BVMF Presentation - December 2011

7/30/2019 BVMF Presentation - December 2011

1/53

December 2011


2/53

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 similarverbs 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


3/53

BVMF STOCK PRICERecent Performance

3


4/53

IOFs10/17

R$14.97

Goodwill

11/30

R$13.04

Competition

News

01/05

R$13.12

Rumors

about IOF

Exchanges Mergers

02/08R$11.20

BATs

02/15

R$11.45Reductions of Volumes

Estimates by the Market

New IOF on

Derivatives

07/26

R$9.55

Direct Edge

11/21R$10.11

Redemption of

IOF on Equities

12/01

R$9.8860

70

80

90

100

110

120

130

140

Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

BM&FBOVESPA IBOVESPA

BVMF3 recent performance

Note: updated until November 30, 2011

BVMF3 YTD: -24.6%

Ibovespa YTD: -17.9%

4


5/53

BRAZILIAN MARKET OPPORTUNITIES

5


6/53

Brazil represents a unique investment opportunity

New growth

cycle andinvestments in

infra-structure

Pre-salt Oil Exploration

Development of

Mortgage Market

Expansion of Middle

Class

Entrepreneurial StimulusGreater Internal

Demand

Rio Olympics 2016

andWorld Cup 2014

Increase in Income

Levels

Interest Rate

Decline

Brazil will

have the 6th

highest world

purchasingpower

by 2013

(Price

Coopers) (2)

Brazilian per

capita income

will rise fromUS$10k in

2010 to

US$20k in

2020 (1)

(1) LCA Consultores as of Jun/10.(2) Price Coopers as of Jan/10.

6


7/53

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

Source: ABRAPP, WFE and BM&FBOVESPA7

Equity Market (BOVESPA Segment)Low penetration in the Brazilian market

Clients base: huge potential in retail and pension funds segments

Number of custody accounts (thousands)

128.6

Nov11

613.4

Pension funds portfolioLow penetration of equity and

derivatives in the main investorsportfolios

Stable and low interest rateenvironment encourage more

exposure in equities

Recent growth in the number ofretail investors, but still low

compared to other markets

Listed Companies

Low number of listed companies compared to othercountries

Lack of important economic sectors in the exchange,for instance: oil & gas, infrastructure, retail, IT andpharmaceutical,

Investment cycle may bring new companies andsectors to the exchange

Currently, SMEs are not able to raise money throughequity easily

Dec10 Listed Companies (27th in the World)

6,586

5,095

3,741 3,566 3,476 3,3452,966

1,999 1,798

379

India USA Canada Japan China / HK Spain London Australia Korea Brazil

27.7%

30.9%72.3%

69.1%

2002 2010

% in Securities Fixed Income and Others

BRL168.5 billion

BRL501.5 billion


8/53

8

Derivatives Market (BM&F Segment)Growth in the credit level will favor volumes

Credit: very low credit level and even lower in the case of mortgage transactions

Credit to GDP

Interest Rate in BRL contracts: growth in credit levels, specially in fixed rates, support the increase the activity offinancial institutions

FX contracts: growth in the amount of foreign trading and change in the culture of the Brazilian entrepreneurs canpush up volumes in this group of contracts, mainly in currencies other than US$

Index-based contracts: growth in cash equity market, the launching and development of ETFs and the growth ofexposure to equity by institutional investors can drive the growth of these contracts

Commodities contracts: cash settled contracts and the change in the behavior of farmers that are becoming moresophisticated

Trade Flow (total Imports + Exports in USD billions)

27.4%

48.5%

4.5% 4.7%

Jan-0 1 Jan-0 2 Jan-0 3 Jan-0 4 Jan-0 5 Jan-0 6 Jan-0 7 Jan-0 8 Jan-0 9 Jan-1 0 Jan-1 1

Total Credit

Mortgage

229

281

371

281

384399

2006 2007 2008 2009 2010 10M 2011


9/53

MAIN INITIATIVES

9


10/53

Launching of new productsProduct diversification strengthens revenues and competitive position

10 ETFs currently traded

Growth in ETFs

Bidding process initiated to select equity options market makers for 10 companies andfor the IBOVESPA

Market maker for options

Cross-listing of futures contracts with CME Group (stock index-based and commodities

contracts) and BRICS exchange (stock index-based contracts)

Cross-listing of derivatives with CME and BRICS

40 BDRs currently traded and other 30 to start in the coming months

Launch of Additional BDRs

Order book in foreign currency (targeting foreign retail investors)

Brazil Easy Investing

10


11/53

Licensing TRADExpress Real Time Clearing system

Objective: integrating and modernizing our existing clearing facilities should proceed over 2012.

