Demonstra

BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros

The Brazilian Securities, Commodities and Futures Exchange

QUARTERLY FINANCIAL

REPORT

Three-month period ended

March 31, 2014

M A N A G E M E N T’S D I S C U S S I O N A N D A N A L I S Y S – 1Q14

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Dear Shareholders,

We are pleased to present to you this discussion and analysis of the financial condition and results of operations of BM&FBOVESPA S.A. (BM&FBOVESPA or Company or us) for the quarter ended March 31, 2014.

OPERATING PERFORMANCE

Equities and Equity Derivatives (Bovespa Segment)

The average daily trading value (ADTV) in the quarter to March 2014 hit R$6.45 billion, a 14.1% year-over-year decline compared to the quarter to March 2013 (1Q13), primarily due to a slump in volumes traded on the cash market as well as the markets for equity derivatives (options and forward markets).

The average daily value traded in options on single stocks and stock indices dropped 34.0% year-on-year due mainly to reduced volumes traded of options on Vale and Petrobras stocks, which registered year-on-year falls of 43.7% and 28.7%, respectively. Still, trading in these options in the first quarter accounted for 62.5% of the overall options ADTV, as compared to 68.5% one year ago.

Average Daily Trading Value (ADTV)

(In R$ millions, unless otherwise indicated)

1Q14 1Q13

1Q14/1Q13 (%)

4Q13 1Q14/4Q13

(%)

Stocks and Equity Derivatives 6,453.4 7,514.3 -14.1% 6,617.8 -2.5%

Cash market 6,217.8 7,187.6 -13.5% 6,353.0 -2.1%

Derivatives 235.6 326.6 -27.9% 264.8 -11.0%

Options market (stocks / indices) 155.1 235.2 -34.0% 166.1 -6.6%

Forward market 80.5 91.5 -12.0% 98.7 -18.5%

Fixed income and other spot securities 1.2 2.3 -48.3% 2.0 -40.0%

TOTAL 6,454.6 7,516.6 -14.1% 6,619.8 -2.5% Source: BM&FBOVESPA

The average equity market capitalization 1

fell 10.1% year-over-year, to R$2.23 trillion from R$2.48 trillion one year earlier. In addition, turnover velocity

2 was 69.3%, as compared to 71.7% in the year-ago first quarter.

Source: BM&FBOVESPA

The average daily number of trades picked up 4.7% year-on-year due mainly to growth in trading activity from high turnover investors, who typically execute a large number of trades with an average size (value) lower than the overall market average.

Average Daily Number of Trades

(In thousands, unless otherwise indicated)

1Q14 1Q13 1Q14/1Q13

(%) 4Q13

1Q14/4Q13 (%)

Stocks and Equity Derivatives 886.2 846.5 4.7% 823.0 7.7%

Cash market 805.6 726.6 10.9% 734.0 9.8%

Derivatives 80.6 120.0 -32.8% 89.0 -9.5%

Forward market 79.9 119.0 -32.9% 88.3 -9.5%

Options market (stocks / indices) 0.7 0.9 -28.4% 0.7 -5.4%

Fixed income and other cash-market securities 0.007 0.012 -39.3% 0.008 -12.9%

TOTAL 886.2 846.6 4.7% 823.0 7.7% Source: BM&FBOVESPA

In a comparison of the first quarter distribution of value traded by investor group, foreign investors and local institutional investors continue to top the rank, having accounted for 49.7% and 30.3% of the overall trading value for the segment (as

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Equity market capitalization is a measure of the size of the stock market given by the total market capitalization of all listed issuers, where the market capitalization by issuer is calculated as stock price multiplied by the number of shares outstanding of each listed issuer . 2 Turnover velocity for the quarter is defined as the ratio of annualized turnover (value) of stocks traded on the cash market over a three-month period average

market capitalization for the same period.

2.48 2.41 2.33 2.45 2.23

71.7%81.6% 73.7%

64.4% 69.3%

1T13 2Q13 3Q13 4Q13 1Q14

Average Market Capitalization (R$ trillions) Turnover Velocity (%)


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compared to 41.3% and 33.1% in 1Q13), respectively, with the foreign investor group responding for higher volume than one year ago.

ADTV by investor category (In R$ billions)

Source: BM&FBOVESPA

The quarterly net flow of foreign investments into the stock market amounted to positive R$3.4 billion and correlates with secondary market investments, as there have been no initial public offerings or follow-ons in the quarter to March 2014.

Net flow of foreign investments into the equities markets (In R$ billions)

Financial and Commodity Derivatives (BM&F Segment)

The average daily volume (ADV) traded in financial and commodity derivatives (BM&F segment) over the quarter to March 2014 hit 2,8 million contracts, a 6.6% year-on-year fall attributable primarily to an 18.0% plunge in volumes traded in Brazilian-interest rate contracts, typically the top traded product for the segment. This was somewhat counterbalanced by year-on climbs of 7.9% and 46.3% rise in average daily volumes traded in FX contracts and U.S. dollar-denominated interest rate contracts, respectively.

Average daily volume (ADV)

(In thousands of contracts, unless otherwise indicated)

1Q14 1Q13 1Q14/1Q13

(%) 4Q13

1Q14/4Q13 (%)

Brazilian-interest rate contracts 1,734.7 2,115.3 -18.0% 1,276.8 35.9%

FX contracts 524.3 485.9 7.9% 462.7 13.3%

U.S. dollar-denominated interest rate contracts 196.7 134.4 46.3% 169.5 16.0%

Index-based contracts 97.2 102.4 -5.1% 94.8 2.5%

Commodity derivatives 10.9 7.5 44.6% 9.8 11.1%

Mini-sized contracts 249.4 175.4 42.2% 202.8 23.0%

OTC derivatives 13.5 5.5 145.8% 11.5 17.8%

TOTAL 2,826.6 3,026.5 -6.6% 2,228.0 26.9%

Source: BM&FBOVESPA

Moreover, the quarterly average rate per contract (RPC) for the segment went up 8.0% from the year-ago first quarter due mainly to year-on climbs of 13.4% for FX contracts and 28.4% for U.S. dollar-denominated interest rate contracts, as the fees we charge for these two contract groups are denominated in U.S. dollars, and the currency appreciated 18.2% against the Brazilian real over the 12-month period to March 2014

3.

3 As measured by the fluctuation in average selling rate between the two quarters, based on the PTAX selling rate (compiled by the Central Bank) for the last

business day of each of the months of December 2012, January and February 2013 versus the PTAX selling rate for the last business day of each of the months of December 2013, January and February 2014 (which served as the basis on which we calculated the RPC for 1Q13 and 1Q14, respectively).

3.1 3.6 3.2 3.0 3.2

2.5 2.7

2.4 2.1 2.0

1.3 1.2

1.1 1.0 0.9

0.7 0.8

0.6 0.5 0.4

1Q13 2Q13 3Q14 4Q14 1Q14

Foreign Institutional Retail Others

8.5

(4.3)

4.6

1.1 3.4

0.6

6.9 0.5

2.3

9.1

2.6 5.1

3.4 3.4

1T13 2T13 3T13 4T13 1T14

Secondary Market Public Offers


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Average rate per contract (RPC)

(In Brazilian reais)

1Q14 1Q13 1Q14/1Q13

(%) 4Q13

1Q14/4Q13 (%)

Brazilian-interest rate contracts 1.037 1.027 1.0% 1.190 -12.8%

FX contracts 2.626 2.316 13.4% 2.689 -2.3%

U.S. dollar-denominated interest rate contracts 1.426 1.111 28.4% 1.314 8.5%

Index-based contracts 1.774 1.663 6.7% 1.885 -5.9%

Commodity derivatives 2.410 2.414 -0.2% 2.591 -7.0%

Mini-sized contracts 0.122 0.120 1.3% 0.122 -0.7%

OTC derivatives 1.107 2.021 -45.2% 1.099 0.7%

TOTAL 1.309 1.212 8.0% 1.449 -9.7%

Source: BM&FBOVESPA

An analysis of the distribution of overall volume traded by investor category shows foreign investors increasing their volumes in 10.5% year-on and accounting for 30.1% of the total for the segment. Financial institutions slightly rose their volumes traded (32.2% versus 31.2% one year ago) and local institutional investors gave back some of the year-ago volume (31.2% versus 38.9% one year earlier).

Distribution of Average Daily Volume by investor category

(As a percentage)

Source: BM&FBOVESPA

Treasury Direct platform (Tesouro Direto)

Tesouro Direto (Treasury Direct) is a platform developed in collaboration with the Brazilian Treasury, which we operate for the trading of government bonds and debt securities through the Internet. Trading on this platform has sustained the uptrend of previous quarters, with the average financial value of government bonds and debt securities held in custody having climbed to record high of R$10.7 billion, a 9.0% surge from the year-ago first quarter. This performance is due primarily to increased dealings from retail investors seeking diversification, whose universe ballooned to record 106.7 thousand, a 20.1% year-on surge from the first quarter one year earlier.

Treasury Direct platform evolution

DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL PERFORMANCE

Revenues

Total gross revenues of R$546.1 million for the quarter to March 2014 declined 5.9% year-on-year due mainly to a plunge in revenues from trading and clearing fees within the Bovespa Segment, and a retreat in revenues unrelated to trading and clearing activities. On the other hand, revenues from fees attributable to dealings within our BM&F segment increased.

3.8% 4.2% 5.9% 5.9% 5.3%

25.0% 25.7% 24.8% 26.0% 30.1%

38.9% 34.8% 35.4% 34.2% 31.2%

31.2% 34.0% 32.2% 32.3% 32.2%

1Q13 2Q13 3Q12 4Q13 1Q14

Financial Institutions

Institutional

Foreign

Retail

Companies

Central Bank


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The volume-related revenues (from trading and clearing fees) derived within both Bovespa and BM&F segments amounted to aggregate R$446,1 million (a 6.7% tumble from one year ago) and accounted for 81.7% of total revenues for the quarter.

Revenues from trading and clearing fees – BM&F segment. At R$226.4 million, this line item climbed 2.1% year-on-year to account for 41.5% of total revenues, primarily because of an 8.0% year-on rise in average RPC attributable mainly to the Brazilian real depreciation against the U.S. dollar, as the fees we charge for dealings in FX contracts and U.S. dollar-denominated interest rate contracts are denominated in U.S. dollars, and by a change in the mix of more heavily traded contract groups, where the volume of trading in Brazilian-interest rate contracts lost ground to the former two contract groups. The average daily trading volume for the segment retreated 6.6% from the first quarter one year ago, which is explained primarily by the comparatively lower volumes traded in Brazilian-interest rate contracts (18.0% year-on plunge).

Revenues from trading and clearing fees – Bovespa segment. At R$219.7 million, this line item tumbled 14.2% year-on-year to account for 40.2% of total revenues. The volume-related revenues (trading and clearing fees earned on trade and post-trade transactions) hit R$212.2 million, plummeting 16.1% from the prior-year first quarter primarily due to (i) a 14.1% fall in average daily value traded, reflecting a 10.1% slump in average stock market capitalization and toned down turnover velocity (69.3% versus 71.7% one year ago); and (ii) a 5.6% fall in (trade + post-trade) transaction margin for the segment (to 5.389 basis points (bps) from 5.706 bps in the year-ago first quarter) due mainly to changes in pricing policies over the course of 2013, some of which cut down the fee rates charged from foreign and retails investors, in addition to widening the discounts by volume tier for day-traders (who ultimately increased their dealings and share of the average value traded).

Other revenues. The volume-unrelated revenues of R$100.0 million fell 2.6% from the year-ago first quarter and accounted for 18.3% of the quarterly total revenues. The highlights for the period are discussed below.

Securities lending. Revenues of R$20.8 million from the operation of our securities lending facility accounted for 3.8% of total revenues, having declined 15.4% from the year-ago first quarter due mainly to a 22.7% year-on plunge in average financial value of open interest positions.

Depositary, custody, back office services. Quarterly revenues of R$28.6 million accounted for 5.2% of total revenues, having soared 4.6% from the earlier year first quarter due primarily to sound performance revenues from registration services for transactions in agribusiness credit bills (locally known as LCAs, Letras de Crédito do Agronegócio).

Market data sales (vendors). Revenues from market data sales of R$17.2 million accounted for 3.2% of total revenues and were up 2.9% year-on-year due primarily to year-on-year depreciation of the Brazilian real against the U.S. dollar, since we derive about half of the revenues in this line item from U.S. dollar-denominated fees charged from foreign clients.

Net revenue. The net revenue hit R$489.7 million, a 6.0% fall from the year-ago first quarter.

Expenses

The expenses totaled R$186.3 million and were up 7.8% from the quarter to March 2013. Set forth below is a discussion of the principal changes in operating expense line items.

Personnel and related charges. This expense line totaled R$85.9 million, up 4.9% year-on-year, reflecting mainly the annual collective bargaining agreement of August 2013 that adjusted wages.

Data processing. This line item totaled R$27.7 million, up 20.8% from the prior year first quarter due mainly to adjustments for inflation prescribed under the technology maintenance contracts, as well as increased expenses, starting from the quarter ended September 30, 2013, with software and hardware services and maintenance related to IT platforms recently rolled out (including the PUMA Trading System), given the change in the accounting treatment of these expenses that are no longer capitalized as occurred at the stage of development and implementation.

Depreciation and amortization. This line item totaled R$29.6 million, up 9.1% from the first quarter one year earlier primarily as a result of additional depreciation related to increased IT investments implemented over the course of 2013, including the PUMA Trading System.

Taxes. This expense line totaled R$7.0 million, a 33.2% upsurge from the earlier year first quarter due mainly to taxes paid on dividends received from CME Group (a R$5.5 million tax payment in 1Q14 versus R$4.6 million the year before).

Equity in results of investees

Our net share of gain from the equity-method investment in CME Group shares totaled R$50.2 million, where R$18.2 million were provisioned as recoverable tax paid abroad.


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Interest income, net

Net interest income for the first quarter hit R$48.0 million, up 29.3% from the year-ago first quarter. The interest income went up 29.2% year-on-year to R$79.4 million influenced by a spike in interest rates paid on our financial investments, whereas the interest expenses climbed 29.0% to R$31.4 million due mainly to the currency depreciation against the U.S. dollar, as most our interest expenses correlate with debt under global senior notes issued in a July 2010 cross-border offering.

Income tax and social contribution

The line item comprising income tax and social contribution plus deferred income tax and social contribution for the quarter totaled R$145.3 million, where current income tax and social contribution amount to R$19.4 million and include R$1.2 million in taxes with impact on cash flow, in addition to R$18.2 million in the line item ‘recoverable tax provision’ related to tax paid overseas by CME Group. Deferred income tax and social contribution totaled R$125.9 million, comprised of R$138.6 million in quarterly recognition of temporary differences from the amortization of goodwill for tax purposes and R$12.7 million in reversal of tax credits. Deferred income tax and social contribution have no impact on cash flow.

