BM&FBOVESPA Analyst Day

So Paulo, SP

August 23, 2013

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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 in which BM&FBOVESPA operates; (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.

Strategic Drivers

REVENUE GROWTH AND DIVERSIFICATION

Build on growth opportunities in the Brazilian capital market Foster greater sophistication among participants and investors Promote volume growth and revenue diversification

OPERATING EXCELLENCE
Strengthen the business model with investments in technology for trading and post-trade platforms that brings efficiency to BM&FBOVESPA and market participants Continuously improve processes and services, focusing on risk management Assure market integrity

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER
Deepen the relationship with clients (investors, brokers and issuers), by delivering high quality services and products, ensuring that this relationship is BM&FBOVESPAs greatest differential Expand the range and quality of services and products offered

INSTITUTIONAL STRENGTHENING
Develop initiatives that contribute to the safety, reliability and strengthening of the market, inducing and fostering its growth Maintain high standards of self-regulation

Strategic Drivers
Product and Investor Relations Department

REVENUE GROWTH AND DIVERSIFICATION

OPERATING EXCELLENCE

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER INSTITUTIONAL STRENGTHENING

Product Departments Role

Strategy and form of performance
EXTERNAL ENVIRONMENT

Market

Regulator
LINK

THE ROLE OF THE PRODUCTS AREA Identify market demands and trends Link internal (IT, Operations and Financial) with external (regulators and partners) efforts to prioritize initiatives Manage fee and incentive policies Adapt the range of products to different types of customers and segments, including retail investors

Committee / Relationship

INTERNAL ENVIRONMENT

Product and Market Development

Track record of success
OPERATIONAL DATA
CAGR: +55% CAGR: +38%

CAGR: +249%

CAGR: +36%

CAGR: +197%

CAGR: +458%

*Updated until June 28, 2013.

Product and Market Development

Listed products
CONTINUOUS DEVELOPMENT OF LISTED PRODUCTS

Listed ETFs - Exchange Traded Funds:

International Fixed income Equities FIIs

Selic Derivatives:
Selic futures - OC1 FX spread - DCO FX swap - SCS

Market Maker:
Cash equities Options Commodities Futures

Options on single stocks

New fee policy for HFTs/day traders

Ethanol Futures Contracts BDR (exchange market) Securities Lending (BTC)

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Ibovespa (methodology review)

SMEs - Small and Medium Enterprises (BOVESPA Mais)

Incentive programs (retail investors)

Product and Market Development

OTC products and fixed income iBalco
CONTINUOUS DEVELOPMENT OF iBALCO PROJECT Derivatives Fixed Income
LCAs (Agribusiness Credit Bill): improvements LCIs (Real Estate Credit Bill) and CDBs (time

Registration

NDFs deployed in Jul/13 Flexible options on single stocks COE (Structured Notes)

Swaps

deposits): adaptation of the platform pending regulatory approval Changes to listing rules and procedures for corporate bonds and financial bills (LF)

Trading

Trading platform for government and

corporate bonds Changes to the fee policy

Projects Prioritized by Product Area

Priority Developments
Products / Market
iBalco
OTC Derivatives

Current Stage
NDF Jul/13; prioritizing deployments and strategy implementation (Options, COE and Swaps) Revision of prices and rules Platform under development (pending: Central Bank approval) Discussions with regulators: Central Bank, Securities and Exchange Commission (CVM) and Federal Revenue of Brazil (RFB) and platforms adjustments

Corporate Bonds and F (LF) Registration of LCIs and CDBs

COE - Structured Notes

BTC (Securities lending)

Operational improvement and trading screens Market Consultation about the model Tax treatment Discussions with RFB Promote the product internationally Roadshows in Europe and USA

Market Maker
Expansion of Market Maker Program Conversations with participants; treatment of market data (challenges); market maker protection; automated options exercise; and systems development (control and fee) Discussions with market, CVM and RFB Discussions with market and CVM Discussions with market, CVM and RFB

