BOVESPA Segment

February 2012

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

BVMF STOCK PRICE
Recent Performance
3

BVMF3 – recent performance
IOFs
10/17
R$14.97
BM&FBOVESPA
IBOVESPA
BVMF3 YTD: +20.8%
Ibovespa YTD: +14.9%
Goodwill
Competition
11/30
News
R$13.04
01/05
R$13.12
BATs
02/15
R$11.45
Reductions of Volumes
Estimates by the Market
Rumors
about IOF
Direct Edge
11/21
R$10.11
Exchanges Mergers
02/08
R$11.20
New IOF on
Derivatives
07/26
R$9.55
Redemption of
IOF on Equities
12/01
R$9.88
Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
Note: updated until January 6, 2012.
4

BRAZILIAN MARKET OPPORTUNITIES
5

Brazil represents a unique investment opportunity
Rio Olympics 2016
and World Cup 2014
Pre-salt Oil Exploration
Increase in Income
Levels
Interest Rate
Decline
Brazilian per
capita income
will rise from
US$10k in
2010 to
US$20k in
2020 (1)
New growth
cycle and
investments in
infra-structure
Brazil will
have the 6 th
highest world
purchasing
power
by 2013
(Price
Coopers) (2)
Development of
Mortgage Market
Expansion of Middle
Class
Greater Internal
Demand
Entrepreneurial Stimulus
(1) LCA Consultores as of Jun/10.
(2) Price Coopers as of Jan/10.
6

Equity Market (BOVESPA Segment)
Low penetration in the Brazilian market
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Clients base: huge potential in retail and pension funds segments
Number of custody accounts (thousands)
128.6
Jan’12
600.4
Low penetration of equity and
derivatives in the main investors’
portfolios
Stable and “low” interest rate
environment encourage more
exposure in equities
Recent growth in the number of
retail investors, but still low
compared to other markets
Pension funds portfolio
R$548 billion
Equity
Fixed Income and Others
71.4%
R$157 billion
72.3%
28.6%
27.7%
2002 Sep-11
Listed Companies
Dec’11 Listed Companies (27 th in the World)
6.752
4.988
3.945 3.838
3.520 3.276
2.886
2.079 1.816
373
India USA Canada China/HK Japan Spain UK Australia Korea Brazil
Low number of listed companies compared to
other countries
Lack of important economic sectors in the
exchange, for instance: oil & gas, infrastructure,
retail, IT and pharmaceutical,
Investment cycle may bring new companies and
sectors to the exchange
Currently, SMEs are not able to raise money
through equity easily
Source: ABRAPP, WFE and BM&FBOVESPA
7

Derivatives Market (BM&F Segment)
Growth in the credit level will favor volumes
8
Credit: very low credit level and even lower in the case of mortgage transactions
Credit to GDP
Trade Flow (total Imports + Exports in USD billions)
Total Credit
Mortgage
49.1%
482
27.4%
229
281
371
281
384
4.5% 4.8%
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
2006 2007 2008 2009 2010 2011
Interest Rate in BRL contracts: growth in credit levels, specially in fixed rates, support the increase the activity of
financial institutions
FX contracts: growth in the amount of foreign trading and change in the culture of the Brazilian entrepreneurs can
push up volumes in this group of contracts, mainly in currencies other than US$
Index-based contracts: growth in cash equity market, the launching and development of ETFs and the growth of
exposure to equity by institutional investors can drive the growth of these contracts
Commodities contracts: cash settled contracts and the change in the behavior of farmers that are becoming more
sophisticated

MAIN INITIATIVES
9

Launching of new products
Product diversification strengthens revenues and competitive position
10
Growth in ETFs
• 12 ETFs currently traded
Market maker for options
• Bidding process initiated to select equity options market
makers for 10 companies and for the IBOVESPA
Cross-listing of
derivatives with CME and
BRICS
• Cross-listing of futures contracts with CME Group (stock
index-based and commodities contracts) and BRICS
exchange (stock index-based contracts)
Launch of Additional
BDRs
• 40 BDRs currently traded and other 30 to start in the
coming months
Brazil Easy Investing
• Order book in foreign currency (targeting foreign retail
investors)

11
Strategic Projects
Multi-asset trading platform (PUMA Trading System)
• State of the art in trading technology and technological independency
• Derivates module successfully implemented in 2H11
• Equities market to be concluded in 2H12
Licensing TRADExpress Real Time Clearing system
Objective: integrating and modernizing our existing clearing facilities should proceed over 2012.
• Integrated tests with the market and implementation of the systems scheduled to take place in 2013
• Partnership advantages:
• License to use the software
• Access to the source code
• Selling rights over our new clearing platform
Registration systems for OTC derivatives
Objetive: modernize, improve and expand the range of our registration services for OTC
derivatives, while offering our customers a streamlined, quality solution and thorough
regulatory reporting tool
• One of the most flexible and complete engines for registration, price discovery, risk
assessment, capture and lifecycle processing of these transactions
• Three-module implementation: the first one is schedule to 2H12, the second one for
1H13 and third module of the platform will be announced in due course

International Projects
Creating a global market
Partnerships with international exchanges
- Strategic partnership with CME Group
- Asia: MoU and discussions with HKEx, Shanghai
and Shenzhen Exchanges
- Latam: MoU with Chile and Colombia exchange
and discussions with Peru and Colombia
- Cross listing of Index-based futures with
exchanges of BRICS countries
Strengthening the sales force in other countries
- Offices in New York, London and Shanghai
12

