Strategic Plan Update

Strengthening the Business and Growth Model

May 17, 2013

1

Forward Looking Statements

This presentation may contain certain statements that express the managements expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries in which BM&FBOVESPA works . The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other such are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BM&FBOVESPA performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries in which BM&FBOVESPA operates ; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&FBOVESPA products in foreign jurisdictions. All forward-looking statements in this presentation are based on information and data available as of the date they were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or future development. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of Brazilian Securities and Exchange Commission CVM Instruction 400 of 2003, as amended. 2

Strategic Drivers
Competitive differentiation, growth and diversification REVENUE GROWTH AND DIVERSIFICATION OPERATING EXCELLENCE
Build on growth opportunities in the Brazilian capital market Foster greater sophistication among participants and investors Promote volume growth and revenue diversification Expand services quality and differentiation through the development of platforms that bring efficiency to BVMF and market participants Assure market integrity

Remain focused on cost control

Deepen the relationship with clients (investors, brokers and issuers), by delivering high quality services and products, ensuring that this relationship is BVMFs greatest differential Expand the range and quality of services and products offered Maintain the balance between growth in revenue and results, operational excellence, service quality and market integrity Develop initiatives that contribute to the safety, reliability and strengthening of the market

FOCUS ON THE CUSTOMER INSTITUTIONAL STRENGTHENING

SHAREHOLDER RETURN

Payment of at least 80% of GAAP earnings as dividends (100% in 2012) Share Buyback Program 3

Execution of the Strategic Plan

Strengthening of the business model and the competitive differential
Main stakeholders

End customer

Intermediaries

Issuers

Regulators

Shareholders / Bondholders

Relationship interfaces

Focus on continuous enhancement

Accesses and Processes Services Customer Service Product Development Fee Structure

Projects: development of new platforms

Financial Derivatives and Commodities

Equities and Equity Derivatives

Fixed Income

OTC Derivatives

Registration and Trading Platforms

New Integrated Clearinghouse

Concluded

In testing

In development 4

Revisiting the Fee Structure

Drivers and challenges

GOALS AND REQUIREMENTS THAT HAVE DRIVEN BVMF IN REVISITING ITS FEE POLICY AND DEVELOPING INCENTIVE PROGRAMS Stimulate volume and revenue growth Strengthen the relationship with brokers and banks Deepen clients segmentation Eliminate cross subsidies among products and markets Benchmark international practices Create a differential for BVMF in the relationship with clients Incentivize product development and growth Ongoing and harmonized process

FIRST OUTCOME: CHANGES TO CASH EQUITIES FEE POLICY Reduction of the trading fee / rebalancing of trading and post-trade fees
Elimination of cross subsidies Sharing economies of scale

Volume Discounts for day traders

Incentives for higher volumes, for a larger number of clients Create a BVMF differential in the relationship with customers

Progressive trading fee reduction for the cash equities market based on volume growth
Sharing future economies of scale Benchmark international practices

Competitive Differential
Investing to strengthen competitive differentiation BVMF differentiates by offering a fully integrated yet diversified platform
PUMA: state-of-the-art trading system for cash equities and derivatives (efficiency for participants) Pre-trade credit risk (market integrity) Competitive prices and growing fee structure sophistication Active role in market supervision and in the enforcement of price discovery rules

BVMF Revenues
(% of 2012 total revenues)

while possible market fragmentation raises questions and will increase costs for brokers
Additional costs for brokers (connectivity, trading screens and supervision tools) Fragmentation of liquidity and possible deterioration of the price discovery process How to deliver an efficient pre-trade credit risk process Discussions about regulation and market supervision and the related additional costs

8.7%
Cash equities trading

Development of a new integrated clearinghouse and a new risk architecture (CORE) that will deliver capital efficiency to market participants Fully integrated with market participants and regulators Back-office system (SINACOR) that is dominant among brokers Beneficiary owner level model has consolidated

Additional costs for brokers (connectivity, back-office and other systems) 28.9%
Cash equities posttrade

Capital allocation inefficiency for brokers and investors Discussions about regulation and market supervision and the related additional costs Race to the bottom risk from competition between clearinghouses

Cost control and Return of Capital to Shareholders

Commitment to return of capital to shareholders
Disciplined cost control
(R$ millions)

