BM&FBOVESPA

Growth story
Investor Relations Department

April 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.
2

HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE BRAZILIAN MARKET OPPORTUNITIES MAIN GROWTH INITIATIVES OPERATIONAL PERFORMANCE
FINANCIAL HIGHLIGHTS APPENDIX (includes results for 4Q12)

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% 72,4% 56,6% 60,7% 26,2%

66,6%
53,5% 41,5% 34,9%

56,2%

20,5

19,6
HKEx

13,4
BVMF

11,7
Deutsche Boerse

11,8
ICE

9,4
Nyse Euronext

6,6
SGX

6,6
ASX

5,4
LSE

5,4
Nasdaq

2,9
TMX

2,1
BME

CME

Diversificadas e integradas

Integrado (Derivativos)

Diversificadas mas no integradas

Mg. Operacional (2012)

12M to Jun. 30, 2012. 12M to Mar. 31, 2012. 9M to Sep. 30, 2012. Source: Bloomberg (Mar. 28, 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

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

corporate bonds, funds, spot FX, among others

Post-Trade Platform:
Central Counterparty (CCP) : An entity that interposes itself 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 do Bradesco Andr Esteves Non Executive Director, CEO of BTG Pactual Candido Bracher Non Executive Director, CEO of Ita BBA Charles Carey Independent Director, Director of CME Group Claudio Haddad Independent Director, engineer and teacher Jos Berenguer Neto Non Executive Director, CEO of Gvea

EXECUTIVE OFFICERS
Edemir Pinto CEO Eduardo Guardia CFO/IRO Ccero Vieira COO Marcelo Maziero Chief Product and Customer Officer Luis Furtado CIO

COMMITTEES
Audit Committee Nominations and Corporate Governance Committee Compensation Committee Risk Committee Advisory Committee For The Securities Intermediation Industry

Jos Roberto Mendona de Barros Independent Director, economist e teacher

Luiz Fernando Figueiredo Independent Director, Director of CBD Luiz Nelson Guedes De Carvalho Independent Director, teacher

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

11

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%

Interest Rate - Selic - evolution (% p.a.) 2007- 2012

193%

188%

128%

27.4%
6.3%
Brasil

105%

14% 13% 12% 12% 11%

13% 10% 10% 9%

12% 11% 11% 8% 7,25%

4.5%

2001 2002 2003 2004 2005 2006 2008 2009 2010 2011 2012

Coria Alemanha Frana Austrlia

Japo

Reino Unido

EUA

Source : World Bank; IBGE; Ipea, BCB and BM&FBOVESPA. * 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) Mar'13 614.4

INVESTMENT FUNDS
Funds AUM evolution (in BRL billion). Global average of 40% for equities
2,189
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 1,070 15% 22% 14% 11%

1,925 15%

14%

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

LISTED COMPANIES
Lower number of listed companies in comparison with other countries
6,856 4,916 4,041 3,972 3,481 3,200

PENSION FUNDS
Participation of equities in the portfolio of pension funds
492
33%

538
33%

574
30%

619
29%

436 168
2,767 2,056 1,784 364

216
29%

256
30%

295
31%

352
33%

419
28%

37%

28%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fixed Income and Others Equity

India

USA

China/HK Canada

Japan

Spain

UK

Australia

Korea

Brazil

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

13

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
1.68 1.80 1.93
1.35

CAGR: +7% CAGR: +32%

0.79
0.51 0.28

0.84
0.47
0.38

0.91 0.77

0.93 0.87 0.57

CAGR: -21%

2008

2009
1st-4th Maturity

2010
5th Maturity

2011
Total

2012

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

Dec'12: BRL 789.3 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

Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

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)

Strong need for investments to promote growth

External Factors

High Potential for Revenue Growth

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: start of the implementation process in 1Q13 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 for end 2013 (derivatives) and end 2014 (equities)
17

Clearinghouses Integration
Further differentiation in BM&FBOVESPA post-trade
Equities and corporate debt (BRL 78 bn*)
Equities, ETFs and corporate fixed income cash market Equity and indices derivatives (options and forward)

Derivatives (BRL 94 bn*)

Financial and commodities derivatives (futures, options and forwards) OTC derivatives

FX (BRL 4 bn*)
FX spot market (US$ vs. BRL )

Securities (BRL 1 bn*)

Cash market and forward market for government bonds

Securities lending

INTEGRATED CLEARINGHOUSE**
=

Capital efficiency

* Aggregate of pledged collateral at our clearinghouses totaled BRL 176,481.9 million in Dec. 31, 2012. **IPN/CORE implementation requires the authorization of the regulators.