Net income

The quarterly net income attributable to BM&FBOVESPA shareholders totaled R$256.1 million, down 4.1% from the year-ago first quarter.

MAIN LINE ITEMS OF THE CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2014

Main lines items under Assets

As determined in our consolidated balance sheet as of March 31, 2014, total assets of R$26,000.2 million are roughly flat from total assets at December 31, 2013. Cash and cash equivalents, including short- and long-term financial investments, totaled R$5,077.8 million and accounted for 19.5% of total assets. Non-current assets amounted R$21,575.2 million, where long-term receivables amount to R$1,195.5 million (including long-term financial investments of R$880.0 million), the investments amount to R$3,248.7 million, property and equipment amount to R$431.9 million and intangible assets amount to R$16,699.1 million.

Intangible assets consist primarily of goodwill related to expectations of future profitability in connection with the acquisition of Bovespa Holding. After review the findings of the analysis carried out in December 31, 2013, we have not identified any internal or external factors that would change the previous findings, so that, in the absence of impairment indicators as of March 31, 2014, no further measurements of carrying value are required.

Main lines items under Liabilities and Shareholders’ Equity

Current liabilities of R$3.142.5 million accounted for 12.1% of total liabilities and shareholders’ equity, a 15.9% climb from total liabilities as of December 31, 2013. Current liabilities is comprised mainly of cash collateral posted by market participants (up to R$2,380.9 million at the quarter-end versus R$2,073.0 at the end of the quarter to December 2013). Noncurrent liabilities of R$3,986.0 million consist primarily of R$1,377.8 million worth of debt issued abroad plus deferred tax liabilities (income tax and social contribution) amounting to R$2,436.6 million.

Shareholders’ equity of R$18,871.7 million at March 31, 2014, slightly down 2.2% from end-2013 and consists mainly of capital stock totaling R$2,540.2 million and capital reserves of R$15,202.3 million.

OTHER FINANCIAL INFORMATION

Capital Expenditures

We capitalized investments on the order of R$64.5 million in the quarter to March 2014, including R$62.6 million related to investments in technology infrastructure and other IT resources (including construction of our new data center), in addition to R$1.8 million worth of investments in facilities and equipment. Our capital expenditure budget sets an interval between R$230.0 million and R$260.0 million for investments in 2014, while the capital expenditures for 2015 have been set at an interval between R$190.0 million and R$220.0 million.

Earnings distribution; Share buyback program

Interim dividends. On May 8, 2014, our board of directors declared interim dividends amounting to aggregate R$204.9 million. Payment thereof is set to be made on May 30, 2014, based on the book closure date of May 19, 2014, which will determine the ownership structure pursuant to which holders of record will be entitled to earnings.


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Share buyback program. In the three-month period ended March 31, 2014, we repurchased 46.5 million shares at average price of R$10.09 per share (totaling R$469.7 million) and in April 2014 we repurchased 7.7 million additional shares at the average of R$11.43 per share (totaling 87.7 million). Therefore, we have repurchased aggregate 17.3% of the 100 million shares authorized under the buyback program approved by our board of directors on February 13, 2013, which is set to end on December 31, 2014.

OTHER HIGHLIGHTS

Central counterparty risk; Risk management

Transactions carried out on markets we operate are secured with collateral market participants pledge to our clearing houses in the form of cash, government bonds and corporate debt securities, bank letters of guarantee and stocks, among other eligible collaterals. As of March 31, 2014, the aggregate of pledged collaterals totaled R$223.9 billion, up 8.6% from the amount pledged at the end of the quarter to March 2013 due primarily to a 33.4% climb in average financial value of collateral posted with the derivatives clearing house on account mainly of the increase in financial value of open positions in FX contracts.

Financial value of collaterals pledged to our clearing facilities

(In R$ billions, unless otherwise indicated)

March 31, 2014 March 31,2013

Variation (%)

December 31, 2013

Variation (%)

Derivatives 136.1 102.0 33.4% 127.4 127.4%

Equities and Corporate Debt Securities 82.0 98.0 -16.3% 80.3 80.3%

Forex 5.0 5.0 -0.5% 5.9 5.9%

Bonds 0.7 1.0 -28.0% 0.8 0.8%

Total 223.9 206.0 8.6% 214.4 214.4%

Source: BM&FBOVESPA

Where our business requires we perform activities as central counterparty clearing house, corporate and operational risk exposures are monitored, assessed and managed under oversight from the Risk Committee, a standing advisory committee to our board of directors whose primary responsibilities include taking a strategic structural approach to monitoring and assessing exposures to market risks, liquidity and credit risks and, not least importantly, systemic risk in the markets we operate.

Sustainability; Social Investment

We announced in February certain new features of BM&FBOVESPA’s Corporate Sustainability Index (Índice de Sustentabilidade Empresarial), or ISE index, and the yearly schedule of activities pertaining to the index composition and rebalancing. A highlight for the three-month period ended March 2014 was the introduction of a selection feature (accessible to every listed issuer) we call “Mock Test,” based on which issuers have the ability to test whether they would qualify to index membership. It is a practical and nimble diagnosis tool of particular value for companies seeking to improve and measure their sustainability track record, which can assist them in preparing to qualify for future membership with better knowledge of the selection process and requirements.

In March 2014 the BM&FBOVESPA Institute rolled out two projects as part of its corporate citizenship and social investment initiatives. The first such project launched the new Financial Education Module within the scope of programs administered by the BM&FBOVESPA Job Training Association (Associação Profissionalizante BM&FBOVESPA), which we welcomed during the Global Money Week, a worldwide celebration sponsored by multiple Exchanges to empower the next generation to be confident, responsible and skilled economic citizens, helping prepare young people to get involved in reshaping finance and their own future. Additionally, the BM&FBOVESPA Athletics Club announced two new partnerships, one a collaboration with the Brazilian Track & Field Confederation for athletes selected for the shot put as well as discus, javelin and hammer throw national teams to train at the Club’s Sports Training Center; the other a collaboration with the Brazilian Paralympics Committee for their track & field teams to train at the at the Club’s Sports Training Center .

Market developments; Technology Developments

OTC platform (iBalcão). On March 12, 2014, through our OTC platform, we started to provide registration services for transactions in structured notes (Certificados de Operações Estruturadas, or COEs), bank deposit certificates (Certificados de Depósito Bancário, or CDBs) and real estate credit bills (Letras de Crédito Financeiro, or LCIs). Other OTC derivatives for which this platform provides transaction registration services include certain flexible options, swap transactions and forward contracts (including non-deliverable forward currency contracts) as well as agribusiness credit bills (Letras de Crédito do Agronegócio, or


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LCAs) and other agribusiness securities. As of March 31, 2014, the aggregate financial value of dealings in such securities registered through our OTC platform hit over R$210 billion.

Integrated Clearing Facility (Post-Trade Facility Program, or IPN). As part of our IPN program, we have planned a four-phased cycle of parallel production tests contemplating the future transition to our new integrated clearing facility. The parallel production testing rounds replicate the production activities currently performed in our derivatives clearinghouse, ahead of the actual transition to the new integrated clearing platform. The derivatives module of the new platform is set to roll out in June 2014 after authorization is obtained from the regulator. In addition, we announced in March 2014 certain changes to our clearing model designed for conformity with certain Basel III capital requirements and aimed to ensure we obtain a license as Qualifying Central Counterparty (QCCP), so our customers can benefit from more favorable capital allocation requirements when engaging in clearing transactions.

Securities lending. With the aim of enhancing the securities lending services we provide, adding transparency to this market and encouraging investors to direct their business to our facility, starting from February 17, 2014, we began to disseminate the average quotes for loan agreements registered in our securities lending facility. These are average quotes per trading day, the last three trading days and the last 15 trading days preceding the dissemination date. In addition, per-trading day market information includes data on lowest and highest prices as well.

INDEPENDENT AUDITORS

Our Company and subsidiaries have retained the audit firm of Ernst & Young Auditores Independentes S.S. to audit the financial statements.

The policy that governs the engagement of external audit services by us and our subsidiaries is based on generally accepted auditing standards which preserve service independence and include the following practices: (i) the auditors must not hold executive or managerial positions in the Company and its subsidiaries; (ii) the auditors must abstain from performing for the Company and its subsidiaries operating activities which could compromise the audit function; and (iii) in expressing their opinion regarding financial statements and reports, the auditors must maintain objectivity (avoiding conflicts of interest and loss of independence).

In the three-month period ended March 31, 2014, neither the independent auditors nor any of their related parties provided non-audit services superior to 5% of their annual fees related to external audit services.

Quarterly Information (ITR)

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros March 31, 2014

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Condomínio São Luiz Av. Presidente Juscelino Kubitschek, 1830 Torre I - 8º Andar - Itaim Bibi 04543-900 - São Paulo - SP - Brasil

Tel: (5511) 2573-3000 ey.com.br

Uma empresa-membro da Ernst & Young Global Limited

A free translation from Portuguese into English of Independent Auditors’ Review Report on Quarterly Information prepared in accordance with accounting practices adopted in Brazil applicable to the preparation of Quarterly Financial Information (ITR) and in Reais (R$), and presented according to standards issued by the Brazilian Securities and Exchange Commission.

Independent auditors’ review report on quarterly information The Shareholders, Board of Directors and Officers BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Introduction We have reviewed the accompanying individual and consolidated interim financial information of BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (“Company”), included in the Quarterly Information Form – ITR for the quarter ended March 31, 2014, which comprise the balance sheet as at March 31, 2014 and the related income statement, statements of comprehensive income, of changes in equity and cash flows for the three-month period then ended, including a summary of significant accounting practices and other explanatory information. Management is responsible for the preparation of the individual interim financial information in accordance with Accounting Pronouncement CPC 21 – Interim Financial Reporting, and of the consolidated interim financial information in accordance with CPC 21 and IAS 34 – Interim Financial Reporting, issued by the International Accounting Standards Board – IASB, as well as for the fair presentation of this information in conformity with the standards issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of the review We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR 2410 – Review of Interim Financial Information Performed by the Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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Conclusion on the individual interim financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of Quarterly Financial Information (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission. Conclusion on the consolidated interim financial information Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with CPC 21 and IAS 34, applicable to the preparation of Quarterly Financial Information (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission. Other matters Statements of value added We have also reviewed the individual and consolidated Statements of Value Added for the three-month period ended March 31, 2014, prepared under the responsibility of Company’s management, the presentation of which in the interim information is required by the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to preparation of Quarterly Financial Information (ITR), and as supplemental information under the IFRS, whereby no statement of value added presentation is required. These statements have been subject to the same review procedures previously described and, based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the overall individual and consolidated interim financial information. São Paulo, May 08, 2014 ERNST & YOUNG Auditores Independentes S.S. CRC-2SP015199/O-6 Flávio Serpejante Peppe Kátia Sayuri Teraoka Kam Accountant CRC-1SP172167/O-6 Accountant CRC-1SP272354/O-1

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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Balance sheets March 31, 2014 and December 31, 2013 (In thousands of reais)

BM&FBOVESPA Consolidated

Note 03/31/2014 12/31/2013 03/31/2014 12/31/2013

Assets Current assets

4,264,370 4,245,974 4,425,023 4,319,483

Cash and cash equivalents 4 (a) 1,307,569 1,191,676 1,319,604 1,196,589

Financial investments 4 (b) 2,738,102 2,784,750 2,878,254 2,853,393

Accounts receivable 5 54,048 52,696 55,555 54,227

Other receivables 6 10,796 80,889 17,315 79,272

Taxes recoverable and prepaid 19 (d) 138,025 120,380 138,040 120,396

Prepaid expenses

15,830 15,583 16,255 15,606

Non-current assets

21,380,024 21,275,216 21,575,180 21,577,176

Long-term receivables

913,165 749,413 1,195,472 1,135,424

Financial investments 4 (b) 600,287 437,367 879,987 820,778

Deferred income tax and social contribution 19 201,419 203,037 201,419 203,037

Judicial deposits 14 (g) 110,963 108,265 111,370 108,665

Other receivables 6 - - 2,200 2,200

Prepaid expenses

496 744 496 744

Investments

3,340,094 3,434,624 3,248,716 3,346,277

Investments in associates 7 (a) 3,215,425 3,312,606 3,215,425 3,312,606

Investments in subsidiaries 7 (a) 124,669 122,018 - -

Investment property 7 (b) - - 33,291 33,671

Property and equipment, net 8 427,683 418,854 431,910 423,150

Intangible assets 9 16,699,082 16,672,325 16,699,082 16,672,325

Goodwill

16,064,309 16,064,309 16,064,309 16,064,309

Software and projects

634,773 608,016 634,773 608,016

Total assets

25,644,394 25,521,190 26,000,203 25,896,659

The accompanying notes are an integral part of the quarterly information.