ETFs
Fixed Income International Index FIIs

BEI Brazil Easy Investing

Book orders in foreign currency - foreign retail Development completed; awaiting operationalization of the investors agreement CVM RFB

Incentive Programs
Retail investors Incentive program for brokers who attract retail investors

Projects Prioritized by the Product Area

Ongoing discussions with the Government
MAIN DISCUSSIONS
Initiatives for SMEs Creation of a Working Committee for Small Offerings composed of public-private entities (BM&FBOVESPA, CVM, Brazilian Development Bank - BNDES, Brazilian Innovation Agency - FINEP of the Science and Technology Ministry and Brazilian Agency for Industrial Development - ABDI of the Trade and Industry Ministry) Proposals to facilitate funding through issuance of shares (incentives for SMEs, investors and intermediaries) Presentation of the project to the Ministry of Finance, CVM Board and BNDES Securities Lending (BTC) Discussions with RFB about tax treatment: exemption for dividends received and regulatory arbitration IOF (Tax on Financial Operations) on American Depositary Receipt (ADRs) issuance

Discussion with RFB for IOF exemption on ADRs creation

ETFs Discussions with CVM regarding international indices, fixed income and real estate funds (FIIs) Discussions with RFB related to tax treatment of fixed income and FII ETFs Tax on equity investments for individuals Proposal for simplification of the tax treatment

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Strategic Drivers
Technology and Information Security Department

REVENUE GROWTH AND DIVERSIFICATION

OPERATING EXCELLENCE

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER INSTITUTIONAL STRENGTHENING

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PUMA Trading System

High-performance trading platform
Derivatives Module: Oct/11 Equities Module: Apr/13
ADAPTATION TO BRAZILIAN RULES AND PRACTICES
Development of market data by offering (and not price), since GLOBEX is only market by price Inclusion of auction rules (CVM Intruction 168) in the matching engine Validation of pre-trade limits at the final client (LiNe) Development of a module to calculate options market bands Implementation of different types of bands that mitigate the risks posed by possible order entry errors (automated or not) Intraday limits Static limit or circuit breakers Rejection band Short-term volatility band Auction bands (price and quantity)

ADVANTAGES AND CHARACTERISTICS

Performance/Capacity Lower latency and high capacity (scalable) Attraction of new clients

Multi-asset and multi-market

Synergies for participants and investors Leverage BM&FBOVESPAs capacity to offer products (new/complementary) Features

Adapted to the characteristics of the Brazilian market and the needs of participants/clients
Process and controls automation Availability/controls Auction rule and price variation limits (dynamic and static)

Stability and availability 12

PUMA Trading System

High-performance trading platform
MACRO VIEW: PERFORMANCE OF CO-LOCATION

Co-location

Infrastructure of PUMA Trading System

Gateway + LiNe

Participant

Network

Matching Engines

~200 s

~500 s

~300 s

~1000 s

Network Infra Networks built for the development and deployment of PUMA platform

Gateway + LiNe Pre-trade risk control (LiNe) represents about 60% of Gateway + LiNe latency

Matching Engines Meet all auction rules and bands/fluctuation limits set out in regulations (100% of orders)

The network infrastructure is required to allow connection between the participants and the Exchange. The Gateway routes the orders sent by the participants to the Matching Engines.

The Matching Engine is responsible for the meeting of orders and market data generation.

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PUMA Trading System

High-performance trading platform
MACRO VIEW: PERFORMANCE OF CO-LOCATION

Co-location

Infrastructure of PUMA Trading System

Gateway + LiNe

Participant

Network

Matching Engines

~1000 s ~750 s

Upgrade of the network and servers infrastructure The maintenance of network and servers infrastructure, scheduled for 2015, should reduce RTT Round-trip time (measured in microseconds - s ) by roughly 25%, based on conservative estimates This investment is part of the maintenance Capex of the Company

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Pre-trade Risk Control (LiNe)

