BVMF Presentation - May 2013

7/30/2019 BVMF Presentation - May 2013

1/55

1

BM&FBOVESPAGrowth story

Investor Relations Department May 2013


2/55

2

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 industriesBM&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.


3/55

3

HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

BRAZILIAN MARKET OPPORTUNITIES

MAIN GROWTH INITIATIVES

OPERATIONAL PERFORMANCE

FINANCIAL HIGHLIGHTS

APPENDIX (includes results for 1Q13)


4/55

4

HISTORY, BUSINESS MODEL AND CORPORATE

GOVERNANCESafety, resilience and transparency


5/55

5

1890:

Foundation of Bolsa

Livre (BOVESPA's

predecessor)

1986:

Start of

BM&F

activities

Aug 2007:

BOVESPA Hld

demutualization

Sep 2007: BM&F

demutualization

Oct 2007:

BOVESPA Hld

IPO (BOVH3)

Nov 2007:

BM&F IPO

(BMEF3)

May 2008:

integration between BM&F and

BOVESPA Hld and creation of

BM&FBOVESPA (BVMF3)

1967:

BOVESPAs

Mutualization

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

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

History of BM&FBOVESPAImportant global exchange

20.3 19.413.7 11.8 11.5 9.4

6.8 6.7 5.6 4.9 2.82.3

58.1%

70.7%63.0% 56.6%

60.7%

26.2%

56.2%

72.4% 53.5%41.5%

34.9%

66.6%

CME HKEx BVMF ICE Deutsche

Boerse

Nyse

Euronext

ASX SGX LSE Nasdaq TMX BME

Oper. Margin (2012)Diversif iedand integrated Integrated (Derivatives) Diversi fied but not integrated

Worlds

3rd largest

exchange


6/55

6

PRE-TRADING TRADING POST-TRADE

Access TradeAllocation

Transfer

Clearing/risk

analysis

Position/

CollateralDepository

Auxiliary

Services

VALUE CHAIN

Vertically integrated

Trading Platform: equities, derivatives, government and

corporate bonds, funds, spot FX, among others

Post-Trade Platform:

Central Counterparty (CCP) : An entity that interposes itself

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.)

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

Vertical model as a differentialValue gained across most of the chain

SettlementRisk Analysis

(DMA)Risk Analysis


7/557

DTCC

BRAZIL

(Internalization of orders is forbidden)

US

(Internalization of orders is allowed)

Post tradeCCP

SSS

CSD

Trading

Brokers

A and B

Investors Investors

Brokers A and B

Investors Investors

Broker

A

Broker

B

Model 100% vertical: clearing, settlementand central depository at the final beneficial

owner level

Brokers settle positions and control theirclients portfolios through BM&FBOVESPAs

infrastructure (impact on post-trade fees)

Clearing, settlement and custody occur atthe brokerage houses

Each prime broker has its own structure tocontrol its customers portfolios and settle

positions (impact on the prime brokers

costs)

Trading Venues

Vertical model as a differentialBM&FBOVESPA present at all post-trade stages


8/558

Brokerage

houses &

investors

Trading

Post-Trade

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

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

Brazilian market regulatory frameworkResilience and safety as priorities


9/559

EXECUTIVE OFFICERSBOARD OF DIRECTORS

COMMITTEES

Edemir PintoCEO

Luis Furtado

CIO

Ccero Vieira

COO

Daniel Sonder

CFO

Eduardo Guardia

Chief Product / IRO

Audit Committee

Risk Committee

Nominations and Corporate Governance Committee

Compensation Committee

Corporate GovernanceMultidisciplinary knowledge in conducting business

Charles Carey

Independent Director, Director of CME Group

Jos Roberto Mendona de Barros

Independent Director, economist e teacher

Pedro Parente (Chairman)Independent Director, CEO of Bunge Brasil

Marcelo Trindade (Vice Chairman)

Independent Director, lawyer

Claudio Haddad

Independent Director, engineer and teacher

Andr Esteves

Non Executive Director, CEO of BTG Pactual

Alfredo Antnio Lima de Menezes

Non Executive Director, Executive Officer do Bradesco

Luiz Fernando Figueiredo

Independent Director, Co-Founder of Mau Investments

Luiz Nelson Guedes De Carvalho

Independent Director, teacher

Candido Bracher

Non Executive Director, CEO of Ita BBA

Jos Berenguer Neto

Non Executive Director, CEO of JP Morgan Brazil

Advisory Committee For The Securities Intermediation Industry


10/5510

GM of 03/27/2012

Number of individual shareholders 64,355

Number of institutional shareholders 3,530

Total number of shareholders 67,885

Free float (ON) 1,926,291,202 (97.3%)

Ownership structureWidely-held shareholder base

5.3%5.2%

5.1%

6.6%

75.5%

2.4%Funds managed by BlackRock, Inc.

Funds managed by OppenheimerFunds, Inc.

CMEG Brasil I Participaes Ltda.

Funds managed by Vontobel Asset Management Inc.

Other

Treasury stock


11/5511

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers


12/5512

51%

100% 105%116%

128%

173%188% 193%

Br asil Coria Al ema nha Fra na Austr li a Japo R ei no

Unido

EUA

Opportunities in the Brazilian marketBM&FBOVESPA prepared to capture future growth

13%12%

11%

12%

14%

13%

10%

9%

10%11%

12%

11%8%

7,25%

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

2007- 2012

Source : World Bank; IBGE; Ipea, BCB and BM&FBOVESPA. * For Brazil, considers only bank credit.