4

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Balance sheets March 31, 2014 and December 31, 2013 (In thousands of reais)


Note 03/31/2014 12/31/2013 03/31/2014 12/31/2013

Liabilities and shareholders’ equity Current liabilities

2,807,024 2,355,261 3,142,494 2,710,846

Collateral for transactions 17 2,380,859 2,072,989 2,380,859 2,072,989

Earnings and rights on securities in custody 10 49,182 49,925 49,182 49,925

Suppliers

39,800 36,679 40,199 45,474

Salaries and social charges

53,179 73,954 53,931 74,911

Provision for taxes and contributions payable 11 22,357 24,755 22,987 25,979


- - 898 1,433

Interest payable on debt issued abroad 12 18,491 42,129 18,491 42,129

Dividends and interest on capital

147,128 1,428 147,128 1,428

Other liabilities 13 96,028 53,402 428,819 396,578

Non-current liabilities

3,980,331 3,881,700 3,985,969 3,886,921

Debt issued abroad 12 1,377,764 1,426,193 1,377,764 1,426,193

Deferred income tax and social contribution 19 2,436,635 2,295,774 2,436,635 2,295,774

Provision for tax, civil and labor contingencies 14 90,552 83,371 96,190 88,592

Obligations with post-retirement health care benefit 18 (c) 26,672 25,940 26,672 25,940

Other liabilities 13 48,708 50,422 48,708 50,422

Equity 15 18,857,039 19,284,229 18,871,740 19,298,892

Capital and reserves attributable to shareholdersof BM&FBOVESPA

Capital

2,540,239 2,540,239 2,540,239 2,540,239

Capital reserve

15,202,279 16,056,681 15,202,279 16,056,681

Revaluation reserves

21,214 21,360 21,214 21,360

Income reserves

794,773 794,773 794,773 794,773

Treasury shares

(559,690) (955,026) (559,690) (955,026)

Other comprehensive income

601,936 680,499 601,936 680,499

Proposed additional dividend

- 145,703 - 145,703

Retained earnings

256,288 - 256,288 -

18,857,039 19,284,229 18.857,039 19,284,229

Non-controlling interests

- - 14,701 14,663

Total liabilities and equity

25,644,394 25,521,190 26,000,203 25,896,659


5

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Income statements Quarters ended March 31, 2014 and 2013 (In thousands of reais, unless otherwise stated)


Note 1Q14 1Q13 1Q14 1Q13

Revenue

20 480,320 514,035 489,684 521,019

Operating expenses

(180,455) (167,597) (186,329) (172,819)

Administrative and general

Personnel and related charges

(82,065) (78,435) (85,942) (81,955)

Data processing

(26,951) (22,340) (27,704) (22,941)

Depreciation and amortization

(29,118) (26,647) (29,550) (27,083)

Outsourced services

(8,205) (8,514) (8,526) (9,025)

Maintenance in general

(2,879) (2,606) (3,150) (2,869)

Communications

(4,163) (3,940) (4,225) (3,999)

Promotion and publicity

(2,553) (2,557) (2,663) (2,684)

Taxes

(6,727) (5,002) (7,014) (5,266)

Board and committee members fees

(2,069) (1,644) (2,069) (1,644)

Sundry

21 (15,725) (15,912) (15,486) (15,353)

Equity pickup in subsidiaries and associate 7 52,883 38,283 50,171 37,152

Financial result 22 47,556 37,096 48,019 37,129

Financial income

78,412 61,062 79,433 61,488

Financial expenses

(30,856) (23,966) (31,414) (24,359)

Income before income tax and social contribution

400,304 421,817 401,545 422,481

Income tax and social contribution 19 (c) (144,162) (154,842) (145,323) (155,469)

Current

(18,247) (13,359) (19,408) (13,986)

Deferred

(125,915) (141,483) (125,915) (141,483)

Net income for the period

256,142 266,975 256,222 267,012

Attributable to:

Shareholders of BM&FBOVESPA

256,142 266,975 256,142 266,975

Non-controlling interests

- - 80 37

Earnings per share attributable to BM&FBOVESPA shareholders (in R$ per share) 15 (h)

Basic earnings per share

0.138336 0.138033

Diluted earnings per share

0.138170 0.137528


6

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Statements of comprehensive income Quarters ended March 31, 2014 and 2013 (In thousands of reais)


Note 1Q14 1Q13 1Q14 1Q13

Net income for the period 256,142 266,975 256,222 267,012

Other comprehensive income to be reclassified to income for the year in subsequent periods

(78,563) (24,202) (78,563) (24,202)

Exchange rate variation on investment in foreign associate 7 (113,608) (41,948) (113,608) (41,948)

Hedge of net foreign investment 48,715 18,176 48,715 18,176

Tax effect on hedge of net foreign investment (16,563) (6,180) (16,563) (6,180)

Comprehensive income of foreign associate 7 2,891 5,779 2,891 5,779

Mark-to-market of available-for-sale financial assets 7 2 (29) 2 (29)

Total comprehensive income for the period 177,579 242,773 177,659 242,810

Attributable to: 177,579 242,773 177,659 242,810

Shareholders of BM&FBOVESPA 177,579 242,773 177,579 242,773

Non-controlling interests - - 80 37


7

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Statement of changes in equity Quarter ended March 31, 2014 (In thousands of reais) Attributable to non-controlling interests

Income

reserves (Note 15.e)

Revaluation

Treasury Other Proposed

Capital reserve Legal Statutory shares comprehensive additional Retained

Non-controlling Total

Note Capital Reserve (Nota 15(c)) reserve reserve (Nota 15.b) income dividends earnings Total interests equity

Balances at December 31, 2013

2,540,239 16,056,681 21,360 3,453 791,320 (955,026) 680,499 145,703 - 19,284,229 14,663 19,298,892

Exchange rate variation on foreign investment

- - - - - - (113,608) - - (113,608) - (113,608)

Hedge of net foreign investment, net of taxes

- - - - - - 32,152 - - 32,152 - 32,152

Comprehensive income of foreign associate

- - - - - - 2,891 - - 2,891 - 2,891

Mark-to-market of available-for-sale financial assets

- - - - - - 2 - - 2 - 2

Total comprehensive income

- - - - - - (78,563) - - (78,563) - (78,563)

Effect on non-controlling interests

- - - - - - - - - - (42) (42)

Revaluation reserve released to retained earnings - subsidiaries

- - (146) - - - - - 146 - - -

Share buyback 15(b) - - - - - (470,184) - - - (470,184) - (470,184)

Disposal of treasury shares – stock options exercised 18(a) - (1,468) - - - 5,727 - - - 4,259 - 4,259

Cancellation of treasury shares 15(b) - (859,793) - - - 859,793 - - - - - -

Recognition of stock option plan 18(a) - 6,859 - - - - - - - 6,859 - 6,859

Approval/payment of dividends 15(g) - - - - - - - (145,703) - (145,703) - (145,703)


- - - - - - - - 256,142 256,142 80 256,222

Balances at March 31, 2014

2,540,239 15,202,279 21,214 3,453 791,320 (559,690) 601,936 - 256,288 18,857,039 14,701 18,871,740


8

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Statement of changes in equity Quarter ended March 31, 2013 (In thousands of reais)

Attributable to non-controlling interests

Income

reserves (Nota 15.e)

Revaluation

Treasury Proposed

Capital reserve Legal Statutory shares Equity additional

Non-controlling Total

Note Capital reserve (Nota 15.c) reserve reserve (Note 15.b) adjustments dividends Retained earnings Total interests equity

Balances at December 31, 2012

2,540,239 16,037,369 21,946 3,453 574,431 (484,620) 316,397 388,703 - 19,397,918 15,964 19,413,882

Exchange rate variation on foreign investment

- - - - - - (41,948) - - (41,948) - (41,.948)

Hedge of net foreign investment, net of taxes

- - - - - - 11,996 - - 11,996 - 11,996

Comprehensive income of foreign associate

- - - - - - 5,779 - - 5,779 - 5,779

Mark-to-market of available-for-sale financial assets

- - - - - - (29) - - (29) - (29)

Total comprehensive income

- - - - - - (24,202) - - (24,202) - (24,202)

Effect on non-controlling interests

- - - - - - - - - - (294) (294)

Revaluation reserve released to retained earnings - subsidiaries

- - (146) - - - - - 146 - - -

Disposal of treasury shares – stock options exercised 18 - (2,550) - - - 27,688 - - - 25,138 - 25,138

Recognition of stock option plan 18 - 7,877 - - - - - - - 7,877 - 7,877


- - - - - - - - 266,975 266,975 37 267,012

Balances at March 31, 2013

2,540,239 16,042,696 21,800 3,453 574,431 (456,932) 292,195 388,703 267,121 19,673,706 15,707 19,689,413


9

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Cash flow statements Quarters ended March 31, 2014 and 2013 (In thousands of reais)


Note 1Q14 1Q13 1Q14 1Q13

Cash flows from operating activities


Adjustments:

Depreciation and amortization 8 29,118 26,647 29,550 27,083

Gain/loss on disposal of property and equipment (9) 3 (9) 3

Deferred income tax and social contribution 19 125,915 141,483 125,915 141,483

Equity pickup in subsidiaries and associate 7 (52,883) (38,283) (50,171) (37,152)

Variation in non-controlling interests - - (103) (408)

Stock option plan expenses 18 6,859 7,877 6,859 7,877

Interest expenses 23,124 20,097 23,124 20,097

Provision for tax, civil and labor contingencies 5,174 6,832 5,248 6,835

Provision for impairment of receivables 5 49 2,343 119 2,343

Variation in financial investments and collateral for transactions 160,688 (386,698) 192,890 (481,770)

Variation in taxes recoverable and prepaid 602 7,379 603 7,373

Variation in accounts receivable (1,401) (6,585) (1,447) (5,779)

Variation in other receivables (2,882) (3,973) (11,018) (2,561)

Variation in prepaid expenses 1 2,678 (401) 2,508

Variation in judicial deposits (2,698) (2,831) (2,705) (2,835)

Variation in earnings and rights on securities in custody (743) 1,830 (743) 1,830

Variation in suppliers 3,121 (17,780) (5,275) (17,812)

Variation in provision for taxes payable (2,398) (2,446) (2,992) (2,871)

Variation in income tax and social contribution - - (535) (2,122)

Variation in salaries and social charges (20,775) (19,099) (20,980) (19,246)

Variation in other liabilities 40,912 29,287 30,527 118,680

Variation in tax, civil and labor contingencies 2,007 1,653 2,350 1,979

Variation in post-retirement health care benefits 732 635 732 635

Net cash provided by operating activities 570,655 38,024 577,760 33,182

Cash flows from investing activities

Proceeds from sale of property and equipment 8 228 108 252 118

Payment for purchase of property and equipment 8 (23,065) (13,263) (23,072) (13,263)

Dividends received 7 91,427 15,387 91,427 15,387

Purchase of software and projects 9 (41,858) (31,057) (41,858) (31,057)

Net cash used in investing activities 26,732 (28.825) 26,749 (28,815)

Cash flow from financing activities

Disposal of treasury shares – stock options exercised 18 4,259 25,138 4,259 25,138

Repurchase of shares 15(b) (470,184) - (470,184) -

Interest paid (46,476) (40,333) (46,476) (40,333)

Payment of dividends and interest on equity (3) (40) (3) (40)

Net cash used in financing activities (512,404) (15,235) (512,404) (15,235)

Net increase/(decrease) in cash and cash equivalents 84,983 (6,036) 92,105 (10,868)

Cash and cash equivalents at beginning of period 36,774 36,326 41,687 43,642

Cash and cash equivalents at end of period 121,757 30,290 133,792 32,774


10

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Statements of value added Quarters ended March 31, 2014 and 2013 (In thousands of reais)


Note 1Q14 1Q13 1Q14 1Q13

1 - Revenues 20 536,089 573,154 546,082 580,586

Trading and/or settlement system 446,106 477,938 446,103 477,938

Other revenue 89,983 95,216 99,979 102,648

2 - Goods and services acquired from third parties 60,476 55,869 61,754 56,871

Expenses (a) 60,476 55,869 61,754 56,871

3 – Gross value added (1-2) 475,613 517,285 484,328 523,715

4 - Retentions 29,118 26,647 29,550 27,083

Depreciation and amortization 8 29,118 26,647 29,550 27,083

5 – Net value added produced by the Company (3-4) 446,495 490,638 454,778 496,632

6 - Value added transferred from others 131,295 99,345 129,604 98,640

Equity picked up in subsidiaries and associate 7 52,883 38,283 50,171 37,152

Financial income 22 78,412 61,062 79,433 61,488

7 - Total value added to be distributed (5+6) 577,790 589,983 584,382 595,272

8 - Distribution of value added 577,790 589,983 584,382 595,272

Personnel and related charges 82,065 78,435 85,942 81,955

Board and committee members’ compensation 2,069 1,644 2,069 1,644

Taxes, charges and contributions (b)

Federal 199,594 211,851 201,488 213,049

Municipal 7,064 7,112 7,247 7,253

Financial expenses 22 30,856 23,966 31,414 24,359

Retained net income for the period 256,142 266,975 256,222 267,012

(a) Expenses (excludes personnel, board and committee members’ compensation, depreciation and taxes). (b) Includes: Taxes, PIS and COFINS, taxes on services, current and deferred income tax and social contribution.



Notes to quarterly information March 31, 2014

(In thousands of reais)

12

1 Operations

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) is a publicly-traded

corporation having its headquartered in the city of São Paulo.

BM&FBOVESPA organizes, develops and provides for the operation of free and open securities markets, for

spot and future settlement. Its activities are carried out through its trading systems and clearinghouses, and

include transactions with securities, interbank foreign exchange and securities under custody in the Special

System for Settlement and Custody (SELIC).

2 Preparation and presentation of quarterly information

This quarterly information was approved by the Board of Directors of BM&FBOVESPA on May 8, 2014.

The quarterly information has been prepared and is being presented in accordance with accounting practices

adopted in Brazil. Additionally, the quarterly information contains the minimum disclosure requirements

prescribed by CPC 21(R1) “Interim Financial Statements”, as well as other information considered relevant.

These information does not include all requirements of annual financial statements, and therefore should be read

in conjunction with the individual and consolidated financial statements prepared in accordance with

International Financial Reporting Standards (IFRS) and the accounting practices adopted in Brazil issued by the

Brazilian Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities Commission

(CVM) for the year ended December 31, 2013, therefore, the March 31, 2014 quarterly information were not

subject to full fill by reason of redundancy with the already presented in the annual financial statements, and as

provided in CVM/SNC/SEP Circular Letter nº 003/2011.

The preparation of the quarterly information requires the use of certain critical accounting estimates and also

requires that the Company’s management exercise its judgment in the adoption process of accounting practices.

There weren’t any changes in assumptions and judgments made by the management of BM&FBOVESPA in the

use of estimates for the preparation of the quarterly information compared to those used in the financial

statements of December 31, 2013, disclosed on February 13, 2014.




13

(a) Consolidated quarterly information

The consolidated quarterly information includes the balances of BM&FBOVESPA and its subsidiaries, as well

as special purpose entities comprising investment funds, as follows:

Ownership %

Subsidiaries and controlled entities

Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A. (“Banco BM&FBOVESPA”) 100.00

Bolsa Brasileira de Mercadorias 53.42

Bolsa de Valores do Rio de Janeiro – BVRJ (“BVRJ”) 86.95

BM&F (USA) Inc. 100.00

BM&FBOVESPA (UK) Ltd. 100.00

Exclusive investment funds:

Bradesco Fundo de Investimento Renda Fixa Letters

BB Pau Brasil Fundo de Investimento Renda Fixa

HSBC Fundo de Investimento Renda Fixa Longo Prazo Eucalipto

(b) Individual quarterly information

In the individual quarterly information (BM&FBOVESPA), subsidiaries are recorded using the equity method.

The same adjustments are made both to the individual and consolidated quarterly information to achieve the

same profit or loss and net assets attributable to the owners of the parent company.

3 Significant accounting practices

The accounting policies and methods of calculation used in the preparation of these interim financial statements

are the same as those adopted in preparing the financial statements for the year ended December 31, 2013.

