOVESPA post-trade
Equities and corporate debt (BRL 98 bn*)
Equities, ETFs and corporate fixed income cash market Equity and indices derivatives (options and forward) Securities lending

Derivatives (BRL 102 bn*)

Financial and commodities derivatives (futures, options and forwards)

FX (BRL 5 bn*)
FX spot market (US$ vs. BRL )

Securities (BRL 1 bn*)

Cash market and forward market for government bonds

OTC derivatives

INTEGRATED CLEARINGHOUSE**
=

Capital efficiency

* Aggregate of pledged collateral at our clearinghouses totaled BRL 206,0 billion in Mar. 31, 2013. **IPN/CORE implementation requires the authorization of the regulators.

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High growth products

Growing sophistication of market participants
Initiatives to develop and prompt higher volume in certain products; Performance shows that the initiatives are being well received by the market .
Options with Market Maker
(ADTV in BRL million)

Real Estate Funds (FIIs)

(ADTV in BRL million)

Securities Lending

(Open Interest - average for the period - in BRL billion)

+50.8%
CAGR(09-13):

CAGR (09-13):

+37.6%

+155.8%
73.6
48.8

39.9 0.9 1.5

2010

45.6
12.7 20.5

30.2

31.9

3.7
2011

14.6
2012 2013*

ADTV before Market Maker

ADTV after Market Maker*

2009

2009

2010

2011

2012

2013*

ETFs
(ADTV in BRL million)

Brazilian Treasury Direct - Tesouro Direto

(Custody in BRL billion)

Agribusiness Credit Bills

(AUM in BRL billion)

CAGR (09-13):

CAGR (09-13):

BM&FBOVESPA has a 65% market share of the registered AUM (Mar-13).

+51.8%

+35.5%

115.9 28.5 2010 48.7 2011 2012

98.9

9.0 2.9 3.9 2010 6.1

9.8

40.0 3.6 20.0 2012 1Q13 ***

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18.6 2009

2013*

2009

2011

2012

2013**

2011

*Updated to May. 31, 2013. **Updated to Apr. 30, 2013. ***Updated to Mar. 31, 2013.

OPERATIONAL PERFORMANCE Records in 2013

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BOVESPA Segment
Operational highlights
AVERAGE DAILY TRADING VOLUME ADTV (BRL billion)

4.9 1.6
2005

5.5
2008

5.3
2009

6.5

6.5

7.3

7.7

7.4

8.2

6.0

7.2

8.4

6.7

6.6

7.9

7.3

7.8

7.4

8.2

7.7

2.4
2006 2007 2010 2011 2012 2013 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13

AVERAGE ANNUAL MARKET CAP (BRL trillion)

2.46 2.33 2.37 2.42 1.98 2.03 1.31 0.72 0.94

TURNOVER VELOCITY** (12 months average)

66.6% 64.2% 63.2% 63.8% 56.4%
30.8%

70.0% 71.7%

1.83

42.3% 36.8% 37.6%38.7%

29.4%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

*Updated to May. 31, 2013. **Ratio of cash market trading volume to the market cap of the exchange.

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Trading in ADRs of Brazilian companies

Liquidity Migration Process Interrupted
Novo Mercado Launch (Dec. 2000) End of CPMF (Financial Transaction Tax) End of IOF Tax (2%) for foreign investors (Dec. 2011)
May13 21,9% 29.4% 7.5%

Sarbanes-Oxley Act (Jul. 2002)

29.9% 70.6%

40.7%

Jul-12

Aug-12

Apr-12

Oct-12

May-12

Nov-12

Apr-13

May-13

Jan-12

Feb-12

Feb-13

Sep-12

Jan-13

Mar-13

Mar-12

Jun-12

Dec-12

1996

1997

1999

2000

2003

2006

2009

2010

1998

2001

2002

2004

2005

2007

2008

2011

Other USA Venues - Brazilian ADRs BM&FBOVESPA - companies with ADRs

NYSE - Brazilian ADRs BM&FBOVESPA (except companies with ADRs)

Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )

PUBLIC OFFERINGS IN NUMBER OF COMPANIES

IPOs Follow ons Total 2001 14 14 2002 1 5 6 2003 8 8 2004 7 8 15 2005 9 10 19 2006 26 16 42 2007 64 12 76 2008 4 8 12 2009 6 18 24 2010 11 11 22 2011 11 11 22 2012 3 9 12 2013* 6 4 10 Total 148 134 282

Dual Listings

5
22

*Updated to May . 31, 2013.