Credit/GDP Ratio (%)* - 2011

GROWTH DRIVES

EQUITIES MARKET

lower interest rates => opportunity for diversification with investmentsin 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 moreexposure to equity among institutional investors =>growth in Index-basedcontractsCAPITAL MARKETS WILL HAVE

CENTRAL ROLE IN THE COMING YEARS

Investmentneeded topromotegrowth

Nationalsavings still

highlyconcentrated

in fixedincome

Interest ratesat the lowest

in history

4.5% 6.3%

27.4%

53.5%

2001 2002 2003 2004 2005 2006 2008 2009 2010 2011 2012

Mortgage

Total Credit

Credit/GDP Evolution in Brazil (%)


13/5513

Capital MarketGreat opportunities in the equities and derivatives segments

Funds AUM evolution (in BRL billion). Global average of 40% for

equities

LISTED COMPANIES

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

INVESTMENT FUNDSNUMBER OF CUSTODY ACCOUNTS (thousand)

PENSION FUNDS

Number of retail investors represents only 0.3% of the

population (lower than global average)

Lower number of listed companies in comparison withother countries

Participation of equities in the portfolio of pension funds

6,856

4,916

4,041 3,9723,481 3,200

2,7672,056 1,784

364

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

168216

256295

352436 419

492538

574 619

28%29% 30%

31%33% 37% 28%

33%33%

30%29%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Fixed Income and Others Equity

657861 899

1,0701,301

1,5131,375

1,703 1,7871,925

2,189

11%

10% 11%11%

15%22% 14%

18% 18%15%

14%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Equities

Fixed Income

Jan'05

128.6

Apr'13

613.6

Jan-0

5

Jul-05

Jan-0

6

Jul-06

Jan-0

7

Jul-07

Jan-0

8

Jul-08

Jan-0

9

Jul-09

Jan-1

0

Jul-10

Jan-1

1

Jul-11

Jan-1

2

Jul-12

Jan-1

3


14/5514

STOCK OF FIXED-RATE CREDIT (BRL billion) PUBLIC DEBT / FIXED RATE (BRL billion)

Source: Central Bank of Brazil

Interest Rate Contracts in Brazilian RealsStructural changes behind the growth in volumes

more credit increases the banks demand for financialderivatives on BM&FBOVESPA

more fixed-rate debt increases banks andinstitutional investors demand for futurescontracts on BM&FBOVESPA

INTEREST RATES IN BRL: ADV PER CONTRACT MONTH (million contracts)

longer maturities of contracts

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

Jan'05:

BRL 180.0

Dec'12:

BRL 850.9

CAGR: -20%

CAGR: +36%

CAGR: +10%

0.32 0.40

0.96

1.27

0.620.49

0.62 0.46

0.640.85

1.11

1.63

0.93 0.86

1.61

2.131.73

2.12

1T08 1T09 1T10 1T11 1T12 1T13

1st-4th Maturity 5th Maturity Total

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

Jan'05:

BRL 151.4 bn

Mar'13:

BRL 738.3 bn


15/5515

Operating

Leverage

Significant investments

in technology and the

quest for greaterefficiency (cost control)

Strengthening of

regulatory and

institutional

structure

Focus on clients:

development of

markets and products

Falling interest rates

Strong need for

investments to

promote growth

Investments

portfolios still

concentrated in highliquidity fixed

income products

High Potential

for Revenue

Growth

Sustainable Results

(Maximization of Shareholders Return)

External

Factors

BM&FBOVESPA

Strategic

Focus

BM&FBOVESPAWell positioned to capture and generate growth


16/5516

MAIN GROWTH INITIATIVES

Investments, new products and focus on thecustomer


17/5517

PUMA Trading System - Multi-Asset Class Platform

State-of-the-art trading technology, developed in partnership with the CME Group, with

technological independence

Derivatives module : successfully implemented in 3Q11

Equities module: successfully implemented in Apr-13

Over-the-counter and Fixed Income Platforms

New platforms have been developed to offer greater flexibility, quality and agility to our customers

Registration platform: registration of fixed income instruments (initially CBD and LCI)

OTC derivatives: registration of financial derivatives (initially, non-deliverable forward contracts,

or NDFs), developed with the Calypso Technology Company

Trading of corporate bonds: developing new platform for secondary market and change the

pricing policy

Clearinghouses integration

Creating an integrated clearinghouse, which will consolidate the activities of the four current

clearinghouses: equities and corporate debt, derivatives, foreign exchange and securities

Licensing of TRADExpress Real Time Clearing system, developed in partnership with Swedish

firm Cinnober (with right of access to source code)

Integrated tests with the market and the beginning of the deployment of new systems planned

1Q14 (derivatives) and end 2014 (equities)

Strategic projectsBuilding a new one-stop-shop exchange

l i h i


18/5518

Clearinghouses IntegrationFurther differentiation in BM&FBOVESPA post-trade

Equities and corporate

debt (BRL 98 bn*)

Equities, ETFs andcorporate fixed incomecash market

Equity and indicesderivatives (options andforward)

Securities lending

Derivatives

(BRL 102 bn*)

Financial andcommodities derivatives(futures, options andforwards)

OTC derivatives

FX

(BRL 5 bn*)

FX spot market

(US$ vs. BRL )

Securities

(BRL 1 bn*)

Cash market andforward market forgovernment bonds

INTEGRATED CLEARINGHOUSE**=

Capital efficiency

* Aggregate of pledged collateral at our clearinghouses totaled BRL 206,0 billion in Mar. 31, 2012. **IPN/CORE implementation requires the authorization of the regulators.


