BVMF Presentation - October 2013

7/27/2019 BVMF Presentation - October 2013

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1

BM&FBOVESPA

Investor Relations Department

October 2013



3

HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

BRAZILIAN MARKET OPPORTUNITIES

MAIN GROWTH INITIATIVES

OPERATIONAL PERFORMANCE

FINANCIAL HIGHLIGHTS

APPENDIX (includes results for 2Q13)



4

HISTORY, BUSINESS MODEL AND CORPORATE

GOVERNANCE Safety, resilience and transparency



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:BOVESPA’s

Mutualization

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

•¹12M to Jun. 28, 2012. ²12M to Mar 31, 2012. ³9M to Sep. 30, 2012. Source: Bloomberg (Sep 30, 2013).

History of BM&FBOVESPAImportant global exchange



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



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&FBOVESPA’s

infrastructure (impact on post-trade fees)

Clearing, settlement and custody occur at thebrokerage houses

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

positions (impact on the prime broker’s costs)

Trading Venues

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



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 donethrough a CCP

Settlement and clearing at the final beneficial owner level

make the Brazilian market safer and more resilient

Under the prevailing regulations, potential competitorsmust provide an integrated solution with the same statusregarding 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



EXECUTIVE OFFICERSBOARD OF DIRECTORS

COMMITTEES

Edemir PintoCEO

Luis FurtadoCIO

Cícero VieiraCOO

Daniel SonderCFO

Eduardo GuardiaChief Product / IRO

Audit Committee

Risk Committee

Nominations and Corporate Governance Committee

Compensation Committee

Corporate GovernanceMultidisciplinary knowledge in conducting business

Charles CareyIndependent Director, Director of CME Group

José Roberto Mendonça de BarrosIndependent Director, economist and professor

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

Marcelo Trindade (Vice Chairman)

Independent Director, lawyer

Claudio HaddadIndependent Director, engineer and professor

André EstevesNon Executive Director, CEO of BTG Pactual

Alfredo Antônio Lima de MenezesNon Executive Director, Executive Officer of Bradesco

Luiz Fernando FigueiredoIndependent Director, Co-Founder of Mauá Investments

Luiz Nelson Guedes De CarvalhoIndependent Director, professor

Candido BracherNon Executive Director, CEO of Itaú BBA

José Berenguer Neto

Non Executive Director, CEO of JP Morgan Brazil

Advisory Committee For The Securities Intermediation Industry



GM of Apr. 15, 2013

Number of individual shareholders 55,108

Number of institutional shareholders 3,580

Total number of shareholders 58,688

Free float (ON) 1,929,265,010 (97.4%)

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 Participações Ltda.

Funds managed by Vontobel Asset Management Inc.

Other

Treasury stock



BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers



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

Source : Central Bank of Brazil. * For Brazil, considers only bank credit.

GROWTH DRIVES

EQUITIES MARKET

Porfolio diversification => opportunity for diversification of investmentsof institutional investors in equities

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

Total Credit/GDP Evolution in Brazil (%) Selic Interest Rate (% p.a.). – Jan-07 to Aug-13

27.4%

55.1%

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

13.2511.25

13.75

8.7510.75 11.00

7.259.00

2007 2008 2009 2010 2011 2012 2013



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. *Updated to Mar/13

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

657861 899

1,0701,301

1,5131,375

1,703 1,7871,925

2,189 2,344

11%

10% 11%11%

15%22% 14%

18% 18%15%

14% 13%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2Q13

Equities

Fixed Income

168216 256 295

352436 419

492538 574

642 641

28%29% 30% 31%

33% 37% 28%33%

33%30%

29% 29%

200220032004200520062007200820092010201120122013

Fixed Income and Others

Equity

*

Jan'05

128.6

Set'13

630.1

J a n - 0 5

J u l - 0 5

J a n - 0 6

J u l - 0 6

J a n - 0 7

J u l - 0 7

J a n - 0 8

J u l - 0 8

J a n - 0 9

J u l - 0 9

J a n - 1 0

J u l - 1 0

J a n - 1 1

J u l - 1 1

J a n - 1 2

J u l - 1 2

J a n - 1 3

J u l - 1 3



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: -14%

CAGR: +25%

CAGR: +8%

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

Jan'05:

BRL 151.4 bn

Jul'13:

BRL 726.1 bn

0.29 0.40

0.880.99

0.55 0.56

0.57 0.460.76

0.89

1.371.49

0.86 0.86

1.631.88 1.92 2.05

9M08 9M09 9M10 9M11 9M12 9M13

1st-4th Maturity 5th Maturity-on Total



OperatingLeverage

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 Potentialfor Revenue

Growth

Sustainable Results(Maximization of Shareholders’ Return)