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Showing results
HFTs and Co-location arrangements: ADTV
(in R$ millions)
BOVESPA Segment
1,329
HFT via other connection models
HFT via Co-location
1,145
1,088
574
899
812
228
720 629
199
533
56
613 671
755
477
425 459
Market Making for Options on Single Stocks:
ADTV Single stocks: OGXP3 and ITUB4
(in R$ millions)
15.4
69%
25.9
Nov-Dec/10 1Q11 2Q11 3Q11 4Q11 Jan/12
ETFs: ADTV
Jan-Aug 2011 Average (Sept - Dec 2011)
Treasury Direct – Value under custody
(in R$ millions)
7,498
18.6
28.5
48.7
64.4
3,248
4,653
2009 2010 2011 Jan/12
Trading systems performance and throughput capacity
Old System Old System PUMA (2012)
Latency or round-trip time (milliseconds) inside BVMF 10-15 10-15

BUSINESS MODEL AND REGULATORY
FRAMEWORK
14

Possible Competition
Important considerations
15
EASING REGULATION IS NOT EXPECTED
• Main requirements: pre-trade controls, self-regulatory (SRO), off exchange trades are not permitted
(internalization of orders and OTC), CCP for stocks trading, post-trading at the beneficial owner level
• Competition in other exchanges was intensified after easing regulation
THE EXCHANGE FEES (TRADING AND POST-TRADING) ARE PAID BY THE FINAL INVESTOR
• Differently from USA and Europe, the final investors is the one who pays the exchange fees
• Brokers couldn’t increase their share in the all-in trading cost pie in case of reduction on the exchange fees
STOCKS TRADING ALL-IN COST IN BVMF IS COMPETITIVE
• Despite the misleading perception, all-in cost in BVMF is competitive compared to other markets
• Comparing only the trading fees among exchanges is misleading. BVMF provides higher portion of services
than the peers
IT INFRASTRUCTURE MOVING TO STATE OF THE ART
• There is no gap of IT infrastructure
• Increasing participation of HFT via Co-location (moving to sub millisecond latency)
RECENT BM&FBOVESPA INITIATIVES (REBALANCING OF FEES STRUCTURE)
• Shift between trading and post-trading fees

Brazilian Market Regulatory Framework
Legal requirements: resilience, transparence, clear rules….
16
Regulator’s words about sharing the post-trading facilities
“in the regulations, there is nothing that either prohibits or obliges companies regarding use of the clearing services of
BM&FBovespa”
Head of CVM, Maria H. Santana, on FT in Nov 15, 2011
CVM will receive a report from an independent consultant (Oxera)
Analysis of the Brazilian capital market framework
Some subjects that could be visited in this study: Block Trading Facility; High Frequency trading; Listing
requirements; among others
Positive characteristics of the Brazilian regulatory framework that will not change: transparency pre and posttrading
(including prohibition for internalization of orders) and the beneficial owner level model
The study will be funded by a domestic broker as part of the payment of a fine (it is under discussion since the
beginning of the year)
The study is expected to be delivered in April or May 2012
Important issues regarding competition
Benefits from market fragmentation versus implied risks (transparency, price discovering, among others)
Risk management: differently from many other markets, BVMF’s clearing risk system is based on pre trade risk
management, what makes our market much safer (integrated model allows it)
Trading / auction rules: this rules are stricter and complex in Brazil and must be harmonized among venues
Listed Companies monitoring: who and how to do that
Market supervision: how perform this role and assure the market efficiency

Equity Market Settlement Structure - Brazil Compared with USA
Two different regulatory frameworks
17
Trading
BRAZIL
(All the trades must be matched on an
exchange environment)
BVMF
USA
(Brokers can internalize orders)
Trading Venues
BVMF
Brokers
A and B
DTCC
Brokers
A and B
Broker
A
Broker
B
Post trading
Clearing (CCP)
Settlement
Central Depository
Investors
Investors
Investors
Investors
100% vertically integrated: clearing, settlement and
central depository at the beneficial owner level
Brokers control their clients’ portfolios and settle
positions through BVMF’s infrastructure (this
impacts the post-trade fees charged by BVMF)
DTCC does the clearing, settlement and central
depository of securities at the brokers’ level
Each broker (prime broker) has its own structure to
control their clients’ portfolios and settle positions
(this impact the prime broker’s costs)

Business Model
Listed Exchange Business Model
Diversified and Integrated Integrated Derivatives Diversified but Not Integrated*
* Do not provide post-trading services for the equity market
Market Capitalization (US$ billions) and 2010 EBITDA Margin (%)
Source: Bloomberg
Updated until: 02/01/2012
80.1%
30
78.1%
70.0% 70.0%
67.0%
68.4%
25
62.2%
55.0%
55.8%
20
44.0%
48.0%
42.1%
15
10 18.7 16.3
5
13.2 11.7
8.3 6.9 5.6 5.6 4.4 3.9 3.1 2.3
-
HKEx CME BVMF Deutsche ICE Nyse ASX * SGX * Nasdaq LSE TMX BME
Boerse
Euronext
Diversified and integrated Derivatives Diversified but not integrated EBITDA Margin 2010
* 12 months ended on Jun/11
80,0%
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
18