Ensuring market integrity in a high frequency world

Trading Platform

Brokers
LiNe Establish limits for

The pre-trade risk systems complement the post-trade risk systems

=
SAFER FOR CLEARINGHOUSES AND THE MARKET

Final clients

Post-trade Platform

Clearing Member

2008: LiNe was implemented for pre-trade risk analysis for DMA3 and DMA4 (co-location)

Mar/13: LiNe mandatory for any customer classified as high frequency - HFT (in all DMAs)
Under discussion: mandatory for 100% of accesses
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PUMA Trading System

High-performance trading platform
SCALABILITY TRADING PLATFORM
Installed Capacity of PUMA Trading System Platform 20 Market data channels Scalable Platform

200 Gateways

Platform tested in times of high volatility and historic peaks of messages per minute/second Easily scalable capacity with the acquisition of "standard hardware

12 Engines

...
AVAILABILITY
Widely monitored environment - 24h 99.999% Availability
Process for monitoring the platform start IT viewpoint Business viewpoint

Mitigation of risk of infrastructure failure by the adoption of a High Availability model

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New data center

Infrastructure IT Developments
EFFICIENCY, SCALE AND EXPANSION OF SERVICES

Clients

BM&FBOVESPA

Jan/13

Apr/13

Jun/13

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Strategic Drivers
Operations, Clearing and Depository Department

REVENUE GROWTH AND DIVERSIFICATION

OPERATING EXCELLENCE

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER INSTITUTIONAL STRENGTHENING

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Market Fragmentation
Evolution of the discussion
EVENTS RELATED TO THE FRAGMENTATION OF THE CASH EQUITIES MARKET

BATS Announcement Feb/11

Hiring of Oxera by CVM Nov/11

ATS Announcement Nov/12

Public hearing on costs and risks of fragmentation Jul/13

2011
Direct Edge Announcement Nov/11

2012
Event about Oxera study results Jun/12

2013
Application for license exchange ATS Jun/13

HOW BM&FBOVESPA IS PREPARING FOR POSSIBLE FRAGMENTATION

New trading platform PUMA Trading System Integration of the clearinghouses increased operational and capital efficiency for final clients and participants Elimination of cross subsidies between trading and post-trade

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Structure of the Equities Market in Brazil

Roles and responsibilities
Receives and processes the flow of buy/sell orders entered by the participants, including trading desks and local and global DMAs. It closes deals based on orders that are prioritized by price and chronological order, promoting efficient price formation. It sends trading information to the post-trade systems and publishes trading data (orders and trades) in real time for the entire market. CCP: acts as a buyer for every seller and as a seller for every buyer, taking on the risk and guaranteeing the settlement of transactions. For this reason it has collateral and safeguard structures (risk management) Clearing: calculation of the participants net obligations/rights resulting from multilateral clearing (less need for liquidity, number of transactions, operational risks and costs) Executes the transfer of securities and financial resources between buyers and sellers, extinguishing the rights and obligations arising from clearing. In the settlement of transactions involving securities, transfer occurs through accounts opened with a depository, and settlement of the corresponding financial resources occurs in a reserves transfer system (STR - Sistema de Transferncia de Reservas)

Trading Platform (TP)

Central Counterparty (CCP)

Securities Settlement System (SSS)

Central Securities Depository (CSD)

1

Responsible for the safeguarding, update and coordination of corporate actions (payments of proceeds, bonuses etc.). For this it takes on the status of trustee of the securities deposited in its environment

Simplified view that does not cover all of the characteristics of the services and activities described.