External

Factors

BM&FBOVESPA Strategic

Focus

BM&FBOVESPAWell positioned to capture and generate growth



MAIN GROWTH INITIATIVES

Investments, new products and focus on thecustomer



Update of strategic projects

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

PUMA Trading System™ - Multi-Asset Trading Platform A high-performance, high-speed and high-capacity electronic trading platform

RTT (Round Trip Time) of less than one millisecond

Derivatives and FX module: implemented in Oct/11

Equities module: implemented in Apr/13

Clearinghouses integration The integration of BM&FBOVESPA’s clearinghouses will enhance the Company’s competitive position

Development of the new risk architecture (CloseOut Risk Evaluation - CORE)* will increase allocation

efficiency for clients

Tests for derivatives started in Jul/13, with conclusion scheduled for Mar/14

iBalcão – OTC Registration Platform Registration of OTC derivatives and fixed income securities

Deployment in Jul/13 (for FX non-deliverable forward – no central counterparty)

Pricing Policy Changes for Cash Equities First phase (Apr/13): reduction from 0.7 bps to 0.5 bps in trading fees and a realignment between the

trading fees and post-trade fees of institutional investors and day traders

Second phase (Dec/13): increased discounts per tier of volume for day traders and a progressive reductionof trading fees per tier of global volume

Initiatives for Small and Medium Enterprises (SMEs) Establishment of the Technical Committee for Smaller Offerings composed of private sector and

government agencies

Developing proposals to facilitate capital raising through issuance of shares (incentives to SMEs, investors

and intermediaries)

Project was presented to the Ministry of Finance in Jul/13



BM&FBOVESPA IT DevelopmentsBuilding a world-class IT platform

Increasing competitive differentiation for derivative andcash equity markets

LATENCY

BM&F Segment (derivatives) BOVESPA Segment (equities)

70

2520

10-15~1 ~1 <1

2007 2008 2009 2010 2011 2012 2013

450

300

20 10-15 10-15 10-15 <1

2007 2008 2009 2010 2011 2012 2013

Core of the system (average latency milliseconds) Core of the system (average latency milliseconds) Latency has been

dramatically reduced

Standard deviation of latency has been

reduced by more than200

MACRO VIEW: PERFORMANCE OF CO-LOCATION

Co-location

Participant

Infrastructure of PUMA Trading System

Gateway

+LiNe

Matching Engines

~300 µs~500 µs~200 µs

~1000 µs

Network Infra¹

Networks built for the developmentand deployment of PUMA platform

Gateway² + LiNe

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

Matching Engines³

Meet all auction rules and bands/fluctuationlimits set out in regulations (100% of orders)

Network



Listed

ETFs - Exchange Traded Funds: International

Fixed income

Equities

FIIs

Market Maker: Cash equities

Options

Commodities

Futures

Ibovespa (methodology review)

SMEs - Small and MediumEnterprises (BOVESPA Mais)

Incentive programs (retail

investors)

Selic Derivatives: Selic futures - OC1

FX spread - DCO

FX swap - SCS

Options on single stocks New fee policy for HFTs/day

traders

Ethanol Futures Contracts

BDR (exchange market)

Securities Lending (BTC)

Product and Market DevelopmentListed products

CONTINUOUS DEVELOPMENT OF LISTED PRODUCTS

d d k l



Derivatives Fixed Income

R e g i s

t r a t i o n NDFs – deployed in Jul/13

Flexible options on single stocks

COE (Structured Notes) Swaps

LCAs (Agribusiness Credit Bill): improvements

LCIs (Real Estate Credit Bill) and CDBs (timedeposits): adaptation of the platform –

pending regulatory approval Changes to listing rules and procedures for

corporate bonds and financial bills (LF)

T r a d i n g

-

Trading platform for government andcorporate bonds

Changes to the fee policy

CONTINUOUS DEVELOPMENT OF iBALCÃO PROJECT

Product and Market DevelopmentOTC products and fixed income – iBalcão

Cl i h ’ I t ti



Clearinghouses’ Integration Further differentiation in BM&FBOVESPA post-trade

Equities and corporate

debt (BRL 85.2 bn*)

Equities, ETFs andcorporate fixed incomecash market

Equity and indicesderivatives (options andforward)

Securities lending

Derivatives

(BRL 111.2 bn*)

Financial andcommodities derivatives(futures, options andforwards)

OTC derivatives

FX(BRL 4.8 bn*)

FX spot market

(US$ vs. BRL )

Securities(BRL 1.0 bn*)

Cash market andforward market forgovernment bonds

INTEGRATED CLEARINGHOUSE**=

Capital efficiency

* Aggregate of pledged collateral at our clearinghouses totaled BRL 202.2 billion in Jun. 30, 2013. **IPN/CORE implementation requires the authorization of the regulators.

