BM&F BOVESPA 3Q08 Earnings Conference Call November 12th

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&F Bovespa 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&F Bovespa performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&F services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highlycompetitive industries BM&F Bovespa 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&F 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&F Bovespa 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&F Bovespa 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.

Consolidated Corporate Earnings

R$ Millions

1H08 826,899 457,243 55.3% 472,944 57.19% 155,037 10,842

3Q08 404,675 215,033 53.1% 223,063 55.1% 67,956

9M08 1,231,574 (559,298) 672,277 54.6% 696,007 56.5% (202,763) 222,993

Net Revenues Operating Expenses Operating Result Operational Margin EBITDA EBITDA Margin Goodwill Amortization

(369,656) (189,642)

(81,105) (121,658) 4,080 165,411

82,848 (354) 200,970 49.7%

Financial Result
Non Operating Result
Net Income Before Tax

14,922
707,428 (262,438) 86,177 (961) 530,206 43.1%
3

542,017
3,329 (607) 329,236

Income Tax and Social Cont. Deferred Income and Soc Cont. Minority Interested Net Income Net Margin

(215,503)* (46,935)

39.8%

The amount of deferred tax credits ,by the end of 1H08, was aggregated in the Income Taxes payable

Financial Highlights 2008 Adjusted and 2007 Pro Forma

Net Revenues
434.2 360.8 12.2% 528.3 404.7
(R$ Millions)

Net Income (R$ Millions) Excludes non-recurring expenses

1,231.6 15.3% 204.3 165.2 235.6 19.5% 631.1

28.0% 962.4

3Q07

2Q08

3Q08

9M07

9M08

3Q07

2Q08

3Q08

9M07
(%)

9M08

Excludes goodwill amortization and non-recurring expenses

Adjusted Net Income

315.9 218.7

(R$ Millions)

EBITDA Margin
68.0% 68.1%

54.6%

764.9 44.8%

68.1% 8.5 bp

204.3 528.3

62.0%

6.1 bp

59.6%

3Q07

2Q08

3Q08

9M07

9M08

3Q07

2Q08

3Q08

9M07

9M08

Pro Forma Income Statements

(In thousands of reais)

3Q07

2Q08

3Q08

9M07

9M08

Gross Operating Revenues Revenues from trading and/or settlement systems - BM&F segment Revenues from trading and/or settlement systems - Bovespa segment Other operating revenues Deductions from revenues Net operating revenues Operating expenses Operating income Goodwill amortization Interest income, net Non-operating income Net income before taxes Income and social contribution taxes Deferred Income and social contribution taxes Minority interest Net income

402,008 157,388 232,541 12,079 (41,219) 360,789 (145,572) 215,217 77,989 9,742 302,948 (97,922) (690) 204,336

483,625 161,321 309,329 12,975 (49,446) 434,179 (146,700) 287,479 (81,105) 77,244 7,531 291,149 (124,973) (970) 165,206

450,833 170,386 264,601 15,846 (46,158) 404,675 (137,158) 267,517 (121,658) 67,957 4,080 217,897 (68,109) 86,177 (354) 235,611

1,071,551 458,373 577,361 35,817 (109,180) 962,371 (414,242) 548,129 232,485 16,627 797,241 (266,919) (2,056) 528,266

1,372,066 486,645 844,457 40,964 (140,492) 1,231,574 (416,408) 815,167 (202,763) 222,993 14,922 850,319 (304,445) 86,177 (961) 631,090
5

Earnings per Share Calculation Pro Forma

3Q08 Total amount of shares (thousands) Earnings per share (R$) Adjusted earnings per share (R$) 2,038,073 0.116 0.155

9M08 2,038,073 0.310 0.375

Total amount of shares Fully Diluted (thousands) Earnings per share (R$) Adjusted earnings per share (R$)

2,044,014 0.115

2,044,014 0.309

0.154

0.374

Reconciliation of 9M08 Consolidated Adjusted Results

R$ Thousands

Reported 1,231,574 (559,298) 672,277 54.6% 696,007 56.5% (202,763) 222,993 14,922 707,428 (262,438) (86,177) (961) 530,206 43.1% 664.030 53.9%

Non Recur.