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Market Fragmentation
Evolution of the discussion
US MODEL

DEPOSITORY AND TRUST CLEARING CORPORATION - DTCC

CSD

SSS

CCP

NYSE

NASDAQ

BATS

DIRECT EDGE

DARK POOLS

BROKERS

EXCHANGE

OTC

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Market Fragmentation
Evolution of the discussion
SCENARIO 1

SCENARIO 2

SCENARIO 3

SCENARIO 4

CSD BVMF SSS BVMF CCP BVMF

CSD BVMF SSS BVMF

CSD BVMF

CSD BVMF

NEW CSD

SSS BVMF NEW CCP CCP BVMF

NEW SSS NEW CCP

SSS BVMF CCP BVMF

NEW SSS NEW CCP

CCP BVMF

TP BVMF

NEW TP

TP BVMF

NEW TP

TP BVMF

NEW TP

TP BVMF

NEW TP

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Market Fragmentation
Evolution of the discussion
SCENARIO 1 Main drivers of fragmentation:
Price Performance and technological innovation Price arbitrage between platforms interest of HFTs
CSD BVMF SSS BVMF CCP BVMF

Strategy and Main Competitive Differentials

Elimination of subsidies between trading and post-trade (0.5bp, 6% of revenue) Elimination of technology gaps: PUMA state-of-the-art technology, RTT submillisecond Synergies resulting from a multiproduct platform (cash, options, futures, BTC etc.) Established distribution network (trading desk screens, DMA, home broker, colocation, vendors)

Costs of fragmentation
TP BVMF NEW TP

Adaptations of the screens, DMA, home broker, co-location, vendors Network links and connectivity Consolidation of market data and adaptation of market data systems Implementation of best execution rules Implementation of smart order routing systems Possible adaptations in the self-regulation model

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Market Fragmentation
Evolution of the discussion
SCENARIO 2
Main drivers of fragmentation:
Price Performance and technological innovation Price arbitrage between platforms interest of HFTs

Strategy and Main Competitive Differentials

CSD BVMF SSS BVMF

All of the barriers foreseen in scenario 1 remain New integrated CCP of BM&FBOVESPA efficiency in settlement, efficiency in the allocation of collateral, operational efficiency and credit quality of BM&FBOVESPA as central counterparty

Challenges for the new CCP

Risk calculation system Clearing fund (R$300 million), equity at Central Bank (R$47 million), cash position (R$2 billion) Trade capture, trade give-up, trade allocation (ICVM 505), position management, mark-to-market, calculation of net multilateral balances until the final beneficiary level. Collateral system (pricing, haircuts, integration with BVMF, CETIP, SELIC, DTCC, EUROCLEAR, banks that issue letters of credit) Credit analysis process/system Securities lending system (BTC) to handle settlement failures Corporate actions adjustment and treatment system Back-office system of brokerage houses and clearing members (SINACOR) Secondary data center for disaster recovery

CCP BVMF

NEW CCP

TP BVMF

NEW TP

Challenges for sell side and buy side

Greater difficulty for price arbitrage between platforms due to the absence of netting Absence of netting between purchases and sales in the same security executed on different platforms (doubled margin, need to deliver cash and the security in arbitrage) Two settlement and risk management processes encumbering the sell side and the buy side

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Market Fragmentation
Evolution of the discussion
SCENARIO 3 Main drivers of fragmentation:
Price Performance and technological innovation Price arbitrage between platforms interest of the HFTs
CSD BVMF

Strategy and Main Competitive Differentials

All of the barriers foreseen in scenarios 1 and 2 remain Challenges for the new SSS Integration with the Reserves Transfer System (STR) of Central Bank and with settlement banks (development of messaging system) Integration with the CSD for instruction of the transfer of securities between accounts

SSS BVMF CCP BVMF

NEW SSS NEW CCP

TP BVMF

NEW TP

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Market Fragmentation
Evolution of the discussion
SCENARIO 4 Main drivers of fragmentation:
Price Performance and technological innovation Price arbitrage between platforms interest of the HFTs
CSD BVMF NEW CSD

Strategy and Main Competitive Differentials

All of the barriers foreseen in scenarios 1, 2 and 3 remain Challenges for the new CSD Development of the new CSD system considering the structure of custodians and final beneficiaries Integration of the processes with issuers, underwriters, custodians, brokers and settlement banks (deposits, withdrawals, transfers, conciliations, blocks etc.) Functionalities for the management of deposit accounts, settlement accounts, hedging accounts, operational and judicial blocking accounts Processing and settlement of corporate actions (dividends, interest on shareholders equity, bonuses, groupings etc.) Issuance of statements to customers New back-office system of brokers and custodians (SINACOR)