Integrated tests with the market and implementation of the systems scheduled to take place in 2013

Partnership advantages: License to use the software

Access to the source code

Selling rights over our new clearing platform

Multi-asset trading platform (PUMA Trading System)

State of the art in trading technology and technological independency

Derivates module successfully implemented in 2H11 Equities market to be concluded in 2H12

Strategic Projects

Registration systems for OTC derivatives

Objetive: modernize, improve and expand the range of our registration services for OTCderivatives, while offering our customers a streamlined, quality solution and thoroughregulatory reporting tool

One of the most flexible and complete engines for registration, price discovery, riskassessment, capture and lifecycle processing of these transactions

Three-module implementation: the first one is schedule to 2H12, the second one for1H13 and third module of the platform will be announced in due course

11


12/53

Strengthening the sales force in other countries

- Offices in New York, London and Shanghai

Partnerships with international exchanges

- Strategic partnership with CME Group

- Asia: MoU and discussions with HKEx, Shanghaiand Shenzhen Exchanges

- Latam: MoU with Chile and Colombia exchangeand discussions with Peru and Colombia

- Cross listing of Index-based futures withexchanges ofBRICS countries

International ProjectsCreating a global market

12


13/53

18.628.5

50.2

2009 2010 2011 (up to Oct 31)

15.4

30.7

Jan-Aug 2011 Average (Sept - Oct 2011)

Mega Bolsa GTS PUMA (2012)

Latency or round-trip time (milliseconds) insideBVMF

10-15 10-15


14/53

BUSINESS MODEL AND REGULATORY

FRAMEWORK

14


15/53

Possible CompetitionImportant considerations

EASING REGULATION IS NOT EXPECTED

Main requirements: pre-trade controls, self-regulatory (SRO), off exchange trades are not permitted

(internalization of orders and OTC), CCP for stocks trading, post-trading at the beneficial owner level Competition in other exchanges was intensified after easing regulation

THE EXCHANGE FEES (TRADING AND POST-TRADING) ARE PAID BY THE FINAL INVESTOR

Differently from USA and Europe, the final investors is the one who pays the exchange fees

Brokers couldnt increase their share in the all-in trading cost pie in case of reduction on the exchange fees

STOCKS TRADING ALL-IN COST IN BVMF IS COMPETITIVE

Despite the misleading perception, all-in cost in BVMF is competitive compared to other markets

Comparing only the trading fees among exchanges is misleading. BVMF provides higher portion of servicesthan the peers

IT INFRASTRUCTURE MOVING TO STATE OF THE ART There is no gap of IT infrastructure

Increasing participation of HFT via Co-location (moving to sub millisecond latency)

RECENT BM&FBOVESPA INITIATIVES (REBALANCING OF FEES STRUCTURE)

Shift between trading and post-trading fees

15

i k l il d i h


16/53

DTCC

BRAZIL(All the trades must be matched on an

exchange environment)

USA(Brokers can internalize orders)

BVMF

Post tradingClearing (CCP)

Settlement

Central Depository

Trading

BVMF

Brokers

A and B

Investors Investors

Brokers

A and B

Investors Investors

Broker

A

Broker

B

100% vertically integrated: clearing, settlement andcentral depository at the beneficial owner level

Brokers control their clients portfolios and settlepositions through BVMFs infrastructure (this

impacts the post-trade fees charged by BVMF)

DTCC does the clearing, settlement and centraldepository of securities at the brokers level

Each broker (prime broker) has its own structure tocontrol their clients portfolios and settle positions

(this impact the prime brokers costs)

Trading Venues

16

Equity Market Settlement Structure - Brazil Compared with USATwo different regulatory frameworks


17/53

18.416.9

12.0 11.89.0

7.35.6 5.3 4.6 3.6 3.4 2.2

80.1%

70.0% 70.0%

55.0%

67.0%

44.0%

78.1%

62.2%

48.0%42.1%

55.8%

68.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

-

5

10

15

20

25

30

35

HKEx CME BVMF Deutsche

Boerse

ICE Nyse

Euronext

ASX * SGX * Nasdaq LSE TMX BME

EBITDA Margin 2010

Updated until: 12/02/2011

Market Capitalization (US$ billions) and 2010 EBITDA Margin (%)

Listed Exchange Business Model

Diversified and Integrated Integrated Derivatives Diversified but Not Integrated*

* Do not provide post-trading services for the equity market

Diversified and integrated Derivatives Diversified but not integrated

Business Model

17

Source: Bloomberg

* 12 months ended on Jun/11

B ili M k t R l t F k


18/53

Brokers &

investors

Trading

Pos-Trading

Regulation prohibits internalization of orders, dark pools and

ATS/MTFs, stocks trading in both exchange and OTC

simultaneously

Settlement and clearing of stocks trading must be done through

a CCP

Settlement and clearing at the beneficial owner level make the

Brazilian market safer and more resilient

Under the regulation in place, potential competitors would be

obliged to provide the same integrated solution, with the same

rules and transparency

The final investor pays the exchange fee

Other exchanges have been seeking integrated models (self

clearing models)

Naked access is not allowed

Naked short selling is not possible

18

Brazilian Market Regulatory FrameworkLegal requirements: resilience, transparence, clear rules.

New Fee Structure Bovespa Segment


19/53

The minimum fee is paid by local institution and investment clubs and day trading, in this case, for all type of investors.

Brokers fee (Brazil and USA) is the average price collected from four USA discount brokers and from four Brazilian retail brokers in June 2011. The R$2.59

exchange fee per order results from: 3.45bps on a trade of R$7.5 thousand (average size of the Home Broker trading).