Adjusted
1,231,574

Net Revenues Operating Expenses Operating Result Operating Margin EBITDA EBITDA Margin Goodwill Amortization Financial Income, net Non-Operating Income Income Before Taxes Income Tax and Social Contribution Deferred Tax Credits Minority Interest Net Income Net Margin Adjusted Net Income by Goodwill Adjusted Net Margin by Goodwill

90,405 142,890 90,405

90,405 90,405 142,890 90,405

(416,408) 815,167 66.2% 838,897 68.1%

(202,763)

222,993 14,922 90,405 90,405 142,890 (24,162) (24,162) (42,007) (24,162) (24,162) 850,318 (304,445) (86,177) (961) 100,884 66,243 66,243 100,884 66,243 147,348 631,090 51.2% 764.914 62.1%
7

Balance Sheet as of 09/30/2008

Liabilities and Stockholders Equity
(R$ Thousands)

Assets
Current

(R$ Thousands)

2,408,035 2,055,229 352,806 585,471 17,759,920 1,317,372 242,406 16,182,148 17,994 20,753,426

Current Cash Collateral Short Term Debt Others Long Term Liabilities Minority Interest Stockholders Equity Total Liabilities and Equity

1,110,351 573,722 148,240 388,389 95,923 15,272 19,531,880

Cash and Cash Equivalent Other Credits Long Term Assets Permanent Investments Fixed Intangible Deferred Total Assets

20,753,426

REVENUES

Revenues Breakdown
Bovespa Segment
309.3 232.5 13.8% 264.6
(R$ Thousands)

BM&F Segment
8.3% 161.3 157.4 170.4

(R$ Thousands)

6.2%
577.4

844.4

631.1

19.5%

528.3

3Q07

2Q08

3Q08

9M07

9M08

3Q07

2Q08

3Q08

9M07

9M08

Other Revenues
31.2% 12.9 12.1 15.8

(R$ Thousands)

14.4% 35.8

40.9

3Q07

2Q08

3Q08

9M07

9M08

10

Trading Activity Bovespa segment

Average Daily Trading Value
(R$ Billions)

Average Daily Number of Trades

(Thousands)

6.5 4.9

5.3

27.0% 4.6

5.8 160

254 230 66.1% 144.4

239.8

6.5%

58.7%

3Q07

2Q08

3Q08

10M07 10M08

3Q07

2Q08

3Q08

10M07 10M08

Annualized Turnover* 62.0% 61.5% 51.5% 7.6 p.p 10.5 p.p. 55.2% 54,8 62.8%

Average IBOVESPA (Thousands) 64,8% 67,5 55,3 1% 14.1% 51,4 58,6

3Q07

2Q08

3Q08

10M07 10M08

3Q07

2Q08

3Q08

10M07 10M08
11

* Relation with the trading value of the cash market and the market cap of the exchange

Market Data and Number of Investors Accounts Bovespa segment

Market Data
Home Broker Number of Clients (thousands) 322.7 76.9% 168.1 296.0 59.9 Vendors Number of Users (thousands) 108.9 36.7% 81.9

3Q07

2Q08

3Q08

3Q07

2Q08

3Q08

Number of Investors Accounts

539.8 550.5

(thousands) 565.1

72.1%

328.4
301.3 82.7%

3Q07

2Q08

3Q08

Oct 07

Oct 08

12

Listing and Securities LendingBovespa segment

Number of Issuers
715 724

660

446

443 281

Companies listed on Stock Exchange Market Investment Funds and organized OTC issuers Total

434 226 269

3Q07

2Q08

3Q08
Securities Lending Open Interest - (R$ billions)

23.2

23.5

-48.8% 11.9

21.7

-63.4% 7.9

3Q07

2Q08

3Q08

Oct 07

Oct 08
13

Revenue Margin* by Asset Class - Bovespa

2Q08 Margin
Basis Points Basis Points

3Q08 Margin

14.478

13.673

6.050

6.666

6.006

6.510

Cash

Derivatives

Total

Cash

Derivatives

Total

* Trading, clearing and settlement fees divide by traded value

14

Overall ADTV BM&F segment

Overall ADTV
1.808

(Thousands)

-14.7% 1.765 1.543

1.797

-7,5% 1.662

3Q07

2Q08

3Q08

10M07

10M08

15

ADTV of Major Derivatives Contracts BM&F segment

Interest Rates in BRL
1,030 952 -30.5% 716
(Thousands)