SSS BVMF CCP BVMF

NEW SSS NEW CCP

TP BVMF

NEW TP

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Post-trade Integration - IPN*

Streamlining processes and operational efficiency

Reorganization of the post-trading environment will result in greater operational efficiency for brokers back-offices

Organization of the posttrade environment by process instead of product type Rationalization and standardization of rules, procedures, requirements and documentation Establishment of a single settlement window for all markets Development of an integrated risk model and single pool of collateral Complete modernization and simplification of the technological infrastructure
Other products and assets

Equities, ETFs, BDRs

Government bonds Rules and Manuals Structure of market participants Participants and customer registration

OTC derivatives

Allocation and transfer Position control Clearing and settlement

Corporate fixed income

Risk management
Pool of collateral Securities lending Interbank spot foreign exchange Futures, options, forwards

*The implementation of IPN/CORE depends on authorization by the regulators

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Post-trade integration - IPN*

Greater efficiency in the allocation of capital
Greater efficiency in the use of capital
New risk evaluation model CORE (CloseOut Risk Evaluation) As is the case in other markets, the cash markets integration with Portfolio risk calculation in an integrated manner, covering securities and contracts traded, including OTC contracts and CORE will result in capital pledged collateral efficiency for the participants Integrated and robust market, liquidity and cash flow risk modeling for the different securities/contracts/collateral in the portfolio Netting of risk between securities and contracts that have common risk factors Examples: Short position in sec lending versus shares pledged as collateral Short position in equity options versus shares pledged as collateral Futures versus options and futures versus swaps Options with different expiration dates CORE has the potential to become a new international benchmark as regards risk management in CCPs

*The implementation of IPN/CORE depends on authorization by the regulators

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Post-trade Integration - IPN

BM&FBOVESPA proposal for IPN certification

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Strategic Drivers
Financial and Corporate Department

REVENUE GROWTH AND DIVERSIFICATION

OPERATING EXCELLENCE

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER INSTITUTIONAL STRENGTHENING

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Main Goals of the Financial Area

Maximize shareholder return and maintain a robust balance sheet
Additional revenue in current main products/markets

Revenues

Additional revenue diversification in the medium term

Validation of pricing policies

Budget management

Expenses and CapEx

Process governance

Efficient control tools

Feasibility analysis and prioritization of capital investment

Return to shareholders and Financial Soundness

Payout Buyback program execution Maintain balance sheet with high liquidity and financial flexibility

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Diversified Revenue
Revenue diversification as a strength of our business model
DIVERSIFIED REVENUE
R$ millions
1,249
94
381 54

Highly diversified revenue base Elimination of crosssubsidies between trading and post-trade

1,164 1,041
331

1,047
320 86 65
369 206

106
342

Cash Equities (Trade)

Cash Equities (Post-Trade) Equities Derivatives (Trade and post-trade) Financial and Commodities Derivatives (Trade and post-trade) Other

86 88 344
192

74
433 209

479

240 1H13

1H10

1H11

1H12

REVENUE OF HIGH GROWTH PRODUCTS DELIVERING ON INCREASING DIVERSIFICATION

7.5%

6.5% 4.9% 3.3% 3.7%

34.6 69.8

6.6% 6.5%

Products and markets developed in recent years to leverage revenue diversification

BTC Options with Market Maker LCAs ETFs Tesouro Direto FIIs Non-Sponsored BDRs

77.2

94.6
73.6

39.1

51.6

2010

2011

2012

2013

Revenue 1 half. (R$ million) Share in total revenue 1 (%)

Revenue 2 half. (R$ million) Share in total revenue 2 half. (%)

Includes depository revenue for investors who have only FIIs.