BM&F Segment
Operational highlights
AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)

3,904 3,359 2,505 1,167

124 68 266 711 2006

2,701 2,899
285 123 496 336 143 494

1,740 1,573 1,521

167 112 473 988 2007 162 88 535 789 2008 150 80 447
843

191 89 541

350 112 486

385 245 593

3,591 2,819 2,630 2,626 2,971 2,653 2,856 2,509 322 340 2,410 362
350 158 520 106 485 345 137 425
355 111 451

3,658 3,166
341 100 491 352 145 468

3,980
424 105 507

123 327

341 126 494

331 99 476

113 547

290 84 474

805
187 86 110 422 2004

852
109 74 168 501 2005

1,684 1,797 1,926

2,411

2,.681 1,561 1,866 1,723 1,710

2,199

2,630
1,747

1,856 1,561

2,235

2,694 2,994

2009

2010

2011

2012 2013*

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13

BRL Int. Rate (Thousands)

FX (Thousands)

Index (Thousands)

Others (Thousands)

REVENUE PER CONTRACT - RPC (BRL)

2006 Interest rates in BRL FX rates Stock Indices Interest rates in USD Commodities Mini contracts OTC 2007 2008 2009 2010 2011 2012 2013* M-12 J-12 J-12 A-12 S-12 1.130 2.481 1.407 1.086 2.840 0.109 1.139 1.314 O-12 0.924 2.506 1.752 1.024 2.680 0.112 1.738 1.098 N-12 1.044 2.370 1.400 1.164 2.485 0.107 1.711 1.242 D-12 1.037 2.453 1.981 1.152 3.360 0.112 2.475 1.303 J-13 1.032 2.368 1.547 1.073 2.449 0.120 1.988 1.266 F-13 M-13 A-13 M-13 0.906 0.950 1.141 0.979 0.889 0.918 1.004 0.961 2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.318 1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.665 1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.062 4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.428 0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.119 1.571 2.111 2.355 1.655 1.610 1.635 1.769 1.606 0.922 1.059 1.026 1.076 2.015 2.237 2.325 2.453 1.233 1.708 1.403 1.750 1.021 0.955 1.143 1.027 1.945 2.099 2.014 2.270 0.113 0.116 0.111 0.110 1.203 1.321 1.523 2.693 1.074 1.272 1.222 1.277 1.013 1.037 0.945 0.843 2.305 2.273 2.292 2.347 1.974 1.413 1.846 1.408 1.140 1.121 1.093 0.928 2.415 2.382 2.349 2.550 0.122 0.119 0.118 0.116 2.868 1.642 1.460 1.428 1.191 1.190 1.114 1.020

Total RPC 1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.142 *Updated until May 31, 2013.

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Investor participation in volumes Equities and derivatives segments

BOVESPA SEGMENT (EQUITIES)
12% 33% 27% 25%
10% 10%

8%
35%

7% 34% 26%
31%

8% 30%
33%

9%
35% 33%

8% 40%

8% 42%

8%
40%

9% 41%

7%

9% 42%

7%
44%

36% 27% 25%

35% 30% 23%

43%

27% 27%

32%
18%

33% 16%

35% 17%

33% 16%

32% 18%

32% 15%

32% 16%

26%

21%

2005

2006

2007

2008

2009

2010

2011

2012

2013

Jan-13

Feb-13

Mar-13

Apr-13 May-13

Individuals

Institutional Investors

Foreign Investors

Financial Institutions

Companies

Others

BM&F SEGMENT (DERIVATIVES)

7% 24% 12% 7% 25% 15% 9% 23%
17%

8%
23%

8%

4% 30% 22%

4% 33% 23%
38%

5%

4%
37%

4%

3%

4% 38%

4% 37%

4% 32% 26%
37%

24% 20%

34% 25% 34%

2012

38%
23% 33% Jan-13

41%

19%

25% 33%
2013

25% 29%
Feb-13

26% 31%
Mar-13

26%

56%

51%

49%

48%

45%

42%

32%
Apr-13

2005

2006

2007

2008

2009

2010

2011

May-13

Individuals

Institutional Investors

Foreign Investors

Financial Institutions

Companies

Central Bank

24

FINANCIAL HIGHLIGHTS Reduction in expenses. Return to shareholders

25

Income Statement
History
SUMMARY OF INCOME STATEMENT (CONSOLIDATED)

(in BRL thousand)

Net revenue Expenses
Adjusted expenses

2009
1,510,569 (569,832)
(446,677)

2010
1,898,742 (633,504)
(543,881)

2011
1,904,684 (816,664)
(584,521)

2012
2,064,750 (763,080)
(563,487)

Operating income

940,737

1,265,238

1,088,020

1,301,670

Operating margin
Equity method result Financial result Income before taxation of profit Income tax and social contribution

62.3%
245,837 1,186,574 (304,505)

66.6%
38,238 289,039 1,592,515 (448,029)

57.1%
219,461 280,729 1,588,210 (539,681)

63.0%
149,270 208,851 1,659,791 (585,535)

Net income*
Adjusted net income

881,050
1,223,761

1,144,561
1,586,374

1,047,999
1,545,627

1,074,290
1,612,136

Adjusted EPS (BRL )

*Attributable to shareholders of BM&FBOVESPA.