Brazilian Market Regulatory Framework
Legal requirements: resilience, transparence, clear rules….
19
Brokers &
investors
• Regulation prohibits internalization of orders, dark pools and
ATS/MTFs, stocks trading in both exchange and OTC
simultaneously
• Settlement and clearing of stocks trading must be done through
a CCP
• Settlement and clearing at the beneficial owner level make the
Brazilian market safer and more resilient
Trading
• Under the regulation in place, potential competitors would be
obliged to provide the same integrated solution, with the same
rules and transparency
• The final investor pays the exchange fee
Pos-Trading
• Other exchanges have been seeking integrated models (self
clearing models)
• Naked access is not allowed
• Naked short selling is not possible

New Fee Structure – Bovespa Segment
Demystifying: BVMF prices are competitive
The new fee structure shows that the fees charged by BVMF are competitive
in the USA, the average all in trading cost could vary from
US$0.02 to US$0.04 per share, in line with the Brazilian
market
In average, retail investors pay less to trade
stocks in Brazil than they pay in USA!
Institutional Investors¹ (stock price at US$28.00)
Lower Fee
Higher Fee
(Exchange) (Exchange)
Bps
Cents of Cents of
Bps
US$
US$
Trading Fee 0.70 0.196 0.70 0.196
Settlement Fee 1.80 0.504 2.75 0.770
BVMF Total Fee 2.50 0.700 3.45 0.966
Broker fee
(estimate)
All-in cost
(a) 1.50 0.420 1.50 0.420
(b) 5.00 1.400 5.00 1.400
(c) 10.00 2.800 10.00 2.800
(a) 4.00 1.120 4.95 1.386
(b) 7.50 2.100 8.45 2.366
(c) 12.50 3.500 13.45 3.766
The average share of BVMF in the investor’s
all in cost ranges is 37 3 %
+
=
Retail Investors² (retail brokers simulation)
BRL USA BRAZIL
Broker 13.80 9.06
Exchange - 2.59
All-in cost 13.80 11.65
• In the USA the interface is only with the brokerage
house (the exchange cost is embedded within the
broker fee), while in Brazil the interface is with both
broker and exchange
¹ The minimum fee is paid by local institution and investment clubs and day trading, in this case, for all type of investors.
² Brokers’ fee (Brazil and USA) is the average price collected from four USA discount brokers and from four Brazilian retail brokers in June 2011. The R$2.59
exchange fee per order results from: 3.45bps on a trade of R$7.5 thousand (average size of the Home Broker trading).
3 It considers the average fee charge by BVMF and brokers, 2.975 bps and 5.000 bps, respectively.
20

Fees in other Cash Market
Comparing with Deutsche Börse (integrated model)
21
Comparing trading and post trading costs: BVMF vs. Deutshe Börse
in USD
Local
Holding Period - 3 months
Holding Period - 12 months
BVMF Deutsche Börse BVMF Deutsche Börse
Foreigner
100
Trades
25
Trades
Local
Foreigner
100
Trades
25
Trades
Trading 2,100 2,100 1,512 1,241 2,100 2,100 1,512 1,241
Post trading 5,601 8,262 7,651 3,319 6,204 8,299 13,276 8,944
Clearing and Settlement 5,400 8,250 5,776 1,444 5,400 8,250 5,776 1,444
Depository 201 12 1,875 1,875 804 49 7,500 7,500
All-in cost 7,701 10,362 9,163 4,560 8,304 10,399 14,788 10,185
In Germany, the post trading costs, in special the depository cost, are higher
than the trading costs
Note: institutional investor simulation; 500 th stocks trading size; USD30.00 stock price; USD15 million value under custody; Deustche
Börse / Clearstream costs: trading: 0.00504%; clearing and settlement US$28.88 by settlement; trading and clearing/settlement are due
in both in and out of each transaction; custody: 0.05% a.a.
Deutsche Börse fee schedule and source done by Rosenblatt Securities Inc.

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Brazilian´s stock trading breakdown
Novo Mercado
Launching
End of CPMF
(Financial
Transaction Tax)
Sarbanes-Oxley Act
(SOX)
Jan´12
27.3%
40.9%
13.6%
29.8%
59.1%
29.3%
Other USA Venues - Brazilian ADRs NYSE - Brazilian ADRs BM&FBOVESPA - companies with ADRs BM&FBOVESPA (except companies with ADRs)
Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )
Public Offerings in Number of Companies
IPOs
2001
-
2002
1
2003
-
2004
7
2005
9
2006
26
2007
64
2008
4
2009
6
2010
11
2011
11
Total
139
Follow ons
Total
14
14
5
6
8
8
8
15
10
19
16
42
12
76
8
12
18
24
11
22
11
22
121
260
Dual Listings - - - 2 1 1 - - 1 - - 5
*Updated until 01/31/2012
22

OPERATIONAL HIGHLIGHTS
23

BOVESPA Segment: operational highlights
Average Daily Traded Value – ADTV (BRL billions)
4.9
5.5 5.3
6.5 6.5 6.5
7.3
6.5 6.7
6.1 5.9 5.7
7.7
6.3
7.1
5.9
6.2
6.3
1.2
1.6
2.4
2004 2005 2006 2007 2008 2009 2010 2011 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Number of Custody Accounts (Thousands)
Turnover Velocity* (12 months average)
559
576
640 626 632 622 611 600
56,4%
63,2%
66,6% 63,8%
64,2% 64,7%
36,8% 37,6% 38,7%
30,8% 29,4%
42,3%
2008 2009 2010 1Q11 2Q11 3Q11 4Q11 Jan/12
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
**Relation of the trading value in the cash market and the market cap of the exchange
24