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Control Expenses and CapEx

Continuous search for efficiency
Continued focus on cost control
Expense Control Decrease in adjusted expenses in real terms
Grew 7.6% versus inflation of 23.1% in the period

Efficiency in hiring services and prioritization of activities

ADJUSTED EXPENSES DECREASED IN REAL TERMS

Budget management: changes to culture Governance: authority for decision making and budget and projects committees R$ millIon Efficient control tools: ERP
239.0 40.7 2.9 (3.3) (3.6) (9.3) (9.3) 257.1

1H10 Adj. Adj. Data proc. Third Party Commun. Marketing Others* Exp. Personnel

1H13 Adj. Exp.

CapEx
R$ millIon

ADJUSTED EXPENSES
R$ millIon

1 Adjusted

for depreciation, stock option plan, taxes related to dividends received from CME Group, provisions and others. Inflation accumulated in the period (IPCA - Jan/10 to Jun/13). Source: IBGE. *Include expenses with maintenance in general, taxes adjusted by dividends from CME Group, board and committee members compensation and others (excluding provisions).

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Financial Soundness
High liquidity and low indebtedness
Sound financial position - an important factor for the Company, given its role as CCP, guaranteeing the settlement of trades executed by global and Brazilian investors
SOUND FINANCIAL POSITION
R$ million Available funds Indebtedness Dec/10 1,677 1,043 Dec/11 1,582 1,172 Dec/12 1,964 1,279 Jun/13
2Q13

CASH POSITION
R$ million
1,139 351 475 1,967 3,932

1,967 1,388
4Q12

1,191

346 350

1,964

3,851

Standard & Poor s BBB+ (counterparty credit rating) A-2 (issuer) Moody s A3 (global scale issuer) A3 (Brazilian local currency issuer) Baa1 (global notes)

4Q11

1,551

380 270

1,582

3,782

4Q10

993

496 269

1,677

3,435

Market participants cash collateral and others* Restricted funds

Subsidiaries**
Available funds
*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 BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).

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Return of Capital to Shareholders

Commitment to maximizing return
CASHFLOW GENERATION AFTER INVESTMENTS AND INTEREST PAYMENTS (2009-1H13)
(Accumulated between Jan/09 and Jun/13 in R$ million)

Payout (% of GAAP earnings) 2009: 80% 2010: 100% 2011: 87% 2012: 100%

Buyback Roughly 8% of free float repurchased in a 5 year period (2H08-1H13)

DIVIDEND YIELD

EARNINGS PER SHARE (EPS) AND ROIC

Change - GAAP EPS : +26.5% Change - Adjusted EPS : +36.8%
8.3% 9.4% 8.4%

ROIC
8.9%

Data of BM&FBOVESPA (not consolidated): excludes variation in financial transactions and collateral pledged by participants, proceeds raised and investment related to the acquisition of CME Group shares in 2010. Dividend yield is the result of the sum of earnings per share for the year, divided by the average share price during the same year. ROIC: Return On Invested Capital.

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Strategic Drivers

REVENUE GROWTH AND DIVERSIFICATION

Build on growth opportunities in the Brazilian capital market Foster greater sophistication among participants and investors Promote volume growth and revenue diversification

OPERATING EXCELLENCE
Strengthen the business model with investments in technology for trading and post-trade platforms that brings efficiency to BM&FBOVESPA and market participants Continuously improve processes and services, focusing on risk management Assure market integrity

SHAREHOLDER RETURN
FOCUS ON THE CUSTOMER
Deepen the relationship with clients (investors, brokers and issuers), by delivering high quality services and products, ensuring that this relationship is BM&FBOVESPAs greatest differential Expand the range and quality of services and products offered

INSTITUTIONAL STRENGTHENING
Develop initiatives that contribute to the safety, reliability and strengthening of the market, inducing and fostering its growth Maintain high standards of self-regulation

36

www.bmfbovespa.com.br

Investor Relations Department

+55 11 2565-4729 / 4418 / 4834 / 4207 / 4007 ri@bmfbovespa.com.br

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