CAGR (2010-2013E) of 1.6% vs. inflation of 5.8% p.a.1 560-580

Returning most operating cash flow to shareholders

544

585

564

Capital return
(R$ millions)

2010

2011

2012

2013E

1,586 1,145

1,546 1,048

1,612 1,074

Intensive investment phase

(R$ millions)

1,579 435 1,145

1,518 606 912 2011 Total payout

Adj. Net income

1,091 16 1.074
2012

260-290
170-200

2010

Buyback
Net income

268

204

258

2010

2011

2012

2013E

2014E

Expenses growth considering the mid-point budget for 2013 (BRL 570 million) and inflation CAGR (2010-2013) of the inflation is 5.8% p.a. Source: BCB Focus Bulletin (Nov. 30, 2012) estimated IPCA .

Financial Highlights
P/E analysis Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cash neutral), reducing the GAAP earnings
Tax Book in 2012
R$ millions EBT (-) Goodwill amortization (-) Interest on capital (=) Taxable earnings Tax (34%) Current 1,511 1,586 90 (165) (56) Simulation without goodwill 1,511 680(2) 831 282 GAAP Book in 2012 R$ millions EBT Deferred Tax Other taxes /credits Total taxes GAAP Net income Current 1,511 539 (14) 525 1,074 Simulation without goodwill 1,511 282 1,228 : 14.2%

EPS 2012 Estimated GAAP EPS (A)

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

P/E3 24.8 21.7 20.1 16.5

0.56 0.64 0.64 0.84

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

15-20% impact on P/E multiple Difference between GAAP EPS and the EPS adjusted to non existence of goodwill simulation

Different earnings impact the P/E calculation and distort comparisons and market consensus The reported adjusted net income reflects better the companys cash generation
1 Excludes

the investment in associate (CME Group) accounted under the equity-method. 2 Simulates the Interest on Capital amount that would be approved if there was no goodwill tax benefit; 3 Stock at R$13.79 (March 12th, 2013).

BM&FBOVESPA Product Development

Increased sophistication of market participants
Fast growing products: BM&FBOVESPA developments and a more sophisticated market
The rapid growth of these products is the result of the increased sophistication of local Brazilian market participants, combined with initiatives implemented by BM&FBOVESPA in recent years
ETFs
(ADTV in R$ millions)

Options Market Maker**

(ADTV in R$ millions)

Real Estate Funds (FIIs)

(ADTV in R$ millions)

115.9 28.5 2010 48.7 2011 2012

101.0

74.0 48.8

38.2 0.9 1.5

2010

14.6

18.6 2009

3.7
2011 2012 2013*

2013*

ADTV before Market Maker

ADTV after Market Maker*

2009

Tesouro Direto
(Custody in R$ billions)

Securities Lending
(Open position in R$ billions)

Agribusiness Credit Bills (LCAs)

(Average amount registered in R$ billions)

65% market share in Mar13

9.0

9.8

46.0 12.7 20.5 30.2

2.9
2009

3.9 2010

6.1

31.9

40.0 3.6 20.0

2011

2012

2013*

2009

2010

2011

2012

2013*

2011

2012

2013*

* Tesouro Direto and LCAs updated until Mar13; the others are updated until Apr13. ** On average , 12 months before and 12 months af ter the introduction of market makers (each market maker program was introduced on a specific date).

BM&FBOVESPA Product Development

Looking forward priorities
Focus of BVMF in the short- and medium-term

Small and medium entities (SMEs) Create conditions for SMEs to access market: ongoing discussions with government and regulator to revisit both tax and regulatory framework
Securities lending Improvements in the securities lending platform (BTC) model Attraction of more players (locals and foreigners) to this market Interest rate future contracts Build a culture of trading SELIC rates and then a culture of trading longer term rates in Brazil Offer the market more alternatives that follow Brazilian monetary policy closer ETFs Launching of fixed income and international indices ETFs OTC and fixed income

10

BM&FBOVESPA Product Development

Updating the OTC and Fixed Income platforms
Deployment in 1Q13
Certification phase (integrated test with the market) of NDFs in Calypso platform started in Feb13

Developments that should be concluded over the next 18 months

Derivatives NDFs Swaps Flexible options Exotic derivatives Continuous development of the Calypso platform and introduction of new features Registration

Fixed income

LCAs (improvements) LCIs and CDBs (adaptation of the platform pending regulatory approval)