4 Cash and cash equivalents and financial investments

a. Cash and cash equivalents

BM&FBOVESPA

Description 03/31/2014 12/31/2013

Cash and bank deposits in local currency 65 267

Bank deposits in foreign currency 121,692 36,507

Cash and cash equivalents 121,757 36,774

Bank deposits in foreign currency – thirdparty

funds (1) 1,185,812 1,154,902

Total 1,307,569 1,191,676




14

Consolidated

Description 03/31/2014 12/31/2013

Cash and bank deposits in local currency 214 417

Bank deposits in foreign currency 133,578 41,270

Cash and cash equivalents 133,792 41,687

Bank deposits in foreign currency – thirdparty

funds (1) 1,185,812 1,154,902

Total 1,319,604 1,196,589

(1) Third-party funds restricted to full settlement of the exchange transaction (Exchange clearing), which occurred by

April 2, 2014.(12/31/2013 - January 2, 2014)

Cash and cash equivalents are held with top-tier financial institutions in Brazil or abroad. Deposits in

foreign currency are primarily in US dollars.




15

b. Financial investments

The breakdown of financial investments by category, nature and maturity is as follows:

BM&FBOVESPA

Without

maturity

More than More than

More than

5 years 03/31/2014 12/31/2013 Description

Up to 3

months

3 months

and up to 12

months

12 months

and up to 5

years

Financial assets measured at fair value through profit or loss

Financial investment fund (1) 2,489,910 - - - - 2,489,910 2,347,806

Interest-bearing account - foreign deposits 19,357 - - - - 19,357 21,849

Repurchase agreements (2) - - 7,153 - - 7,153 6,919

Federal government securities

Financial Treasury Bills (LFT) - - 161,506 501,387 98,850 761,743 836,379

National Treasury Bills (LTN) - 20 50,711 - - 50,731 20

National Treasury Notes (NTN) - - - 50 - 50 48

Other investments (3) 9,445 - - - - 9,445 9,096

Total financial investments 2,518,712 20 219,370 501,437 98,850 3,338,389 3,222,117

Short-term

2,738,102 2,784,750

Long-term

600,287 437,367




16

Consolidated

Without

maturity

More than More than

More than

5 years 03/31/2014 12/31/2013 Description

Up to 3

months

3 months

and up to 12

months

12 months

and up to 5

years

Financial assets measured at fair value through profit or loss

Financial investment fund (4) 270,230 - - - - 270,230 223,256

Interest-bearing account - foreign

deposits 20,501 - - - - 20,501 23,038

Securities repurchased under agreements

to resell (2) - 2,124,651 28,171 - - 2,152,822 2,051,569


Financial Treasury Bills (LFT) - - 317,395 645,332 125,844 1,088,571 1,173,676

National Treasury Bills (LTN) - 20 78,148 96,094 - 174,262 122,753


Other investments (3) 9,448 - - - - 9,448 9,099

300,179 2,124,671 423,714 741,476 125,844 3,715,884 3,603,439

Financial assets available for sale


Financial Treasury Bills (LFT) - - 29,690 11,817 502 42,009 70,269

National Treasury Bills (LTN) - - - 73 - 73 188


- - 29,690 12,165 502 42,357 70,732

Total financial investments 300,179 2,124,671 453,404 753,641 126,346 3,758,241 3,674,171

Short-term

2,878,254 2,853,393

Long-term

879,987 820,778

(1) Refers to investments in financial investment funds, whose portfolios mainly comprise investments in government

securities and repurchase agreements that have the CDI (Interbank Deposit Certificate rate) as their profitability

benchmark. The consolidated balances of investment funds are presented according to the nature and maturity of

the portfolio in proportion of the net assets invested.




17

The net assets of the main investment funds included in the consolidation of the quarterly information are: (i)

Bradesco FI Renda Fixa Letters – R$1,609,745 (R$1,529,024 at December 31, 2013); (ii) BB Pau Brasil FI Renda

Fixa – R$349,123 (R$340,641 at December 31, 2013); (iii) HSBC FI Renda Fixa Longo Prazo Eucalipto –

R$260,974 (R$254,933 at December 31, 2013).

(2) Issued by top-tier banks and backed by government securities.

(3) Refers mainly to investments in gold.

(4) The primary non-exclusive investment funds are: (i) Bradesco Empresas FICFI Referenciado DI Federal, of

R$54,571 (R$62,432 at December 31, 2013); (ii) Araucária Renda Fixa FI – R$103,689 (R$101,031 at December

31, 2013); (iii) FI Jacarandá Renda Fixa – R$61,142 (R$59,722 at December 31, 2013) and (iv) Santander Fundo

de Investimento Cedro Renda Fixa – R$50,649.

The government securities are held in the custody of the Special System for Settlement and Custody (SELIC),

the investment fund shares are held in the custody of their respective administrators and the shares are in the

custody of BM&FBOVESPA’s Equity and Corporate Debt Clearinghouse.

There was no reclassification of financial instruments between categories in the quarter.

Derivative financial instruments

Derivative financial instruments comprise future interest rate contracts (DI1) stated at their market values. These

contracts are included in the exclusive fund portfolios which were consolidated (Note 2(a)) and are used to cover

fixed interest rate exposures, swapping fixed interest rate for floating interest rate (CDI). Even though these

derivatives are designated for hedge, management has opted not to apply hedge accounting in respect to them.

The net result between the derivative transactions and the related financial instrument refers to the short position

in future interest rate contracts, with market value of R$6,765 (R$16,528 at December 31, 2013).

DI1 contracts have the same maturity dates as the fixed interest rate contracts to which they relate.

Financial risk management policy

BM&FBOVESPA’s policy for cash investments favors alternatives with very low risk, highly liquid and with

sovereign risk, whose overall performance is tied to the SELIC / CDI rate, resulting in a significant proportion of

government securities in its portfolio, purchased directly, via repurchase agreements backed by government

securities and also through exclusive and non-exclusive funds.




18

Sensitivity analysis

The table below presents the net exposure of all financial instruments (assets and liabilities) by market risk

factors, classified in accordance with their rates:

Exposure to Risk Factors (Consolidated)

03/31/2014 12/31/2013

Risk factor Risk Percentage Percentage

Floating interest rate Lower CDI / SELIC rate 97.27% 97.53%

Fixed interest rate Higher fixed rate 1.53% 0.45%

Foreign exchange

Higher dollar exchange

rate 0.94%

1.77%

Gold price Lower gold price 0.25% 0.24%

Inflation Lower inflation rate 0.01% 0.01%

100.00% 100.00%

Interest rate risk

This risk arises from the possibility that fluctuations in future interest rates for the corresponding maturities

could affect the fair value of BM&FBOVESPA’s transactions.

Floating-rate position

As a financial investment policy and considering the need for immediate liquidity with the least possible impact

from interest rate fluctuations, BM&FBOVESPA maintains its financial assets and liabilities indexed to floating

interest rates.

We present in the table below the possible impacts on profit or loss of a change of 25% and 50% from the

probable scenario for the CDI/SELIC rate, for the next three months:

Impact on P&L

Scenario Scenario Scenario Scenario Scenario

Risk factor -50% -25% Probable 25% 50%

Financial investments CDI/SELIC 42,452 63,077 83,324 103,209 122,747

Index rates CDI/SELIC 5.32% 7.99% 10.65% 13.31% 15.97%

Fixed-rate position

Part of BM&FBOVESPA’s financial investments bears fixed interest rates and this results in a net exposure to

such rates. However, in terms of percentage, in view of the amounts involved, the effects on the portfolio are not

considered material.




19

Currency risk

This risk arises from the possibility of fluctuations in exchange rates in connection with the acquisition of inputs,

product sales and asset and liability financial instruments could have an impact on the related amounts in local

currency.

In addition to the amounts payable and receivable in foreign currencies, including interest payments on the

senior unsecured notes in the next six-month period, BM&FBOVESPA has third-party deposits in foreign

currency to guarantee the settlement of transactions by foreign investors and also own funds in foreign currency

abroad. At March 31, 2014, the net foreign currency exposure amounted to R$32,960 (negative R$64,049 at

December 31, 2013). In view of the amounts involved, the effects on the portfolio are not considered material.

Liquidity risk

The following table shows the main financial liabilities of BM&FBOVESPA by maturity, represented by non-

derivative financial liabilities, on an undiscounted cash flows basis:

No maturity

Within 1

year

From 1 to

2 years

From 2

to 5

years

Above 5

years

Collateral for transactions 2,380,859

Debt issued abroad (1) 77,231 77,442 231,692 1,523,125

(1) Amounts converted by PTAX sale closing rate.

Credit risk and capital management

BM&FBOVESPA prefers very low risk investments, where more than 99% of the allocation of assets is linked

to government securities with ratings set by Standard & Poor's and Moody's of "A-" and "Baa2", respectively,

for long-term issues in local currency and characterized as investment grade, in order to obtain high liquidity and

sovereign risk, with overall performance linked to the CDI/SELIC rate.

The issue of Senior Notes (Note 12) was linked to increasing our equity interest in CME and the creation of a

strategic partnership between the companies. In addition, it serves as a natural hedge for the USD exposure

generated by the increased investment in CME Group.




20

5. Accounts receivable

The breakdown of accounts receivable is as follows:

BM&FBOVESPA

Description 03/31/2014 12/31/2013

Fees 18,147 10,972

Annual fees 5,859 5,485

Vendors - Signal broadcasting 11,171 11,620

Trustee and custodial fees 18,262 23,592

Other accounts receivable 8,101 8,704

Subtotal 61,540 60,373

Allowance for doubtful accounts (7,492) (7,677)

Total 54,048 52,696

Consolidated

Description 03/31/2014 12/31/2013

Fees 19,198 12,287

Annual fees 5,859 5,485

Vendors - Signal broadcasting 11,171 11,620

Trustee and custodial fees 18,262 23,592

Other accounts receivable 8,879 9,172

Subtotal 63,369 62,156

Allowance for doubtful accounts (7,814) (7,929)

Total 55,555 54,227

The amounts presented above are primarily denominated in Brazilian reais and approximately 90% falls due

within 90 days. At March 31, 2014, the amounts overdue above 90 days totaled R$7,316 (R$7,682 at December

31, 2013).




21

Changes in provision for losses:


Balance at December 31, 2013 7,677 7,929

Additions 544 614

Reversals (495) (495)

Write-offs (234) (234)

Balances at March 31, 2014 7,492 7,814

6. Other receivables

Other receivables comprise the following:

BM&FBOVESPA

03/31/2014 12/31/2013

Current

Dividends receivable - CME Group (Note 16) - 71,878

Receivables - related parties (Note 16) 3,566 3,307

Properties held for sale 3,812 3,812

Advances to employees 3,321 1,814

Other 97 78

Total 10,796 80,889

Consolidated

03/31/2014 12/31/2013

Current

Dividends receivable - CME Group (Note 16) - 71,878

Receivables - related parties (Note 16) 379 285

Properties held for sale 3,812 3,812

Advances to employees 3,332 1,841

FX transactions (Banco BM&FBOVESPA) 8,221 -

Other 1,571 1,456

Total 17,315 79,272

Non-current

Brokers in court-ordered liquidation (1) 2,200 2,200

Total 2,200 2,200

(1) Balance of accounts receivable from brokers in court-ordered liquidation, which considers the guarantee represented

by the equity certificates pledged by the debtor.




22

7. Investments

a. Investments in subsidiaries and associates

Investments in subsidiaries and associates comprise the following:

Companies Equity

Total number

of shares

Adjusted

P&L Ownership %

Investment

03/31/2014

Investment

12/31/2013

Equity pickup

1Q14

Equity pickup

1Q13

Subsidiaries

Banco BM&FBOVESPA de Liquidação e Custódia S.A. 60,769 24,000 1,739 100 60,769 59,028 1,739 940

Bolsa Brasileira de Mercadorias 14,168 403 (230) 53.42 7,569 7,692 (123) (392)

Bolsa de Valores do Rio de Janeiro - BVRJ 62,080 115 1,405 86.95 53,978 52,756 1,222 762

BM&F (USA) Inc. 1,126 1,000 (27) 100 1,126 1,189 (27) (98)

BM&FBOVESPA (UK) Ltd. 1,227 1,000 (99) 100 1,227 1,353 (99) (81)

124,669 122,018 2,712 1,131

Associate

CME Group, Inc. (1) 48,224,756 334,010 628,061 5.1 3,215,425 3,312,606 31,924 23,793

Recoverable income tax paid abroad (2)

- - 18,247 13,359

3,215,425 3,312,606 50,171 37,152

Total

3,340,094 3,434,624 52,883 38,283

Summary of key financial information of subsidiaries and associates at March 31, 2014:

Description

Banco

BM&FBOVESPA

Bolsa

Brasileira de

Mercadorias

Bolsa de Valores do

Rio de Janeiro -

BVRJ

BM&F (USA)

Inc.

BM&FBOVESPA

(UK) Ltd.

CME Group,

Inc.

Assets 397,281 15,922 68,145 1,207 1,570 120,317,147

Liabilities 336,512 1,754 6,065 81 343 72,092,391

Revenue 6,465 1,460 2,375 263 251 1,759,256




23

Changes in investments:

Subsidiaries Associate

Investments

Banco

BM&FBOV

ESPA

Bolsa

Brasileira de

Mercadorias

Bolsa de

Valores do Rio

de Janeiro -

BVRJ

BM&F

(USA) Inc.

BM&FBOV

ESPA (UK)

Ltd.

CME Group,

Inc. Total

Balances at December 31, 2013 59,028 7,692 52,756 1,189 1,353 3,312,606 3,434,624

Equity pickup 1,739 (123) 1,222 (27) (99) 31,924 34,636

Exchange variation (3) - - - (36) (27) (113,545) (113,608)

Comprehensive income of

associate/subsidiary 2 - - - - 2,891 2,893

Dividends received - - - - - (18,451) (18,451)

Balances at March 31, 2014 60,769 7,569 53,978 1,126 1,227 3,215,425 3,340,094

(1) In July 2010, with the acquisition of a 3.2% interest in CME Group for the amount of R$1,075,119, increasing the

ownership interest from 1.8% to 5%, BM&FBOVESPA began to recognize the investment using the equity method

in accordance with CPC 18/IAS 28, because management understands that the qualitative aspects of the

relationship between the two companies indicate the existence of significant influence of BM&FBOVESPA over

CME Group.

At March 31, 2014, the investment´s fair value based on share market quotation was R$2,843,891. Considering

that the market value of the investment in the CME Group is lower than the book value, BM&FBOVESPA

management conducted the impairment test at the base date November 30, 2013. The result did not indicate the

need to recognize loss on investment in the CME Group. In the first quarter of 2014, management reviewed the

internal and external indicators and concluded that assumptions and sensitivity analyses considered in the previous

valuation remain adequate, not indicating the need for recognition of impairment.

(2) Refers to recoverable tax paid by the foreign associate, according to Law No. 9249/95 and Revenue Procedure No.