0.6104

0.7929

0.7932

0.8351

26

Revenue and expenses breakdown

Diversified revenue sources as a differential, costs under control
REVENUE BREAKDOWN (2012)
9.0%

EXPENSES BREAKDOWN (2012)

18.7%

18.6% 2.5%
29.5%

Gross Revenue: BRL 2,289.0 million

6.7%

46.4%

12.3%
37.1% 5.7%

13.5%

Cash Market (Trading)

Cash Market (Post-Trading) Equities Derivatives (Trad. and post-trad.) Financial Derivatives (Trad. and post-trad.)
Other Revenues
4.5%: Depository, Custody and Back-Office 3.4%: Securities Lending 3.0%: Vendors 2.3%: Trading Access (Brokers) 2.0%: Listing

Personnel
Data processing

Deprec. and Amortization Third Party Services Marketing Others

27

Adjusted Opex and Capex Budgets

Focus on cost control and investments phase
ADJUSTED OPEX
Focus on cost control: in 2013, the effects of inflation will be neutralized by efficiency gains 2010-2013E: Adjusted expenses decreasing in real terms (CAGR of 1.6% p.a.) 2013 Budget: BRL 560 million-580 million, the same range as in 2012
(in BRL million)

560-580
544

585 2011

564 2012 2013E

2010

CAPEX
2013 Budget: BRL 260 million-290 million 2014 Budget: BRL 170 million-200 million
Investments close to BRL 1.2 billion between 2010 and 2014 in several projects

(in BRL million)

260-290 268 2010

1

170-200

204 2011

258 2012 2013E 2014E

28

Adjusted by depreciation, stock option program, tax on dividends from CME Group and provisions. Expenses growth considering the mid-point budget for 2013 (BRL 570 million) and inflation CAGR (2010-2013) of the inflation is 5.8% p.a. Source: BCB Focus Bulletin (Nov. 30, 2012) - estimated IPCA .

Growth Path
Growth in business and results
GROWTH IN ADJUSTED EARNINGS PER SHARE
(in BRL)

GROWTH IN REVENUES AND RESULTS

(in BRL million)

29

Financial Highlights
Focus on cash generation and total shareholder return
HISTORY OF PROCEEDS
(in BRL million)

100% 80% 3.4% 87%

4.5%

100% 4.8% 4.5%

1,145 304 841 2010

Interest on capital

705
274 432 2009
Dividends

912 150 762 2011

Dividend Yield*

1,074 90 984 2012

Payout ratio (%)

SHARE BUYBACK: MAXIMIZING RETURN

(in BRL millon)

1,224 881 8.3%

1,586 1,145 9.4%

1,579

1,546 1,048 8.4%

1,518 606 912
2011
Buyback

1,612 1,074 8.9%

Adj. Net income Net income

ROIC

780 75 705
2009

435 1,145
2010
Total payout

1,091 16 1,074
2012

*Dividend Yield is the result of the sum of earnings per share distributed during the year divided by the average share price during the year. ROIC: Return on Invested Capital.

30

APPENDIX

31

BVMF3 Recent performance

IOFs 10/17 BVMF3 YTD: +0.1% R$14.97 IBOVESPA YTD: -12.2% Goodwill 11/30 Competition R$13.01 News 01/05 R$13.10 Reductions of Volumes Estimates by the Market Removal of IOF on Equities 12/01 R$10,54 Rumors about IOF

Change of IOF on foreign exchange transactions 06/14

Exchanges Mergers BATs 02/15 02/08 R$11.43 New IOF on R$11.18 Derivatives 07/26 R$9.55
Jan-11 May-11 Jul-11
Dec-10 Jun-11 Mar-11

Direct Edge 11/21 R$10.11

Jan-12 May-12 Dec-11

Oxera's Report Release 06/18

Jan-13

BM&FBOVESPA

IBOVESPA

May-13

Jun-12

Jul-12

Mar-12

Dec-12

Mar-13

Oct-11

Oct-10

Aug-10

Aug-11

Aug-12

Apr-11

Apr-12

Oct-12

Nov-10

Sep-12

Nov-12

Nov-11

Feb-13

Sep-10

Feb-11

Sep-11

Feb-12

Apr-13

Updated to May. 31, 2013.