Hi h h d



22

18.6 28.548.7

115.9 107.5

2009 2010 2011 2012 2013*

48.8

75.2

ADTV before

Market Maker

ADTV after

Market Maker*

2.9 3.96.1

9.0 9.7

2009 2010 2011 2012 2013*

Securities Lending Real 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)

+54.2%

(ADTV in BRL million)

(ADTV in BRL million) (Custody – in BRL billion)

High growth productsGrowing sophistication of market participants

BM&FBOVESPA has a 74% marketshare of the registered AUM (Sep-13).

CAGR(09-13):

+146.2%

CAGR (09-13):

+35.1%

CAGR (09-13):

+55.0%

CAGR (09-13):

+35.2%

*Updated to Sep. 30, 2013. **Updated to Jul. 30, 2013

(AUM – in BRL billion)

*

12.720.5

30.2 31.942.4

2009 2010 2011 2012 2013*

0.9 1.53.7

14.6

34.2

2009 2010 2011 2012 2013*

3.6 20.0

52.0

2011 2012 Sep-13



23

OPERATIONAL PERFORMANCE

Records in 2013

BOVESPA S t



24

BOVESPA SegmentOperational highlights

*Updated to Sep 30, 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*)

0.720.94

1.31

1.98 2.031.83

2.332.37 2.42 2.40

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%73.4%

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

1.2 1.6 2.4

4.9 5.5 5.36.5 6.5 7.3 7.7 8.4

6.7 6.67.9 7.3 7.8 7.4 8.2 7.7

8.9

6.08.5

7.2

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

*

*

T di i ADR f B ili i



25

Trading in ADRs of Brazilian companiesLiquidity Migration Process Interrupted

Sep´13

Source: Bloomberg (in USD

traded value of 35 companies

with ADRs programs )

Sarbanes-Oxley Act(Jul. 2002)

*Updated to Sep. 30, 2013.

Novo MercadoLaunch

(Dec. 2000)

PUBLIC OFFERINGS IN NUMBER OF COMPANIES

End of IOF Tax (2%) forforeign investors

(Dec. 2011)

End of CPMF(Financial

Transaction Tax)

29.1%

24.8%

19.1%

27.0%

46.1%

53.9%

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 7 149

Follow ons 14 5 8 8 10 16 12 8 18 11 11 9 5 135

Total 14 6 8 15 19 42 76 12 24 22 22 12 12 284

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

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

J a n - 1 3

F e b - 1 3

M a r - 1 3

A p r - 1 3

M a y - 1 3

J u n - 1 3

J u l - 1 3

A u g - 1 3

S e p - 1 3

Other USA Venues - Brazilian ADRs NYSE - Brazilian ADRs

BM&FBOVESPA - companies with ADRs BM&FBOVESPA (except companies with ADRs)

BM&F S t



26

BM&F SegmentOperational highlights

AVERAGE DAILY TRADED VOLUME – ADV (thousands of contracts)

REVENUE PER CONTRACT - RPC (BRL)

*Updated to Sep. 30, 2013.

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

Interest rates i n BRL 0.906 0.950 1.141 0.979 0.889 0.918 1.004 1.017 1.130 0.924 1.044 1.037 1.032 1.013 1.037 0.945 0.843 1.099 1.067 1.112 1.222

FX rates 2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.489 2.481 2.506 2.370 2.453 2.368 2.305 2.273 2.292 2.347 2.590 2.691 2.731 2.720

Stock Indices 1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.729 1.407 1.752 1.400 1.981 1.547 1.974 1.413 1.846 1.408 1.867 1.590 1.938 1.656

Interest rates i n USD 1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.200 1.086 1.024 1.164 1.152 1.073 1.140 1.121 1.093 0.928 1.280 1.370 1.309 1.412

Commodities 4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.514 2.840 2.680 2.485 3.360 2.449 2.415 2.382 2.349 2.550 2.595 2.632 2.385 2.766

Mini contracts 0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.119 0.109 0.112 0.107 0.112 0.120 0.122 0.119 0.118 0.116 0.119 0.114 0.117 0.126

OTC 1.571 2.111 2.355 1.655 1.610 1.635 1.769 1.529 1.139 1.738 1.711 2.475 1.988 2.868 1.642 1.460 1.428 1.418 1.839 1.160 1.477

Total RPC 1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.242 1.314 1.098 1.242 1.303 1.266 1.191 1.190 1.114 1.020 1.361 1.320 1.397 1.511