19/5519

18.6 28.548.7

115.9101.0

2009 2010 2011 2012 2013*

0.9 1.53.7

14.6

38.2

2009 2010 2011 2012 2013*

2.9 3.96.1

9.0 9.8

2009 2010 2011 2012 2013*

Securities LendingReal Estate Funds (FIIs)Options with Market Maker

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

Initiatives to develop and prompt higher volume in certain products;

Performance shows that the initiatives are being well received by the market.

ETFs Brazilian Treasury Direct - Tesouro Direto Agribusiness Credit Bills

(ADTV in BRL million)

+51.8%

(ADTV in BRL million)

(ADTV in BRL million) (Custodyin BRL billion)

High growth productsGrowing sophistication of market participants

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

CAGR(09-13):

+153.1%

CAGR (09-13):

+38.0%

CAGR (09-13):

+52.6%

CAGR (09-13):

+35.5%

*Updated to Apr. 30, 2013.

(AUM in BRL billion)

12.720.5

30.2 31.946.0

2009 2010 2011 2012 2013*

48.874.0

ADTV before

Market Maker

ADTV after

Market Maker*

3.6 20.0

40.0

2011 2012 1Q13

**Updated to Mar. 31, 2013.

**


20/5520

OPERATIONAL PERFORMANCE

Records in 2012


21/5521

BOVESPA SegmentOperational highlights

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

AVERAGE DAILY TRADING VOLUME ADTV (BRL billion)

AVERAGE ANNUAL MARKET CAP(BRL trillion) TURNOVER VELOCITY** (12 months average)

*

1.2 1.6 2.4

4.9 5.5 5.36.5 6.5 7.3

7.56.3

8.37.0 7.3

7.48.2

6.07.2

8.46.7 6.6

7.9 7.3 7.8 7.48.2

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-12Sep-12 Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13Apr-13

0.720.94

1.31

1.98 2.031.83

2.33 2.37 2.422.46

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

30.8%

29.4%

36.8% 37.6%38.7% 42.3%

56.4%

63.2%

66.6%

63.8%

64.2%

70.0% 72.0%

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

d f l


22/5522

Trading in ADRs of Brazilian companiesLiquidity Migration Process Interrupted

Apr13

Source: Bloomberg (in USD

traded value of 35 companies

with ADRs programs )

Sarbanes-Oxley Act

(Jul. 2002)

*Updated to Apr. 30, 2013.

Novo Mercado

Launch

(Dec. 2000)

PUBLIC OFFERINGS IN NUMBER OF COMPANIES

End of IOF Tax (2%) for

foreign investors

(Dec. 2011)

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

IPOs - 1 - 7 9 26 64 4 6 11 11 3 6 148

Follow ons 14 5 8 8 10 16 12 8 18 11 11 9 4 134

Total 14 6 8 15 19 42 76 12 24 22 22 12 10 282

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

End of CPMF

(Financial

Transaction Tax)

40.1%

29.3%

7.9%

22.7%

30.6%

69.4%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

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

Apr-13

Other USA Venues - Brazilian ADRs NYSE - Brazilian ADRsBM&FBOVESPA - companies with ADRs BM&FBOVESPA (except companies with ADRs)

BM&F S


23/55

23

BM&F SegmentOperational highlights

AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)

Revenue per Contract - RPC (BRL)

422 501 711988 789 843

1,684 1,797 1,9262,272 1,452

2,061

2,497 2,681 1,561 1,8661,723

1,710 2,199 1,747

1,8561,561

2,630

110 168266

473

535 447

541 496494

481509

593

520485

425 451

327476 547

474

494491

468

86 7468

112 88 80

89 123143

114205

245

158106

137 111123

99113

84

126

100

145

187 109124

167162 150

191 285336

331308

385

350362

345 355322

331340

290

341

341

352

805 8521,167

1,740 1,573 1,521

2,505 2,7012,899

3,1982,497

2,994

3,5183,904 2,590 2,819

2,6302,626 2,971

2,653

2,8562,410

3,658

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13

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

2006 2007 2008 2009 2010 2011 2012 2013* A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13

Interest rates in BRL 0,906 0,950 1,141 0,979 0,889 0,918 1,004 1,001 0,948 0,922 1,059 1,026 1,076 1,130 0,924 1,044 1,037 1,032 1,013 1,037 0,945

FX rates 2,244 1,859 2,065 2,161 1,928 1,894 2,205 2,310 1,991 2,015 2,237 2,325 2,453 2,481 2,506 2,370 2,453 2,368 2,305 2,273 2,292

Stock Indices 1,419 1,501 2,145 1,620 1,564 1,614 1,524 1,726 1,502 1,233 1,708 1,403 1,750 1,407 1,752 1,400 1,981 1,547 1,974 1,413 1,846

Interest rates in USD 1,094 0,965 1,283 1,357 1,142 0,941 1,015 1,106 0,991 1,021 0,955 1,143 1,027 1,086 1,024 1,164 1,152 1,073 1,140 1,121 1,093

Commodities 4,749 3,195 3,587 2,307 2,168 2,029 2,239 2,395 2,228 1,945 2,099 2,014 2,270 2,840 2,680 2,485 3,360 2,449 2,415 2,382 2,349

Mini contracts 0,034 0,054 0,162 0,176 0,128 0,129 0,116 0,119 0,122 0,113 0,116 0,111 0,110 0,109 0,112 0,107 0,112 0,120 0,122 0,119 0,118

OTC 1,571 2,111 2,355 1,655 1,610 1,635 1,769 1,819 1,880 1,203 1,321 1,523 2,693 1,139 1,738 1,711 2,475 1,988 2,868 1,642 1,460

Total RPC 1,247 1,224 1,527 1,365 1,134 1,106 1,191 1,182 1,100 1,074 1,272 1,222 1,277 1,314 1,098 1,242 1,303 1,266 1,191 1,190 1,114

*Updated until 04/30/2013.