213/02 of the Brazilian Internal Revenue Service (RFB)

(3) In July 2010, BM&FBOVESPA issued debt abroad to protect part of the foreign exchange risk on the investment

in CME Group (hedge of net investment) through the designation of a non-derivative financial instrument (debt

issuance abroad) as a hedge, as presented in Note 12. We present below the sensitivity analysis to exchange rate

variations for the non-hedged portion of the investment in CME Group:




24

Impact on equity

Decrease in exchange rate Increase in exchange rate

-50% -25% 25% 50%

Exchange rate 1.1315 1.6973 2.8288 3.3945

Exchange variation on investment in foreign associate (1,607,712) (803,856) 803,856 1,607,712

Exchange variation on hedge of net foreign investment 692,478 346,239 (346,239) (692,478)

Tax effect on exchange variation on hedge of net foreign

investment (235,443) (117,721) 117,721 235,443

Net effect (1,150,677) (575,338) 575,338 1,150,677

b. Investment properties

This category comprises properties owned by subsidiary BVRJ - Bolsa de Valores do Rio de Janeiro of rent,

which are carried at cost and depreciated at the rate of 4% per year.

Consolidated

Balance at December 31, 2013 33,671

Depreciation (380)

Balances at March 31, 2014 33,291

Rental income from these properties for the quarter ended March 31, 2014 was R$2,361 (R$1,872 at March

31, 2013).




25

8. Property and equipment (P&E)

BM&FBOVESPA

Changes Buildings

Furniture

and fixtures

Computer

devices and

equipment Facilities Other

Construction

in progress Total

Balances at December 31, 2013 113,501 16,756 68,740 49,981 29,955 139,921 418,854

Additions 232 29 967 36 329 21,472 23,065

Write-offs - (75) - - (144) - (219)

Transfer (Note 9) - - - - - 344 344

Depreciation (508) (870) (10,317) (1,821) (845) - (14,361)

Balances at March 31, 2014 113,225 15,840 59,390 48,196 29,295 161,737 427,683

At March 31, 2014

Cost 214,914 48,620 338,343 81,020 78,330 161,737 922,964

Accumulated depreciation (101,689) (32,780) (278,953) (32,824) (49,035) - (495,281)

Net book balance 113,225 15,840 59,390 48,196 29,295 161,737 427,683

Consolidated

Changes Buildings

Furniture

and fixtures

Computer

devices and

equipment Facilities Other

Construction

in progress Total

Balances at December 31, 2013 114,849 16,779 68,810 50,272 32,519 139,921 423,150

Additions 232 29 969 40 330 21,472 23,072

Write-offs - (74) - - (169) - (243)

Transfer (Note 9) - - - - - 344 344

Depreciation (530) (871) (10,327) (1,838) (847) - (14,413)

Balances at March 31, 2014 114,551 15,863 59,452 48,474 31,833 161,737 431,910

At March 31, 2014

Cost 217,250 49,121 339,371 82,064 80,981 161,737 930,524

Accumulated depreciation (102,699) (33,258) (279,919) (33,590) (49,148) - (498,614)

Net book balance 114,551 15,863 59,452 48,474 31,833 161,737 431,910




26

In the quarter, BM&FBOVESPA absorbed as part of the project development cost the amount of R$471 related

to the depreciation of equipment used in developing these projects.

Properties with a carrying amount of R$38,273 were pledged as collateral in lawsuits. BM&FBOVESPA is not

allowed to assign these assets as collateral for other lawsuits or sell them.

The annual rates of depreciation of assets classified in Property and equipment (P&E) at March 31, 2014 are the

same as presented as of December 31, 2013.

9. Intangible assets

Goodwill

The goodwill of R$16,064,309 is attributed to expected future profitability, supported by an economic and

financial valuation report of the investment. According to the guidelines of CPC 01/IAS 36, the goodwill must

be tested annually for impairment, or more frequently when there are indicators that impairment may have

occurred. Goodwill is stated at cost less accumulated impairment losses. Impairment losses recognized on

goodwill are not reversed.

The testing supported by the valuation report issued by experts did not indicate the need for adjustments to the

value of goodwill at December 31, 2013. In the first quarter of 2014, management reviewed the internal and

external indicators and concluded that the assumptions adopted in the previous test remain adequate and then

new calculations for the quarter are not required.




27

Software programs and projects

BM&FBOVESPA

and Consolidated

Changes

Cost of software

development

internally generated

Software internally

generated – projects

completed Software Total

Balances at December 31, 2013 274,154 272,455 61,407 608,016

Additions 31,347 - 13,237 44,584

Transfer (Note 8) (344) - - (344)

Reallocations/adjustments (3,008) 3,008 - -

Amortization - (11,202) (6,281) (17,483)

Balances at March 31, 2014 302,149 264,261 68,363 634,773

At March 31, 2014

Cost 302,149 322,350 311,026 935,525

Accumulated amortization - (58,089) (242,663) (300,752)

Net book balance 302,149 264,261 68,363 634,773

The balance comprises costs for the acquisition of licenses and development of software programs and systems,

with amortization rates from 10% to 33% per year, and expenditures for the implementation and development in

progress of new systems and software programs.

In the quarter, BM&FBOVESPA absorbed as part of the project development cost the amount of R$2,255

related to the amortization of software programs used in developing these projects.

10. Earnings and rights on securities in custody

These comprise dividends and interest on equity received from listed companies, which will be transferred to the

custody agents and by them to their clients, who are the owners of the listed companies’ shares.




28

11. Provision for taxes payable

BM&FBOVESPA

Description 03/31/2014 12/31/2013

Taxes withheld at source 5,157 8,036

PIS and COFINS payable 15,072 14,732

ISS payable 2,128 1,987

Total 22,357 24,755

Consolidated

Description 03/31/2014 12/31/2013

Taxes withheld at source 5,619 9,139

PIS and COFINS payable 15,231 14,845

ISS payable 2,137 1,995

Total 22,987 25,979

12. Debt issued abroad

The debt composition is unchanged compared to disclosed in the financial statements at December 31, 2013.

The updated balance of the loan at March 31, 2014 is R$1,396,255 (R$1,468,322 at December 31, 2013), which

includes R$18,491 (R$42,129 at December 31, 2013) of accrued interest through the reporting date.

The fair value of the debt, calculated using market data, is R$1,487,969 at March 31, 2014 (R$1,528,652 at

December 31, 2013) (Source: Bloomberg).




29

13. Other liabilities

BM&FBOVESPA

03/31/2014 12/31/2013

Current

Prepaid income – Annuities 24,235 -

Payables to related parties (Note 16) 19,534 18,208

Purchase of treasury shares payable 22,174 7,672

Custody agents 6,031 5,939

Amounts to be transferred - Direct Treasury 4,917 3,390

Advance received from sale of property 8,192 8,192

Preferred shares payable 1,838 1,838

Third-parties services 862 862

Other 8,245 7,301

Total 96,028 53,402

Non-current


Total 48,708 50,422




30

Consolidated

Description 03/31/2014 12/31/2013

Prepaid income – Annuities 24,235 -


Purchase of treasury shares payable 22,174 7,672

Custody agents 6,031 5,939

Amounts to be transferred - Direct Treasury 4,917 3,390

Advance received from sale of property 8,192 8,192

Third-parties services 1,326 1,296

Preferred shares payable 1,838 1,838

Demand deposits (1) 94,894 111,067

Repurchase agreements (2) 225,293 227,309

FX transactions (Banco BM&FBOVESPA) 11,667 3,837

Other 9,266 8,211

Total 428,819 396,578

Non-current


Total 48,708 50,422

(1) Refer to demand deposits held by corporations at Banco BM&FBOVESPA with the sole purpose of settlement of

clearing operations held within BM&FBOVESPA and the Special System for Settlement and Custody (SELIC)

pursuant to BACEN Circular Letter No. 3196 of July 21, 2005.

(2) Refers open market funding made by Banco BM&FBOVESPA, comprising repurchase agreements maturing on April

1, 2014 (2013 - January 2, 2014) and backed by Financial Treasury Bills (LFT) and National Treasury Bills (LTN).

14. Provisions for tax, civil and labor contingencies, contingent assets and liabilities and

judicial deposits

a. Contingent assets

BM&FBOVESPA has no contingent assets recognized in its balance sheet and, at present, no lawsuits which

are expected to give rise to future gains.

b. Provisions for tax, civil and labor contingencies

BM&FBOVESPA and its subsidiaries are defendants in a number of judicial and administrative proceedings

involving labor, tax and civil matters arising in the ordinary course of business.




31

The judicial and administrative proceedings are classified by their probability of loss (probable, possible or

remote), based on an evaluation by BM&FBOVESPA and its legal advisors, using parameters such as

previous legal decisions and the history of loss in similar cases.

The proceedings in which the loss is evaluated as probable comprise mainly the following:

Labor claims mostly relate to claims filed by former employees of BM&FBOVESPA and employees of

outsourced service providers, on account of alleged noncompliance with labor legislation;

Civil proceedings mainly relate to aspects of civil liability for losses and damages of BM&FBOVESPA

and its subsidiaries;

Tax cases mostly relate to PIS and COFINS levied on (i) BM&FBOVESPA revenues and (ii) receipt of

interest on equity.

c. Legal obligations

These are almost entirely proceedings in which BM&FBOVESPA seeks exemption from additional social

security contribution on payroll and payments to self-employed professionals.

d. Changes in balances

Changes in provisions for contingencies and legal obligations can be detailed as follows:

BM&FBOVESPA

Civil

proceedings

Labor

claims

Legal

obligations

Tax

proceedings Total

Balances at December 31, 2013 8,242 24,576 35,064 15,489 83,371

Provisions 7 3,372 1,179 - 4,558

Provision expenditure - (41) - - (41)

Reversal of provisions - (194) - - (194)

Reassessment of risks - 876 - - 876

Monetary restatement 383 781 545 273 1,982

Balances at March 31, 2014 8,632 29,370 36,788 15,762 90,552




32

Consolidated

Civil

proceedings Labor claims

Legal

obligations

Tax

proceedings Total

Balances at December 31, 2013 12,967 25,072 35,064 15,489 88,592

Provisions 7 3,446 1,179 - 4,632

Provision expenditure - (41) - - (41)

Reversal of provisions - (194) - - (194)

Reassessment of risks - 862 - - 862

Monetary restatement 724 797 545 273 2,339

Balances at March 31, 2014 13,698 29,942 36,788 15,762 96,190

Considering the characteristics of the provisions, the timing of the cash disbursements, if any, cannot be

predicted.

e. Possible losses

The proceedings classified as possible loss are so classified as a result of uncertainties surrounding their

outcome. They are legal or administrative proceedings for which case law has not yet been established or

which still depend on verification and analysis of the facts, or even involve specific aspects that reduce the

chances of loss.

BM&FBOVESPA and its subsidiaries are parties to tax, civil and labor lawsuits involving risks of loss

classified by management as possible, based on the evaluation of their legal advisors, for which no provision

has been recorded. These proceedings comprise mainly the following:

Labor claims mostly relate to claims filed by former employees of BM&FBOVESPA and employees of

outsourced service providers, on account of alleged noncompliance with labor legislation. The lawsuits

classified as possible losses at March 31, 2014 total R$39,745, Company and consolidated (R$34,688 at

December 31, 2013);

Civil proceedings mainly relate to aspects of civil liability for losses and damages. The total amount

involved in the civil lawsuits classified as possible losses at March 31, 2014 is R$84,145 in

BM&FBOVESPA (R$81,315 at December 31, 2013) and R$245,858 on a consolidated basis (R$81,911

at December 31, 2013;




33

The amount at March 31, 2014 and December 31, 2013 is almost entirely related to two legal

proceedings. The first one refers to the possibility of BM&FBOVESPA being required to deliver its

shares (surviving company of the merger with BM&F S.A.), corresponding to the shares resulting from

the conversion of the membership certificate of a commodities broker in the former BM&F, or

indemnify the corresponding amount, if the cancellation of the certificates in the former BM&F is found

to be illegal, as alleged by a commodities broker in bankruptcy. The second administrative proceeding

arises from the possibility of BVRJ being required to indemnify an investor for alleged omission in an

audit report, brought before the Special Guarantee Fund Commission of BVRJ, of shares that allegedly

resulted from transactions carried out by the investor through a broker, which were not included in the

custody account.

The total amount involved in tax proceedings classified as possible loss is R$709,558, Company and

consolidated (R$577,004 at December 31, 2013). The main tax proceedings of BM&FBOVESPA and its

subsidiaries refer to the following matters:

(i) classification of the former BM&F and Bovespa, in the period prior to the demutualization, as

taxpayers of the Contribution Tax to Social Security Financing ("COFINS"), which is the subject matter

of two declaratory judgment actions pleading the declaration that the plaintiffs have no tax obligations

owed to the federal tax authorities and seeking exemption from COFINS on revenue arising from the

exercise of the activities for which they were established, which does not fall under the concept of

revenue. The amount involved in the aforementioned proceedings as of March 31, 2014 is R$53,804

(R$53,091 at December 31, 2013).

(ii) collection of Withholding Income Tax (IRRF) relating to the calendar year 2008, since the Brazilian

IRS understands that BM&FBOVESPA would be responsible for withholding and paying IRRF on the

supposed capital gains earned by non-resident investors in Bovespa Holding S.A., due to the merger of

shares of Bovespa Holding S.A. into BM&FBOVESPA. The amount involved in this administrative

proceeding at March 31, 2014 is R$168,797 (R$165,225 at December 31, 2013).

(iii) as the successor of Bovespa Holding S.A., the deductibility, for purposes of calculating IRPJ and

CSLL, of expenses paid by Bovespa Holding S.A. in connection with the commission to intermediary

institutions responsible for the secondary public offering of its shares held in 2007, and the liability for

IRRF on part of the payments made to intermediaries who participated in said public offering. The

amount involved in this administrative proceeding at March 31, 2014 is R$129,589 (R$126,755 at

December 31, 2014), classified as follows: (i) R$120.654 (R$118.015 at December 31, 2013) as possible

loss; and (ii) R$8,935 (R$8,739 at December 31, 2013), relating to isolated fine for the non-withholding

of income tax at source, as remote loss.




34

(iv) alleged levy of social security contributions on options granted under the Stock Option Plan of

BM&F S.A., assumed by BM&FBOVESPA and exercisable by the beneficiaries of the Plan, in 2007

and 2008, as well as isolated fine due to the non-withholding at source of income tax allegedly due on

those options. The inquiries of the Brazilian IRS are based on the understanding that the stock options

were granted to employees in the nature of salary as they represent compensation for services rendered.

The amounts involved in these administrative proceedings at March 31, 2014 are (i) R$88,796

(R$86,844 at December 31, 2013), relating to social security taxes allegedly due, classified as possible

loss, and (ii) R$47,292 (R$46,252 at December 31, 2013), relating to isolated fine for the non-

withholding of income tax, classified as remote loss.