32

Financial Highlights
P/E analysis Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cash neutral), reducing the GAAP earnings
Tax Book in 2012 R$ millions EBT (-) Goodwill amortization (-) Interest on capital (=) Taxable earnings Tax (34%) Current 1,511 1,586 90 (165) (56) Simulation without goodwill 1,511 680(2) 831 282 GAAP Book in 2012 R$ millions EBT Deferred Tax Other taxes /credits Total taxes GAAP Net income Current 1,511 539 (14) 525 1,074 Simulation without goodwill 1,511 282 1,228 : 14.2%

EPS 2012 Estimated GAAP EPS (A)

Earnings without goodwill = (A) x :1,142

P/E3 24.8 21.7 20.1 16.5

0.56 0.64 0.64 0.84

Stock price discounted by goodwill NPV (R$1.00 per share) / Earnings without goodwill
Adjusted Earnings

15-20% impact on P/E multiple Difference between GAAP EPS and the EPS adjusted to non existence of goodwill simulation

Different earnings impact the P/E calculation and distort comparisons and market consensus The reported adjusted net income reflects better the companys cash generation
1 Excludes

the investment in associate (CME Group) accounted under the equity-method. 2 Simulates the Interest on Capital amount that would be approved if there was no goodwill tax benefit; 3 Stock at R$13.79 (March 12th, 2013).

BOVESPA Segment
Raising Capital
PUBLIC OFFERINGS (BRL billion)
Updated to May. 31, 2013.

Follow-On IPO

70.1
46.0

74.4
11.2

30.4
8.8
4.5 4.3

55.6
14.5

34.3
7.5 26.8
23.8

13.9
5.4 8.5

15.4 15.1

63.2

18.0
7.2 10.8

13.2
3.9
9.3

17.0
14.7
2.3

22.2

2004

2005

2006

2007

2008

2009

2010*

2011

2012

2013

PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET There are 5 offerings in the pipeline
IPOs (4): AutoBrasil Participaes; CPFL Energias Renovveis; Azul; Votorantim Cimentos; Subsequentes (1): Tupy.

Additionally, there are 18 Real Estate Funds filed with CVM: estimated value of R$ 2.9 billion
* Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).

34

BOVESPA Segment
Foreign investment flow
MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billon)
Includes public offering (primary market) and regular trades (secondary market).

10.0 6.5 7.2 7.6 5.1 5.0 2.1 0.7 0.4 1.7 0.3 3.4 1.9 2.2 2.9 0.8 1.0 0.3 (2.3) 1.1 0.7 0.8

3.73.5
1.5 0.3

4.4

2.7 1.6

(1.6)

(1.5)

(0.6)

(1.3)

(0.2) (0.4)

(1.1) (1.3) (2.4)

(1.2) (4.2)

(1.2)

Updated until May. 31, 2013.

35

BOVESPA Segment
Potencial to increase the number of listed companies
MARKET CAPITALIZATION TO GDP (%)*
177% 174% 158% 129% 137% 126% 110% 136% 121% 119% 109% 109% 104%

2009

2010

2011

Hong Kong :
129%
107% 100% 89% 87% 67% 75% 60% 75% 76% 57% 87% 96%

438%

481%

365%

138% 129%
100%

72% 72%
55% 50% 49%

80%

46%

39%

44% 35%

Singapore

Canada

Chile

USA

Korea

Australia

Japan

France

India

Brazil

UK

China

Mexico

MARKET CAPITALIZATION BY ECONOMIC SECTOR Dec05

15.7% 22.4%

* Source: World Bank

Dec12
11.2% 26.8% 14.3%
11.5% 21.6%

2.2% 8.8% 20.4% 5.5% 0.4% 5.4% 5.1%

8.6% 11.1% 0.3% 2.6% 3.6%

2.5%

Oil, Gas and Biofuels Consumer Non Cyclical Public Utilities

Basic Materials Consumer Cyclical Financial

Capital Goods and Services Information Technology

Construction and Transportation Telecommunications

36

High Frequency Trading (HFT)

BOVESPA SEGMENT: HFT ADTV (BRL million) AND MKT. SHARE
10.3% 6.1%

10.3%

7.4%
1,329

8.5%

9.4% 1,454

9.8%

9.9%

10.6%

10.3% 1,678
347

1,312
146

814
205

899
184

175

1,199
325 874
-

1,369
252
1.044
74

1,404
341

1,592
369

268

319 835

249
917

233

296 927

248

291

267 447

1.186

830

1,083

319

1Q11

2Q11

3Q11
ADTV (Foreigners)

4Q11

1Q12
ADTV (Individuals)

2Q12

3Q12

4Q12
% of overall market

1Q13

2Q13*

ADTV (Institutionals)

BM&F SEGMENT: HFT ADV (thousands of contracts) AND MKT. SHARE

3.9% 5.0%
7.8% 420

7.3%

8.0%

6.3% 404
65 137 193

6.7%

5.7%

5.0%

5.1% 375
63 68
244

211
44 67 84

251
45 101 95

68 148

342
51 120
146

413
47 129 135

342
58 74 209

307
53 45
209

292
48 53 191

179

1Q11

2Q11

3Q11
Mini

4Q11
Fx

1Q12

2Q12
Equities

3Q12
Other

4Q12
% of overall ADV

1Q13

2Q13 *

*Only Apr-13 and May-13.