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Main Projects
Executed and programmed deliveries
INTENSE DELIVERY PHASE

4Q12

1Q13
Migration of PUMA Trading System (equities)

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

(...)

Securities Registration Platform

Fixed Income Trading Platform

OTC Derivatives Platform (Calypso)

New integrated clearinghouse/ CORE* Start of migration to the New Data Center

New Data Center Construction

(...) (...)
*

Fee structure redesign and the introduction of incentive programs

(...) (...)
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Development of new products / markets: ETFs, market making programs for the options market; dual listings

IPN/CORE implementation requires the authorization of the regulators.

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 Market
(ADTV in BRL million)

Real Estate Funds (FIIs)

(ADTV in BRL million)

Securities Lending

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

+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 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 62% market share of the registered AUM (Dec-12).

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

+35.5%
9.0 9.8

18.6 2009

2.9
2009

3.9 2010

6.1

3.6
2012 2013*

20.0

2011

2011

2012

*Updated to Mar. 31, 2013.

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OPERATIONAL PERFORMANCE Records in 2012

21

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

4.9 5.5 5.3 1.2 1.6 2.4

7.5 6.5 6.5 7.3

8.3 6.3

7.0 7.3

7.4

8.2
6.0

7.2

8.4

6.7 6.6

7.9 7.3 7.8 7.4

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

AVERAGE ANNUAL MARKET CAP (BRL trillion)

TURNOVER VELOCITY** (12 months average)

66.6% 64.2% 63.2% 63.8% 56.4%
30.8% 36.8% 37.6%38.7%

2.48 2.33 2.37 2.42 1.98 2.03 1.31 0.72 0.94

29.4%

70.0%70.4%

1.83

42.3%

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 Mar. 28, 2013. **Ratio of cash market trading volume to the market cap of the exchange.

22

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)
Mac13 26.4% 34.8% 8.4%

Sarbanes-Oxley Act (Jul. 2002)

34.5% 65.2%

30.7%

Jul-12

Aug-12

Apr-12

Oct-12

May-12

Nov-12

Sep-12

Feb-12

Mar-12

Feb-13

Jan-12

Jan-13

Mar-13

Jun-12

1996

1998

2001

2003

2005

2008

2010

1997

1999

2000

2002

2004

2006

2007

2009

2011

Dec-12

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 Dual Listings 2001 14 14 2002 1 5 6 2003 8 8 2004 7 8 15 2 2005 9 10 19 1 2006 26 16 42 1 2007 64 12 76 2008 4 8 12 2009 6 18 24 1 2010 11 11 22 2011 11 11 22 2012 3 9 12 2013* 2 1 3 Total 144 131 275 5 23

*Updated to Mar. 31, 2013.

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

3,518 2,899 2,505 2,701 1,167

124 68 266 711 2006

3,904
385 245 593

3,591 2,590
350 158 520

2,955
314 104 483

2,994 2,497
334 166 545 1,452 285 123 524

1,740 1,573 1,521

167 112 473 988

191 89 541

285 123 496

336 143 494

308 205 509

2,819 2,630 2,626 2,971 2,653 2,856

362 106 485 345 137 425 355 111 451 322 123 327 331 99 476 340 113 547

2,410
290 84 474

341 126 494

3,166
341 100 491

805 852
187 86 110 422 2004 109 74 168 501 2005

162 88 535 789 2008

150 80 447 843 2009

2,054 1,684 1,797 1,926

2,061

2,497 2,681

2,199 1,747 1,856 1,561 1,561 1,866 1,723 1,710

2,630

2,235

2007

2010

2011

2012 2013*

Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-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 A-12 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 0.906 0.950 1.141 0.979 0.889 0.918 1.004 1.021 2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.339 1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.787 1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.106 4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.433 0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.121 1.571 2.111 2.355 1.655 1.610 1.635 1.769 2.339 0.926 0.948 0.922 1.059 1.026 1.076 1.876 1.991 2.015 2.237 2.325 2.453 1.328 1.502 1.233 1.708 1.403 1.750 0.911 0.991 1.021 0.955 1.143 1.027 2.183 2.228 1.945 2.099 2.014 2.270 0.130 0.122 0.113 0.116 0.111 0.110 1.822 1.880 1.203 1.321 1.523 2.693 1.079 1.100 1.074 1.272 1.222 1.277 1.013 1.037 2.305 2.273 1.974 1.413 1.140 1.121 2.415 2.382 0.122 0.119 2.868 1.642 1.191 1.190