422 501 711 988 789 843

1,684 1,797 1,926 2,0461.710

2.1991.747 1.856 1.561

2.6302.235

2.694 2.944

1.977

1.5191.713

1.239110 168266

473535 447

541 496 494 505451

327476 547

474

494491

468507

635

435541

502

86 74

68

112 88 80

89 123 143 120111

12399

11384

126

100

145105

183

99146

90

187109

124

167162 150

191 285336 380

355322

331340

290

341

341

352424

495

389434

351

805 8521,167

1,740 1,573 1,521

2,505 2,701 2,899 3,0502,626

2,9712,653 2,856

2,410

3,5913,166

3,6583,980

3,290

2,4332,835

2,182

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

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

Investor participation in volumes



27

Investor participation in volumesEquities and derivatives segments

BM&F SEGMENT (DERIVATIVES)

BOVESPA SEGMENT (EQUITIES)

56% 51% 49% 48% 45% 42% 38% 34% 33% 33% 29% 31% 32% 37% 32% 34% 30% 32%

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

25% 23% 25% 26%

24%25% 23%

23%24%

30%33% 34% 36% 38% 41% 38% 37% 32% 36% 35% 37% 33%

7% 7% 9% 8% 8% 4% 4% 5% 5% 4% 3% 4% 4% 4% 5% 6% 6% 6%

2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13

Individuals Institutional Investors Foreign Investors Financial Institutions Companies Central Bank

25% 25% 23% 27% 31% 26% 21% 18% 15% 17% 16% 18% 15% 16% 13% 16% 14% 15%

27% 27% 30% 27% 26% 33%33% 32% 33% 35% 33% 32% 32% 32% 33% 32% 34% 32%

33% 36% 35% 35% 34% 30% 35% 40% 43% 40% 41% 43% 42% 44% 44% 45% 42% 46%

12% 10% 10% 8% 7% 8% 9% 8% 8% 8% 9% 7% 9% 7% 8% 6% 9% 6%

2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13

Individuals Institutional Investors Foreign Investors Financial Institutions Companies Others



28

FINANCIAL HIGHLIGHTS

Reduction in expenses. Return to shareholders

Income Statement



29

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.



Adjusted Opex¹ and Capex Budgets



31

Adjusted Opex¹ 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.²)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. ² 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



32

(in BRL million)

(in BRL)

GROWTH IN ADJUSTED EARNINGS PER SHARE

GROWTH IN REVENUES AND RESULTS

Growth PathGrowth in business and results

Financial Highlights



33

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. ROIC: Return on Invested Capital.

1,612Adj. Netincome

1,5461,5861,224

1,074 Net income1,0481,145881

432841 762 984274

304150

90705

1,145912

1,0743.4%

4.5%4.5%

4.8%80%

100%87%

100%

2009 2010 2011 2012

Dividends Interest on capital Dividend Yield* Payout ratio (%)

8.9% ROIC8.4%9.4%8.3%

Financial Soundness



34

Sound financial position - an important factor for the Company, given itsrole as CCP, guaranteeing the settlement of trades executed by global

and Brazilian investors

Standard & Poor sBBB+ (counterparty credit rating)

A-2 (issuer)

Moody sA3 (global scale issuer)

A3 (Brazilian local currency issuer)

Baa1 (global notes)

R$ million Dec/10 Dec/11 Dec/12 Jun/13

Available funds 1,677 1,582 1,964 1,967

Indebtedness 1,043 1,172 1,279 1,388

R$ million

CASH POSITIONSOUND FINANCIAL POSITION

*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).

993

1,551

1,191

1,139

496

380

346

351

269

270

350

475

1,677

1,582

1,964

1,967

3,435

3,782

3,851

3,932

4Q10

4Q11

4Q12

2Q13

Market participants´ cash collateral and others*

Restricted funds

Subsidiaries**

Available funds

Financial SoundnessHigh liquidity and low indebtedness



35

APPENDIX




36

Different earnings impact the P/E calculation and distort comparisons and market consensus

The reported adjusted net income reflects better the company´s cash generation

1 Excludes the investment in associate (CME Group) accounted under the equity-method. 2 Simulates the Interest on Capital amount that would be approved if

there was no goodwill tax benefit; 3 Stock at R$13.79 (March 12 th, 2013).

EPS 2012 P/E3

Estimated GAAP EPS (A) 0.56 24.8

Earnings without goodwill = (A) x Δ:1,142 0.64 21.7

Stock price discounted by goodwill NPV(R$1.00 per share) / Earnings without

goodwill0.64 20.1

Adjusted Earnings 0.84 16.5

15-20% impact on P/E multiple

Difference between GAAP EPS andthe EPS adjusted to non existence of

goodwill simulation

GAAP Book in 2012Current

Simulation withoutgoodwillR$ millions

EBT¹ 1,511 1,511

Deferred Tax 539 -

Other taxes /credits (14) -

Total taxes 525 282

GAAP Net income 1,074 1,228 Δ: 14.2%

Tax Book in 2012Current

Simulationwithout goodwill

R$ millions

EBT¹ 1,511 1,511

(-) Goodwill amortization 1,586 -

(-) Interest on capital 90 680(2)

(=) Taxable earnings (165) 831

Tax (34%) (56) 282

Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cashneutral), reducing the GAAP earnings

Financial HighlightsP/E analysis

BOVESPA Segment



37

PUBLIC OFFERINGS (BRL billion)

PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET

Updated to Sep. 30, 2013.