37

Regulatory Framework
STOCK EXCHANGE ACTIVITY
CVM Instruction 461 of Oct. 23, 2007

CLEARINGHOUSES ACTIVITIES
Law 10.214 of Mar. 27, 2001
Clearinghouses considered systemically important by the BCB should ensure settlement (i.e., act as CCPs)

Regulates the security markets and decides on the formation, organization, operation and dissolution of stock exchanges, futures and commodities exchanges and OTC markets Establishes the organization and minimal corporate governance structure of organized market management bodies Establishes self-regulation activities of the in the organized market management bodies

BCB Resolution 2.882 of Aug. 30, 2001

Clearinghouses shall guarantee, at least, settlement of the highest net amount owed Access criteria must be public and allow wide participation

Circular BCB 3.057 of Aug. 31, 2001

Rules, manuals and safeguard mechanisms must be approved by BCB Maintenance of a secondary data center and contingency procedures Supervision by BCB

CVM Instruction 441 of Nov. 10, 2006

Securities lending with guaranteed settlement - final beneficiary model

38

BM&FBOVESPA Market Supervision (BSM)

Self-Regulation Entity
BSM is is a not-for-profit association organized as a self-regulatory and market surveillance organization, responsible for regulatory and oversight activities relative to the markets we operate.
Main activities of BSM

Organizational chart

Monitor 100% of the participants transactions Assess 100% of intermediaries Enforcement Education

Supervision Board (12 members*)

Atribuies da BSM estabelecidas na BSM Instruo duties established in CVM Instruction CVM 461/2007:

461/2007
Monitor and supervise transactions in the organized markets Determine deficient compliance with the rules and norms Monitor the activities of the Stock Exchange Initiate and prosecute disciplinary administrative legal proceedings Apply penalities
Self regulation Officer

Strategic Committee

Audit

Market supervision

Legal dept.

Analysis and strategy

39

* 9 independent

BM&FBOVESPA Sustainability Mission

BM&FBOVESPAs Sustainability Mission

To support, promote and practice economic, social and environmental responsibility concepts and actions seeking to contribute towards sustainable development

Novo Valor BM&FBOVESPA

Program created in 2010 to guide BM&FBOVESPAs sustainability actions.

Goal
Encourage and promote the sustainable development of BM&FBOVESPA and the capital market, involving all publics, including investors, companies and brokerage houses.
40

BM&FBOVESPA Sustainability Program

Working in four dimensions

1. Natural Resources Management

GHG Inventory Program of separate waste disposal Eco-efficiency Green IT Honorary Member and Technical Advisor of Carbon Disclosure Project Advisory Board of Empresas pelo Clima, FGV

4. Stakeholder Engagement
Instituto BM&FBOVESPA Stakeholders Global Compact Signatory (worlds 1st exchange) PRI Signatory (Principles for Responsible Investment) Organization Stakeholder GRI (Global Reporting Initiative); Member of Board for GRI Brazil

2. Governance
Novo Mercado Advisory Committees Sustainability Committee Sustainability Commission

3. Products and Services

Indexes: ISE, ICO2 and IGC/IGCT Carbon Market Em Boa Companhia (relations program with companies)

41

RESULTS FOR 1Q13 Revenue growth and cost control

42

1Q13 vs. 1Q12 Highlights

Volumes growth and strict cost control
FINANCIAL HIGHLIGHTS
Total revenue: R$580.6 million +3.6% Bovespa seg.: R$256.2 million, -2.8% BM&F seg. R$221.8 million, +10.0%

OPERATIONAL HIGHLIGHTS
Bovespa segment: ADTV: +5.0% Margin: -3.4%

Negatively impacted by fewer business days

Net revenue: R$521.0 million, +3.6% Adjusted expenses: R$124.0 million, -1.1%

BM&F segment:
ADV: +11.5% RPC: +3.4% High growth products
Securities Lending: record of average open interest positions (R$44.7 billion); +31.5% Tesouro Direto: +24.5% of assets under custody FIIs (real estate funds): strong growth of volumes (R$38.8 million in 1Q13) and number of investors (102.7 thousand) LCA (agribusiness credit bills): consistent increase of average assets under custody (R$40.0 billion)

Operating income: R$348.2 million, +3.4%

EBITDA: R$412.4 million, +4.1% (EBITDA margin of 79.2% in 1Q13) Adjusted net income: R$394.6 million, -3.6% Adjusted EPS: R$0.204, -3.8% Payout: R$213.6 million in 1Q13, R$0.111 per share (80% of GAAP net income)
1 2