(v) alleged levy of social security taxes on options granted under the Stock Option Plan of BM&F S.A.,

assumed by BM&FBOVESPA, and of BM&FBOVESPA itself, exercised by the beneficiaries of the

Plan in 2009 and 2010, as well as isolated fine due to the non-withholding at source of income tax

allegedly due on those options. The inquiries of the Brazilian IRS are based on the understanding that

the stock options granted to employees have a salary nature, as they represent compensation for services

rendered. The amounts involved in these administrative proceedings at March 31, 2014 are (i)

R$114,381, relating to social security taxes allegedly due, classified as possible loss, and (ii) R$45,841,

relating to isolated fine for the non-withholding of income tax, classified as remote loss.

(vi) alleged differences in payment of IRPJ and CSLL stemming from questioning the limits of

deductibility of interest on equity paid by BM&FBOVESPA to its shareholders in 2008. The total

amount involved in this administrative proceeding is R$122,362 (R$119,672 at December 31, 2013),

including arrears interest and automatic fine.

f. Remote losses

BM&FBOVESPA, as successor of the former BOVESPA, and subsidiary BVRJ figure as defendants in a

claim for property damages and pain and suffering filed by Naji Robert Nahas, Selecta Participações e

Serviços SC Ltda., and Cobrasol - Companhia Brasileira de Óleos e Derivados, on the grounds of alleged

losses in the stock market sustained in June 1989. The amount attributed to the cause by the plaintiffs is

R$10 billion. In relation to property damages and pain and suffering claimed, the plaintiffs ask that

BM&FBOVESPA and BVRJ be sentenced in proportion to their responsibilities. A sentence was published

in which the claims made by the plaintiffs were considered completely unfounded. This sentence was

confirmed by the High Court of Justice of Rio de Janeiro State by means of a decision published on

December 18, 2009. The plaintiffs filed special and extraordinary appeals and both of which were denied.

Bill of reviews was filed with the High Court of Justice and with the Federal Supreme Court of Brazil, which

was accepted for analysis of the appeal to the High Court of Justice filed by the plaintiffs. The appeal is

currently pending judgment. BM&FBOVESPA believes that the chances of loss in this lawsuit are remote.

On November 29, 2010, BM&FBOVESPA received an assessment notice from the Brazilian IRS demanding

the payment of income tax (R$301,686 of principal, plus fines and interest) and social contribution tax

(R$108,525 of principal, plus fines and interest) that, in the opinion of the Brazilian IRS, BM&FBOVESPA

underpaid in the years 2008 and 2009 with respect to the amortization for tax purposes of the goodwill

generated upon the merger of Bovespa Holding S.A., approved at the Special General Meeting held on May

8, 2008. In October 2011, the Brazilian IRS Judgment Office in São Paulo issued a decision on the challenge

presented by BM&FBOVESPA, upholding, in substance, the assessment notice. BM&FBOVESPA filed an




35

appeal with the Board of Tax Appeals in November 2011, which was denied in December 2013, thus

upholding the referred to tax notice. BM&FBOVESPA will await the official notification to be drawn in

order to analyze, together with its legal advisors, the most adequate appeal strategy to be followed.

BM&FBOVESPA believes that the risk of loss associated with this tax matter is remote and will continue to

amortize the goodwill for tax purposes as provided for by prevailing legislation.

BM&FBOVESPA, as the successor of Bolsa de Mercadorias e Futuros - BM&F ("BM&F") and as disclosed

in its Form of Reference (item 4.3), figures as a defendant in civil public actions and class actions filed in

order to investigate the practice of possible acts of administrative impropriety, and to receive compensation

for alleged damages to the federal treasury as a result of transactions conducted by the Central Bank of

Brazil in January 1999 in the US dollar futures market run by the former BM&F. On March 15, 2012, those

proceedings were deemed valid and sentenced most of the defendants, among them, BM&F. The total

amount arising from this unfavorable decision is R$7,005 million, and, according to one of the decisions

handed down, the gains that the Central Bank of Brazil obtained by reason of the non-use of international

reserves, amounting to R$5,431 million, may be deducted. BM&FBOVESPA was also ordered to pay a civil

penalty in the amount of R$1,418 million. The figures refer to January 1999 and should be monetarily

restated, including arrears interest and burden of defeat. BM&FBOVESPA believes that these proceedings

are fully groundless and will not recognize in its quarterly information any provision for such lawsuits as the

risk of loss is remote. Appeals were filed, which have caused the execution of the trial court judgment to be

suspended until the Federal Court of Appeals of the 1st Chapter renders a decision on those appeals.

g. Judicial deposits


Description 03/31/2014 12/31/2013 03/31/2014 12/31/2013

Legal obligations 35,370 33,645 35,370 33,645

Tax proceedings 66,005 64,922 66,253 65,165

Civil proceedings 5,019 4,948 5,019 4,948

Labor claims 4,569 4,750 4,728 4,907

Total 110,963 108,265 111,370 108,665

Out of the total judicial deposits, the following are highlighted: (i) R$48,056 (R$47,315 at December 31,

2013) relates to disputes over the classification of the exchanges as subject to payment of COFINS, assessed

as possible loss by BM&FBOVESPA, as described in item “e” above; and (ii) R$11,725 (R$11,425 at

December 31, 2013) refers to cases regarding PIS and COFINS on interest on equity received. Out of the

total deposits relating to legal obligations, R$34,932 (R$33,208 at December 31, 2013) relates to the

processes in which BM&FBOVESPA claims exemption from additional social security tax on payroll and

payments to self-employed professionals, and challenges the legality of FAP (an index applied to calculate

the occupational accident insurance owed by employers).

Due to the existence of judicial deposits related to tax proceedings classified as possible losses, the total tax

contingencies and legal obligations are less than the total deposits related to tax claims.




36

15. Equity

a. Capital

At the meeting held on February 13, 2014, the Board of Directors approved the cancellation of 80,000,000

shares (Note 15 (b)) issued by BM&FBOVESPA, held in treasury, which were purchased under the share

buyback program. Accordingly, the capital of BM&FBOVESPA of R$2,540,239 is now represented by

1,900,000,000 registered common shares with voting rights and no par value, of which 1,847,585,216 are

outstanding at March 31, 2014 (1,893,582,856 common shares at December 31, 2013). The shareholders

will deliberate at Extraordinary General Meeting to be held on May 13, 2014, about the changes in the Act

of Incorporation so it can reflect the new number of shares representing the capital

BM&FBOVESPA is authorized to increase its capital up to the limit of 2,500,000,000 common shares,

through a resolution of the Board of Directors, without any amendment to its Articles of Incorporation.

b. Treasury shares

Share buyback program

At a meeting held on July 25, 2013, the Board of Directors approved the Company´s Share Buyback

Program, starting on July 1, 2013 and ending on June 30, 2014. The limit of shares to be repurchased by

BM&FBOVESPA is 60,000,000 common shares, representing 3.13% of the total shares outstanding.

BM&FBOVESPA repurchased the 60,000,000 shares projected for the period between July 1, 2013 and

January 29, 2014, of which 23,050,000 in 2013 and 36,950,000 in 2014.

At a meeting held on February 13, 2014, the Board of Directors approved the Company´s Share Buyback

Program, starting on February 14, 2014 and ending on December 31, 2014. The limit of shares to be

repurchased by BM&FBOVESPA is 100,000,000 common shares, representing 5.4% of the total shares

outstanding.

Until March 31, 2014, BM&FBOVESPA had repurchased 9,583,100 shares, representing 9.58% of the total

number projected in the share buyback program.

The shares acquired under the Share Buyback Program may be canceled or used in connection with the

exercise of the stock options by the beneficiaries of the Stock Option Plan of BM&FBOVESPA.




37

The changes in treasury shares for the quarter are as follows:

Number Amount

Balances at December 31, 2013 86,417,144 955,026

Purchase of shares - Share buyback program 46,533,100 470,184

Shares cancelled (Note 15(a)) (80,000,000) (859,793)

Shares sold - stock options (Note 18) (535,460) (5,727)

Balances at March 31, 2014 52,414,784 559,690

Average cost of treasury shares (R$ per share)

10.678

Market value of treasury shares

589.666

c. Revaluation reserves

Revaluation reserves were established as a result of the revaluation of works of art in BM&FBOVESPA and

of the properties of the subsidiary BVRJ in 2007, based on independent experts’ appraisal reports.

d. Capital reserve

Refer substantially to amounts originated in the merger of Bovespa Holding shares in 2008, and other

corporate events allowed by the Brazilian Corporation Law, such as (i) capital increase through merger, (ii)

redemption, repayment or purchase of shares, and (iii) events associated with the stock option plan.

e. Income reserves

(i) Legal reserve

Legal reserve is annually set up with allocation of 5% of net income for the year, capped at 20% of capital.

The legal reserve aims at ensuring integrity of capital and may only be used to absorb losses and increase

capital.

(ii) Statutory reserves

Represent funds and safeguard mechanisms required for the activities of BM&FBOVESPA, in order to

ensure the proper settlement and reimbursement of losses arising from the intermediation of transactions

carried out in its trading sessions and/or registered in any of its trading, registration, clearing and settlement

systems, and from custody services.




38

Pursuant to the Articles of Incorporation, the Board of Directors may, when the amount of the statutory

reserve is sufficient to meet the purposes for which it was originally established, propose that part of the

reserve be distributed to the shareholders of the Company.

f. Other comprehensive income

The purpose is to record the effects of (i) exchange variation of investments abroad, (ii) hedge accounting on

net foreign investment (Note 12), (iii) comprehensive income of associate and subsidiaries and (iv) actuarial

gains/losses on post-retirement health care benefits.

g. Dividends and interest on equity

As provided for in the Articles of Incorporation, shareholders are entitled mandatory minimum dividends of

25% of net income for the year, adjusted under Brazilian Corporation Law.

At the Ordinary General Meeting held on March 24, 2014 approval was given to proposed payment of

dividends to shareholders, of R$145,703 a complement of dividends relating to income for the year ended

December 31, 2013, which will be paid on June 27, 2014.

The management of BM&FBOVESPA did not set up an income reserve for the difference between the

amount recognized as equity pickup and the amount received as dividends arising from the interest held in

the associate CME Group (Note 7).

h. Earnings per share

Basic Consolidated

1Q14 1Q13

Numerator

Net income available to shareholders of BM&FBOVESPA 256,142 266,975

Denominator

Weighted average number of outstanding shares 1,851,586,787 1,934,143,076

Basic earnings per share (in R$) 0.138336 0.138033

Diluted Consolidated

1Q14 1Q13

Numerator

Net income available to shareholders of BM&FBOVESPA 256,142 266,975

Denominator

Weighted average number of outstanding shares adjusted by effects of

stock options plans 1,853,816,780 1,941,240,424

Diluted earnings per share (in R$) 0.138170 0.137528




39

16. Related parties

a. Balances and transactions with related parties

Assets /

(liabilities)

Income /

(expenses)

Description 03/31/2014 12/31/2013 1Q14 1Q13

Banco BM&FBOVESPA de Serviços de Liquidação e Custódia

S.A. (1)

Accounts receivable 839 673

Interest on equity receivable 2,338 2,338

Recovery of expenses

2,500 2,095

Bolsa Brasileira de Mercadorias (1)


Accounts payable (303) (100)

Minimum contribution on membership certificates (fees)

(303) (321)

Property rental

6 4


20 24

BM&F (USA) Inc. (1)

Accounts payable - (117)

Sundry expenses - - (265) (352)

BM&FBOVESPA (UK) Ltd. (1)

Accounts payable (245) (164)

Sundry expenses

(248) (248)

Bolsa de Valores do Rio de Janeiro (1)



7 1

CME Group

Dividends receivable - 71,878

Accounts receivable 12 -

Accounts payable (58,348) (60,178)

Financial expenses

(225) -

BM&FBOVESPA Supervisão de Mercados


Accounts payable (9,039) (8,061)

Donation/contribution

(2,134) -


750 834

Associação BM&F


Accounts payable (307) -


118 127

Other related parties


Accounts payable - (10)


33 16

(1) Subsidiaries included in the consolidation process.




40

The main recurring transactions with related parties are described below and were carried out under the

following conditions:

BM&FBOVESPA pays a minimum monthly fee to Bolsa Brasileira de Mercadorias. The payment that

BM&FBOVESPA makes to Bolsa Brasileira de Mercadorias is established by the articles of incorporation of

the latter, under which the member (as is the case of BM&FBOVESPA) must regularly pay fees for

membership certificates.

Bolsa Brasileira de Mercadorias periodically reimburses BM&FBOVESPA for expenses associated with the

resources and infrastructure provided by BM&FBOVESPA to aid in carrying out its activities.

In order to further the development of the market and strengthen the founding member commitment to the

development of markets administered by Bolsa Brasileira de Mercadorias, BM&FBOVESPA decided to

offer, free of charges, services provided by the Founding Member that may be necessary for the development

of markets administered by Bolsa Brasileira de Mercadorias, in the amount of R$2,970, for a maximum

period of 5 years as from April 2013, upon the previous approval of the Founding Member.

The amounts owed by Banco BM&FBOVESPA to BM&FBOVESPA refer to the Company’s funds used by

Banco BM&FBOVESPA in performing its activities under a formal agreement signed by the parties. Such

amounts are paid upon presentation of a descriptive document prepared by BM&FBOVESPA and approved

by Banco BM&FBOVESPA, according to the terms of the agreement.

Other liabilities to CME Group refer to the remaining portion for the acquisition of the perpetual license of

modules related to the multi-asset class electronic trading platform, PUMA Trading System, which was

developed along with CME Group.

BSM has entered into an agreement with BM&FBOVESPA for the transfer and recovery of costs which

establishes the reimbursement to BM&FBOVESPA for expenses incurred for resources and infrastructure

made available to BSM to assist it in the performance of its supervision activities. Such costs are determined

on a monthly basis using the methodology specified in the agreement signed by the parties and also include

the activities related to the Mecanismo de Ressarcimento de Prejuízos (Loss Recovery Mechanism) as this

mechanism is administered by BSM.

BM&FBOVESPA monthly pays BM&F (USA) Inc. and BM&FBOVESPA (UK) Ltd. for representing it

abroad by liaising with other exchanges and regulators and assisting in bringing new clients to the Brazilian

capital market.

Associação BM&F, Associação Bovespa, Instituto BM&FBOVESPA and Associação Profissionalizante

BM&FBOVESPA periodically reimburse BM&FBOVESPA for expenses associated with the resources and

infrastructure provided by BM&FBOVESPA to assist them in performing their activities.




41

b. Key management personnel compensation

Key management personnel include Members of the Board of Directors, Executive Officers, Internal Audit

Officer, Corporate Risk Officer, Officer of BM&FBOVESPA Bank and Human Resources Officer.

1Q14 1Q13

Management fees

Short-term benefits (salaries, profit sharing etc.) 6,611 6,420

Share-based compensation (1) 3,237 2,906

(1) Represents the expense calculated for the quarter in relation to the stock options granted to key management personnel,

which was recognized in accordance with the criteria described in Note 18.