BOVESPA SegmentRaising Capital

There are 7 offerings in the pipeline

IPOs (5): Ouro Verde Locação e Serviço; Unidas; Sascar participações; Ser educacional; Gaec Educação

Follow-ons (2): Tupy, Cambuci

Additionally, there are 21 Real Estate Funds filed with CVM: estimated value of R$ 3.6billion

* 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 2.74.55.4

15.4

55.6

7.5 23.8

11.2

7.2 3.9 15.68.8

13.9

30.4

70.1

34.346.0

74.4

18.0 13.218.3

2004 2005 2006 2007 2008 2009 2010* 2011 2012 2013

Follow-On

IPO

BOVESPA Segment



38

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 Sep. 30, 2013.

0.4

1.7

(1.3)

1.8

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)

0.61.1

(4.2)

(1.2)

0.7

4.9 4.9

2.6

1.6

7.6

(1.2)

(3.8)

0.1 0.3

4.2

BOVESPA Segment



39

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

Dec’05 Dec’12

Hong Kong : 438% 481% 365%

High Frequency Trading (HFT)



40

High Frequency Trading (HFT)

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

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

*Updated to Sep. 30, 2013

84 95179 146 135 193 209 209 191

270 25167 101

148120 129

137 74 45 53

78 97

4445

6851 47

6558 53 48

70 61

211251

420342

413 404342 307 292

418 409

3.9% 5.0%7.8% 7.3% 8.0%

6.3% 6.7% 5.7% 5.0% 6.0%8.7%

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

Mini FX Equities Other % of overall volume

319 447835 917 874

1,186 1,044830 927

876 1,160291

267

319 249 325

268252

233296

256 207

205184

175 146 -74

341369

667 450

814 899

1,329 1,3121,199

1,454 1,369 1,4041,592

1,800 1,8186.1% 7.4%

10.3% 10.3% 8.5% 9.4% 9.8% 9.9% 10.6% 10.7%

13.4%

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

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

R l t F k



41

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 of the in the organized market

management bodies

Regulatory Framework

BM&FBOVESPA Market Supervision (BSM)



42

AuditMarket

supervision

Analysisand

strategyLegal dept.

Self –regulation

Officer

Supervision Board(12 members*)

StrategicCommittee

• Atribuições da BSM estabelecidas na

Instrução 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 Instruction461/2007

BSM is is a not-for-profit association organized as a self-regulatory and market surveillanceorganization, responsible for regulatory and oversight activities relative to the markets we operate.

* 9 independent

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



43

How? Why?

BM&FBOVESPA’s Sustainability Mission

Program created in 2010

as the umbrella of exchange s

sustainability actions.

It aims to instigate and

promote the sustainabledevelopment of BM&FBOVESPA

and capital markets, involving

various audiences: investors,

companies, brokerage houses etc

New products and services

New Markets

International projection

Competitive edge

Risk management Cost reduction

Induction Role

Image

Reputation

Sustainability Policy

To promote sustainability and strategically-aligned private social investment, contributing towards the institutional strengthening of

BM&FBOVESPA

BM&FBOVESPA’s Sustainability Policy



44

BM&FBOVESPA s Susta ab ty o cyApproved by the Board at 4/4/2013

BM&FBOVESPA’s Sustainability Policy



45

• ISE – Corporate Sustainability Indexand ETF

• IGC – Corporate Governance Indices

• Em Boa Companhia(program with listed companies)

• Founding Signatory to the SustainableStock Exchanges Initiative – UN

• Signatory to the PRI – Principles forResponsible Investment - UN

• ICO2 – Carbon Efficient Index and ETF• Carbon Market• Green IT•

Greenhouse Gas Emissions Inventory(verification and offsetting)

• Compensation of greenhouse gasemissions

• Selective collection program

• Internal and External stakeholders

• Signatory to the Global Compact(the first stock exhange in the world)

• Compacts and commitments

• BM&FBOVESPA Institute

• Voluntary Service Program

• Novo Mercado

•

Sustainability Policy • Report or Explain for Sustainability

reports

• Internal governance (SustainabilityComission and Committee)

• Annual Report by GRI Model

y yInitiatives



46

RESULTS FOR 2Q13

Revenue growth and cost control

2Q13 vs. 2Q12 Highlights



47

Total revenue: R$668.8 million, +10.9%

BOVESPA seg.: R$289.5 million, +7.7% BM&F seg. R$268.8 million, +12.2%

Other revenue: R$110.5 million, +16.4%

Net revenue: R$599.8 million, +10.8%

Adjusted expenses¹: R$133.2 million, +4.1%

Operating income: R$423.0 million, +12.8%

Adjusted net income²: R$469.6 million, +11.0%

Adjusted EPS: R$0.244, +11.4%

Dividends: payment of R$280.7 million in 2Q13,

R$0.147 per share (80% of GAAP net income)

EBITDA: R$503.2 million, +14.0% and margin of 83.9%(according to CVM Rule 527/12 that does not exclude equity methodaccounting).