MAIN PROJECTS AND HIGHLIGHTS

PUMA Trading System: equities module deployed in Apr13

Clearinghouses Integration: tests starting in Jul13

OTC Platform: certification process for registration of NDFs started in 1Q13 Pricing: changes in pricing policy of cash equities announced on March 05, 2013 Public Offerings: resumption of shares public offerings exceeding R$15 billion from January to Apr13. 43

Excludes stock options plan, depreciation, provisions and tax on dividends from CME Group. Excludes deferred liability recognized in correlation with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan, the investment in associate (CME Group) accounted under the equity method of accounting, net of taxes related to dividends and taxes paid overseas to be compensated. 3IPN/CORE implementation requires the authorization of the regulators.

BOVESPA Segment Performance

Solid volumes level and turnover velocity growth
AVERAGE DAILY TRADING VALUE (ADTV) ADTV BY GROUP OF INVESTORS
(in R$ billions)

1Q13 vs. 1Q12: + 5.0%

12.3% increase of foreign investors ADTV, due to volatility and high frequency trades (HFTs) Turnover velocity growth hit 71.7%

TRADING MARGIN (in basis point - bps)

Market Cash market Derivatives on single stocks Forward Options Total BOVESPA 1Q13 5.352 13.141 12.999 13.196 5.706 1Q12 5.333 14.290 13.020 14.673 5.909

AVERAGE MARKET CAP. AND TURNOVER VELOCITY

1Q13 vs. 1Q12: -3.4% Decrease in the options margin (market maker) and derivatives participation in the total volume

44

BM&F Segment Performance

High growth of interest rate in R$ contracts
AVERAGE DAILY VOLUME (ADV) AND RPC (R$) ADV AND RPC EVOLUTION
(ADV in millions of contracts and RPC in R$)

1Q13 vs. 1Q12

ADV: +11.5%, reflecting 22.2% increase in the ADV of Brazilian real-denominated interest rate contracts RPC: +3.4%, due to: Brazilian real-denominated interest rate contracts trading in longer maturities Appreciation of the FX rate (US$/R$) - FX and US$ interest rate contracts Decrease of HFTs participation in the ADV

INTEREST RATE IN R$ CONTRACTS TOTAL REVENUE

(Revenue in R$ millions)

INTEREST RATES IN R$ - VOLUMES BY MATURITY

(ADV in millions of contracts)
2.3 1.7
1.9

1.8

1.9

2.1

1.3
(78%)

1.4

(86%)

1.8
(84%)

1.6
( 90%)

(71%)

0.4 1Q12

0.3 2Q12

0.2 3Q12

0.6 4Q12
4th-5th Maturity

0.3

1Q13

1st-3rd Maturity

45

Revenue Breakdown in 1Q13

Diversified revenue sources as a differential
REVENUE BREAKDOWN
39.2%: Cash Equities
9.1%
9.1%: Trading 30.1%: Post-Trading

17.7%

4.9%: Derivatives on Stocks and Indices

Total Revenue R$580.6 million

30.1%

38.2%: Financial/Commodity Derivatives

17.7%: Other Revenues

38.2%

4.9%

4.7%: Depository, Custody and Back-Office 4.2%: Securities Lending 2.9%: Vendors 2.3%: Trading Access (Brokers) 2.0%: Listing 1.6%: Others

Revenue breakdown for cash equities (trade + post-trade) do not reflect the pricing policy changes announced in Mar-13, into effect only In Apr-13: i) Reduction of trading fees to 0.5 bps from 0.7 bps for all investors ii) Post-trade fees increase to 2.0 bps from 1.8 bps for institutional investors and day traders
46

1Q13 Expenses
Focus on cost control and operational efficiency
TOTAL EXPENSES BREAKDOWN ADJUSTED EXPENSES
(in R$ millions)

4,0

1.0

(1.8)

(0.6)

(2.2)

(1.8)

125.4

Expenses: R$172.8 million

124.0

1Q12 Adj. Personnel Data proc. Third Party Commun. Marketing Others* Exp.

1Q13 Adj. Exp.

ADJUSTED EXPENSES (1Q13 vs. 1Q12): -1.1%

Adjusted Personnel: +5.7%, , basically due to the effects of annual union bargain in Aug12 Data processing: -7.1%, due to expenses reduction with IT outsourcing and lower maintenance costs with legacy platforms Marketing: repriorization of marketing campaigns

*Include expenses with maintenance in general, taxes adjusted by the dividends from CME Group, board and committee members compensation and others (excluding provisions).