BOVESPA Segment: capital raising activity
Public Offerings (BRL billions)
IPO Follow-On
74.4
70.1
14.5
46.0
63.2
30.4
34.3
22.2
55.6
13.9 15.1
26.8
18.0
8.8
23.8
4.3 8.5
10.8
15.4
4,5 5.4
7.5
11.2 7.2
2004 2005 2006 2007 2008 2009 2010* 2011
Pipeline: already announced to the market
• There are 4 offerings in the pipeline
• IPOs (4): Isolux Infrastructure, Brasil Travel Turismo e Participações, Seabras Serviços de Petróleo and CVC.
* Excludes the capitalization with barrels reserves by federal government - BRL74.8 billion – in Petrobras offering.
25

BOVESPA Segment
Potential to increase the number of listed companies
Market Capitalization to GDP (%)*
Hong Kong : 617% 1,095% 1,208%
168% 170%
166%
2008 2009 2010
138% 137%
130%
129 % 126% 118%
107%
107%
95%
100% 93% 100%
78%
82%
85%
75%
81%
70% 75%
67%
62
66%
67%
75%
73% 74%
53% 53%
53%
36%
21%
44%
39%
Chile Singapore United Kingdom Canada USA Korea India China France Japan Brazil Mexico
Market Capitalization by Economic Sector
* Source: World Bank
Dec’11
26,4%
15,2%
Dec’05
22,4%
15,7%
14,1%
10,4%
6,8%
0,6%
3,9%
16,2%
1,8%
4,7%
11,5%
11,1%
0,3%
2,6%
8,6%
21,6%
3,6%
2,5%
Oil, Gas and Biofuels Basic Materials Capital Goods and Services Construction and Transportation
Consumer Non Cyclical Consumer Cyclical Information Technology Telecommunications
Public Utilities
Financial
26

27
BM&F Segment: operational highlights
Average Daily Traded Volume – ADTV (Thousands of contracts)
3,560
3,106
2,701 2,824
2,505
2,656
221
300
108
1,740
437
522
89 496
123 62
11784
191 285 218 248
1,573 1,521
438 391
1,167
541
473
1,684 1,797 1,937 2,068 2,364 2,552
110 168
266 535 447
86 74 68 112 167
805 852
162 150
88 80
187 109 124
422 501 711 988 789 843
Rate per Contract - RPC (BRL)
3,418
2,430
2,199 2,107
340
195
292
501
323 114
84
286
574
531
491
110
2,383
1,217 1,493 1220
2,830
2,596 2,706 2,615
2,065
350
120 280 282
586 184 148
315
544 487 245 123
148 541
438
1,774 1,589 1,789 1,234
1,636
2004 2005 2006 2007 2008 2009 2010 2011 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
BRL Int. Rate (Thousands) FX (Thousands) Index (Thousands) Others (Thousands)
2006 2007 2008 2009 2010 2011 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D-11 J-12
Interest rates in BRL 0.906 0.950 1.141 0.979 0.889 0.918 0.794 0.877 0.853 0.750 1.111 1.053 1.096 0.917 0.998 0.931 0.928 1.086 1.045
FX rates 2.244 1.859 2.065 2.161 1.928 1.894 2.003 2.037 2.012 1.920 1.820 1.813 1.807 1.699 1.833 2.014 2.082 2.082 2.106
Stock Indices 1.419 1.501 2.145 1.620 1.564 1.614 1.592 1.806 1.451 1.875 1.477 1.864 1.416 1.624 1.358 1.645 1.690 1.719 1.316
Interest rates in USD 1.094 0.965 1.283 1.357 1.142 0.941 1.143 1.159 0.989 0.951 0.801 0.944 0.846 0.851 0.918 1.069 0.922 0.930 0.958
Commodities 4.749 3.195 3.587 2.307 2.168 2.029 1.827 2.084 2.153 1.774 1.967 2.131 1.954 1.765 1.977 2.698 2.558 2.385 1.688
Mini contracts 0.034 0.054 0.162 0.176 0.128 0.129 0.147 0.144 0.135 0.139 0.132 0.140 0.132 0.125 0.111 0.118 0.124 0.132 0.131
OTC 1.571 2.111 2.355 1.655 1.610 1.635 1.412 1.414 1.359 1.367 2.107 1.535 1.606 1.830 1.575 1.234 2.051 2.444 2.438
Total RPC 1.247 1.224 1.527 1.365 1.134 1.106 1.021 1.075 1.025 0.964 1.252 1.220 1.220 1.034 1.136 1.177 1.153 1.293 1.236

Interest Rate in BRL Contracts
Structural changes behind the growth in volumes
Interest Rate in BRL Contracts Breakdown by Maturity (thousands of contracts)
Uncertainty in consensus
impacts short term contracts
2007 2008 2009 2010 2011 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
1st. Maturity 2nd. Maturity 3rd Maturity 4th. Maturity 5th Maturity
Fixed Rate Credit – in BRL billions
Public Debt / Fixed Rate - in BRL billions
Dec’11
R$747 bi
Dec'11
682.6
Jan’05
R$180 bi
151.4
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11
Source: Brazilian Central Bank
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11
28