Total RPC 1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.224 *Updated until 03/31/2013.

24

Investor participation in volumes Equities and derivatives segments

BOVESPA SEGMENT (EQUITIES)
12% 33% 27% 25% 10% 36%
27%

10% 35% 30%

23%

8% 35% 27% 27%

7% 34% 26% 31%

8% 30% 33% 26%

9% 35% 33% 21%

8% 40%

8% 41%

8% 40%

9% 41%

7% 43%

32% 18%

33%

35%
17%

33% 16%

32% 18%

25%

17%

2005

2006

2007

2008

2009

2010

2011

2012

2013

Jan-13

Feb-13

Mar-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% 19%

8% 24% 20%

4% 30% 22%

4%

5% 34% 25% 34% 2012

4%
39%

4%

3%

4% 38%

33% 23% 38%

38% 23% 33% Jan-13

41%

25% 31%

25%
29%

26% 31% Mar-13

56%

51%

49%

48%

45%

42%

2005

2006

2007

2008

2009

2010

2011

2013

Feb-13

Individuals

Institutional Investors

Foreign Investors

Financial Institutions

Companies

Central Bank

25

FINANCIAL HIGHLIGHTS Reduction in expenses. Return to shareholders

26

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 Operating margin Equity method result Financial result Income before taxation of profit Income tax and social contribution Net income*
Adjusted net income

940,737 62.3% 245,837 1,186,574 (304,505) 881,050

1,223,761

1,265,238 66.6% 38,238 289,039 1,592,515 (448,029) 1,144,561

1,586,374

1,088,020 57.1% 219,461 280,729 1,588,210 (539,681) 1,047,999

1,545,627

1,301,670 63.0% 149,270 208,851 1,659,791 (585,535) 1,074,290

1,612,136

Adjusted EPS (BRL )

*Attributable to shareholders of BM&FBOVESPA.

0.6104

0.7929

0.7932

0.8351

27

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

28

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

29

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)

30

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

1,586 1,145
1,579

1,546 1,048
1,518 606 912
2011
Buyback

1,612 1,074
1,091 16 1,074
2012

Adj. Net income Net income

780 75 705
2009

435 1,145
2010
Total payout

*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.

31

APPENDIX

32

BVMF3 Recent performance

IOFs 10/17 BRL 14.97

BVMF3 YTD: -2.6%

IBOVESPA YTD: -7.5%

Goodwill 11/30 Competition BRL 13.01 News 01/05 BRL 13.10 Lower volume estimates by the market
Rumors about IOF Exchange Mergers BATs 02/15 02/08 BRL 11.43New IOF on BRL 11.18 Derivatives 07/26 BRL 9.55
0 1 g u A
0 1 p e S

Removal of IOF on Equities 12/01 BRL 10,54

Change to IOF on foreign exchange transactions 06/14

Direct Edge 11/21 BRL 10.11

1 1 g u A
1 1 p e S

Oxera's Report Release 06/18

2 1 b e F

0 1 t c O

0 1 v o N

0 1 c e D

1 1 n a J

1 1 b e F

1 1 r a M

1 1 r p A

1 1 y a M

1 1 n u J

1 1 l u J

1 1 t c O

1 1 v o N

1 1 c e D

2 1 n a J

2 1 r a M

2 1 r p A

2 1 y a M

2 1 n u J

2 1 l u J

2 1 g u A

2 1 p e S

2 1 t c O

2 1 v o N

2 1 c e D

3 1 n a J

3 1 b e F

BM&FBOVESPA

IBOVESPA

Updated to Mar. 28, 2013.