47

Financial Statements Summary

SUMMARY OF INCOME STATEMENT (CONSOLIDATED)
Change 1Q13/1Q12 3.6% 4.0% 3.4% -12 bps -43.4% -3.9% Change 1Q13/4Q12 4.4% -32.5% 43.2% 1,812 bps -13.9% 32.7%

(in R$ millions) Net Income Expenses Operating Income Operating margin Financial Income EBT

1Q13 521.0 (172.8) 348.2 66.8% 37.1 422.5

1Q12 502.8 (166.2) 336.7 67.0% 65.5 439.7

4Q12 499.2 (256.0) 243.1 48.7% 43.1 318.4

Net Income*
Adjusted Net Income Adjusted EPS (in R$) Adjusted Expenses

267.0
394.6 0.204 (124.0)

280.4
409.2 0.212 (125.4)

-4.8%
-3.6% -3.8% -1.1%

217.3
379.4 0.196 (174.2)

22.9%
4.0% 3.8% -28.8%

* Attributable to BM&FBOVESPA shareholders.

48

Financial Highlights
Strong cash position and high payout
CASH AND FINANCIAL INVESTMENTS
(In R$ millions)

FINANCIAL RESULTS
Net financial income was R$37.1 million, 43.4% drop from 1Q13

1Q13

1,041
1,191 1,166 1,443 1,207

348 440
346 350 343 390 340 363 383 354

2,341
1,964 2,100 1,979 1,714 3,658

4,169
3,851 3,999 4,125

Finance results fell 29.1%, reflecting lower interest rates

Finance expenses increased 15.0%, mainly due to the depreciation of R$ against US$

4Q12
3Q12 2Q12 1Q12

CAPEX
In 1Q13, investments amounted R$41.8 million Capex budget ranges: 2013: between R$260 290 million 2014: between R$170 200 million

Market participants cash collateral and others* Restricted funds Subsidiaries** Available funds

PAYOUT
Cash position in 1Q13 hit R$2.3 billion, considering: R$388.7 million in dividends related to the 2012, paid in Apr13 Resumption of the shares buyback program in Apr13, when 3.1 million shares was purchased, totaling R$41.2 million In May 09, the Board of Directors approved R$213.6 million, comprising R$163.6 million in dividends and R$50.0 million in interest on capital R$0.111 per share (80% of GAAP net income) Payment on June 7, 2013 based on shareholders position on May 21, 2013.

*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collaterals and restricted funds at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).

49

Growth History
DERIVATIVES
Growth trend of Brazilian Real-denominated interest rate contracts Institutional and foreign investors were the groups with higher growth in trading these contracts, indicating greater sophistication and increasing risk exposure Trading in longer maturities contracts are growing faster
28 63 34 19 43 46

ADV Interest Rate in R$ by type of investor

(in thousands)

110 87 81 56
52

116 85 82 80

Institutionals

Foreigns 1Q09 1Q10 1Q11 1Q12

Financial institutions 1Q13

EQUITIES
(ADTV in R$ bn, mkt. cap. in R$ tri, Ibovespa in points and turnover velocity in %)
Turnover Velocity Avg. Mkt. Cap.

63.8% 2.33

64.2% 2.37

70.0%
2.42

71.7% 2.48

Volume growth to a level higher than R$7 billion, despite adverse market conditions
Low growth of market capitalization Average Ibovespa 13% below the 2010 level
10 8 6

67,258
6 5 .0 0 0

61,207

59,601

58,813

Turnover Velocity above 70% Foreign and institutional investors, HFTs and products development (ETFs, option and securities lending) driving the turnover velocity increase
50

6 0 .0 0 0

5 5 .0 0 0

5 0 .0 0 0

4 5 .0 0 0

4 0 .0 0 0

6.5

6.5

7.3

7.5 1T13

4 2

3 5 .0 0 0

3 0 .0 0 0

2010

2011
ADTV (R$ billion)

2012

Ibovespa (Average)

High Growth Products

Growing sophistication of market participants
Initiatives to develop and stimulate higher volumes in certain products Performance shows that the initiatives are being well received by the market Gross Revenue (1Q13): ~R$44.1 million (7.6% of total gross revenue) Options with Market Maker
(ADTV in R$ millions)

Real Estate Funds (FIIs)

(ADTV in R$ millions)

Securities Lending
(Average open interest for the period - in R$ billions)

+50.6%
CAGR(09-13):

CAGR (09-13):

+154.1%
73.4
48.8

+37.0%

38.8 0.9 1.5

2010

44.7
12.7 20.5

30.2

31.9

3.7
2011

14.6
2012 2013*

ADTV before Market Maker

ADTV after Market Maker*

2009

2009

2010

2011

2012

2013*

ETFs
(ADTV in R$ millions)

Brazilian Treasury Direct - Tesouro Direto

(Custody in R$ billions)

Agribusiness Credit Bills

(Amount registered in R$ billions)

CAGR (09-13):

CAGR (09-13):

+51.5%
115.9 28.5 2010 48.7 2011 2012 2013* 98.0

+35.5%
9.0 9.8

BM&FBOVESPA has a 65% market share of the amount registered in the market (Mar-13).