Investor participation in volumes


24/55

24

Investor participation in volumes

Equities and derivatives segments

BM&F SEGMENT (DERIVATIVES)

BOVESPA SEGMENT (EQUITIES)

56% 51% 49% 48% 45% 42% 38% 34% 32% 33% 29% 31% 32%

12% 15% 17% 19% 20% 22% 23% 25% 25% 23% 25% 26% 26%

24% 25% 23% 23% 24% 30% 33% 34% 38% 38% 41% 38% 37%

7% 7% 9% 8% 8% 4% 4% 5% 4% 4% 3% 4% 4%

2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13

Individuals Institutional Investors Foreign Investors Financial Institutions Companies Central Bank

25% 25% 23% 27% 31% 26% 21% 18% 16% 17% 16% 18% 15%

27% 27% 30% 27%26% 33%

33% 32% 33% 35% 33% 32% 32%

33% 36% 35% 35% 34%30% 35% 40% 42% 40% 41% 43% 42%

12% 10% 10% 8% 7% 8% 9% 8% 8% 8% 9% 7% 9%

2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13

Individuals Institutional Investors Foreign Investors Financial Institutions Companies Others


25/55

25

FINANCIAL HIGHLIGHTS

Reduction in expenses. Return to shareholders

I St t t


26/55

26

Income StatementHistory

SUMMARY OF INCOME STATEMENT (CONSOLIDATED)

(in BRL thousand) 2009 2010 2011 2012

Net revenue 1,510,569 1,898,742 1,904,684 2,064,750

Expenses (569,832) (633,504) (816,664) (763,080)Adjusted expenses (446,677) (543,881) (584,521) (563,487)

Operating income 940,737 1,265,238 1,088,020 1,301,670

Operating margin 62.3% 66.6% 57.1% 63.0%

Equity method result - 38,238 219,461 149,270

Financial result 245,837 289,039 280,729 208,851

Income before taxation of profit 1,186,574 1,592,515 1,588,210 1,659,791

Income tax and social contribution (304,505) (448,029) (539,681) (585,535)

Net income* 881,050 1,144,561 1,047,999 1,074,290

Adjusted net income 1,223,761 1,586,374 1,545,627 1,612,136

Adjusted EPS (BRL ) 0.6104 0.7929 0.7932 0.8351

*Attributable to shareholders of BM&FBOVESPA.

Re en e and e penses breakdo n


27/55

27

9.0%

29.5%

5.7%

37.1%

18.7%

Cash Market (Trading)

Cash Market (Post-Trading)

Equities Derivatives (Trad. and post-trad.)

Financial Derivatives (Trad. and post-trad.)

Other Revenues

REVENUE BREAKDOWN (2012)

Gross Revenue:

BRL 2,289.0 million

Revenue and expenses breakdownDiversified revenue sources as a differential, costs under control

EXPENSES BREAKDOWN (2012)

4.5%: Depository, Custody and Back-Office

3.4%: Securities Lending

3.0%: Vendors

2.3%: Trading Access (Brokers)2.0%: Listing

46.4%

13.5%

12.3%

6.7%

2.5%

18.6%

Personnel

Data processing

Deprec. and Amortization

Third Party Services

Marketing

Others

Adjusted Opex and Capex Budgets


28/55

28

Adjusted Opex and Capex BudgetsFocus on cost control and investments phase

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

1 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 .

(in BRL million)

ADJUSTED OPEX

CAPEX

(in BRL million)

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

544 585 564

560-580

2010 2011 2012 2013E

268 204 258

260-290170-200

2010 2011 2012 2013E 2014E

Growth Path


29/55

29

(in BRL million)

(in BRL)

GROWTH IN ADJUSTED EARNINGS PER SHARE

GROWTH IN REVENUES AND RESULTS

Growth PathGrowth in business and results

Financial Highlights


30/55

30

7051,145 912 1,074

75

435 606 16780

1,579 1,518

1,091

2009 2010 2011 2012

Total payout Buyback

Financial HighlightsFocus on cash generation and total shareholder return

HISTORY OF PROCEEDS

SHARE BUYBACK: MAXIMIZING RETURN

(in BRL millon)

(in BRL million)

*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.

1,612Adj. Net

income1,5461,5861,224

1,074 Net income1,0481,145881

432841 762 984

274

304150

90705

1,145912

1,0743.4%

4.5%4.5%

4.8%80%

100%

87%

100%

2009 2010 2011 2012Dividends Interest on capital Dividend Yield* Payout ratio (%)


31/55

31

APPENDIX


32/55

32Updated to Apr. 30, 2013.