Trading platform for government and corporate bonds Fixed income ETFs (pending regulatory approval) Changes in the fee policy Changes in the securities listing procedures and rules
11

Trading

Post-trade Integration
BVMFs current post-trade environment BVMFs current post-trade infrastructure results from historical BOVESPA and BM&F developments and from the merger between the two exchanges

Clearing

CCP of the following markets: Cash equities, ETFs and BDRs Bonds Derivatives on stocks and indices Securities lending (BTC)

Equities and corporate debt

Derivatives

Future contracts and options on interest rate futures, FX, inflation indices, stock indices and agricultural, energy and metal commodities OTC Derivatives (swaps and options)
Spot foreign exchange Government bonds (spot and repos)

FX Securities

12

Post-trade Integration
Project to integrate the clearinghouses Organization of the post-trade environment by types of assets/products
4 participant structures with distinct operating and capital requirements and eligibility criteria. 4 rulebooks and 4 manuals with distinct operational procedures. 4 distinct environments / IT architectures which generate higher operational risk, require constant maintenance efforts, and have an impact on product and feature launch deadlines, and on the deadlines for meeting regulatory demands.

4 systems / processes for transfers, for the allocation of trades and for the management of open positions.

4 settlement windows and 4 multilateral balances that are not netted, demanding higher intraday liquidity from participants and greater number of payment transactions.

4 systems / processes for risk management that do not consider all the effects of risk netting between the various products and assets, including those pledged as collateral.

4 pools of collateral that do not communicate, preventing the full use of pledged collateral.

4 registration systems for participants and customers.

13

Post-trade Integration
Project to integrate the clearinghouses Integration of the clearinghouses

Organization of the post-trade environment by process instead of product type Rationalization and standardization of rules, procedures, requirements and documentation Establishment of a single settlement window for all markets Development of an integrated risk model and single pool of collateral

Other products and assets

Equities, ETFs, BDRs Government bonds Rules and Manuals Structure of market participants Participants and customer registration

OTC derivatives

Allocation and transfer Position control

Corporate fixed income

Clearing and settlement

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

Complete modernization and simplification of the technological infrastructure

14

Post-trade Integration
Key benefits Key Benefits for the Market
More efficiency in capital allocation Integrated Risk Calculation System - CORE (CloseOut Risk Evaluation); Integrated portfolio risk calculation, encompassing traded assets and derivatives, including OTC contracts, as well as pledged collateral; Integrated and robust modeling of market, liquidity and cash flow risks for the different assets/derivatives/collateral in the portfolio;

Risk netting between the various assets and contracts that has similar risk factors:
Examples: Futures versus options; Futures versus swaps; Options with different maturity dates; Short position in BTC versus equities deposited as collateral; Short position in equity options versus equities deposited as collateral; CORE has the potential to become the new international benchmark in terms of risk management in CCPs
15

Post-trade Integration
New system infrastructure New processes and systems architecture

Participant and Account Registration Instruments registration

RTC System (Real Time Clearing)

Capture and registration Allocation and Give-Up

CORE

Risk Management

Pricing

Positioning
Mark-to-market

Collateral Management

Fees

Calculation of financial values for settlement Interfaces with other systems

Taxation

Settlement SPB and CSD

Information Services

16

Post-trade Integration
BVMF proposal for IPN certification Certification phases iCADX Official Certification
Phase 1: Connectivity with the iCADX certification environment

Phase 2: iCADX screens

IPN Free Certification

Phase 3: Connectivity with the IPN/CORE certification environment Phase 4: Allocation, give-up and position consultation screens Phase 5: Position control and settlement screens Phase 6: iCADX, price and instrument messages and files Phase 7: Allocation, give-up, position consultation, and settlement messages and files Phase 8: Collateral screens and messages Phase 9: Risk management and position transfer calculation and functions Phase 10: Fee and tax files and messages Phase 11: Integrated settlement and risk processes

IPN Official Certification

Phase 12: Monitored execution of the integrated processes scripts
17

Post-trade Integration
BVMF proposal for IPN certification

18

BM&FBOVESPA IT Developments
Building a world-class IT platform PUMA Trading System is a state-of-the-art system deployed in the derivatives market in 2H11 and in the equities market in April 2013
Joint Development

Seamless Transition

Over 1.4 MM hours invested

Market Legacy Compatibility

Focus Commitment Project Management

Knowledge Transfer

Extensive Testing

New technology, New Processes

19

BM&FBOVESPA IT Developments
Building a world-class IT platform

New Control Center room: redesigned processes, time-to-market solving problems (market surveillance and trading support together) and quality services for clients

20

BM&FBOVESPA IT Developments
Building a world-class IT platform

What does PUMA add to BVMF and the market?