New Fee Structure Bovespa SegmentDemystifying: BVMF prices are competitive

The new fee structure shows that the fees charged by BVMF are competitive

Lower Fee(Exchange)

Higher Fee(Exchange)

BpsCents of

US$Bps

Cents of

US$

Trading Fee 0.70 0.196 0.70 0.196

Settlement Fee 1.80 0.504 2.75 0.770

BVMF Total Fee 2.50 0.700 3.45 0.966

Broker fee

(estimate)

(a) 1.50 0.420 1.50 0.420

(b) 5.00 1.400 5.00 1.400

(c) 10.00 2.800 10.00 2.800

All-in cost

(a) 4.00 1.120 4.95 1.386

(b) 7.50 2.100 8.45 2.366

(c) 12.50 3.500 13.45 3.766

Institutional Investors (stock price at US$28.00)

in the USA, the average all in trading cost could vary fromUS$0.02 to US$0.04 per share, in line with the Brazilian

market

+

=

BRL USA BRAZIL

Broker 13.80 9.06

Exchange - 2.59

All-in cost 13.80 11.65

In average, retail investors pay less to tradestocks in Brazil than they pay in USA!

Retail Investors (retail brokers simulation)

In the USA the interface is only with the brokeragehouse (the exchange cost is embedded within thebroker fee), while in Brazil the interface is with bothbroker and exchange

F i th C h M k t


20/53

Note: institutional investor simulation; 500 th stocks trading size; USD30.00 stock price; USD15 million value under custody; Deustche

Brse / Clearstream costs: trading: 0.00504%; clearing and settlement US$28.88 by settlement; trading and clearing/settlement are due

in both in and out of each transaction; custody: 0.05% a.a.

Deutsche Brse fee schedule and source done by Rosenblatt Securities Inc.

in USD

Holding Period - 3 months Holding Period - 12 months

BVMF Deutsche Brse BVMF Deutsche Brse

Local Foreigner100

Trades

25

TradesLocal Foreigner

100

Trades

25

Trades

Trading 2,100 2,100 1,512 1,241 2,100 2,100 1,512 1,241

Post trading 5,601 8,262 7,651 3,319 6,204 8,299 13,276 8,944

Clearing and Settlement 5,400 8,250 5,776 1,444 5,400 8,250 5,776 1,444

Depository 201 12 1,875 1,875 804 49 7,500 7,500

All-in cost 7,701 10,362 9,163 4,560 8,304 10,399 14,788 10,185

Comparing trading and post trading costs: BVMF vs. Deutshe Brse

In Germany, the post trading costs, in special the depository cost, are higher

than the trading costs

Fees in other Cash MarketComparing with Deutsche Brse (integrated model)


21/53

25.5%

29.5%

12,7%

32.3%

Nov11

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

End of CPMF

(Financial

Transaction Tax)Sarbanes-Oxley Act

(SOX)

*Updated until 11/30/2011

45.0%

55.0%

Novo Mercado

Launching

21

Brazilians stock trading breakdown

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* TotalIPOs - 1 - 7 9 26 64 4 6 11 11 139Follow ons 14 5 8 8 10 16 12 8 18 11 11 121Total 14 6 8 15 19 42 76 12 24 22 22 260

Dual Listings - - - 2 1 1 - - 1 - - 5

Public Offerings in Number of Companies

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Other USA Ve nues - B razi li an ADRs NYSE - Brazi li an ADRs BM&FBOVESPA - c ompani es wi th ADRs BM& FBOVESPA (e xc ept compani es wi th ADRs)


22/53

OPERATIONAL HIGHLIGHTS

22


23/53

1.21.6

2.4

4.95.5 5.3

6.5 6.5 6.5

7.3

6.5 6.76.1 5.9 5.7

7.7

6.3

7.1

5.9

2004 2005 2006 2007 2008 2009 2010 2011* Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

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

Updated until: November 30, 2011

23

BOVESPA Segment: operational highlights

Average Daily Traded Value ADTV (BRL billions)

Number of Custody Accounts (Thousands) Turnover Velocity ** (12 months average)

CAGR (2004-10)32.1%

559576

640626 632 622 617 613

2008 2009 2010 1Q11 2Q11 3Q11 Oct/11 Nov/11

30.8% 29.4%

36.8% 37.6% 38.7%42.3%

56.4%

63.2%66.6% 63.8% 63.7%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


24/53

BOVESPA Segment: capital raising activity

There are 2 offerings in the pipeline

IPOs (2): Isolux Infrastructure and CVC.

Follow-Ons (0):

24

* Excludes the capitalization with barrels reserves by federal government - BRL74.8 billion in Petrobras offering.

** Updated until November 30, 2011

Public Offerings (BRL billions)

Pipeline: already announced to the market

4,5 5.4

15.4

55.6

7.5

23.811.2

7.24.3 8.5

15.1

14.5

26.8

22.263.2

10.8

2004 2005 2006 2007 2008 2009 2010* 2011**

IPO Follow-On

8.813.9

30.4

70.1

34.3

46.0

74.4

18.0

BOVESPA Segment


25/53

78%

95%

70% 67%82%

53% 53%62

53%66%

36%

21%

130%

170%

129 % 126%107%

100%85%

100%

75% 67% 73%

39%

168%166%

138% 137%

118% 107%93%

81%75%

75% 74%

44%

Chile Singapore United Kingdom Canada USA Korea India China France Japan Brazil Mexico

2008 2009 2010

Hong Kong : 617% 1,095% 1,208%

17,9%

7,0%

11,3%

1,7%

5,3%

12,6%

3,8%0,4%

5,0%

8,4%

26,5%

Oil, Gas and Biofuels Basic Materials Mining Capital Goods and Services

Construction and Transportation Consumer Non Cyclical Consumer Cyclical Information Technology