29
High Frequency Trading (HFT)
HFT will play an important role in both cash and derivatives markets
HFT – BM&F Segment
(ADTV in thousands of contracts and mkt. share)
HFT – Bovespa Segment
(ADTV in BRL billions and mkt. share)
6.0%
301 4.8% 4.7%
4.9% 251 251
3.8% 93 3.6% 10
207 42 208
4.8% 188
17 95
50 93
151
90
77
82
2.8%
53
45
81
41 43 38
1.0%
43
22 44 155
0.3% 32 18
4 20
41 50 69 74 77
101
8 7
66
4 5
7.3% 8.7%
1,80
481 474
28 33
8.3%
1,60
408
27 6.4%
1,40
203
218
26
3.6% 6.7% 7.5%
334
5.4%
6.9% 5.8% 1,20
300
274 11
167
4.2% 3.9% 8
28
21
3.5%
222 222 239 1,00
239
18 4 113
133
0,80
16 18 102
179
88
92
66
90
61 120
17
131
0,60
90 88
45 49
50
68
42
49
29
51 48
65 65 67 82 118 101 126 162 42 41 0,40
155 153 124 0,20
85 88
-
6.6%
8.7% 8.6%
7.6%
0.96
1.00 0.97
5.7% 5.9% 5.9% 0.90
0.19
0.15
0.73 0.27 0.75 0.78
0.15
4.5% 4.0% 0.29
0.26
0.21
0.14 0.21
0.56
0.25
0.50 0.35
0.20
0.26
0.17
0.25
0.27
0.22 0.16
0.51 0.49 0.56
0.35
0.14 0.17
0.26
0.34 0.32
11.4%
1.68
0.20
0.38
10.3%
1.46
1.30 0.16 1.34
0.16
0.17
0.28
0.31
0.26
10.4%
11.5%
1.10
1.02
0.91
0.82
14
12
6,
4,
2,
0,
9.3% 10
1.15 8.7%
0.11 1.09
8,
0.21 0,30
0.83 0.79
Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
FX Equities Mini contracts Interest Rates in BRL % in Overall Volume
Co-location – BM&F Segment
(ADTV in thousands of contracts and mkt. share)
ADTV (Foreigners) ADTV (Individuals) ADTV (Institutionals) % of overall market
Co-location – Bovespa Segment
(ADTV in BRL billions and mkt. share)
4Q11: 73% of HFT trading is via co-location
6.4%
7.2%
4Q11: 63% of HFT trading is via co-location
4.7% 5.4%
5.6%
6.0%
5.3%
5.0%
2.9%
2.8%
2.7%
2.1%
112 162 173 186
5.6%
4.8%
246 232
6.2%
263
434
408
6.1%
314
4.2% 5.9% 5,2%
225 244
271
1.0%
126
2.0% 2.6%
211
257 218 218 248
301
726
681
791
711
661 629
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Jan/11 Feb/11 Mar/11 Apr/11 May/11 Jun/11 Jul/11 Aug/11 Sep/11 Oct/11 Nov/11 Dec/11 Jan/12

Appendix
30

Fully integrated Business Model
Diversified sources of revenues
Services for issuers, brokers and
commodities trading
Trading, Clearing and Depository Activities
Others Services
Listing
(stocks, bonds, funds,
asset-backed securities,
Among others )
Trading
(stocks, derivatives, corporate and government
Bonds, funds, spot US Dollar, among others)
Custody
(services provided for funds
and other market
participants)
Commodities
Certification
Central Counterparty (CCP)
Clearing and Settlement
(for all products)
Market Data
Indices Licensing
Trading Access
(Brokers)
Central Depository
(stocks and corporate bonds)
Securities Lending
(stocks and corporate bonds
Software Licensing
(used by brokerage
Houses and other
market participants)
OTC Derivatives
(registration and collateral
management)
31

BM&FBOVESPA Costs
Seg. BOVESPA – Custody
32
Custody - Account Maintenance
Account without movement or position
Account with movement or position of Equities Market assets
Fee on the amount in custody*
from BRL 0 to BRL 1,000,000.00
from BRL 1,000,000.01 to BRL 10,000,000.00
from BRL 10,000,000.01 to BRL 100,000,000.00
from BRL 100,000,000.01 to BRL 1,000,000,000.00
from BRL 1,000,000,000.01 to BRL 10,000,000,000.00
starting from BRL 10,000,000,000.01
BRL3.00
BRL6.90
1.30 bps
0.72 bps
0.32 bps
0.25 bps
0.15 bps
0.05 bps
Note:
*This fee is not charged for nonresident investors.
* Fee exemption for custody positions of up to BRL300,000.00 will be maintained

33
High Frequency Trading - HFT
New Products Pipeline
New pricing policy (both segments)
Main Characteristics
• Differentiated fees by tier only for day trades transactions executed by a registered HFT
• A HFT Committee created to approve and monitor the HFTs
• The new pricing policy was implemented in Nov’10
Bovespa Segment
• In the Bovespa Segment, different tiers were created for individuals and non-individuals HFT investors
ADTV tier (BRL millions)
BM&F Segment
Individuals
Trading Fee
(bps)
Settlement
Fee (bps)
Total
Up to 4 (inclusive) 0.70 1.80 2.50
From 4 to 12.5 (inclusive) 0.50 1.80 2.30
From 12.5 to 25
(inclusive) 0.20 1.80 2.00
From 25 to 50 (inclusive) 0.05 1.75 1.80
Above 50 0.05 1.55 1.60
ADTV tier (BRL millions)
Non-individuals
Trading Fee
(bps)
Settlement
Fee (bps)
Total
Up to 20 (inclusive) 0.70 1.80 2.50
From 20 to 50 (inclusive) 0.50 1.80 2.30
From 50 to 250
(inclusive) 0.20 1.80 2.00
From 250 to 500
(inclusive) 0.05 1.75 1.80
Above 500 0.05 1.55 1.60
• In the BM&F Segment, the 70% flat discount was replaced by a volume tiered based discount, only for day trades,
divided into trading and registration fees