Performance and Capacity Supporting the growth of the Brazilian market Attraction of new global players (HFTs) Allows the expansion of market-maker programs

Multi-asset / market Delivering synergies for market participants and investors Leverage BVMFs capacity to offer new and complementary products / markets

Features Fully adapted to the characteristics of the Brazilian market Automation of process and controls Meets the needs of different market participants /clients

Availability and Controls More stability and availability to the market Price discovering rules (auctions) Price variation limits (dynamic / static)

21

BM&FBOVESPA IT Developments
Building a world-class IT platform

Increasing competitive differentiation for derivative and cash equity markets

Latency

BM&F Segment (derivatives)

Core of the system (average latency milliseconds)
70

BOVESPA Segment (equities)

Core of the system (average latency milliseconds) Latency has been dramatically reduced
450

25

20

10-15 ~1 ~1 2012 <1 2013

Standard deviation of latency has been reduced by more than 200

2007

300

20 2008 2009

10-15 2010

10-15 2011

10-15 2012

<1 2013

2007

2008

2009

2010

2011

Processing capacity Ready to handle 200 million msgs/day Throttle being gradually expanded Derivatives: almost sevenfold between Aug11 and Apr13 Equities: orders bandwidth planned to be discontinued by 1H13; cancelation fees to be optimized in 2H13 Further efficiencies to be gradually implemented, through continuous improvements Partnership with CME continues
385.374 427.479

PUMAs msgs/min peaks (equity) The average msgs/min before and after PUMA grew more than 25%

263.547

284.348

15:15 01/08/2012

10:35 14/09/2012

16:17 12/04/2013

14:08 23/04/2013

Mega Bolsa

Mega Bolsa

PUMA

PUMA

22

BM&FBOVESPA IT Developments
Building a world-class IT platform
PUMA Trading System number of trades in BM&F Segment (derivatives)
200.000

150.000

100.000

50.000

jan-10

abr-10

jul-10

out-10

jan-11

abr-11

jul-11

out-11

jan-12

abr-12

jul-12

out-12

jan-13

abr-13

# of trds # of trds - tranch III (USDP + AGRO + FINA)

# of trds - tranch1 USDP # of trds - PUMA

# of trds - tranch II (USDP + AGRO) Last 22 days average

PUMA Trading System number of trades in BOVESPA Segment (equities)

1.600.000 1.400.000 1.200.000

1.000.000
800.000 600.000 400.000 Jan-12

Mar-12
# of trds - MegaBolsa

May-12

Jul-12

Sep-12
# of trds - tranch II

Nov-12

Jan-13

Mar-13
Last 22 days average

May-13

# of trds - tranch I

# of trds - PUMA

23

BM&FBOVESPA IT Developments
Data Center

Clients

BM&FBOVESPA

24

APPENDIX

25

Brazilian Market Opportunities

Number of companies by size

Brazilian companies that have not yet accessed the capital markets have higher revenues than in other countries with an alternative investment market. This is our initial focus SHORT TERM.
3 thd

Valor Econmico Magazine, The Thousand Largest Companies 701 companies not listed, with net revenue of R $553 bn

More than a thousand employees Annual revenues over R$400 mn

Segment to be developed with a strong presence and focus on EDUCATIONAL MEDIUM and LONG TERM.

Between 15 and 20 thd

250-1,000 employees Annual revenues over R$20-400 mn

More than 3 million

Up to 250 employees Annual revenues below R$20 mn

Source: Ministry of Labor and Employment, IBGE , Valor 1000 and STRATUS research.