Telecommunications Public Utilities Financial

15,7%

11,0%

10,6%

2,5%

3,6%

8,6%

2,6%

0,3%

11,1%

11,5%

22,4%

Dec10 Dec05

Market Capitalization to GDP (%)*

Market Capitalization by Economic Sector

BOVESPA SegmentPotential to increase the number of listed companies

* Source: World Bank 25


26/53

422 501 711 988 789 843

1,684 1,8571,937 2,068

2,364 2,552

1,2171,493

1220

2,383

1,774 1,589 1,789

110168

266

473535 447

541500 438

391437

522

574531

491

501

586544

487

8674

68

11288 80

89121 62

11784

108

84114

110

195

120 184 148

187109

124

167162 150

191286 218

248

221300

323292

286

340

350280 282

2004 2005 2006 2007 2008 2009 2010 2011* Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

BRL Int . Rate (Thousands) FX (Thousands) Index (Thousands) Others (Thousands)

26

BM&F Segment: operational highlights

805 8521,167

1,740 1,573 1,521

2,5052,774

Average Daily Traded Volume ADTV (Thousands of contracts)

Rate per Contract - RPC (BRL)

2,6562,824

3,106 3,482

2,1992,430

2,107

3,418

Updated until: November 30, 2011

2,8302,596 2,706

2006 2007 2008 2009 2010 2011 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11

Interest rates in BRL 0.906 0.950 1.141 0.979 0.889 0.914 0.794 0.877 0.853 0.750 1.111 1.053 1.096 0.917 0.998 0.931 0.928

FX rates 2.244 1.859 2.065 2.161 1.928 1.899 2.003 2.037 2.012 1.920 1.820 1.813 1.807 1.699 1.833 2.014 2.082

Stock Indices 1.419 1.501 2.145 1.620 1.564 1.621 1.592 1.806 1.451 1.875 1.477 1.864 1.416 1.624 1.358 1.645 1.690

Interest rates in USD 1.094 0.965 1.283 1.357 1.142 0.954 1.143 1.159 0.989 0.951 0.801 0.944 0.846 0.851 0.918 1.069 0.922

Commodities 4.749 3.195 3.587 2.307 2.168 2.038 1.827 2.084 2.153 1.774 1.967 2.131 1.954 1.765 1.977 2.698 2.558

Mini contracts 0.034 0.054 0.162 0.176 0.128 0.128 0.147 0.144 0.135 0.139 0.132 0.140 0.132 0.125 0.111 0.118 0.124

OTC 1.571 2.111 2.355 1.655 1.610 1.575 1.412 1.414 1.359 1.367 2.107 1.535 1.606 1.830 1.575 1.234 2.051

Total RPC 1.247 1.224 1.527 1.365 1.134 1.102 1.021 1.075 1.025 0.964 1.252 1.220 1.220 1.034 1.136 1.177 1.153

Interest Rate in BRL Contracts


27/53

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

2007 2008 2009 2010 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11

1st. Maturity 2nd. Maturity 3rd Maturity 4th. Maturity 5th Maturity

27

Interest Rate in BRL ContractsStructural changes behind the growth in volumes

Interest Rate in BRL Contracts Breakdown by Maturity (thousands of contracts)

Uncertainty in consensus

impacts short term contracts

Fixed Rate Credit in BRL billions Public Debt / Fixed Rate - in BRL billions

Source: Brazilian Central Bank

Jan-07: R$283 bi

Oct-11: R$729 bi

151.4

Oct'11:

621.0

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

High Frequency Trading (HFT)


28/53

0.14 0.170.26

0.35 0.34 0.320.51 0.49 0.56

1.10

0.821.02

0,91

0.22 0.16

0.27

0.350.26 0.25

0.29 0.250.26

0.38

0.31

0.280,26

0.20 0.17

0.21

0.27

0.14 0.21

0.190.15

0.15

0.20

0.16

0.16

0,17

4.5%4.0%

5.7%

6.6%

5.9%5.9%

8.7%7.6%

8.6%

11.4%

10.4%

10.3%11.5%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

-

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

ADTV (Foreigners) ADTV (Individuals) ADTV (Institutionals) % of overall market

0.56 0.50

0.73

0.96

0.750.78

1.000.90

0.97

1.68

1.30

1.46

1.34

28

High Frequency Trading (HFT)HFT will play an important role in both cash and derivatives markets

HFT BM&F Segment(ADTV in thousands of contracts and mkt. share)

HFT Bovespa Segment(ADTV in BRL billions and mkt. share)

Co-location

BM&F Segment (thousands of contracts) Bovespa Segment (millions of BRL)

4 2041 50

69

155

74 77 66101

65 65 67 82118 101

126162 155 153

124

518

4441

50

43 38 43

45

2951 48

49

4542

49

8866 61

50

47

22

5377

93

9093

82

95

68

90 8890

10292

113

203218

167

13342

17

10

17

16 1818

8

4

11

28 33

27

26

0.3%1.0%

2.8%

4.8%

3.8%

6.0%

4.9%

4.8%3.6%

4.7%

3.5%

4.2%3.9%3.6%

6.7%5.4%

7.5%

7.3%8.7%

8.3%

6.4%

FX Equities Mini contracts Interest Rates in BRL % in Overall Volume

8

32

81

151

188

301

207208

251

179

222 222

239

274

251

300

408

239

481 474

334

138 156 162 112 162 173186

246 232263

434408

314

2252.6%

6.1%

7.2%6.4%

6.2%4.8%

5.6%

2.7%2.8%2.9%

2.1%3.1%3.2%

4.2%

22 18 3972

126

211257

218 218248

301

726681

791711


29/53

29

Appendix

Fully integrated Business Model


30/53

Listing(stocks, bonds, funds,

asset-backed securities,

Among others )