FX Rates
498 564 570

(Thousands)

1,047

-19.4% 844

21.1% 465

563

14.4%

3Q07 2Q08 3Q08

10M07 10M08

3Q07 2Q08 3Q08

10M07 10M08
(Thousands)

Agro (Thousands)
36.2% 12 16 62.2% 17 9

Indices
15
-23.6%

114

-20.2% 91

114

88

87

3Q07 2Q08 3Q08

10M07 10M08

2Q07 2Q08 3Q08

10M07 10M08

16

Rate per Contract BM&F Segment

R$

3Q07 1.049 1.937 1.668 3.590 1.904 0.069 1.320

2Q08 1.064 1.785 2.460 3.890 2.322 0.160 1.381

3Q08 1.268 2.057 2.157 3.814 2.587 0.160 1.598

Interest Rates in BRL FX Rates Indices Commodities OTC Web Trading Total Total

Includes trading fess, clearing fees, clearing fees at maturity and permanence fees On August 25, 2008, the discount policy applied to investors that held at least 10.000 stocks BMEF3 was terminated. 17

Volumes Slowdown was partially offset by the RPC Increase BM&F segment

Overall ADTV
1,808

(Thousands)

Overall RPC

(R$)

1.598 -14.7% + 21% 1.381 1,543 1.320

1,765

3Q07

2Q08

3Q08

3Q07

2Q08

3Q08

* Includes Trading Fees, Clearing Fees, Permanence Fees and Clearing Fees at the Maturity

18

EXPENSES

19

Expenses Pro Forma

Var%
BRL thousands

3Q07 57,895 36,456 8,580 12,111 3,580 3,538 923 1,151 9,216 2,513 9,609

2Q08 56,966 41,618 7,923 9,962 3,270 4,984 1,096 1,200 7,824

Var% 3Q08x3Q07

3Q08 55,364 36,843 8,030 11,470 2,972 4,287 1,200 928 5,324 (1,916) 1,267 11,389 137,158

3Q08x2Q08

Personnel Data Processing Depreciation & Amortization Third Party Services Maintenance Communication Leases Supplies Marketing Taxes Board Compensation Others Total

-2.8% -12.0% 1.3% 15.1% -9.1% -14.0% 9.5% -22.7% -32.0% -213.7% -37.3%
39.7%

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

1,685
2,020 8,152

145,572 146,700

-6.5%

-5.8%

20

Operating Expenses Breakdown

Total
145.6
146.7 137.2 -5.8%
(BRL Thousands)

Personnel
416.4
57.9

(BRL Thousands)

0.5% 414.2

-4.4%
57 55.4

2.4%
163.4

167.3

3Q07

2Q08

3Q08

9M07

9M08

3Q07

2Q08

3Q08

9M07

9M08

Data Processing

(BRL Thousands)

Third Party Services

114 12.1 -5.3%

(BRL Thousands)

41.6 36.5

10.6% 1.1% 36.8 103.1

10

11.5

5.7% 29

30.7

3Q07

2Q08

3Q08

9M07

9M08

3Q07

2Q08

3Q08

9M07

9M08

21

Main IT projects regarding the enhancement of trading capacity

Until September 30th, 2008, the IT expenses regarding the projects of increasing the capacity of trades and reducing the latency amounted R$ 24.3 million: BM&F Segment Expenditures: R$ 13.6 million and Main Projects: New GTS, Direct Market Access, CME Globex BOVESPA Segment Expenditures: R$ 10.7 million and Main Project: Megabolsa

Capacity Evolution BM&F Segment Orders per second Trades per day (thousands)
Bovespa Segment Offers per day (millions) Trades per day (thousands)

2007 2008 2009 25 3,750 8,000 50 200 400 2.4 300 7.0 15.0 770 1,500
22

Main Impacts on the Income Taxes

R$ Millions

Income Before Tax Theoretical Tax (34%) Additions and exclusions in the Tax Report Book Interest on Capital Tax Loss - Bovespa Holding (1) Goodwill Amortizaton Others Total

3Q08 217,9 74,1 -6,0 -52,7 -5,4 41,4 10,7 68,1

9M08 850,3 289,1 15,3 -61,2 -5,4 69,0 12,9 304,4

(1) Refers to the tax loss used to compensate the taxable income obtained in September 2008