26

1Q13 vs. 1Q12 Highlights

Volumes growth and strict cost control
FINANCIAL HIGHLIGHTS
Total revenue: R$580.6 million +3.6% Bovespa seg.: R$256.2 million, -2.8% BM&F seg. R$221.8 million, +10.0%

OPERATIONAL HIGHLIGHTS
Bovespa segment: ADTV: +5.0% Margin: -3.4%

Negatively impacted by fewer business days

Net revenue: R$521.0 million, +3.6% Adjusted expenses: R$124.0 million, -1.1%

BM&F segment:
ADV: +11.5% RPC: +3.4% High growth products
Securities Lending: record of average open interest positions (R$44.7 billion); +31.5% Tesouro Direto: +24.5% of assets under custody FIIs (real estate funds): strong growth of volumes (R$38.8 million in 1Q13) and number of investors (102.7 thousand) LCA (agribusiness credit bills): consistent increase of average assets under custody (R$40.0 billion)

Operating income: R$348.2 million, +3.4%

EBITDA: R$412.4 million, +4.1% (EBITDA margin of 79.2% in 1Q13) Adjusted net income: R$394.6 million, -3.6% Adjusted EPS: R$0.204, -3.8% Payout: R$213.6 million in 1Q13, R$0.111 per share (80% of GAAP net income)
1 2

MAIN PROJECTS AND HIGHLIGHTS

PUMA Trading System: equities module deployed in Apr13 Clearinghouses Integration: tests starting in Jul13 OTC Platform: certification process for registration of NDFs started in 1Q13 Pricing: changes in pricing policy of cash equities announced on March 05, 2013 Public Offerings: resumption of shares public offerings exceeding R$15 billion from January to Apr13. 27 27

Excludes stock options plan, depreciation, provisions and tax on dividends from CME Group. Excludes deferred liability recognized in correlation with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan, the investment in associate (CME Group) accounted under the equity method of accounting, net of taxes related to dividends and taxes paid overseas to be compensated. 3IPN/CORE implementation requires the authorization of the regulators.

BOVESPA Segment Performance

Solid volumes level and turnover velocity growth
AVERAGE DAILY TRADING VALUE (ADTV) ADTV BY GROUP OF INVESTORS
(in R$ billions)

1Q13 vs. 1Q12: + 5.0%

12.3% increase of foreign investors ADTV, due to volatility and high frequency trades (HFTs) Turnover velocity growth hit 71.7%

TRADING MARGIN (in basis point - bps)

Market Cash market Derivatives on single stocks Forward Options Total BOVESPA 1Q13 5.352 13.141 12.999 13.196 5.706 1Q12 5.333 14.290 13.020 14.673 5.909

AVERAGE MARKET CAP. AND TURNOVER VELOCITY

1Q13 vs. 1Q12: -3.4% Decrease in the options margin (market maker) and derivatives participation in the total volume

28 28

BM&F Segment Performance

High growth of interest rate in R$ contracts
AVERAGE DAILY VOLUME (ADV) AND RPC (R$) ADV AND RPC EVOLUTION
(ADV in millions of contracts and RPC in R$)

1Q13 vs. 1Q12

ADV: +11.5%, reflecting 22.2% increase in the ADV of Brazilian real-denominated interest rate contracts RPC: +3.4%, due to: Brazilian real-denominated interest rate contracts trading in longer maturities Appreciation of the FX rate (US$/R$) - FX and US$ interest rate contracts Decrease of HFTs participation in the ADV

INTEREST RATE IN R$ CONTRACTS TOTAL REVENUE

(Revenue in R$ millions)

INTEREST RATES IN R$ - VOLUMES BY MATURITY

(ADV in millions of contracts)
2.3 1.7
1.9

1.8

1.9

2.1

1.3
(78%)

1.4

(86%)

1.8
(84%)

1.6
( 90%)

(71%)

0.4 1Q12

0.3 2Q12

0.2 3Q12

0.6 4Q12
4th-5th Maturity

0.3

1Q13

1st-3rd Maturity

29 29

Revenue Breakdown in 1Q13

Diversified revenue sources as a differential
REVENUE BREAKDOWN
39.2%: Cash Equities
9.1%
9.1%: Trading 30.1%: Post-Trading

17.7%

4.9%: Derivatives on Stocks and Indices

Total Revenue R$580.6 million

30.1%

38.2%: Financial/Commodity Derivatives

17.7%: Other Revenues

38.2%

4.9%

4.7%: Depository, Custody and Back-Office 4.2%: Securities Lending 2.9%: Vendors 2.3%: Trading Access (Brokers) 2.0%: Listing 1.6%: Others

Revenue breakdown for cash equities (trade + post-trade) do not reflect the pricing policy changes announced in Mar-13, into effect only In Apr-13: i) Reduction of trading fees to 0.5 bps from 0.7 bps for all investors ii) Post-trade fees increase to 2.0 bps from 1.8 bps for institutional investors and day traders
30 30

1Q13 Expenses
Focus on cost control and operational efficiency
TOTAL EXPENSES BREAKDOWN ADJUSTED EXPENSES
(in R$ millions)

4,0

1.0

(1.8)

(0.6)

(2.2)

(1.8)

125.4

Expenses: R$172.8 million

124.0

1Q12 Adj. Personnel Data proc. Third Party Commun. Marketing Others* Exp.