Commodities

Certification

Trading

(stocks, derivatives, corporate and government

Bonds, funds, spot US Dollar, among others)

Central Counterparty (CCP)

Clearing and Settlement

(for all products)

Central Depository

(stocks and corporate bonds)

Securities Lending

(stocks and corporate bonds

Custody(services provided for funds

and other market

participants)

Market Data

Indices Licensing

Software Licensing

(used by brokerage

Houses and other

market participants)

OTC Derivatives

(registration and collateral

management)

Fully integrated Business ModelDiversified sources of revenues

Services for issuers, brokers and

commodities tradingTrading, Clearing and Depository Activities Others Services

30

Trading Access

(Brokers)

BM&FBOVESPA Costs


31/53

BM&FBOVESPA CostsSeg. BOVESPA Custody

Custody - Account Maintenance

Account without movement or position BRL3.00

Account with movement or position of Equities Market assets BRL6.90

Fee on the amount in custody*

from BRL 0 to BRL 1,000,000.00 1.30 bps

from BRL 1,000,000.01 to BRL 10,000,000.00 0.72 bps

from BRL 10,000,000.01 to BRL 100,000,000.00 0.32 bps

from BRL 100,000,000.01 to BRL 1,000,000,000.00 0.25 bps

from BRL 1,000,000,000.01 to BRL 10,000,000,000.00 0.15 bps

starting from BRL 10,000,000,000.01 0.05 bps

Note:

*This fee is not charged for nonresident investors.* Fee exemption for custody positions of up to BRL300,000.00 will be maintained

31

N P d Pi li

High Frequency Trading - HFT


32/53

New Products Pipeline

32

High Frequency Trading HFTNew pricing policy (both segments)

Main Characteristics

Differentiated fees by tier only for day trades transactions executed by a registered HFT

A HFT Committee created to approve and monitor the HFTs

The new pricing policy is implemented in Nov10

Bovespa Segment

In the Bovespa Segment, different tiers were created for individuals and non-individuals HFT investors

BM&F Segment

In the BM&F Segment, the 70% flat discount was replaced by a volume tiered based discount, only for day trades,

divided into trading and registration fees

Individuals

ADTV tier (BRL millions)

Trading Fee

(bps)

Settlement

Fee (bps) Total

Up to 4 (inclusive) 0.70 1.80 2.50

From 4 to 12.5 (inclusive) 0.50 1.80 2.30

From 12.5 to 25

(inclusive) 0.20 1.80 2.00

From 25 to 50 (inclusive) 0.05 1.75 1.80

Above 50 0.05 1.55 1.60

Non-individuals

ADTV tier (BRL millions)

Trading Fee

(bps)

Settlement

Fee (bps) Total

Up to 20 (inclusive) 0.70 1.80 2.50

From 20 to 50 (inclusive) 0.50 1.80 2.30

From 50 to 250

(inclusive) 0.20 1.80 2.00From 250 to 500

(inclusive) 0.05 1.75 1.80

Above 500 0.05 1.55 1.60


33/53

*Includes regular trades and public offering; updated until November 30, 2011.

Monthly Net Flow of Foreign Investments* (in BRL billions)

BOVESPA Segment: foreign investment flow

33

-4.7

1.2

-1.0

8.0

0.5

-2.9

-6.3

-2.3-1.8

-4.7

-1.2-0.4-0.6

0.5

3.43.8

6.1

4.2

5.5

2.5

5.2

9.1

2.11.4

-2.1

0.7

5.8

1.5

-1.5

-0.1

7.3

-0.6

10.0

4.4

2.1

0.70.81.7

-1.4

0.4

3.4

1.71.9

-0.4 -0.2

0.41.0


34/53


35/53

SUSTAINABILITY

35

BM&FBOVESPA Sustainability Mission


36/53

BM&FBOVESPAs Sustainability MissionSupport, promote and practice the concepts and actions towards economic,

social and environmental responsibility with the purpose of contributing to

sustainable development

36

BM&FBOVESPA Sustainability Mission

Novo Valor BM&FBOVESPA

Program created in 2010 to guide sustainability actions of

BVMF.Goal

Induce and promote the sustainable development of theBM&FBOVESPA and the capital market, involving all audiences,including investors, companies and brokerages.

BM&FBOVESPA Sustainability Program


37/53

1. Natural Resources Mgt

GHG Inventory

Materials recycling program

Ecoefficiency Green IT

Member of Carbon Disclosure Project South America

Board of Empresas pelo Clima, FGV

2. Governance

Novo Mercado

Advisory Boards

Sustainability Committee

Sustainability Comission

3. Products and Services

Indexes: ISE, ICO2andIGC/IGCT

Carbon Market

Em Boa Companhia (program with companies)

4. Stakeholder Engagement

Instituto BM&FBOVESPA

Stakeholders

Global Compact Signatory(1st exchange)

PRI Signatory(Principles for Responsible Investment)

Organization Stakeholder GRI(Global ReportingInitiative); Member of Board for GRI Brazil

y gWorking in four dimensions

37


38/53

3Q11 EARNINGS

38

3Q11 highlights


39/53

Financial and Operational highlights

Volumes growth (3Q11 vs. 3Q10): 15.5% higher in BM&F seg and 11.7% inBOVESPA seg

HFT hits all-time high on record: 7.8% in BM&F seg and 10.3% in BOVESPA seg

Shareholder return: 9M11 dividends and buybacks reached R$1.3 bn(~ R$0.65 per share). In 3Q11:

Dividends: R$233.6 million, 80% of 3Q11 net income

Buybacks: R$250 million (27.3 million shares)

Budgeted OPEX and CAPEX for 2011 revised down

Strategic Projects

New fee structure eliminates previous cross-subsidies, strengthenscompetitive position and aligns with international peers

Derivatives module for the new multi-asset platform (PUMA Trading System)

successful implementation of the derivatives module

Clearing integration: development of the technology infrastructure

Market making for options on single stocks: ongoing market making foroptions on four single stocks and options on IBOVESPA

g gFocus on cost control and return to shareholders

Net Revenues: R$494MM(3Q10: R$489MM)

(up 0.9%)

Adj Expenses.1: R$136MM (3Q10: R$146MM)(down 6.6%)

Adj Net Income.2: R$400MM (3Q10: R$389MM)

(up 2.7%)

Adj EBITDA 3: R$356MM(3Q10: R$344MM)(up 3.4%)

Adj EBITDA Margin: 72.1% (3Q10: 70.4%)

Adj EPS: R$0.205(3Q10: R$0.194)(up 5.9%)

39

1

Excludes stock options plan, depreciation, allowance for doubtful accounts, and tax on dividends from CME Group.2

Excludes deferred liability recognized in correlationwith temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan and the investment in associate (CME Group) accounted for

under the equity method of accounting, net of taxes. 3 Excludes stock option plans costs .

2011 Budgets


40/53

2011 BudgetsCommitment to cost control

40

CAPEX 2011 BudgetAdjusted Operating Expenses - 2011 Budget

(In R$ millions) (In R$ millions)

544

2010 2011

(previously)

2011e

(revised)

590

580615

635

2011 budget: revised interval down to R$180-210MM

change of schedule of the construction of the new Data

Center

projects that require technology transfer and must be

approved by the INPI

2011 budget: revised interval down to R$580-590MM

Improved expenses tracking processes

Reprioritized activities

More stringent expenses allocation policies

268

2010 2011

(previously)

2011e

(revised)

235

255

180

210

BOVESPA Segment Performance


41/53

9.8 p.p.

HFT: ADTV and share of trading volume

gHigher Volumes: increased market volatility and HFT activity growth

41

ADTV and Margin

Average market capitalization and Turnover velocity

48%

2.32.5 2.5 2.5 2.2

60.1% 61.8% 62.1% 59.7% 69.5%

-

0,5

1,0

1,5

2,0

2,5

3,0

3,5

3Q10 4Q10 1Q11 2Q11 3Q11

Average Market Capitalization (BRL tri ll ions) Turnover Velocity

87%

3Q11 Volumes

ADTV surged 11.7% over 3Q10

Greater HFTs share of overall volume

(mainly foreigners, 3Q11 volume soared

87% from 2Q11)

Market volatility positively impacted

trading volumes

5.96.8 6.7 6.2 6.6

6.16 6.11 6.02 5.86 5.71

0,00

2,00

4,00

6,00

8,00

10,00

3Q10 4Q10 1Q11 2Q11 3Q11

ADTV (R$ billions) Margin in bps

191.4 290.8 267.2319.3

181.5205.0 184.1 174.6

160.0

318.6 447.3

835.14.3%

6.1%7.4%

10.3%

532.9

814.5 898.6

1,329.1

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%120,0%

140,0%

160,0%

-

0,0

0,0

0,0

0,0

0,0

0,0

0,0

Nov-Dec/10 1Q11 2Q11 3Q11

r etail - day tr ading (BRL millions) loc al institutions - d ay tr ading (BRL millions)

fgn inv - day trading (BRL millions) % of overall market

BM&F Segment Performance


42/53

1,8101,7202,1271,8331,661

525543422

491481

469407317

293286

1.171.10

1.04

1.131.11

0,40

0,50

0,60

0,70

0,80

0,90

1,00

1,10

1,20

1,30

3Q112Q111Q114Q103Q10

Interest Rates in BRL FX Rates Others RPC

77 78 7791

156

84 89 88101

143

3Q10 4Q10 1Q11 2Q11 3Q11

Mini Contracts Stock Indices

4.9 42.5 17.1 9.8 24.470.5

77.367.0 101.1

148.339.337.7

43.545.3

68.282.7

93.483.6

94.8

178.7

3Q10 4Q10 1Q11 2Q11 3Q11

BRL Interest rate contracts FX contracts

Index-based contracts Mini-sized contracts

% in total ADTV

4.6% 3.9%

7.8%

5.0%5.0%251.4 251.3

197.7 211.5

420.3

Well positioned to capture growth opportunities

42

HFT: ADTV (thds of contracts) and share of ADTV (%) ADTV : Mini-sized and stock index (in thds of contracts)

ADTV in (thds of contracts) and RPC (in R$)

2,428 2,6162,866 2,670 2,805

67%

3Q11 Volumes

Overall ADTV up 15.5% over 3Q10

Higher volumes in BRL interest rate contracts

Record HFTs volumes, surged 67% from 2Q11

Volumes traded in mini-sized contracts and

stock index derivatives soared 71% and 41%

from 2Q11, respectively)

Revenues and Expenses Details


43/53

145.8 159.0 140.6 143.7 136.3

15.1 18.9 22.3 10.1 20.75.5

9.424.5 10.1 8.5

3Q10 4Q10 1Q11 2Q11 3Q11

Adjusted Operating Expenses Depreciation Stock option Others

pConsistent growth of other revenues and focus on costs controls

Revenues Breakdown 3Q11

Trd. /Sttmnt

Bovespa

seg.