17. Structure of guarantees BM&FBOVESPA operating as a central counterparty (CCP) manages four clearinghouses considered

systemically important by the Central Bank of Brazil: the Derivatives, Foreign Exchange and Securities

Clearinghouses and the Equity and Corporate Debt Clearinghouse (CBLC).

On March 5, 2014, according to BM&FBOVESPA Circular Letter No. 003/2014, new versions of

BM&FBOVESPA Clearinghouse rules became effective, aiming at compliance with the international capital

requirement rules under Basel III Accord by financial institutions subject to credit risk of clearinghouses. These

changes were approved by BACEN in January 2014.

The transactions in the BM&FBOVESPA markets are secured by margin deposits in cash, government and

corporate securities, letters of guarantee and shares, among others. The guarantees received in cash, in the

amount of R$2,380,859 (R$2,072,989 at December 31, 2013), are recorded as liabilities under Collateral for

transactions and other non-cash collaterals, in the amount of R$221,467,787 (R$212,316,376 at December 31,

2013), are recorded in memorandum accounts (off balance sheet). At March 31, 2014, collaterals deposited,

comprised of clearing, amounted to R$223,848,646 (R$214,389,365 at December 31, 2013), as shown below:

a. Collaterals deposited by market participants:

i) Derivatives Clearinghouse:

Breakdown 03/31/2014 12/31/2013

Government securities 126,752,020 118,581,479

Letters of guarantee 2,875,769 2,796,183

Shares 4,173,166 4,019,309

Bank Deposit Certificates (CDBs) 1,298,670 1,185,727

Cash amounts deposited 857,639 701,705

Gold 31,708 56,182




42

Other 96,788 66,000

Total 136,085,760 127,406,585

ii) Corporate Debt Market (CBLC) Clearinghouse:

Breakdown 03/31/2014 12/31/2013


Shares 40,971,777 42,654,968

International Securities (1) 2,287,123 1,616,091

Bank Deposit Certificates (CDBs) 214,416 239,198

Letters of guarantee 1,156,414 1,055,421


Other 84,226 86,429

Total 82,049,963 80,287,780

(1) American and German government securities as well as ADRs (American Depositary Receipt).

iii) Foreign Exchange Clearinghouse:

Breakdown 03/31/2014 12/31/2013


Cash amounts deposited 1,185,816 1,154,906

Total 4,967,469 5,937,513

iv) Assets Clearinghouse:

Breakdown 03/31/2014 12/31/2013

Government securities 745,454 757,487

b. Other safeguard mechanisms

i) Derivatives Clearinghouse

Joint liability for paying the broker and clearing member that acted as intermediaries, as well as collaterals

deposited by such participants.

Fundo de Desempenho Operacional, composed of funds provided by holders of right of settlement in the

Derivatives Clearinghouse (clearing members) and holders of unrestricted right to bargain with the sole

purpose of ensuring the operations. This fund has the following position:




43

Breakdown 03/31/2014 12/31/2013


Letters of guarantee 145,000 141,000

Bank Deposit Certificates (CDBs) 5,810 5,720

Shares 11,014 10,765

Cash amounts deposited 83 224

Amounts deposited 968,207 1,009,985

Amounts required from participants 783,000 808,500

Amount in excess of the minimum required 185,207 201,485

Fundo de Operações do Mercado Agropecuário, in the amount of R$50,000 at March 31, 2014 and

December 31, 2013, intended to hold funds of BM&FBOVESPA to guarantee the proper settlement of

transactions involving agricultural commodity contracts.

Fundo Especial dos Membros de Compensação, in the amount of R$40,000 until December 31, 2013,

intended to hold funds of BM&FBOVESPA to guarantee the proper settlement of transactions, regardless of

the type of contract. This fund was terminated on March 5, 2014.

Fundo de Liquidação de Operações, composed of collaterals transferred by clearing members and

BM&FBOVESPA funds. This fund has the following position:

Breakdown 03/31/2014 12/31/2013

Government securities 1,186,612 322,274

Letters of guarantee 30,750 30,750

Cash amounts deposited 490 -

Shares 3,188 3,075

Amounts deposited 1,221,040 356,099


Amount required from BM&FBOVESPA (1) 243,000 -


(1) Comprised of Federal Government Securities.

Patrimônio Especial (Especial equity), in the amount of R$46,862 (R$45,729 at December 31, 2013), in

compliance with the provisions of article 5 of Law No. 10214 of March 27, 2001 and article 19 of BACEN

Circular No. 3057 of August 31, 2001.

ii) Corporate Debt Market (CBLC) Clearinghouse:




44

Joint liability for paying the broker and clearing member that acted as intermediaries, as well as collaterals

deposited by such participants.

The Settlement Fund, composed of collaterals transferred by clearing members and BM&FBOVESPA

funds, intended to guarantee the proper settlement of transactions.

Breakdown 03/31/2014 12/31/2013



Amounts deposited 635,610 395,910








iii) Foreign Exchange Clearinghouse: Fundo de Liquidação de Operações de Câmbio, formerly Fundo de Participação, composed of collaterals

transferred by Foreign Exchange Clearinghouse participants and BM&FBOVESPA funds, intended to

guarantee the proper settlement of transactions.

Breakdown 03/31/2014 12/31/2013


Cash amounts deposited - 1,000

Amounts deposited 303,750 215,809








45

Fundo Operacional da Clearing de Câmbio, in the amount of R$50,000 until December 31, 2013, intended to

hold funds of BM&FBOVESPA to cover losses arising from operational or administrative failures. This

fund was terminated on March 5, 2014.




iv) Assets Clearinghouse:

Fundo Operacional da Clearing de Ativos, in the amount of R$40,000 at March 31, 2014 and December 31,

2013, intended to hold funds of BM&FBOVESPA to cover losses arising from operational or administrative

failures.




e. Guarantee funds

The subsidiaries Bolsa Brasileira de Mercadorias and Bolsa de Valores do Rio de Janeiro (BVRJ) also manage

Guarantee Funds, special purpose entities without a legal status. The maximum liability of these Guarantee

Funds is limited to the sum of their net assets.

18. Employee benefits

a. Stock options - Long-term benefit

BM&FBOVESPA has a Stock Option Plan (Option Plan) approved at the Special General Meeting held on May

8, 2008, as amended at the Special General Meeting held on April 18, 2011 and at the Annual and Special

General Meeting held on April 15, 2013, by which the employees of BM&FBOVESPA and its subsidiaries are

eligible to receive stock options.

As from 2013, the Plan provides for granting of stock options to Executive Board members, under item 13,

through which a total of 330,000 options will be granted annually, to be distributed equally among the members.

The options will be granted to members in a single lot, and may be exercised by the beneficiary after two years,

as from the end of each term of office as a Board member in which the related options were granted.

Currently there are nine Programs to grant options under the Option Plan, approved by the Board of Directors,

and one stock option grant to the Board of Directors.

BM&FBOVESPA recognized expenses related to grants of the Option Plan in the amount of R$6,859 in the

quarter (R$7,877 at March 31, 2013), matched against capital reserves in equity. BM&FBOVESPA considered




46

in this calculation an estimated turnover between 11% and 20%, i.e. the estimated number of options which will

not vest due to employees who opt to leave BM&FBOVESPA or whose employment is terminated before

achieving vested rights to exercise the options.

At March 31, 2014, BM&FBOVESPA used 2.26% (1.69% at December 31, 2013) of the total limit of 2.5% of

the capital for stock option grants, leaving 0.24% of the capital for new programs. When the options are

exercised by the beneficiaries, new shares will be issued, by increasing the capital of BM&FBOVESPA, or

treasury shares will be used.

The exercise price per share is equal to the average closing price of the 20 trading days preceding the date of

grant, subject to vesting periods for its exercise.




47

Total options granted

Plan Grant date

Vesting

period

Exercise

price (R$ per

share) Granted

Exercise and

cancelled in

prior periods

Canceled and

lapsed at

03/31/2014

Exercised at

03/31/2014

Outstanding

contracts at

03/31/2014

Fair value of

options on the

grant date (R$

per share)

Program 2008 12/19/2008 06/30/2009 5.174 1,132,966 (1,104,841) - (1,625) 26,500 3.71

12/19/2008 06/30/2010 5.174 1,132,966 (1,075,366) - (1,775) 55,825 3.71

12/19/2008 06/30/2011 5.174 1,132,959 (1,055,259) - (3,625) 74,075 3.71

12/19/2008 06/30/2012 5.174 1,132,959 (980,022) - (41,825) 111,112 3.71

4,531,850 (4,215,488) - (48,850) 267,512

Program 2009 03/01/2009 12/31/2009 6.60 2,486,750 (2,316,540) - (21,950) 148,260 2.93

03/01/2009 12/31/2010 6.60 2,486,750 (2,210,550) - (41,250) 234,950 2.93

03/01/2009 12/31/2011 6.60 2,486,750 (2,097,340) - (53,410) 336,000 2.93

03/01/2009 12/31/2012 6.60 2,486,750 (1,885,000) - (147,500) 454,250 2.93

9,947,000 (8,509,430) - (264,110) 1,173,460

Program 2010 01/03/2011 01/03/2011 12.91 3,488,000 (1,430,125) (127,750) - 1,930,125 4.50

01/03/2011 01/03/2012 12.91 3,488,000 (1,376,125) (127,750) - 1,984,125 4.50

01/03/2011 01/03/2013 12.91 3,488,000 (1,301,875) (169,000) - 2,017,125 4.50

01/03/2011 01/03/2014 12.91 3,488,000 (1,167,875) (128,750) - 2,191,375 4.50

13,952,000 (5,276,000) (553,250) - 8,122,750

Program 2011 01/02/2012 01/02/2013 10.07 3,180,500 (1,783,625) (66,250) (77,500) 1,253,125 2.79

01/02/2012 01/02/2014 10.07 3,180,500 (471,875) (87,500) (113,750) 2,507,375 2.79

01/02/2012 01/02/2015 10.07 3,180,500 (534,375) (160,000) - 2,486,125 2.79

01/02/2012 01/02/2016 10.07 3,180,500 (559,375) (135,000) - 2,486,125 2.79

12,722,000 (3,349,250) (448,750) (191,250) 8,732,750

Additional 01/02/2012 01/02/2015 5.04 1,336,345 (143,865) (76,158) - 1,116,322 4.19

Program 2011 01/02/2012 01/02/2017 5.04 1,336,345 (164,920) (55,097) - 1,116,328 4.19

2,672,690 (308,785) (131,255) - 2,232,650

Program 2012 01/02/2013 01/02/2014 10.78 2,481,509 (162,500) (25,000) (31,250) 2,262,759 5.55

01/02/2013 01/02/2015 10.78 2,481,509 (175,000) (93,750) - 2,212,759 5.55

01/02/2013 01/02/2016 10.78 2,481,509 (187,500) (81,250) - 2,212,759 5.55

01/02/2013 01/02/2017 10.78 2,481,509 (187,500) (81,250) - 2,212,759 5.55

9,926,036 (712,500) (281,250) (31,250) 8,901,036

Additional 01/02/2013 01/02/2016 6.74 1,098,045 (52,833) (43,081) - 1,002,131 6.98

Program 2012 01/02/2013 01/02/2018 6.74 1,098,045 (52,832) (43,079) - 1,002,134 6.98

2,196,090 (105,665) (86,160) - 2,004,265

Program 2013 01/02/2014 01/02/2015 8.73 2,487,078 - - - 2,487,078 3.43

01/02/2014 01/02/2016 8.73 2,487,077 - - - 2,487,077 3.43

01/02/2014 01/02/2017 8.73 2,487,077 - - - 2,487,077 3.43

01/02/2014 01/02/2018 8.73 2,487,077 - - - 2,487,077 3.43

9,948,309 - - - 9,948,309

Additional 01/02/2014 01/02/2017 5.46 1,546,394 - - - 1,546,394 4.33

Program 2013 01/02/2014 01/02/2019 5.46 1,546,381 - - - 1,546,381 4.33

3,092,775 - - - 3,092,775

EB granting 2013 01/02/2014 04/30/2017 10.92 330,000 - - - 330,000 2.98

330,000 - - - 330,000

Total Plans

69,318,750 (22,477,118) (1,500,665) (535,460) 44,805,507




48

Total options exercised

BM&FBOVESPA Plan

Exercise period

Average market price (R$

per share)

Number of options

exercised

January 10.20 43,850

February 9.95 265,960

March 10.54 225,650

Options exercised in 1Q14 535,460

Changes in the consolidated statements

Number

Balance at December 31, 2013 33,470,548

Stock options granted 13,371,084

Options exercised (Note 15(b)) (535,460)

Options cancelled and lapsed (1,500,665)

Balances at March 31, 2014 44,805,507

Dilution percentage

03/31/2014

BM&FBOVESPA Total

Grant date 12/19/2008 03/01/2009 01/03/2011 01/02/2012 01/02/2012 01/02/2013 01/02/2013 01/02/2014 01/02/2014 01/02/2014

Outstanding stock options 267,512 1,173,460 8,122,750 8,732,750 2,232,650 8,901,036 2,004,265 9,948,309 3,092,775 330,000 44,805,507

Shares outstanding

1,847,585,216

Dilution percentage 0.01% 0.06% 0.44% 0.47% 0.12% 0.48% 0.11% 0.54% 0.17% 0.02% 2.43%

12/31/2013

BM&FBOVESPA Total

Grant date 12/19/2008 03/01/2009 01/03/2011 01/02/2012 01/02/2012 01/02/2013 01/02/2013

Outstanding stock options 316,362 1,437,570 8,676,000 9,372,750 2,363,905 9,213,536 2,090,425

33,470,548

Shares outstanding

1,893,582,856

Dilution percentage 0.02% 0.08% 0.46% 0.49% 0.12% 0.49% 0.11%

1.77%




49

Effects arising from the exercise of options

1Q14 1Q13

Amount received from the exercise of options 4,259 25,138

(-) Cost of treasury shares disposed of (5,727) (27,688)

Effect from disposal of shares (1,468) (2,550)

b. Supplementary pension plan

The pension plan Fundo de Pensão Multipatrocinado das Instituições do Mercado Financeiro e de Capitais

(Mercaprev) is structured as a defined contribution plan, as one of the sponsors BM&FBOVESPA, with

voluntary participation open to all employees.

c. Post-retirement health care benefit

BM&FBOVESPA maintains a post-retirement health care plan for a group of employees and former employees.

At March 31, 2014, the actuarial liabilities related to this plan were R$26,672 (R$25,940 at December 31, 2013),

calculated using the following assumptions at December 31, 2013, still at March, 31, 2014:

2013 2012

Discount rate 6.5% p.a. 4.0% p.a.