1Q13 Adj. Exp.

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

Adjusted Personnel: +5.7%, , basically due to the effects of annual union bargain in Aug12 Data processing: -7.1%, due to expenses reduction with IT outsourcing and lower maintenance costs with legacy platforms

Marketing: repriorization of marketing campaigns

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

31 31

Financial Statements Summary

SUMMARY OF INCOME STATEMENT (CONSOLIDATED)
Change 1Q13/1Q12 3.6% 4.0% 3.4% -12 bps -43.4% -3.9% -4.8% -3.6% -3.8% Change 1Q13/4Q12 4.4% -32.5% 43.2% 1,812 bps -13.9% 32.7% 22.9% 4.0% 3.8%

(in R$ millions) Net Income Expenses Operating Income Operating margin Financial Income EBT Net Income* Adjusted Net Income Adjusted EPS (in R$)

1Q13 521.0 (172.8) 348.2 66.8% 37.1 422.5 267.0 394.6 0.204

1Q12 502.8 (166.2) 336.7 67.0% 65.5 439.7 280.4 409.2 0.212

4Q12 499.2 (256.0) 243.1 48.7% 43.1 318.4 217.3 379.4 0.196

Adjusted Expenses

(124.0)

(125.4)

-1.1%

(174.2)

-28.8%

* Attributable to BM&FBOVESPA shareholders.

32 32

Financial Highlights
Strong cash position and high payout
CASH AND FINANCIAL INVESTMENTS
(In R$ millions)

FINANCIAL RESULTS
Net financial income was R$37.1 million, 43.4% drop from 1Q13

1Q13

1,041
1,191 1,166 1,443 1,207

348 440
346 350 343 390 340 363 383 354

2,341
1,964 2,100 1,979 1,714 3,658

4,169
3,851 3,999 4,125

Finance results fell 29.1%, reflecting lower interest rates

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

4Q12
3Q12 2Q12 1Q12

CAPEX
In 1Q13, investments amounted R$41.8 million Capex budget ranges: 2013: between R$260 290 million

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

2014: between R$170 200 million

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

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

Resumption of the shares buyback program in Apr13, when 3.1 million shares was purchased, totaling R$41.2 million

In May 09, the Board of Directors approved R$213.6 million, comprising R$163.6 million in dividends and R$50.0 million in interest on capital R$0.111 per share (80% of GAAP net income) Payment on June 7, 2013 based on shareholders position on May 21, 2013.

*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collaterals and restricted funds at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).

33 33

Growth History
DERIVATIVES
Growth trend of Brazilian Real-denominated interest rate contracts Institutional and foreign investors were the groups with higher growth in trading these contracts, indicating greater sophistication and increasing risk exposure Trading in longer maturities contracts are growing faster
28 63 34 19 43 46

ADV Interest Rate in R$ by type of investor

(in thousands)

110 87 81 56
52

116 85 82 80

Institutionals

Foreigns 1Q09 1Q10 1Q11 1Q12

Financial institutions 1Q13

EQUITIES
(ADTV in R$ bn, mkt. cap. in R$ tri, Ibovespa in points and turnover velocity in %)
Turnover Velocity Avg. Mkt. Cap.