Trd. /Sttmnt

BM&F seg.

Other

revenues 17%

45%38%

38%

Expenses Breakdown 3Q11

R$ millions 3Q11 3Q10Change %

3Q11 x 3Q10

Gross Operating Revenues 547.1 544.1 0.6%

BOVESPA Seg. (trd. and sttmnt.) 248.6 274.8 -9.5%

Fees from trading and sttmnt. transactions 244.9 232.9 5.2%

Other (including public offering sttmnt.) 3.7 41.9 -91.1%

BM&F Seg. (trd. and sttmnt) 205.2 186.8 9.9%

Other operating revenues: 93.3 82.5 13.1%

Depositary and custody 22.9 21.4 6.6%

Securities Lending 19.8 12.7 56.1%

Market data sales 16.2 15.4 5.7%

Listings 11.2 10.9 2.6%

Other 23.1 22.0 5.0%

167.6188.7 188.7

166.8

Costs Control

Projects re- prioritization

43

Personnel

Data

processing

Depr./ Am.

Third Party

Serv.

Marketing

Other

48%

14%

15%

12%

7%

4%

169.6

(In R$ millions)

Depreciation & Personnel Expenses


44/53

15.118.9

15.5

10.1

20.7

6.8

6.8

3Q10 4Q10 1Q11 2Q11 3Q11

66.280.9 72.9 78.0 72.4

5.5

9.4 24.5 10.18.5

3Q10 4Q10 1Q11 2Q11 3Q11

Adj. Personnel Stock Options

22.3

p pFocus on cost control and improvements in processes

3Q11 vs. 3Q10: up 12.9%

Annual bargain with union of around 7% 15% increase in average headcount (mainly in IT and

business development, in line with growth strategy)

There was no headcount increase over 2011

3Q11 vs. 2Q11: 8.2% lower

Advances in the allocation of personnel expenses relatedto projects increased the amount capitalized in 3Q11 to

R$8.4MM (R$5.5MM in 1Q11 and R$5MM in 2Q11); inaddition to reversal of R$3.2MM recorded over 1H11

Reduction in Profit sharing provisions of aroundR$2.9MM due mainly to market conditions

(In R$ millions)

Depreciation

Personnel Expenses

(In R$ millions)

44

3Q11 vs. 3Q10: up 37.3%

Growth resulting from higher CAPEX in 2010/11

3Q11 vs. 2Q11: up 104.8%

Due to improvements in projects accounting processes(R$6.8MM reversion reduced 2Q11 depreciationexpenses)

81.071.7

90.397.5

88.2

Financial Highlights


45/53

959

1,270

496

468

269

284

1,712

1,487

4Q10

3Q11

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

1Q112Q11

3Q119M11

227.7

106.1250.4

584.2

216.6 235.3233.6

685.5BuyBack Payout

3,508

3,435

*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 (R$142 million in the 4Q10 and R$119 million in the 3Q11) and restricted funds (R$11 million in the 4Q10 and in the 3Q11) at Banco BM&F

R$82.7 million in 3Q11: up 10.3% over 3Q10

Financial Income: R$102.0 million, a 9.9% increaseover 3Q10, due to higher average interest rates paid

on interest-earning investments

Financial Expenses: R$19.4 million, compared toR$17.9 million in the 3Q10, due mainly to the debt

interest

Shareholder Returns (Payouts and Buyback Program)Investments (CAPEX) 9M11: R$115MM

Cash and Financial Investments Financial Income

g gCommitment to shareholder returns

45

(in R$ millions) (in R$ millions)

R$1,269.7

~R$0.65 per share

29

44 42

1Q11 2Q11 3Q11

(in R$ millions)

Strategic Projects


46/53

Multi-asset trading platform (PUMA Trading System):

State of the art in trading technology and technological independency

Derivates module successfully implemented in 2H11

Equities market to be concluded in 2H12

Improvement to Fee Structure

Strengthening the competitive position, eliminating cross-subsidies and aligning with internationalpeers

Delivered: i) HFT discount policies in 2010; ii) rebalancing of trading and post-trading fees in 2011

Growth initiatives and business model strengthening

Market Making for Options on Single Stocks: 4 stocks and Ibov index already launched

Index cross listing arrangements with the CME Group and BRICS countries 'exchanges

ETFs: two new ETFs recently launched (totaling 10) growth in trading volumes

OTC: development of a new platform (contract signed with Calypso)

46

Integration of the four BM&FBOVESPA Clearinghouses efficiency and competitive advantage

Pos trading at the beneficial owner level unique model among the major international markets.