BOVESPA Segment: foreign investment flow
Monthly Net Flow of Foreign Investments* (in BRL billions)
9.1
10.0
6.1
5.5
5.2
3.4 3.8 4.2
2.5
0.5
0.3
5.8
1.5
7.3
4.4
2.1
1.7
0.7 0.8
0.4
3.4
2.1
1.4
(1.6)
1.9 2.2 (0.4)(0.2)
0.4 1.0 (2.4)
7.2
(0.6)
(1.5)
(0.1)
(0.6)
(1.3)
*Includes regular trades and public offering; updated until January 31, 2012.
34

Operational highlights: investor s participation in Total Volume
BM&F Segment (Investor’s Participation in Total Volume)
2% 2% 2% 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
1% 2% 1%
7% 7% 9% 8% 8% 4% 4% 4% 3% 3% 4% 4% 5% 5% 5% 5% 5% 5% 3% 5%
12% 15% 17% 19% 20%
22% 23% 19% 19% 20% 20% 24% 23% 25% 26% 27% 25% 23% 16% 23%
24% 25% 23% 23% 24% 30% 33%
31% 31% 32% 33% 31% 31% 33% 35% 32% 34% 34%
34%
32%
56% 51% 49% 48% 45% 42% 38% 45% 44% 42% 41% 38% 39% 35% 32% 35% 35% 36% 46% 39%
2005 2006 2007 2008 2009 2010 2011 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Central Bank Companies Individuals Foreign Investors Institutional Investors Financial Institutions
Bovespa Segment (Investor’s Participation in Total Value)
2% 2% 2% 3% 2% 2% 2% 2% 2% 2% 1% 3% 1% 1%
12% 10% 10% 8% 7% 8% 9% 8% 9% 8% 10% 8% 9% 8% 10% 1% 2% 1% 2%
8% 9% 8% 9%
2% 7%
1%
33% 36% 35% 35% 34% 30% 35% 35% 34% 32% 34% 34% 35% 33% 37% 34% 36% 35% 39%
37%
27% 27% 30% 27% 26% 33% 33% 34% 33% 35% 34% 33% 33% 35% 32% 34% 33% 33% 32%
33%
25% 25% 23% 27% 31% 26% 21% 22% 22% 23% 21% 22% 21% 24% 20% 23% 20% 22% 18% 21%
2005 2006 2007 2008 2009 2010 2011 Jan-11 Feb-11 Mar-11 Apr-11 May-
11
Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12
Individuals Institutional Investors Foreign Investors Financial Institutions Companies Others
35

Investment Funds
AUM Evolution (in BRL billions)
657
11%
Equities
Fixed Income
861 899
10% 11%
1,070
11%
1,301
15%
1,513
22%
1,375
14%
1,703
18%
1,787
18%
1,899
15%
Percent of Equity Fund Assets
2002 2003 2004 2005 2006 2007 2008 2009 2010 Nov/11
Worldwide
Brazil
Equity
funds
39%
Equity
funds
15%
Source: ANBIMA and Investment Company Institute – ICI (2Q11).
36

Price Earnings Estimated
P/E
1,100
1,050
1,000
0,950
0,900
0,850
0,800
0,750
0,700
0,650
0,600
jan-10 fev-10 mar-10 abr-10 mai-10 jun-10 jul-10 ago-10 set-10 out-10 nov-10 dez-10 jan-11 fev-11 mar-11 abr-11 mai-11 jun-11 jul-11 ago-11 set-11 out-11 nov-11 dez-11 jan-12
Ibovespa/Dow Jones Ibovespa/S&P 500
Source: Bloomberg
37

SUSTAINABILITY
38

BM&FBOVESPA Sustainability Mission
BM&FBOVESPA’s Sustainability Mission
“Support, promote and practice the concepts and actions towards economic,
social and environmental responsibility with the purpose of contributing to
sustainable development”
Novo Valor BM&FBOVESPA
Program created in 2010 to guide sustainability actions of
BVMF.
Goal
Induce and promote the sustainable development of the
BM&FBOVESPA and the capital market, involving all audiences,
including investors, companies and brokerages.
39

BM&FBOVESPA Sustainability Program
Working in four dimensions
40
1. Natural Resources Mgt
• GHG Inventory
• Materials recycling program
• Ecoefficiency
• Green IT
• Member of Carbon Disclosure Project South America
• Board of Empresas pelo Clima, FGV
4. Stakeholder Engagement
• Instituto BM&FBOVESPA
• Stakeholders
• Global Compact Signatory (1 st exchange)
• PRI Signatory (Principles for Responsible Investment)
• Organization Stakeholder GRI (Global Reporting
Initiative); Member of Board for GRI Brazil
2. Governance
• Novo Mercado
• Advisory Boards
• Sustainability Committee
• Sustainability Comission
3. Products and Services
• Indexes: ISE, ICO2 and IGC/IGCT
• Carbon Market
• Em Boa Companhia (program with companies)