23

Deferred Asset
R$ Millions

Goodwill Amortization Tax Loss carry forward - Bovespa Holding (3) Temporary Provisions Impact on 2008 earnings Others Total Deferred Tax Assets
(4) (2)

(1)

Event 202.8 33.5 17.1 253.4 10.6 264.0

Deferred Asset 68.9 11.4 5.8 86.2 3.6 89.8

(1) There will be additional deferred tax credits, to be registered considering the goodwill amortization for Bovespa Holding for the period of October and November/08, of R$ 27.9 million (2) Related to the 30% of the forecasted pre tax income of BVSP (former Bovespa Holding) for October and November/08

(3) Due to provisions created for employees compensation and third party expenditures
(4) Credits generated during the fiscal year of 2007
24

Interest Income Breakdown

R$ Million

Description Financial revenues(1) Financial expenses Interests regarding the loan IOF (Tax on financial transactions) PIS and COFINS contingencies - Interest on Capital - BM&FBOVESPA (2) Settlement and Custody services hired by BM&F Bank FX variations PIS and COFINS contingencies - Interest on Capital - BOVESPA HOLDING (3) Banking expenses Other NET INTEREST INCOME

3Q08 93,7 25,7 13,8 1,0 2,9 2,7 1,6 1,6 0,5 1,6 68,0

9M08 269,0 46,0 16,6 5,0 2,9 8,0 6,4 2,6 1,0 3,5 223,0

NOTE: The loan obtained with Bradesco Bank was entirely paid in November 11th, 2008.
(1) Composed mainly of the remuneration of BM&FBOVESPAs total cash, including both proper and collaterals deposited in cash. (2) Payment of taxes regarding Interest on Capital received by BM&FBOVESPA from BOVESPA HOLDING (3) Payment of taxes regarding Interest on Capital received by BOVESPA HOLDING from BVSP and CBLC
25

Synergy of Headcount

May/08 Full employees Outsourced Total 1,386 440 1,826

Jul/08 1,427 387 1,814

Sep/08 1,204 303 1,507

Layoffs

% -13.1% -31.1% -17.5%

182 137 319

319 already dismissed by 09/30/2008 46 will leave the company until 04/04/2009

26

Synergies Update
131 125
R$ Millions

120

95*

90 24%

25%

26%

19% 50 18%

10%

2008E

2009E

2010E

Preliminary Estimates (April) Current Estimates (August) * Annualized

27

Synergies
Processes - Others
BRL 95 MM
18%

Processes - Marketing
BRL 120 MM
15%

Processes - IT

Personnel

BRL 131 MM
15%

16% 22%

16%

68%
BRL 65 MM
31%

62%
BRL 75 MM
34%

66%
BRL 86 MM

28%

32%

38%

BRL 30 MM

BRL 45 MM

34%

BRL 45 MM

2008

2009

2010
28

Buy Back Program

The Board approved the buy back program on September, 24th

The Company is able to buy 3.5% of the free-float that represents 71.2 million shares, to be cancelled afterwards.

5.941.200 shares were bought between September, 29th and October, 17th .

The program will continue on November 13th.

29

Merger of BVSP and CBLC

BVSP Ex-Bov.Holding

CBLC

Approval will happen through an Extraordinary General Meeting, scheduled for Nov 28th ,2008. The goodwill amortization expense will be deductible after the merger of BVSP and CBLC in BM&FBOVESPA
30

CME Order Routing Agreement and DMA Timeline

SECOND PHASE FIRST PHASE
traditional DMA IMPLEMENTED Globex
GTS Globex GTS CME Order Routing agreement implementation (Order flow)

THIRD PHASE
DMA via direct connection Q109

Aug 29th

Sep

30th

Oct

Nov 4Q08

Dec

2009

3Q08

Co-location
Traditional DMA figures until Oct 31th/08: (i) 2,200 trades per day (6% from total) (ii) 20,000 contracts per day (1% from total) (iii) Around 30 brokers certified

FOURTH PHASE
DMA via a provider

For both Cash and Derivatives Markets

31

BM&F Bovespa Investor Relations Web page: www.bmfbovespa.com.br/ri Phone numbers: 55 11 3233 2490/ 2847

E-mail: ri@bmfbovespa.com.br

32