Contract signed with Cinnober for new clearing system

The project development will occur throughout 2012. Integrated market testing and the start of

implementation of the new system in production are forecasted to occur in 2013

Delivering Strategic Priorities


47/53

Delivering Strategic Priorities

Capture macro growth opportunities

Despite challenging short-term macro conditions, the Braziliancapital markets offer good opportunities from which BVMF canbenefit in the long term

Consistently increasingrevenues and net income

New trading System : PUMA Trading System (State of the art in

IT): Derivatives module implemented Increasing capital efficiency by integrating clearing facilities

Rebalancing the fee structure for trading and post trade activities first stage completed; further studies ongoing

Strengthening

competitive position

Establish a diversified product mix as a driver of long term growth

Partnership with CME delivers innovation

New Products: market makers, cross listing, ETFs and HFT

Investing in products andpartnerships

Focus on OpEx Control 2011 Opex Budget revised down

Maximizing shareholder returns: high return combining payoutsand stock buybacks

Consistently deliveringsound financial results

47

Income Statement Summary


48/53

R$ millions 3Q11 3Q10Change

3Q11 / 3Q102Q11

Change

3Q11/2Q11

Operating Revenues Gross 547.1 544.1 0.6% 521.3 5.0%

Net Operating Revenues 493.7 489.3 0.9% 467.6 5.6%

Operating Expenses (169.6) (167.6) 1.2% (166.8) 1.7%

Operating Income 324.1 321.8 0.7% 300.9 7.7%

Equity accounting 28.3 23.1 22.3% 22.1 28.1%

Financial Income 82.7 74.9 10.3% 70.8 16.7%

Income before Taxes 435.1 419.9 3.6% 393.8 10.5%

Net Income* 292.0 293.0 -0.3% 294.2 -0.7%

EBITDA 347.5 338.9 2.5% 313.2 10.9%

EBITDA Margin 70.4% 69.2% 113 bps 67.0% 340 bps

Adjusted Net Income 399.6 389.0 2.7% 409.2 -2.3%

Adjusted earnings per share (in R$) 0.205459 0.194071 5.9% 0.208948 -1.7%

Adjusted EBITDA 356.0 344.3 3.4% 323.3 10.1%

Adjusted EBITDA Margin 72.1% 70.4% 174 bps 69.1% 297 bps

Adjusted Operating Expenses (136.3) (145.8) -6.6% (143.7) -5.2%

48

Income Statement Summary

* Attributable to BM&FBOVESPAs Shareholders

Reconciliation of GAAP to Adjusted Net Income


49/53


3Q11 / 3Q102Q11

Change

3Q11/2Q11

Gaap net income* 292.0 293.0 -0.3% 294.2 -0.7%

(+) Stock options program 8.5 5.5 55.6% 10.1 -15.7%

(+) Deferred tax liabilities 124.7 111.6 11.7% 124.7 -

(-) Equity accounting (net of taxes) 25.7 21.1 21.4% 19.9 29.2%

Adjusted net income 399.6 389.0 2.7% 409.2 -2.3%

49

292.0(25.7) 399.6

8.5124.7

Gaap net income Stock options Deferred liability Equity Accounting Adjusted net

income

Reconciliation of GAAP to Adjusted Net Income

3Q11 GAAP and adjusted net income reconciliation

*Attributable to BM&FBOVESPA shareholders

(in R$ millions)

Deferred Tax Liabilities Accounting


50/53

124 124,7 124,7

-13 -26

+18

1Q11 2Q11 3Q11

Deferred tax liabilities Deferred tax credits

111 99142

50

(in R$ millions)

No impact on cash flow

Deffered income tax

and social contribution

Reconciliation of Adjusted Operating Expenses


51/53


3Q11 / 3Q102Q11

Change

3Q11/2Q11

Total Expenses 169.6 167.6 1.2% 166.8 1.7%

(-) Depreciation 20.7 15.1 37.3% 10.1 104.8%

(-) Stock options plan 8.5 5.5 55.6% 10.1 -15.7%

(-) Tax related to CME dividends 2.6 2.0 31.9% 2.2 18.1%

(-) Provision for doubtful account 1.4 0.8 -266.7% 0.6 146.4%

Adjusted Expenses 136.3 145.8 -6.6% 143.7 -5.2%

51

Reconciliation of Adjusted Operating Expenses

Balance SheetI R$ illi


52/53

ASSETS 09/30/2011 12/31/2010 LIABILITIES AND SH. EQUITY 09/30/2011 12/31/2010

Current assets 2,198.4 2,547.6 Current liabilities 1,605.2 1,416.2

Cash and cash equivalents 139.5 104.0 Collateral for transactions 1,222.3 954.6

Financial investments 1,861.8 2,264.4 Others 382.9 461.6

Others 197.1 179.2 Non-current liabilities 2,254.0 1,798.7

Non-current assets 20,946.6 20,086.4 Financing 1,125.4 1,010.1

Long-term receivables 1,683.6 1,216.8 Deferred Inc. Tax and Social Contrib. 1,061.4 732.1

Financial investments 1,506.8 1,066.9 Others 67.2 56.6

Others 176.8 149.9

Investments 2,618.0 2,286.5 Shareholders' equity 19,285.8 19,419.0

Property and equipment 352.4

367.1

Capital 2,540.2 2,540.2

Capital reserve 16,679.7 16,662.5

Intangible assets 16,292.7 16,215.9 Others 49.4 200.0

Minority interest in subsidiaries 16.4 16.3

TOTAL ASSETS23,145.0 22,634.0

TOTAL LIAB. AND SHAREHOLDERS'

EQUITY 23,145.0 22,634.0

In R$ millions

52
http://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsxhttp://localhost/var/www/apps/conversion/tmp/scratch_7/Arquivos%20Auxiliares/BP_formatado.xlsx


53/53

BVMF Presentation - December 2011

Documents

Transcript of BVMF Presentation - December 2011