3Q11 EARNINGS
41

3Q11 highlights
Focus on cost control and return to shareholders
Net Revenues: R$494MM(3Q10: R$489MM)
(up 0.9%)
Adj Expenses. 1 : R$136MM (3Q10: R$146MM)
(down 6.6%)
Adj Net Income. 2 : R$400MM (3Q10: R$389MM)
(up 2.7%)
Financial and Operational highlights
• Volumes growth (3Q11 vs. 3Q10): 15.5% higher in BM&F seg and 11.7% in
BOVESPA seg
• HFT hits all-time high on record: 7.8% in BM&F seg and 10.3% in BOVESPA seg
• Shareholder return: 9M11 dividends and buybacks reached R$1.3 bn
(~ R$0.65 per share). In 3Q11:
• Dividends: R$233.6 million, 80% of 3Q11 net income
• Buybacks: R$250 million (27.3 million shares)
• Budgeted OPEX and CAPEX for 2011 revised down
Adj EBITDA 3 : R$356MM(3Q10: R$344MM)
(up 3.4%)
Adj EBITDA Margin: 72.1% (3Q10: 70.4%)
Adj EPS: R$0.205(3Q10: R$0.194)
(up 5.9%)
Strategic Projects
• New fee structure eliminates previous cross-subsidies, strengthens
competitive position and aligns with international peers
• Derivatives module for the new multi-asset platform (PUMA Trading System)
successful implementation of the derivatives module
• Clearing integration: development of the technology infrastructure
• Market making for options on single stocks: ongoing market making for
options on four single stocks and options on IBOVESPA
1
Excludes stock options plan, depreciation, allowance for doubtful accounts, and tax on dividends from CME Group. 2 Excludes deferred liability recognized in correlation
with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan and the investment in associate (CME Group) accounted for
under the equity method of accounting, net of taxes. 3 Excludes stock option plans costs .
42

2012 Budgets
Commitment to cost control
Adjusted Operating Expenses - 2012 Budget
CAPEX – 2012 Budget
• 2012 Budget: between R$580 million and R$590 million
• Maintenance of headcount
• Steadily effort to reduce other expenses lines
R$ millions
544
2012 budget in the same range of 2011
590
↕
580
590
↕
580
• 2012 budget: between R$230 million and R$260 million
• Continuity of IT investments
• Equities segment of PUMA Trading System
• New Data Center
• Clearings integration
• New OTC platform
• Improvements in infrastructure
R$ millions
268
210
↕
180
260
↕
230
2010 2011e 2012e
2010 2011e 2012e
1
Adjusted Expenses exclude depreciation, stock option program, provisions and tax on dividends from CME.
43

BOVESPA Segment Performance
Higher Volumes: increased market volatility and HFT activity growth
44
3Q11 Volumes
• ADTV surged 11.7% over 3Q10
• Greater HFTs share of overall volume
(mainly foreigners, 3Q11 volume soared
87% from 2Q11)
• Market volatility positively impacted
trading volumes
10,00
8,00
6,00
4,00
2,00
0,00
ADTV and Margin
6.16 6.11 6.02 5.86 5.71
5.9
6.8 6.7 6.2 6.6
3Q10 4Q10 1Q11 2Q11 3Q11
ADTV (R$ billions)
Margin in bps
HFT: ADTV and share of trading volume
Average market capitalization and Turnover velocity
10.3%
48%
0,0
1,329.1
7.4%
0,0
6.1%
0,0
898.6
4.3%
814.5
835.1
0,0
87%
318.6 447.3
0,0 532.9
0,0 160.0
205.0 184.1 174.6
181.5
0,0
191.4 290.8 267.2 319.3
-
Nov-Dec/10 1Q11 2Q11 3Q11
retail - day trading (BRL millions)
local institutions - day trading (BRL millions)
fgn inv - day trading (BRL millions)
% of overall market
3,5
3,0
2,5
2,0
1,5
1,0
0,5
-
160,0%
140,0%
120,0%
100,0%
80,0%
60,0%
40,0%
20,0%
0,0%
9.8 p.p.
60.1% 61.8% 62.1% 59.7%
69.5%
2.3
2.5 2.5 2.5 2.2
3Q10 4Q10 1Q11 2Q11 3Q11
Average Market Capitalization (BRL trillions)
Turnover Velocity
7
5
3
1
-

BM&F Segment Performance
Well positioned to capture growth opportunities
3Q11 Volumes
• Overall ADTV up 15.5% over 3Q10
• Higher volumes in BRL interest rate contracts
• Record HFTs volumes, surged 67% from 2Q11
• Volumes traded in mini-sized contracts and
stock index derivatives soared 71% and 41%
from 2Q11, respectively)
1,30
1,20
1,10
1,00
0,90
0,80
0,70
0,60
0,50
0,40
ADTV in (thds of contracts) and RPC (in R$)
1.17
1.13
1.10
1.11
1.04
2,866
2,428 2,616
2,670 2,805
317
293
469
422
407
286
491
481
543
525
1,661
1,833
2,127
1,720
1,810
3Q10
4Q10
1Q11
2Q11
3Q11
Interest Rates in BRL FX Rates Others RPC
HFT: ADTV (thds of contracts) and share of ADTV (%)
ADTV : Mini-sized and stock index (in thds of contracts)
BRL Interest rate contracts FX contracts % in total ADTV
Index-based contracts
Mini-sized contracts 7.8%
420.3
67%
4.6% 5.0%
5.0% 178.7
251.4 3.9% 251.3
197.7 211.5
93.4
94.8 68.2
82.7
83.6
37.7
45.3
39.3 77.3
43.5
148.3
70.5
67.0 101.1
4.9 42.5 17.1 9.8 24.4
3Q10 4Q10 1Q11 2Q11 3Q11
156
143
101
91
84 89 88
77 78 77
3Q10 4Q10 1Q11 2Q11 3Q11
Mini Contracts
Stock Indices
45