BVMF3 YTD: -1.1%

IBOVESPA YTD: -8.3%

BVMF3 Recent performance

IOFs10/17

BRL 14.97

Goodwill11/30

BRL 13.01Competition

News01/05

BRL 13.10

Rumorsabout IOF

Exchange Mergers02/08

BRL 11.18BATs02/15

BRL 11.43

Lower volumeestimates by the market

New IOF on

Derivatives07/26BRL 9.55

Direct Edge11/21

BRL 10.11

Removal ofIOF on Equities

12/01BRL 10,54

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

Dec-11

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

BM&FBOVESPA IBOVESPA

Oxera'sReportRelease06/18

Change to IOFon foreignexchange

transactions06/14

BOVESPA Segment


33/55

33

PUBLIC OFFERINGS (BRL billion)

PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET

Updated to Apr. 30, 2013.

BOVESPA SegmentRaising Capital

There are 3 offerings in the pipeline:

IPOs (2): AutoBrasil Participaes; Votorantim Cimentos.

Subsequentes (1): Tupy.

Additionally, there are 20 Real Estate Funds filed with CVM: estimated value of BRL 3.4 billion

* Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).

4.3 8.5 15.1 14.526.8 22.2

63.2

10.8 9.3 2.24.55.4

15.4

55.67.5 23.8

11.2

7.2 3.9 13.28.8

13.9

30.4

70.1

34.3

46.0

74.4

18.0 13.215.5

2004 2005 2006 2007 2008 2009 2010* 2011 2012 2013

Follow-On

IPO

BOVESPA Segment


34/55

34

BOVESPA SegmentForeign investment flow

MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billon)

Includes public offering (primary market) and regular trades (secondary market).

Updated until Apr. 30, 2013.

(1.6)

0.3

6.5

1.5

(1.5)

3.73.5

(0.6)

10.0

4.4

2.1

0.7 0.4

1.7

(1.3)

0.3

3.4

1.9 2.2

(0.4)(0.2)

0.8 1.0

(2.4)

7.2

(1.1)(1.3)

2.9

(2.3)

0.3

0.71.1

(4.2)

(1.2)

0.8

5.1 5.0

2.71.61.6

BOVESPA Segment


35/55

35

11.2%

14.3%

2.2%

5.1%

20.4%

5.4%

0.4%5.5%

8.8%

26.8%

Oil, Gas and Biofuels Basic Materials Capital Goods and Service s Construction and TransportationConsumer Non Cyclical Consumer Cyclical Information Technology Telecommunications

Public Utilities Financial

15.7%

21.6%

2.5%

3.6%

8.6%

2.6%

0.3%11.1%

11.5%

22.4%

BOVESPA SegmentPotencial to increase the number of listed companies

177%

126% 121%

109%100%

136%

67%75%

87%

72%

129%

100%

39%

174%

137%

158%

119%107%

129%

75% 76%

96%

72%

138%

80%

44%

129%

110% 109%104%

89% 87%

60%57% 55% 50% 49% 46%

35%

Singapore Canada Chile USA Korea Australia Japan France India Brazil UK China Mexico

2009 2010 2011

MARKET CAPITALIZATION TO GDP (%)*

MARKET CAPITALIZATION BY ECONOMIC SECTOR * Source: World Bank

Dec05 Dec12

Hong Kong : 438% 481% 365%

High Frequency Trading (HFT)


36/55

36

84 95179 146 135 193

209 209 191 23667101

148120 129

137 74 45 5365

4445

6851 47

6558 53 48

63211

251

420342

413 404342 307 292

363

3.9% 5.0%7.8% 7.3% 8.0% 6.3% 6.7% 5.7% 5.0% 5.1%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Mini Fx Equities Other % of overall ADV

High Frequency Trading (HFT)

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

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

*Only Apr-13.

319 447835 917 874

1.186 1.044830 927

1.103291

267

319 249 325

268252

233296

246

205184

175 146 -74

341369

358

814 899

1,329 1,3121,199

1,454 1,369 1,4041,592

1,7086.1% 7.4%

10.3% 10.3%8.5% 9.4% 9.8%

9.9% 10.6% 9.5%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

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

*

*


37/55

37

CLEARINGHOUSES ACTIVITIES

Law 10.214 of Mar. 27, 2001

Clearinghouses considered systemically important by

the BCB should ensure settlement (i.e., act as CCPs)

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

STOCK EXCHANGE ACTIVITY

CVM Instruction 461 of Oct. 23, 2007

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 ofthe in the organized market

management bodies

Regulatory Framework

BM&FBOVESPA Market Supervision (BSM)


38/55

38

AuditMarket

supervision

Analysis

and

strategy

Legal dept.

Selfregulation

Officer

Supervision Board

(12 members*)

Strategic

Committee

Atribuies da BSM estabelecidas na

Instruo CVM 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

Main activities of BSM Organizational chart

Monitor 100% of the participants

transactions

Assess 100% of intermediaries

Enforcement Education

BSM duties established in CVM Instruction

461/2007

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.