BOVESPA segment:

ADTV: R$8.3 billion, +8.5% Margin: 5.314 bps, -3.4%

BM&F segment:

ADV: 3.6 million contracts, +8.7%

RPC: R$1.151, +1.6%

High growth products:

Securities Lending: record of average open interestpositions (R$44.8 billion), +53.4%

Tesouro Direto: +10.4% average of assets under custody

FIIs (real estate funds): strong growth in ADTV (R$41.3

million in 2Q13) and number of investors (104.1 thousand)

LCAs (agribusiness credit bills): assets under custody of

R$52.3 billion in Jun/13.

MAIN PROJECTS AND HIGHLIGHTS

47

Q Q g gRecord of revenue and volumes

FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS

1Expenses adjusted to Company´s depreciation, stock options plan, tax on dividends from the CME

Group and provisions.2Net income adjusted by: i) the e ffect of deferred liability recognition in connection with temporary

differences from amortization of goodwill for tax purposes; ii) the impact of the stock options plan;

iii) investment in affiliates (CME Group) accounted for under the equity method, net of taxes; andiv) taxes paid overseas to be compensated.3IPN/CORE implementation requires the authorization of the regulators.

PUMA Trading System™: less than 1 millisecond of latency

Clearinghouses Integration (IPN)3: integrated tests with

market participants started in Jul/13.

iBalcão - OTC Platform: in operation for FX NDFs since Jul/13

Pricing: first phase of changes for cash equities implemented

on Apr/13SMEs: proposals for developing the Access Market

BOVESPA Segment performance



48

2Q13 vs. 2Q12: + 8.5% ADTV

13.9% growth of foreign investors’ ADTV, due to theactivity of high frequency traders (HFTs)

9.6% increase of institutional investors’ ADTV

Increase of turnover velocity, which hit 81.6%

Margins fell due to changes in the fee policy and theproduct mix (lower participation of derivatives)

2Q13 vs. 1Q13: +10.3% ADTV

10.1% growth in cash equities ADTV and 19.6%growth in options (equity/index) ADTV

48

AVERAGE DAILY TRADING VOLUME (ADTV) AND MARGIN

g pRecord volumes driven by turnover velocity

AVERAGE MARKET CAP. AND TURNOVER VELOCITY ADTV BY INVESTOR CATEGORY

(in R$ billions)

7.6 7.2 7.0 7.5 8.3

5.498 5.728 5.573 5.706 5.314

2Q12 3Q12 4Q12 1Q13 2Q13

ADTV (R$ billions) Margin (bps)

BM&F Segment Performance



49

2Q13 vs. 2Q12: +8.7% ADV

ADV: 12.8% increase in Brazilian Real interest ratecontracts

RPC: +1.6%

• Appreciation of the FX rate (USD/R$) - FX and USDDollar interest rate contracts

• Growth in RPC of index-based contracts

2Q13 vs. 1Q13: +20.5% ADV

+20.5% interest rate contracts in R$ ADV.

49

ADV BY INVESTOR CATEGORY

(in %)

AVERAGE DAILY VOLUME (ADV) AND AVERAGE RPC

gRecord ADV driven by interest rate contracts

INTEREST RATES IN R$ - ADV BY MATURITY

(in millions of contracts)

(in millions of contracts)

0.3 0.2 0.6 0.30.8

1.9

(86%) 1.6

(90%)

1.4( 71%)

1.8

(84%)

1.8

(70%)

2.3

1.81.9 2.1

2.5

2Q12 3Q12 4Q12 1Q13 2Q13

1st-3rd Maturity 4th Maturity-on

Revenue Breakdown in 2Q13



50

6.3%

30.9%

4.3%39.3%

19.2%

39.3%: Financial/Commodity Derivatives

37.2%: Cash Market¹

6.3%: Trading

30.9%: Post-Trade

4.3%: Stock and Indices Derivatives

Total RevenueR$668.8 million

4.4%: Securities Lending

4.3%: Depository, Custody and Back-Office

2.6%: Vendors

1.9%: Trading Access

1.8%: Listing

19.2%: Other Revenues

50

Diversified revenue sources as a differential

REVENUE BREAKDOWN

¹Revenue breakdown for the cash market (trading + post-trade) reflects the pricing policy changes which came into force in Apr/13.