Economic inflation 4.5% p.a. 4.5% p.a.

Medical inflation 3.0% p.a. 3.0% p.a.

Mortality table AT-2000 AT-2000

Average life expectancy in years of a pensioner retiring at age 65 is as follows:

Retirement at balance sheet date (age 65) 20 years

Retirement in 25 years (age 40 today) 20 years

The sensitivity of the actuarial liability of the health care plan at December 31, 2013 to the changes in key

assumptions is as follows: Increase of 0.5% Decrease of 0.5%

Discount rate (1,636) 1,814

Medical inflation 1,914 (1,747)

Life expectancy + 1 Life expectancy - 1

Mortality table 1,045 (1,029)




50

19. Income tax and social contribution

a. Deferred income tax and social contribution

The balances of deferred tax assets and liabilities are as follows:

BM&FBOVESPA and Consolidated

Description 03/31/2014 12/31/2013

Tax, civil and labor contingencies 18,395 16,554

Tax loss carryforwards 50,539 29,107

Exchange variation on issuance of debt abroad 103,936 120,499

Other temporary differences 28,549 36,877

Total deferred assets 201,419 203,037

Goodwill amortization (1) (2,433,991) (2,295,347)

Other (2,644) (427)

Total deferred liabilities (2,436,635) (2,295,774)

Deferred taxes, net (2,235,216) (2,092,737)

(1) Deferred income tax and social contribution liabilities arising from temporary differences between the tax base of

goodwill and its carrying amount on the balance sheet, considering that goodwill is still amortized for tax purposes, but

is no longer amortized for accounting purposes as from January 1, 2009, resulting in a tax base smaller than the

carrying amount of goodwill. This temporary difference may result in amounts becoming taxable in future periods,

when the carrying amount of the asset will be reduced or settled, this requiring the recognition of a deferred tax

liability.




51

Changes in deferred tax assets and liabilities during the quarter:

BM&FBOVESPA and Consolidated

12/31/2013

Debt (credit) in

the income

statement

Debt (credit) in

comprehensive

income 03/31/2014

Deferred assets

Tax, civil and labor contingencies 16,554 1,841 - 18,395

Deferred assets on tax loss carryforwards 29,107 21,432 - 50,539

Exchange variation on issuance of debt abroad 120,499 - (16,563) 103,936

Other temporary differences 36,877 (8,328) - 28,549

Total deferred assets 203,037 14,945 (16,563) 201,419

Deferred liabilities

Goodwill amortization (2,295,347) (138,644) - (2,433,991)

Other (427) (2,217) - (2,644)

Total deferred liabilities (2,295,774) (140,861) - (2,436,635)

Deferred taxes, net (2,092,737) (125,916) (16,563) (2,235,216)

b. Estimated realization period

Deferred income tax and social contribution assets arising from temporary differences are recorded in the books

taking into consideration their probable realization, based on projections of future results prepared based on

internal assumptions and future economic scenarios that may, accordingly, not materialize as expected.

Deferred tax assets (including tax loss carryforwards of R$50,539) are expected to be realized in the amount of

R$29,860 within one year and R$171,559 after one year and realization of deferred liabilities is expected to

occur after one year. At March 31, 2014, the present value of the deferred tax assets, considering their expected

realization, is R$133,938.

Since the income tax and social contribution base arise not only from the profit that may be generated, but also

from the existence of nontaxable income, nondeductible expenses, tax incentives and other variables, there is no

immediate correlation between BM&FBOVESPA net income and the income subject to income tax and social

contribution. Therefore, the expected use of deferred tax assets should not be considered as the only indicator of

future income of BM&FBOVESPA.

The balance of goodwill that is deductible for income tax and social contribution purposes is R$5,998,261 at

March 31, 2014 (R$6,406,038 at December 31, 2013).

The realization of the deferred tax liabilities will occur as the difference between the tax base of goodwill and its

carrying amount is reversed, that is, when the carrying amount of the asset is either reduced or settled.




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c. Reconciliation of income tax and social contribution expense

Reconciliation of the income tax and social contribution amounts recorded in P&L (Company and consolidated)

and their respective amounts at statutory rates are as under:

BM&FBOVESPA

1Q14 1Q13

Income before income tax and social contribution 400,304 421,817

Income tax and social contribution before additions and exclusions

computed at the statutory rate of 34% (136,103) (143,418)

Additions: (26,039) (24,442)

Stock Option Plan (2,332) (2,678)

Nondeductible expenses - permanent (1) (23,707) (21,764)

Exclusions: 17,980 13,016

Equity pickup 17,980 13,016

Other - 2

Income tax and social contribution (144,162) (154,842)

Consolidated

1Q14 1Q13

Income tax before income tax and social contribution 401,545 422,481

Income tax and social contribution before additions and exclusions

computed at the statutory rate of 34% (136,525) (143,644)

Additions: (25,856) (24,459)

Stock Option Plan (2,332) (2,678)

Nondeductible expenses - permanent (1) (23,524) (21,781)

Exclusions: 17,058 12,632

Equity pickup 17,058 12,632

Other - 2

Income tax and social contribution (145,323) (155,469)

(1) Refers mainly to R$18,247 of recoverable income tax paid abroad (Note 7).




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d. Taxes recoverable and prepaid

Taxes recoverable and prepaid are as follows:

BM&FBOVESPA

Description 03/31/2014 12/31/2013

Prepaid IRPJ/CSLL – current period 28 7,989

IRRF – Financial investments - current period 21,447 49,252

IRPJ and CSLL tax losses - prior years 68,261 13,904

Taxes paid abroad 24,765 24,765

PIS/COFINS recoverable 19,943 20,138

Other taxes 3,581 4,332

Total 138,025 120,380

Consolidated

Description 03/31/2014 12/31/2013

Prepaid IRPJ/CSLL – current period 28 7,988

IRRF – Financial investments - current period 21,447 49,252

IRPJ and CSLL tax losses - prior years 68,261 13,904

Taxes paid abroad 24,765 24,765

PIS/COFINS recoverable 19,943 20,138

Other taxes 3,596 4,349

Total 138,040 120,396

e. Transition Tax Regime (RTT)

Provisional Executive Order (MP) No. 627/13 of November 11, 2013 and the Brazilian Internal Revenue Service

(RFB) Revenue Procedure No. 1397 (IN No.1397) of September 16, 2013 significantly amend the federal tax

regulations, especially regarding the adjustments required for the extinguishment of the Transition Tax Regime

(RTT) set forth by Law No. 11941 of May 27, 2009. The provisions of this MP will be compulsorily effective

from calendar year 2015, but may be early adopted from calendar year 2014.

Based on management's analysis on the possible tax impacts of the new provisions of MP No. 627 (which, to

date, has not been converted into law), BM&FBOVESPA intends to early adopt such provisions as from

calendar year 2014 (article 71), admitting that said MP will be regulated and converted into law in terms

essentially corresponding to the current wording as regards the major aspects.




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20. Revenue


1Q14 1Q13 1Q14 1Q13

Trading and/or settlement system – BM&F 226,434 221,768 226,431 221,768

Derivatives 222,451 216,289 222,451 216,289

Exchange 3,983 5,475 3,980 5,475

Assets - 4 - 4

Trading and/or settlement system – Bovespa (1) 219,672 256,170 219,672 256,170

Trading – trading fees 35,406 59,680 35,406 59,680

Transactions - clearing and settlement 176,780 193,368 176,780 193,368

Other 7,486 3,122 7,486 3,122

Other revenue 89,983 95,216 99,979 102,648

Securities lending 20,834 24,618 20,834 24,618

Securities listing 11,792 11,414 11,792 11,414

Depository, custody and back-office 28,569 27,322 28,569 27,322

Trading participant access 9,597 13,227 9,597 13,227

Vendors - quotations and market information 17,245 16,759 17,245 16,759

Bolsa Brasileira de Mercadorias – fees and

contributions - - 1,124 792

Banco – Trading and bank fees - - 6,454 4,698

Other 1,946 1,876 4,364 3,818

Deductions (55,769) (59,119) (56,398) (59,567)

PIS and COFINS (48,806) (52,049) (49,298) (52.375)

Service Tax (ISS) (6,963) (7,070) (7,100) (7.192)

Revenue 480,320 514,035 489,684 521,019

(1) In April 2013, given changes in the policies of the spot market, trading and after-trading fees (transactions) for local

institutional investors and day traders were rebalanced, and the fees for the other investors were reduced.




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21. Sundry expenses

BM&FBOVESPA

Description 1Q14 1Q13

Sundry provisions (1) 5,222 9,176

Electricity, water and sewage 2,535 2,650

Contributions and donations 4,017 1,001

Travels 658 464

Expenses with entities abroad 513 601

Rental 572 487

Consumption material 341 133

Minimum trading fees BBM (Note 16) 303 321

Insurance coverage 137 144

Transportation 269 210

Other 1,158 725

Total 15,725 15,912

Consolidated

Description 1Q14 1Q13

Sundry provisions (1) 5,404 9,179

Electricity, water and sewage 2,588 2,692

Contributions and donations 4,034 1,015

Travels 803 562

Rental 668 672

Consumption material 346 137

Insurance coverage 138 145

Transportation 276 214

Other 1,229 737

Total 15,486 15,353

(1) Basically refers to the provision for contingencies and allowance for doubtful accounts.




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22. Financial income (expenses)

BM&FBOVESPA

1Q14 1Q13

Financial income

Income from financial assets measured at fair value 71,397 57,279

Exchange gains 5,426 1,703

Other financial income 1,589 2,080

78,412 61,062

Financial expenses

Interest and exchange variation on foreign debt (23,124) (20,097)

Exchange losses (6,440) (2,003)

Other financial expenses (1,292) (1,866)

(30,856) (23,966)

Financial income (expenses) 47,556 37,096

Consolidated

1Q14 1Q13

Financial income

Income from financial assets measured at fair value 72,408 58,000

Exchange gains 5,426 1,703

Other financial income 1,599 1,785

79,433 61,488

Financial expenses

Interest and exchange variation on foreign debt (23,124) (20,097)

Exchange losses (6,440) (2,003)

Other financial expenses (1,850) (2,259)

(31,414) (24,359)

Financial income (expenses) 48,019 37,129

23. Business segment reporting

We present below consolidated information based on reports used by the Executive Board for making decisions,

comprising the following segments: Bovespa, BM&F, Institutional and Corporate Products. Due to the nature of

the business, the Executive Board does not use any information on assets and liabilities by segment to support

decision-making.

There were no changes in the structure of segments presented in the financial statements of December 31, 2013.




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1Q14

Consolidated

Bovespa Segment BM&F Segment

Institutional and

Corporate Products

Segment Total


Deductions (23,475) (23,527) (9,396) (56,398)

Revenue 196,197 202,904 90,583 489,684

Adjusted expense (44,124) (48,805) (43,559) (136,488)

Depreciation and amortization (9,887) (13,025) (6,638) (29,550)

Stock options (2,139) (2,493) (2,227) (6,859)

Allowance for doubtful accounts and

other provisions (2,045) (2,329) (1,388) (5,762)

Transfer of fines (947) (935) (252) (2,134)

Other (2,216) (2,292) (1,028) (5,536)

Total expense (61,358) (69,879) (55,092) (186,329)

P&L 134,839 133,025 35,491 303,355

Equity pickup

50,171

Financial income (expenses)

48,019


(145,323)


1Q13

Consolidated

Bovespa Segment BM&F Segment

Institutional and

Corporate Products

Segment Total


Deductions (26,964) (22,930) (9,673) (59,567)

Revenue 229,206 198,838 92,975 521,019

Adjusted expense (47,536) (37,749) (38,684) (123,969)

Depreciation and amortization (12,187) (9,101) (5,795) (27,083)

Stock options (2,956) (2,462) (2,459) (7,877)

Allowance for doubtful accounts and

other provisions (3,344) (3,015) (2,915) (9,274)

Other (2,135) (1,917) (564) (4,616)

Total expense (68,158) (54,244) (50,417) (172,819)

P&L 161,048 144,594 42,558 348,200

Equity pickup

37,152

Financial income (expenses)

37,129


(155,469)


24. Other information

a. BM&FBOVESPA seeks advice from insurance brokers to ensure that it has a sufficient level of insurance

cover for its size and operations. The main coverage in its insurance policies at March 31, 2014 is shown

below:

Insurance line Amounts insured

Amounts at risk, property damages, buildings and equipment 416,563

Civil liability 134,000




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Works of art 16,133

b. Associação Profissionalizante BM&FBOVESPA (APBM&FBOVESPA) is a not-for-profit entity engaged in

promoting educational, social welfare and sports activities. The sports-related initiatives included offering

support to the BM&FBOVESPA Athletics Club and sponsorship to athletes (these activities were

incorporated by specific association, known as Clube de Atletismo BM&FBOVESPA in July 2013).

APBM&FBOVESPA is supported by the BM&FBOVESPA Institute, a not-for-profit association that has

BM&FBOVESPA as its founding member.

APBM&FBOVESPA figures as a defendant in legal and administrative proceedings involving tax matters,

classified as probable loss, most of which are related to challenges by Brazilian IRS about social security

contributions allegedly owed by APBM&FBOVESPA on payments made to third parties and on sponsorships

to athletes of the BM&FBOVESPA Athletics Club. If the outcome of these proceedings is not favorable to

APBM&FBOVESPA, BM&FBOVESPA may have to provide funds to maintain the activities of the

BM&FBOVESPA Athletics Club. The case amounts at March 31, 2014 total R$16,650.

25. Subsequent events

a. At the meeting held on May 8, 2014, the Board of Directors approved payment of dividends of R$204,914 to

shareholders, which will be attributed mandatory dividends for 2014. Dividends will be paid out on May 30,

2014, and the equity position on May 19, 2014 will be used as calculation base.

b. BM&FBOVESPA repurchased 7,672,900 shares between April 1st and 23, 2014, observing the black-out

period to the business, as determined by CVM Ruling No. 358, which represents 7.67% of the total expected

in the Share Buyback Program approved by the Board of Directors on February 13, 2014 (Note 15(b)).

26. Notes submitted in the annual financial statements that are not being fully presented

in the financial statements

In accordance with CPC 21 (R1) - Interim Financial Reporting and CVM/SNC/SEP Circular Letter nº 003/2011,

the following notes have been condensed in this quarterly information, compared to the annual financial

statements for the year ended December 31, 2013:

Note 1 – Operations

Note 2 – Preparation and presentation of quarterly information

Note 3 – Significant accounting practices

Note 4 – Cash and cash equivalents and financial investments

Note 8 – Property and equipment (P&E)

Note 9 – Intangible assets

Note 12 – Debt issued abroad

Note 17 – Structure of guarantees

Note 18 – Employee benefits

Note 23 – Business segment reporting




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