* 9 independent

BM&FBOVESPA Market Supervision (BSM)Self-Regulation Entity

& O S S i bili i i


39/55

39

BM&FBOVESPAs Sustainability MissionTo support, promote and practice economic, social and environmental

responsibility concepts and actions seeking to contribute towards sustainable

development

BM&FBOVESPA Sustainability Mission

Novo Valor BM&FBOVESPA

Program created in 2010 to guide BM&FBOVESPAs

sustainability actions.Goal

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

BM&FBOVESPA Sustainability Program


40/55

40

1. Natural Resources Management

GHG Inventory

Program of separate waste disposal Eco-efficiency

Green IT

Honorary Member and Technical Advisor of CarbonDisclosure Project

Advisory Board of Empresas pelo Clima, FGV

2. Governance Novo Mercado

Advisory Committees

Sustainability Committee

Sustainability Commission

3. Products and Services

Indexes: ISE, ICO2andIGC/IGCT

Carbon Market

Em Boa Companhia (relations program withcompanies)

4. Stakeholder Engagement Instituto BM&FBOVESPA

Stakeholders

Global Compact Signatory(worlds 1st exchange)

PRI Signatory(Principles for Responsible Investment)

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

Working in four dimensions


41/55

41

RESULTS FOR 4T12

Revenue growth and cost control

1Q13 vs. 1Q12 Highlights


42/55

42

Total revenue: R$580.6 million +3.6%

Bovespa seg.: R$256.2 million, -2.8%

BM&F seg. R$221.8 million, +10.0%

Negatively impacted by fewer business days

Net revenue:R$521.0 million, +3.6%

Adjusted expenses:R$124.0 million, -1.1%

Operating income: R$348.2 million, +3.4%

EBITDA: R$412.4 million, +4.1% (EBITDA margin of79.2% in 1Q13)

Adjusted net income:R$394.6 million, -3.6%

Adjusted EPS:R$0.204,-3.8%

Payout:R$213.6 million in 1Q13, R$0.111 per share(80% of GAAP net income)

Bovespa segment:

ADTV: +5.0% Margin: -3.4%

BM&F segment:

ADV: +11.5%

RPC: +3.4%

High growth products

Securities Lending: record of average open interestpositions (R$44.7 billion); +31.5%

Tesouro Direto: +24.5% of assets under custody

FIIs (real estate funds): strong growth of volumes (R$38.8million in 1Q13) and number of investors (102.7 thousand)

LCA (agribusiness credit bills): consistent increase of averageassets under custody (R$40.0 billion)

MAIN PROJECTS AND HIGHLIGHTS

42

1Q13 vs. 1Q12 HighlightsVolumes growth and strict cost control

FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS

1 Excludes stock options plan, depreciation, provisions and tax on dividends from CME Group.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 andtaxes paid overseas to be compensated.

3IPN/CORE implementation requires the authorization of the regulators.

PUMA Trading System: equities module deployed in Apr13

Clearinghouses Integration: tests starting in Jul13

OTC Platform: certification process for registration of NDFs startedin 1Q13

Pricing: changes in pricing policy of cash equities announced onMarch 05, 2013

Public Offerings: resumption of shares public offerings exceedingR$15 billion from January to Apr13.

BOVESPA Segment Performance


43/55

43

1Q13 vs. 1Q12: + 5.0%

12.3% increase of foreign investors ADTV, due tovolatility and high frequency trades (HFTs)

Turnover velocity growth hit 71.7%

1Q13 vs. 1Q12: -3.4%

Decrease in the options margin (market maker) andderivatives participation in the total volume

TRADING MARGIN (in basis point - bps)

Market 1Q13 1Q12

Cash market 5.352 5.333

Derivatives on single stocks 13.141 14.290

Forward 12.999 13.020

Options 13.196 14.673

Total BOVESPA 5.706 5.909

43

AVERAGE DAILY TRADING VALUE (ADTV)

BOVESPA Segment PerformanceSolid volumes level and turnover velocity growth

ADTV BY GROUP OF INVESTORS

AVERAGE MARKET CAP. AND TURNOVER VELOCITY

(in R$ billions)

BM&F Segment Performance


44/55

44

0.4 0.3 0.20.6

0.3

1.3

(78%)

1.9

(86%) 1.6

( 90%)

1.4

(71%)1.8

(84%)

1.7

2.3

1.81.9

2.1

1Q12 2Q12 3Q12 4Q12 1Q13

1st-3rd Maturity 4th-5th Maturity

1Q13 vs. 1Q12

ADV: +11.5%, reflecting 22.2% increase in the ADV ofBrazilian real-denominated interest rate contracts

RPC: +3.4%, due to:

Brazilian real-denominated interest rate contractstrading in longer maturities

Appreciation of the FX rate (US$/R$) - FX and US$interest rate contracts

Decrease of HFTs participation in the ADV

44

INTEREST RATE IN R$ CONTRACTS TOTAL REVENUE

(Revenue in R$ millions)

AVERAGE DAILY VOLUME (ADV) AND RPC (R$)

& Seg e t e o a ceHigh growth of interest rate in R$ contracts

ADV AND RPC EVOLUTION

INTEREST RATES IN R$ - VOLUMES BY MATURITY

(ADV in millions of contracts and RPC in R$)

(ADV in millions of contracts)

Revenue Breakdown in 1Q13


45/55

45

38.2%: Financial/Commodity Derivatives

39.2%: Cash Equities9.1%: Trading

30.1%: Post-Trading

4.9%: Derivatives on Stocks and Indices

Total Revenue

R$580.6 million

4.7%: Depository, Custody and Back-Office

4.2%: Securities Lending

2.9%: Vendors

2.3%: Trading Access (Brokers)

2.0%: Listing1.6%: Others

17.7%: Other Revenues

45

QDiversified revenue sources as a differential

REVENUE BREAKDOWN

Revenue breakdown for cash equities (trade + post-trade) do not reflect the pricing policy changes announced in