63.8% 2.33

64.2% 2.37

70.0% 2.42

71.7% 2.48

Volume growth to a level higher than R$7 billion, despite adverse market conditions
Low growth of market capitalization Average Ibovespa 13% below the 2010 level
10 8 6

67,258
6 5 .0 0 0

61,207

59,601

58,813

Turnover Velocity above 70%

6 0 .0 0 0

5 5 .0 0 0

5 0 .0 0 0

4 5 .0 0 0

4 0 .0 0 0

6.5

6.5

7.3

7.5 1T13

4 2

3 5 .0 0 0

3 0 .0 0 0

2010

2011
ADTV (R$ billion)

2012

Foreign and institutional investors, HFTs and products development (ETFs, option and securities lending) driving the turnover velocity increase
34 34

Ibovespa (Average)

High Growth Products

Growing sophistication of market participants
Initiatives to develop and stimulate higher volumes in certain products Performance shows that the initiatives are being well received by the market Gross Revenue (1Q13): ~R$44.1 million (7.6% of total gross revenue) Options with Market Maker
(ADTV in R$ millions)

Real Estate Funds (FIIs)

(ADTV in R$ millions)

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

+50.6%
CAGR(09-13):

CAGR (09-13):

+154.1%
73.4
48.8

+37.0%

38.8 0.9 1.5

2010

44.7
12.7 20.5

30.2

31.9

3.7
2011

14.6
2012 2013*

ADTV before Market Maker

ADTV after Market Maker*

2009

2009

2010

2011

2012

2013*

ETFs
(ADTV in R$ millions)

Brazilian Treasury Direct - Tesouro Direto

(Custody in R$ billions)

Agribusiness Credit Bills

(Amount registered in R$ billions)

CAGR (09-13):

CAGR (09-13):

+51.5%
115.9 28.5 2010 48.7 2011 2012 2013* 98.0

+35.5%
9.0 9.8

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

18.6 2009

2.9
2009

3.9 2010

6.1

2011

2012

2013*

*Updated to Mar. 31, 2013.

35

Financial Statements
Balance sheet summary (consolidated)
ASSETS LIABILITIES AND SH. EQUITY

(in R$ millions)
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments Others Investments Property and equipment Intangible assets Goodwill Total Assets

3/31/2013 12/31/2012
4,011.7 32.8 3,705.5 273.5 20,446.8 659.2 3,536.3 43.6 3,233.4 259.3 20,610.8 808.9

(in R$ millions)
Current liabilities Collateral for transactions Others Non-current liabilities Foreign debt issues Deferred Inc. Tax and Social Contrib. Others Net equity Capital stock Capital reserve Others Minority shareholdings Liabilities and Net Equity

3/31/2013 12/31/2012
1,566.0 981.8 584.3 3,203.1 1,224.3 1,878.6 1,660.6 1,134.2 526.4 3,072.6 1,242.2 1,739.6

430.8
228.4 2,900.8 355.0 16,531.9 16,064.3 24,458.5

573.6
235.2 2,928.8 361.0 16,512.2 16,064.3 24,147.1

100.2
19,689.4 2,540.2 16,042.7 1,090.8 15.7 24,458.5

90.7
19,413.9 2,540.2 16,037.4 820.3 16.0 24,147.1

36

Financial Statements
Adjusted net income and adjusted expenses reconciliation
ADJUSTED NET INCOME RECONCILIATION
Change 1Q13/1Q12 -4.8% -6.1% 3.1% 17.2% 0.0% -3.6% Change 1Q13/4Q12 217.3 22.9% 7.9 -0.6% 134.8 3.1% (14.0) 132.9% 15.2 -11.9% 18.2 379.4 4.0%

(in R$ millions) Net Income* Stock options plan Deferred Liabilities Equity method investment (net of taxes) Recoverable taxes paid overseas Provisions - Health Plan (net of taxes) Adjusted net income
* Attributable to BM&FBOVESPA shareholders.

1Q13 267.0 7.9 138.9 (32.5) 13.4 394.6

1Q12 280.4 8.4 134.8 (27.8) 13.4 409.2

4Q12

ADJUSTED EXPENSES RECONCILIATION

Change 1Q13/1Q12 4.0% 23.6% -6.1% -52.7% 1,155.8% -1.1% Change 1Q13/4Q12 256.0 -32.5% (23.8) 14.0% (7.9) -0.6% (18.2) -74.6% (31.9) -71.1% 174.2 -28.8% 37

(in R$ millions) Total Expenses Depreciation Stock options plan Tax on dividends from the CME Group Provisions

1Q13 172.8 (27.1) (7.9) (4.6) (9.3) 124.0

1Q12 166.2 (21.9) (8.4) (9.8) (0.7) 125.4

4Q12

Adjusted Expenses

www.bmfBOVESPA.com.br

Investor Relations Department

+55 (11) 2565-4729 / 4418 / 4834 / 4007 / 7073 ri@bmfBOVESPA.com.br

38