33

BOVESPA Segment
Raising Capital
PUBLIC OFFERINGS (BRL billion)
Updated to Mar. 28, 2013.

Follow-On
IPO

70.1 46.0 34.3

7.5 14.5 26.8 23.8 22.2

74.4
11.2

30.4 8.8
4.5 4.3

55.6

13.9
5.4 8.5

15.4 15.1

63.2

18.0
7.2 10.8

13.2
3.9 9.3

1.4

0,6 0.8

2004

2005

2006

2007

2008

2009

2010*

2011

2012

2013

PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET There are 8 offerings in the pipeline:
IPOs (5): AutoBrasil Participaes; BioServ; Smiles; BB Seguridade Participaes; Votorantim Cimentos Subsequentes (3): Tupy; BHG, Abril Educao.

Additionally, there are 16 Real Estate Funds filed with CVM: estimated value of BRL 3.2 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

3.7 3.5
1.5 0.3

4.4 2.1 0.7 0.4 1.7 0.3

5.1 5.0 3.4 1.9 2.2 2.9 0.8 1.0 0.3 (2.3) 0.71.1 0.8 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)

Updated until Mar. 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%

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

291

267 447

1.186

830

319

1Q11

2Q11

3Q11
ADTV (Foreigners)

4Q11
ADTV (Individuals)

1Q12

2Q12
ADTV (Institutionals)

3Q12
% of overall market

4Q12

1Q13

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

3.9% 5.0%

7.8% 420

7.3%

8.0%

6.3%

6.7%

5.7%

5.0%

211
44 67 84

251
45 101 95

68 148 179

342
51 120

413
47 129 135

404
65 137 193

342
58 74

307
53 45

292
48 53
191

146

209

209

1Q11

2Q11

3Q11
Mini

4Q11
FX

1Q12
Equities

2Q12
Other

3Q12

4Q12

1Q13

Overall volume (%)

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 4T12 Revenue growth and cost control

42

4Q12 vs. 4Q11 Highlights

Volume growth and strict cost control
FINANCIAL HIGHLIGHTS
Gross Revenue: BRL 544.1 million, +4.2% BOVESPA Seg.: BRL 238.5 million, +6.6% BM&F Seg.: BRL 205.3 million, +15.9% Net Revenue: BRL 499.2 million, +5.9% Adjusted Expenses: BRL 174.2 million, +6.3%
2012: BRL 563.5 million (close to the budgeted floor)

OPERATIONAL HIGHLIGHTS
BOVESPA Segment:

ADTV: +9.4%
Margin: stable BM&F Segment: ADV: +15.4% RPC: +4.1%

High growth products

ETFs: +61.9% in average daily value Tesouro Direto: +38.6% of assets under custody FIIs: strong growth in volumes (BRL 29.0 million in 4Q12) and number of investors (97.1 thousand) LCA: consistent growth of assets under custody (BRL 36.5 billion)

Operating Income: BRL 243.1 million, +35.4% Adj. Net Income: BRL 379.4 million, +7.6% Adjusted EPS: BRL 0.196, +7.4%

2012/2013 MAIN PROJECTS

Clearinghouses Integration3: presentation of IPN to market PUMA Trading System: progress in delivering the equities module OTC Platform: certification phase with the market Pricing Structure: studies into pricing differentiation and incentive programs New Data Center: construction started

Payout: recommendation of a distribution of BRL 388.7 million in 4Q12, totaling BRL 1,074.3 million in 2012 - BRL 0.56 per share (100% net income)
1

Excludes stock options plan, depreciation, provisions, tax on dividends from CME Group and the guarantee fund transferred to BSM. 2 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, taxes paid overseas to be compensated, the guarantee fund transferred to BSM in 4Q11 and provision related to health care insurance net of taxes in 4Q12. 3IPN/CORE implementation requires the authorization of the regulators.