Mar-13, into effect only In Apr-13:

i) Reduction of trading fees to 0.5 bps from 0.7 bps for all investors

ii) Post-trade fees increase to 2.0 bps from 1.8 bps for institutional investors and day traders

9.1%

30.1%

4.9%38.2%

17.7%

1Q13 Expenses


46/55

46

Expenses:

R$172.8

million

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

Adjusted Personnel: +5.7%, , basically due to theeffects of annual union bargain in Aug12

Data processing: -7.1%, due to expenses reductionwith IT outsourcing and lower maintenance costs withlegacy platforms

Marketing: repriorization of marketing campaigns

46

Q pFocus on cost control and operational efficiency

ADJUSTED EXPENSESTOTAL EXPENSES BREAKDOWN

(in R$ millions)

*Include expenses with maintenance in general, taxes adjusted by the dividends from CME Group,

board and committee members compensation and others (excluding provisions).

125.4 124.0

4,0

(1.8)

1.0

(0.6)(2.2)

(1.8)

1Q12 Adj.Exp.

Personnel Data proc. Third Party Commun. Marketing Others* 1Q13 Adj.Exp.

Financial Statements Summary


47/55

47

(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12 4Q12 Change1Q13/4Q12

Net Income 521.0 502.8 3.6% 499.2 4.4%

Expenses (172.8) (166.2) 4.0% (256.0) -32.5%

Operating Income 348.2 336.7 3.4% 243.1 43.2%

Operating margin 66.8% 67.0% -12 bps 48.7% 1,812 bps

Financial Income 37.1 65.5 -43.4% 43.1 -13.9%

EBT 422.5 439.7 -3.9% 318.4 32.7%

Net Income* 267.0 280.4 -4.8% 217.3 22.9%

Adjusted Net Income 394.6 409.2 -3.6% 379.4 4.0%

Adjusted EPS (in R$) 0.204 0.212 -3.8% 0.196 3.8%Adjusted Expenses (124.0) (125.4) -1.1% (174.2) -28.8%

Financial Statements Summary

SUMMARY OF INCOME STATEMENT (CONSOLIDATED)

* Attributable to BM&FBOVESPA shareholders.

Financial Highlights


48/55

48

1,207

1,443

1,166

1,191

1,041

383

340

343

346

348

354

363

390

350

440

1,714

1,979

2,100

1,964

2,341

3,658

4,125

3,999

3,851

4,169

1Q12

2Q12

3Q12

4Q12

1Q13

Market participants cash collateral and others*

Restricted funds

Subsidiaries**

Available funds

Net financial income was R$37.1 million, 43.4% dropfrom 1Q13

Finance results fell 29.1%, reflecting lower interestrates

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

In 1Q13, investments amounted R$41.8 millionCapex budget ranges:

2013: between R$260 290 million

2014: between R$170 200 million

In May 09, the Board of Directors approved R$213.6million, comprising R$163.6 million in dividends andR$50.0 million in interest on capital

R$0.111 per share (80% of GAAP net income)

Payment on June 7, 2013 based on shareholders positionon May 21, 2013.

*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collaterals and restricted funds at

BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA). 48

Cash position in 1Q13 hit R$2.3 billion, considering:

R$388.7 million in dividends related to the 2012,paid in Apr13

Resumption of the shares buyback program inApr13, when 3.1 million shares was purchased,totaling R$41.2 million

g gStrong cash position and high payout

(In R$ millions)

CASH AND FINANCIAL INVESTMENTS FINANCIAL RESULTS

CAPEX

PAYOUT

Growth History


49/55

49

Growth trend of Brazilian Real-denominatedinterest rate contracts

Institutional and foreign investors were thegroups with higher growth in trading thesecontracts, indicating greater sophistication andincreasing risk exposure

Trading in longer maturities contracts aregrowing faster

DERIVATIVES

EQUITIES

2.42

70.0%

2.372.33

64.2%63.8%

Avg. Mkt.Cap.

Turnover

Velocity

(ADTV in R$ bn, mkt. cap. in R$ tr i, Ibovespa in points and turnover velocity in %)Volume growth to a level higher than R$7 billion,despite adverse market conditions

Low growth of market capitalization Average Ibovespa 13% below the 2010 level

Turnover Velocity above 70%

Foreign and institutional investors, HFTs andproducts development (ETFs, option andsecurities lending) driving the turnover velocityincrease

2.48

71.7%

49

(in thousands)

Growth History

ADV Interest Rate in R$ by type of investor

2819

5263

34

8587

43

116

81

46

82

110

56

80

Institutionals Foreigns Financial institutions

1Q09 1Q10 1Q11 1Q12 1Q13

6.5 6.5 7.3 7.5

67,25861,207 59,601 58,813

2

4

6

8

10

3 0 . 0 0 0

35.000

4 0 . 0 0 0

4 5 . 0 0 0

5 0 . 0 0 0

5 5 . 0 0 0

60.000

6 5 . 0 0 0

2010 2011 2012 1T13

ADTV (R$ billion) Ibovespa (Average)

High Growth Products


50/55

50

12.720.5

30.2 31.944.7

2009 2010 2011 2012 2013*

0.9 1.53.7

14.6

38.8

2009 2010 2011 2012 2013*

2.9 3.96.1

9.0 9.8

2009 2010 2011 2012 2013*

48.873.4

ADTV before

Market Maker

ADTV after

Market Maker*

18.6 28.548.7

115.998.0

2009 2010 2011 2012 2013*

Securities LendingReal Estate Funds (FIIs)Options with Market Maker

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

Initiatives to develop and stimulate higher volumes in certain products

Performance shows that the initiatives are being well received by the market

Gross Revenue (1Q13): ~R$44.1 million (7.6% of total gross revenue)

ETFs Brazilian Treasury Direct - Tesouro Direto Agribusiness Credit Bills

(ADTV in R$ millions)

+50.6%

(ADTV in R$ millions)

(ADTV in R$ millions) (Custodyin R$ billions)

gGrowing sophistication of market participants

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

CAGR(09-13):

+154.1%

CAGR (09-13):

+37.0%

CAGR (09-13):

+51.5%

CAGR (09-13):

+35.5%

*Updated to Mar. 31, 2013.