18.6 2009

2.9
2009

3.9 2010

6.1

2011

2012

2013*

*Updated to Mar. 31, 2013.

51

PUMA Trading System

Successful delivery of the equities module

Derivatives module
Concluded in 2H11

Equities module
Migration concluded in Apr13

Performance e Capacity Latency reduced to microseconds with lower standard deviation

Features Fully adapted to the characteristics of the Brazilian market Process automation and controls

Availability and Controls More stability and availability to the market

Processing capacity of 200 million messages per day

Price discovering rules (auctions)

Price variation limits (dynamic / static)

Platform for the growth of stock and derivatives markets Attracting new participants (HFT) Expansion of the market maker program to other products/markets

Meets the needs of different market participants

Assurance of market integrity as a requirement Quality in price discovering Protection against market breakage and failures
52

More dynamism in trading activity

Final Remarks
Revenue growth and diversification Delivering growth in the main markets and products (equities and derivatives) Focus on high potential products that have been showing strong growth Achieving operating and technological excellence Development of platforms that bring efficiency to BM&FBOVESPA and the market (equities module of PUMA Trading System delivered in Apr13) Assuring market integrity Remain focused on cost control Focus on costumers needs Deepen the relationship with investors, brokers and issuers, strengthening the Company's position Revision of the pricing policy and development of incentive programs (1st announcement in Mar13 for cash equities) Launching of new products (Selic futures in Mar13) Shareholder Return: Payment of at least 80% of GAAP earnings as dividends and share buyback program
53

Financial Statements
Balance sheet summary (consolidated)
ASSETS LIABILITIES AND SH. EQUITY

(in R$ millions)
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments Others

3/31/2013 12/31/2012
4,011.7 32.8 3,705.5 273.5 20,446.8 3,536.3 43.6 3,233.4 259.3 20,610.8

(in R$ millions)
Current liabilities Collateral for transactions Others Non-current liabilities Foreign debt issues Deferred Inc. Tax and Social Contrib. Others Net equity

3/31/2013 12/31/2012
1,566.0 981.8 584.3 3,203.1 1,224.3 1,660.6 1,134.2 526.4 3,072.6 1,242.2

659.2
430.8 228.4 2,900.8 355.0 16,531.9

808.9
573.6 235.2 2,928.8 361.0 16,512.2

1,878.6
100.2 19,689.4 2,540.2 16,042.7 1,090.8

1,739.6
90.7 19,413.9 2,540.2 16,037.4 820.3

Investments
Property and equipment Intangible assets Goodwill Total Assets

Capital stock
Capital reserve Others Minority shareholdings Liabilities and Net Equity

16,064.3
24,458.5

16,064.3
24,147.1

15.7
24,458.5

16.0
24,147.1

54

Financial Statements
Adjusted net income and adjusted expenses reconciliation
ADJUSTED NET INCOME RECONCILIATION
Change 1Q13/1Q12 -4.8% -6.1% 3.1% 17.2% 0.0% -3.6% Change 1Q13/4Q12 217.3 22.9% 7.9 -0.6% 134.8 3.1% (14.0) 132.9% 15.2 -11.9% 18.2 379.4 4.0%

(in R$ millions) Net Income* Stock options plan Deferred Liabilities Equity method investment (net of taxes) Recoverable taxes paid overseas Provisions - Health Plan (net of taxes) Adjusted net income
* Attributable to BM&FBOVESPA shareholders.

1Q13 267.0 7.9 138.9 (32.5) 13.4 394.6

1Q12 280.4 8.4 134.8 (27.8) 13.4 409.2

4Q12

ADJUSTED EXPENSES RECONCILIATION

Change 1Q13/1Q12 4.0% 23.6% -6.1% -52.7% 1,155.8% -1.1% Change 1Q13/4Q12 256.0 -32.5% (23.8) 14.0% (7.9) -0.6% (18.2) -74.6% (31.9) -71.1% 174.2 -28.8%
55

(in R$ millions) Total Expenses Depreciation Stock options plan Tax on dividends from the CME Group Provisions

1Q13 172.8 (27.1) (7.9) (4.6) (9.3) 124.0

1Q12 166.2 (21.9) (8.4) (9.8) (0.7) 125.4

4Q12

Adjusted Expenses

BM&FBOVESPA INVESTOR RELATIONS

+55 (11) 2565 4729 / 4418 / 4834 / 7073 / 4007 ri@bmfbovespa.com.br

ir.bmfbovespa.com.br
56