43

BOVESPA Segment Performance

Growth in volumes, turnover velocity and market capitalization
EVOLUTION OF INVESTORS PARTICIPATION IN ADTV AND MARGIN
(in BRL billion)

4Q12 vs. 4Q11: ADTV: +9.4%, due to an increase of: Average Market Capitalization (+7.8%) Turnover Velocity (+122 bps), mainly impacted by an increase in volatility and the removal of the 2% IOF tax in Dec11 Margin: stable

HFTs PARTICIPATION
(in BRL million)

AVERAGE MARKET CAP. AND TURNOVER VELOCITY

44

BM&F Segment Performance

High growth in Interest Rate Contracts in BRL
ADV AND RPC EVOLUTION 4Q12 vs. 4Q11: ADV: +15.4%, reflecting an increase of +27.2% in ADV of Interest Rate contracts in BRL RPC: +4.1%, due to the: Longer maturities in Interest Rate contracts in BRL FX depreciation (BRL /US$) FX and Interest Rate contracts in US$ Decrease of HFT participation in the ADV
(in million of contracts)
1.269
1.157 1.172

1.205
1.133

3.4

2.5
0.3 0.5 1.5 0.2

2.7
0.3 0.5 1.7
0.1

0.3 0.5

0.2

2.7
0.4 0.5
1.8 0.1

2.8
0.3 0.5 1.9
0.1

2.3

4Q11

1Q12
Int. Rate BRL FX

2Q12
Indices

3Q12
Others

4Q12
RPC (R$)

HFT: ADV AND MARKET PARTICIPATION

(in thousands of contracts)
7.3% 341.8 25.2 145.8 119.9 50.9
4Q11
Equities

INTEREST RATES IN BRL - VOLUMES BY MATURITY (%)

5.7%
51%

8.0%

6.3% 404.4 10.1 192.5

136.9

6.7%
342.2 0.9

412.5 101.8 134.8 129.5 46.5

1Q12
FX

58%

64%

78%
79%

86%
68%

90%
67%

71%

307.4 0.1 208.8 45.5 53.1

4Q12

6% 23% 9%
4Q11

209.1
73.8 58.3
3Q12
Others

10%

13% 5% 11%
1Q12
2nd Maturity

4% 6% 7% 7% 3% 2Q12 22% 4% 2% 6%
3Q12
4th Maturity

15% 2% 8% 6%
4Q12
5th Maturity

64.8
2Q12
Mini contracts

% in Overall Volume

1st Maturity

3rd Maturity

45

Revenue Breakdown in 4Q12

Diversified revenue sources as a differential
REVENUE BREAKDOWN
37.6%: Cash Market
8.7%: Trading 28.9%: Post-trade

4.8%: Equity and Index Options/Forwards 37.0%: Financial/Commodity Derivatives

Gross Revenue: BRL 544.1 million

20.6%: Other Revenues

5.1%: Depository, Custody and Back-Office 3.4%: Securities Lending 3.0%: Vendors 2.5%: Trading access 2.0%: Listing 4.6%: Others

46

4Q12 Expenses
Constant focus on cost control and operational efficiency
TOTAL EXPENSES BREAKDOWN ADJUSTED EXPENSES
(in BRL million)

Expenses: BRL 256.0 million

*

Adjusted Expenses: +6.3% vs. 4Q11 Adjusted Personnel: +5.4% vs. 4Q11, basically due to the effects of collective bargaining in Aug12 Data Processing: -12% vs. 4Q11, due to lower expenses with IT outsourcing and to lower maintenance costs with legacy platforms Marketing: repriorization of Marketing actions Others: reflects the BRL 15 million transfer to BSM, announced in 3Q12
*Includes expenses with maintenance in general, taxes adjusted by the dividends from CME Group, board and committee members fees and others.

47

Other Expenses
Extraordinary expenses in 4Q12
PROVISION FOR PERSONNEL
(in BRL million)

TAXES AND CONTRIBUTIONS

(in BRL million)

OTHERS: TRANSFER TO BSM

(in BRL million)

+34.2%

+5.4%

Non-cash provision of BRL 27.5 million related to the Companys health plan; The provision is related to the potential liabilities generated by indirect subsidies (difference between the average cost of the plan negotiated by the Company and the estimated average cost to individuals); Employees who contributed to the plan between 2002-2009 have the right to maintain their status as beneficiary in the event of severance or retirement, as long as they bear the insurance costs; The amount provisioned follows the CPC33 / IAS 19 Employee Benefits.

Increase of Tax on Dividends from the CME Group: dividends received from the CME Group reached BRL 60.7 million in 4Q12, versus BRL 8.9 million in 4Q11.