(Amount registeredin R$ billions)

PUMA Trading System


51/55

5151

Derivatives module

Concluded in 2H11

Equities module

Migration concluded in Apr13

Performance e Capacity

Latency reduced to microsecondswith lower standard deviation

Processing capacity of 200 millionmessages per day

Platform for the growth of stockand derivatives markets

Attracting new participants (HFT)

Expansion of the market makerprogram to other products/markets

Features

Fully adapted to thecharacteristics of the Brazilianmarket

Process automation and controls

Meets the needs of differentmarket participants

More dynamism in tradingactivity

Availability and Controls

More stability and availability to themarket

Price discovering rules (auctions)

Price variation limits (dynamic / static)

Assurance of market integrity as arequirement

Quality in price discovering

Protection against market breakageand failures

Successful delivery of the equities module

Final Remarks


52/55

Final Remarks

Revenue growth and diversification

Delivering growth in the main markets and products (equities and derivatives)

Focus on high potential products that have been showing strong growth

Achieving operating and technological excellence

Development of platforms that bring efficiency to BM&FBOVESPA and the market (equitiesmodule of PUMA Trading System delivered in Apr13)

Assuring market integrity

Remain focused on cost control

Focus on costumers needs

Deepen the relationship with investors, brokers and issuers, strengthening the Company'sposition

Revision of the pricing policy and development of incentive programs (1st announcement inMar13 for cash equities)

Launching of new products (Selic futures in Mar13)

Shareholder Return:

Payment of at least 80% of GAAP earnings as dividends and share buyback program

52

Financial Statements


53/55

53

Balance sheet summary (consolidated)

(in R$ millions) 3/31/2013 12/31/2012 (in R$ millions) 3/31/2013 12/31/2012

Current assets 4,011.7 3,536.3 Current liabilities 1,566.0 1,660.6

Cash and cash equivalents 32.8 43.6 Collateral for transactions 981.8 1,134.2

Financial investments 3,705.5 3,233.4 Others 584.3 526.4

Others 273.5 259.3 Non-current liabilities 3,203.1 3,072.6

Non-current assets 20,446.8 20,610.8 Foreign debt issues 1,224.3 1,242.2

Long-term receivables 659.2 808.9 Deferred Inc. Tax and Social Contrib. 1,878.6 1,739.6

Financial investments 430.8 573.6 Others 100.2 90.7

Others 228.4 235.2 Net equity 19,689.4 19,413.9

Investments 2,900.8 2,928.8 Capital stock 2,540.2 2,540.2

Property and equipment 355.0 361.0 Capital reserve 16,042.7 16,037.4

Intangible assets 16,531.9 16,512.2 Others 1,090.8 820.3

Goodwill 16,064.3 16,064.3 Minority shareholdings 15.7 16.0

Total Assets 24,458.5 24,147.1 Liabilities and Net Equity 24,458.5 24,147.1

LIABILITIES AND SH. EQUITYASSETS

Financial Statements


54/55

54

Adjusted net income and adjusted expenses reconciliation

(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12 4Q12 Change1Q13/4Q12

Total Expenses 172.8 166.2 4.0% 256.0 -32.5%

Depreciation (27.1) (21.9) 23.6% (23.8) 14.0%

Stock options plan (7.9) (8.4) -6.1% (7.9) -0.6%

Tax on dividends from the CME Group (4.6) (9.8) -52.7% (18.2) -74.6%

Provisions (9.3) (0.7) 1,155.8% (31.9) -71.1%

Adjusted Expenses 124.0 125.4 -1.1% 174.2 -28.8%

(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12

4Q12 Change1Q13/4Q12

Net Income* 267.0 280.4 -4.8% 217.3 22.9%

Stock options plan 7.9 8.4 -6.1% 7.9 -0.6%

Deferred Liabilities 138.9 134.8 3.1% 134.8 3.1%

Equity method investment (net of taxes) (32.5) (27.8) 17.2% (14.0) 132.9%

Recoverable taxes paid overseas 13.4 13.4 0.0% 15.2 -11.9%

Provisions - Health Plan (net of taxes) - - - 18.2 -Adjusted net income 394.6 409.2 -3.6% 379.4 4.0%

ADJUSTED NET INCOME RECONCILIATION

ADJUSTED EXPENSES RECONCILIATION

* Attributable to BM&FBOVESPA shareholders.


55/55

BM&FBOVESPA INVESTOR RELATIONS

+55 (11) 2565 4729 / 4418 / 4834 / 7073 / 4007

[email protected]

ir.bmfbovespa.com.br

BVMF Presentation - May 2013

Documents

Transcript of BVMF Presentation - May 2013