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

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

CASH MARKET TRADING REVENUE

ACCOUNTED FOR6.3% OF TOTAL

DERIVATIVES REVENUE

(BM&F + BOVESPA) ACCOUNTED FOR43.6% OF THE TOTAL

2Q13 Expenses



51

Expense:R$176.8million

51

Continued focus on cost control and operational efficiency

ADJUSTED EXPENSE TOTAL EXPENSE BREAKDOWN

(in R$ millions)

*Includes expenses with maintenance in general, taxes adjusted by the dividends from CME Group,board and committee members’ compensation and others (excluding provisions).

**12 month inflation (Consumer Price Index - IPCA) of 6.7%. Source: IBGE.

127.9133.2

7.3 1.0

(1.8)

0.3

(1.6)

0.1

2Q12 Adj.

Exp.

Adj.

Personnel

Data proc. Third

Party

Commun. Marketing Others* 2Q13 Adj.

Exp.

ADJUSTED EXPENSE INCREASED 4.1% OVER2Q12, BELOW ACCUMULATED INFLATION IN

THE PERIOD** AND IN LINE WITH THE BUDGETFOR THE YEAR (R$560-580 MILLION)




52

1,443

1,166

1,191

1,041

1,139

340

343

346

348

351

363

390

350

440

475

1,979

2,100

1,964

2,341

1,967

4,125

3,999

3,851

4,169

3,932

2Q12

3Q12

4Q12

1Q13

2Q13

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). 52

Reduction compared to 1Q13 due to dividend paymentsin April and June and execution of the buyback program

Acceleration of the share buyback program

(In R$ millions)

CASH AND FINANCIAL INVESTMENTS RETURN TO SHAREHOLDERS

FINANCIAL RESULTS

Financial result of R$43.1 million, down 21.2% YoY

Financial expenses rose 44.9%, reflecting, mainly, thedepreciation of the Brazilian Real against the USD

Financial income down 1.9%, reflecting the interestrate reduction

CAPEX

In 2Q13, investments amounted to R$78.6 million,totaling R$120.4 million in 1H13

CAPEX budget ranges:

2013: between R$260 – 290 million

2014: between R$170 – 200 million

BUYBACK PROGRAM

Repurchased 20.9 million shares (R$263.1 million) in2Q13, at an average price of R$12.61 per share (morethan 1.0% of the Company’s free-float)***

New program: up to 60 million shares until Jun/14.Through Jul/13, 3.35 million shares were repurchasedat the average price of R$12.33 per share

PAYOUT On Aug. 8, 2013, the Board of Directors approved the

payment of R$280.7 million in dividends, equivalentsto R$0.147 per share and 80% of GAAP net income

Payment on Sep. 30, 2013 based on shareholders’position dated Aug. 21, 2013

*** This share buyback program ended on June 28, 2013 and authorized the acquisition of up to

60.0 million shares.

Summary of Income Statement (consolidated)



53

(in R$ millions, unless otherwise indicated) 2Q13 2Q12Change

2Q13/2Q121Q13

Change

2Q13/1Q13

Net revenues 599.8 541.2 10.8% 521.0 15.1%

Expenses (176.8) (166.1) 6.4% (172.8) 2.3%

Operating income 423.0 375.0 12.8% 348.2 21.5%

Operating margin 70.5% 69.3% 122 bps 66.8% 369 bps

Equity in income of investees 51.4 42.4 21.3% 37.2 38.3%

Financial results 43.1 54.7 -21.2% 37.1 16.0%

EBT 517.5 472.1 9.6% 422.5 22.5%

Net income* 350.8 300.1 16.9% 267.0 31.4%

Adjusted net income 469.6 422.9 11.0% 394.6 19.0%

Adjusted EPS (in R$) 0.244 0.219 11.4% 0.204 19.6%

Adjusted expenses (133.2) (127.9) 4.1% (124.0) 7.4%

Summary of Income Statement (consolidated)

* Attributable to BM&FBOVESPA shareholders.

NET INCOME GROWTH REFLECTING GOOD OPERATING PERFORMANCE

THE DECREASE IN FINANCIAL RESULTS WAS PRACTICALLY OFFSET BY THE INCREASEIN THE EQUITY IN INCOME OF INVESTEES

High growth products



54

Increasing revenue diversification

54

CAGR: +48%

*Updated until June 28, 2013.