Focus on strengthening market integrity; BM&FBOVESPA Market Supervision (BSM) operates in market surveillance and selfregulation of all the markets managed by BM&FBOVESPA, pursuant to CVM rule 461/07; Transfer of BRL 15 million to BSM previously announced with the earnings results of 3Q12 and within the adjusted budget for 2012; Goal: Funding of BSMs activities over 2013.

48

Financial Highlights
Strong cash position and high payout
ADJUSTED NET INCOME (4Q12)
(in BRL million)

FINANCIAL PROFIT
Financial Profit of BRL 43.1 million, down 32.7% from 4Q11

+7.6%

Financial Revenues decreased 23.8% , reflecting lower interest rates

Financial Costs had a slight increase of 1.8%

INVESTMENTS
Credits of BRL 90 million from interest on shareholders equity, decided in Nov12, reduced tax charges. Investments of BRL 134.2 million in 4Q12 In 2012, investments totaled BRL 258.4 million, within the previously-announced budget range (BRL 230 260 million) Investment Budgets: 2013: between BRL 260 290 million

CASH AND FINANCIAL INVESTMENTS

(in BRL million)

2014: between BRL 170 200 million

PAYOUT
On Feb. 19, 2013, the Board proposed a dividends distribution of BRL 388.7 million to be paid in Apr. 30, 2013. The payout in 2012 totaled BRL 1,074.3 million, the equivalent to BRL 0.5565 per share and 100% of net income.

*Includes expenses with depreciation and provisions.**Includes collateral pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. ***Includes third party collateral and restricted funds at Banco BM&FBOVESPA.

49

Growth Path
Growth in average daily volumes
EQUITIES
(ADTV in BRL billion, mkt cap in BRL trillion and turnover velocity in %)
Turnover Velocity Mkt Cap

ADTV The 2009-12 CAGR of 11.1% reflects growth in market capitalization and turnover velocity Market Capitalization The 27.8% growth between 2009-10 was followed by a roughly flat period (discrete performances among sectors and reduced number of public offerings) Turnover Velocity Foreign and local institutional investors, HFT and products development (ETFs, options and securities lending) drove turnover velocity growth

66.6% 1.83

63.8% 2.33

64.2% 2.37

69.8% 2.42

DERIVATIVES
(ADV in thousands of contracts, RPC in BRL )
1,365 1,134 1,106 1,191 RPC

ADV
The 2009-12 CAGR of 24.0% was driven by more trading in interest rate contracts in BRL, reflecting structural changes and volatility RPC The recent recovery in RPC is explained by a combination of trading in longer maturity interest rate contracts in BRL and by the Brazilian Reals depreciation 50

Cash flow
Return to shareholders
CASH FLOW/ USE OF CASH FLOW
Individual Company Statements

(in BRL million)

2011 1,048 469 7 1,524 (210) 33 1,347 590 889 69 (200) 1,347

2012 1,074 570 60 1,704 (257) 124 1,572 (8) 1,148 76 356 1,572

Var. 2012/2011

Net income Adjustments non-cash items Working capital variation Operating cash flow Investments (net of asset sales) Received dividends Post-investment cash flow Share buyback program (net of sales) Dividends and interest on own capital Interest / change in debt Cash / financial investments variation Destination of cash flow
Does not consider variation in financial investments and collateral.

11.8%

16.7%

51

Disciplined cost management

ADJUSTED EXPENSES
BRL million Adjusted expenses Depreciation and amortization Stock options plan Others
Tax on dividends from the CME Group Provisions Contribution to MRP

2010 543.9 54.8 30.9 3.9

4.0 (0.1) -

2011 584.5 75.2 53.6 103.3

9.9 1.1 92.3

2012 563.5 93.7 32.3 73.6

37.4 36.2 -

2013e 570.0* -

Corporate expenditures
* Mid-point of the budget range for 2013

633.5

816.7

763.1

2010 2013e: GAGR of 1.6%1

Adjusted expenses are decreasing in real terms as a result of a strict cost control program through which the Company is leveraging its operational efficiency
1 CAGR(2010-13) of

the inflation is 5.8% a.a. Source: BCB Focus Bulletin (November 30, 2012) estimated IPCA

52

Financial Statements
Strong operating performance
SUMMARY OF INCOME STATEMENT (CONSOLIDATED)

(in BRL million)

Net Revenue Total Expenses Operating Income Financial Income EBT Net income* Adjusted net income Adjusted earnings per share (in BRL ) Adjusted Expenses

2012
2,064.8 (763.1) 1,301.7 208.9 1,659.8 1,074.3 1,612.1 0.835 (563.5)

2011
1,904.7 (816.7) 1,088.0 280.7 1,588.2 1,048.0 1,545.6 0.793 (584.5)

Var. 2012/2011 8.4% -6.6% 19.6% -25.6% 4.5% 2.5% 4.3% 5.3% -3.6%

* Attributable to BM&FBOVESPA shareholders.

53

Income Tax and Social Contribution

In BRL million

2012
Total Current Tax
Recognition of Taxes (CME Groups participation) Other Taxes to be rebated Current Tax (Banco BM&FBOVESPA)

(67.3) (60.2) (3.4) (3.7) (518.2)

Cash impact

Total Deferred Tax

Differed Liability (fiscal benefit from goodwill)

(539.1)
20.9 (585.5)

Reversion of fiscal credits*

(=) Income Tax and Social Contribution

*Includes the tax benefit from interest on capital of BRL 90 million declared in November 2012.

54

Financial Statements
Reconcilliation of profits and adjusted expenses
ADJUSTED NET INCOME RECONCILIATION
(in BRL million) 4Q12 217.3 7.9 134.8 (14.0) 15.2 18.2 379.4 4Q11 191.1 10.4 124.7 (128.9) 63.0 92.3 352.7 Change 4Q12/4Q11 13.7% -23.9% 8.1% -89.2% -75.9% 7.6% 2012 1,074.3 32.3 539.1 (111.9) 60.2 18.2 1,612.1 2011 1,048.0 53.6 498.3 (209.6) 63.0 92.3 1,545.6 Change 2012/2011 2.5% -39.8% 8.2% -46.6% -4.4% 4.3%

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

ADJUSTED EXPENSES RECONCILIATION

(in BRL million) Total Expenses Depreciation Stock options plan Tax on dividends from the CME Group Provisions Contribution to MRP Adjusted Expenses 4Q12 (256.0) 23.8 7.9 18.2 31.9 (174.2) 4Q11 (291.6) 22.1 10.4 2.7 0.2 92.3 (163.9) Change 4Q12/4Q11 -12.2% 7.4% -23.9% 580.4% 6.3% 2012 (763.1) 93.7 32.3 37.4 36.2 (563.5) 2011 (816.7) 75.2 53.6 9.9 1.1 92.3 (584.5) Change 2012/2011 -6.6% 24.6% -39.8% 278.3% -3.6% 55

Financial Statements
Balance Sheet Summary (Consolidated)
ASSETS
(in BRL million) Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments Others Investments Property and equipment Intangible assets Goodwill Total Assets
Dec. 31, 2012 Dec. 31, 2011

LIABILITIES AND SHAREHOLDERS EQUITY

(in BRL million) Current liabilities Collateral for transactions Others Non-current liabilities Foreign debt issues Deferred Inc. Tax and Social Contrib. Others Net equity Capital stock Capital reserve Others Minority shareholdings Liabilities and Net Equity
Dec. 31, 2012 Dec. 31, 2011

3,536.3 43.6 3,233.3 259.3 20,610.8 808.9 573.6 235.3 2,928.8 361.0 16,512.2 16,064.3 24,147.1

2,401.1 64.6 2,128.7 207.8 21,188.8 1,767.4 1,589.1 178.3 2,710.1 357.2 16,354.1 16,064.3 23,589.9

1,660.6 1,134.2 526.4 3,072.6 1,242.2 1,739.6 90.8 19,413.8 2,540.2 16,037.4 820.3 16.0 24,147.1

1,929.9 1,501.0 428.9 2,402.5 1,138.7 1,204.6 59.2 19,257.5 2,540.2 16,033.9 666.9 16.5 23,589.9

56

BM&FBOVESPA INVESTOR RELATIONS

(+55 11) 2565 4729 / 4418 / 4834 /4728/ 4007 ri@bmfbovespa.com.br

ir.bmfbovespa.com.br
57