OPERATIONAL FIGURES REVENUE

CAGR: +197% CAGR: +30%

CAGR: +55% CAGR: +36%

CAGR: +249% CAGR: +14%

29.2

49.076.6

94.0

2.8%

4.7%

6.6%7.5%

1H10 1H11 1H12 1H13

Revenue (R$ million) Share in total revenue (%)

Strong revenue growth of selected

products

In 1H13, representing 7.5% of total

revenue, or R$94.0 million

Products well received by clients

Continuous developments to maintain

strong growth trend

1.5

40.1

2010 2013*

FIIs (ADTV - R$ million)

20.5

44.7

2010 2013*

Securities Lending

(open interest - R$ billion)

28.5

107.0

2010 2013*

ETFs (ADTV - R$ million)

51.5

77.2

2011 2013*

Options with market maker

(ADTV - R$ million)

3.6

43.7

2011 2013*

LCAs (assets registered - R$ billion)

3,9

9,7

2010 2013*

Tesouro Direto

(ativos em custódia - em R$ BI)

Company's priorities



Company s priorities

REVENUE GROWTH AND DIVERSIFICATION

Growth of the main markets and products (equities and derivatives) Focus on developing products and markets with high growth potential and which

diversify revenue

ACHIEVING OPERATING AND TECHNOLOGICAL EXCELLENCE

Development of platforms that bring efficiency to BM&FBOVESPA and the market

Assuring market integrity (risk control)

FOCUS ON THE CUSTOMER

Deepen the relationship with investors, brokerage houses and issuers, strengthening theCompany's position

Launch of new products

SHAREHOLDER RETURN

Remain focused on cost control

Payment of at least 80% of GAAP earnings as dividends

Share buyback program

55

Summary of Balance Sheet (Consolidated)



56

Summary of Balance Sheet (Consolidated)

LIABILITIES AND SHAREHOLDERS’ EQUITY ASSETS

(in R$ millions) 06/30/2013 12/31/2012 (in R$ millions) 06/30/2013 12/31/2012

Current assets 3,539.0 3,536.3 Current liabilities 1,735.3 1,660.6

Cash and cash equivalents 187.6 43.6 Collateral for transactions 1,010.8 1,134.2

Financial investments 3,093.6 3,233.4 Others 724.5 526.4

Others 257.8 259.3 Non-current liabilities 3,517.2 3,072.6

Non-current assets 21,151.2 20,610.8 Debt issued abroad 1,348.1 1,242.2

Long-term receivables 922.8 808.9 Deferred Inc. Tax and Social Contrib. 2,017.4 1,739.6

Financial investments 651.2 573.6 Others 151.7 90.7

Others 271.5 235.2 Shareholders' equity 19,437.6 19,413.9

Investments 3,235.4 2,928.8 Capital 2,540.2 2,540.2

Property and equipment, net 363.2 361.0 Capital reserve 16,047.2 16,037.4

Intangible assets 16,629.8 16,512.2 Others 834.5 820.3

Goodwill 16,064.3 16,064.3 Non-controlling interests 15.7 16.0

Total Assets 24,690.2 24,147.1 Liabilities and Shareholders' Equity 24,690.2 24,147.1

Reconciliation – 2Q13



57

Reconciliation 2Q13

ADJUSTED NET INCOME RECONCILIATION

ADJUSTED EXPENSES RECONCILIATION

* Attributable to BM&FBOVESPA shareholders.

(in R$ millions, unlessotherwise indicated)

2Q13 2Q12 Change2Q13/2Q12

1Q13 Change2Q13/1Q13

GAAP Net Income* 350.8 300.1 16.9% 267.0 31.4%

Stock options plan 7.8 8.2 -3.9% 7.9 -0.5%

Deferred tax liabilities 138.9 134.8 3.1% 138.9 0.0%

Equity Method (net of taxes) (46.3) (37.6) 23.1% (32.5) 42.2%

Recoverable taxes paid overseas 18.3 17.5 4.3% 13.4 36.9%

Adjusted Net Income 469.6 422.9 11.0% 394.6 19.0%

(in R$ millions, unless

otherwise indicated)2Q13 2Q12

Change2Q13/2Q12

1Q13Change

2Q13/1Q13

Total Expenses 176.8 166.1 6.4% 172.8 2.3%

Depreciation (28.8) (24.0) 20.2% (27.1) 6.4%

Stock options plan (7.8) (8.2) -3.9% (7.9) -0.5%

Tax on dividends from CME Group (5.1) (4.7) 7.2% (4.6) 10.2%

Provisions (1.9) (1.4) 38.4% (9.3) -79.6%

Adjusted Expenses 133.2 127.9 4.1% 124.0 7.4%



BM&FBOVESPA – INVESTOR RELATIONS

+55 (11) 2565 4729 / 4418 / 4834 / 7073 / 4007/4702

[email protected]

ir.bmfbovespa.com.br

BVMF Presentation - October 2013

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