Revenues and Expenses Details
Consistent growth of “other revenues” and focus on costs controls
46
Revenues Breakdown – 3Q11
Expenses Breakdown – 3Q11
Trd. /Sttmnt
– BM&F seg.
Other
revenues 17%
38%
38%
45%
Trd. /Sttmnt
– Bovespa
seg.
Marketing
Third Party
Serv.
Depr./ Am.
Other
14%
4%
7%
12%
15%
48%
Personnel
Data
processing
R$ millions 3Q11 3Q10
Change %
3Q11 x 3Q10
Gross Operating Revenues 547.1 544.1 0.6%
BOVESPA Seg. (trd. and sttmnt.) 248.6 274.8 -9.5%
Fees from trading and sttmnt. transactions 244.9 232.9 5.2%
Other (including public offering sttmnt.) 3.7 41.9 -91.1%
BM&F Seg. (trd. and sttmnt) 205.2 186.8 9.9%
Other operating revenues: 93.3 82.5 13.1%
Depositary and custody 22.9 21.4 6.6%
Securities Lending 19.8 12.7 56.1%
Market data sales 16.2 15.4 5.7%
Listings 11.2 10.9 2.6%
Other 23.1 22.0 5.0%
(In R$ millions)
167.6
15.1
5.5
145.8 159.0
Costs Control
Projects re- prioritization
188.7 188.7
9.4 166.8 169.6
18.9
24.5
22.3
10.1 8.5
10.1 20.7
140.6 143.7 136.3
3Q10 4Q10 1Q11 2Q11 3Q11
Adjusted Operating Expenses Depreciation Stock option Others

Revenues: 3Q11
BOVESPA Segment (45% of total)
3% 13%
84%
Cash Market
Forward Market
Options Market
Market / Product / Service
Cash market
Forward Market
Options Market
In bps
Fee Model
BM&F Segment (38% of total)
30%
13% Interest Rate BRL
FX
Others
57%
Interest Rate
Exchange Rates (FX)
Indices
Commodities
Fee per contract
Other Revenues
17%
Depository and custody: 4%
Securities Lending: 4%
Vendors: 3%
Listing: 2%
Trading access: 2%
Fixed cost: R$6,90 + additional fee
25 bps per year (open interest)
Fixed fee
Annual fee: based on the social capital
Fixed fee

Revenues Breakdown: September 2011
Cash Equity - trading
8,5%
Others 18,6%
Cash Equity - post-trading
28,0%
Derivatives (BM&F)
38,0%
Equity Forward and
Options - trading and
post-trading 6,9%

Depreciation & Personnel Expenses
Focus on cost control and improvements in processes
Personnel Expenses
Adj. Personnel Stock Options
90.3
97.5
88.2
71.7 9.4 24.5 10.1
5.5
(In R$ millions)
81.0
8.5
80.9
66.2
72.9 78.0 72.4
3Q10 4Q10 1Q11 2Q11 3Q11
Depreciation
22.3
(In R$ millions)
3Q11 vs. 3Q10: up 12.9%
• Annual bargain with union of around 7%
• 15% increase in average headcount (mainly in IT and
business development, in line with growth strategy)
• There was no headcount increase over 2011
3Q11 vs. 2Q11: 8.2% lower
• Advances in the allocation of personnel expenses related
to projects increased the amount capitalized in 3Q11 to
R$8.4MM (R$5.5MM in 1Q11 and R$5MM in 2Q11); in
addition to reversal of R$3.2MM recorded over 1H11
• Reduction in Profit sharing provisions of around
R$2.9MM due mainly to market conditions
15.1
18.9
6.8
15.5
6.8
10.1
20.7
3Q11 vs. 3Q10: up 37.3%
• Growth resulting from higher CAPEX in 2010/11
3Q11 vs. 2Q11: up 104.8%
• Due to improvements in projects accounting processes
(R$6.8MM reversion reduced 2Q11 depreciation
expenses)
3Q10 4Q10 1Q11 2Q11 3Q11
49

Financial Highlights
Commitment to shareholder returns
Cash and Financial Investments
(in R$ millions)
3Q11
4Q10
284
1,270 468
269
1,487
959 496
1,712
3,508
3,435
Financial Income
• R$82.7 million in 3Q11: up 10.3% over 3Q10
• Financial Income: R$102.0 million, a 9.9% increase
over 3Q10, due to higher average interest rates paid
on interest-earning investments
• Financial Expenses: R$19.4 million, compared to
R$17.9 million in the 3Q10, due mainly to the debt
interest
Market participants cash collateral and others*
Restricted funds
Subsidiaries**
Available funds
Investments (CAPEX) – 9M11: R$115MM
(in R$ millions)
Shareholder Returns (Payouts and Buyback Program)
(in R$ millions)
BuyBack
Payout
685.5
29
44 42
227.7
216.6 235.3
106.1
233.6
250.4
584.2
R$1,269.7
~R$0.65 per share
1Q11 2Q11 3Q11
1Q11
2Q11
3Q11
9M11
*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody , as well as payouts still undisbursed
** Includes third party collaterals (R$142 million in the 4Q10 and R$119 million in the 3Q11) and restricted funds (R$11 million in the 4Q10 and in the 3Q11) at Banco BM&F
50

Strategic Projects
Growth initiatives and business model strengthening
51
Multi-asset trading platform (PUMA Trading System):
State of the art in trading technology and technological independency
Derivates module successfully implemented in 2H11
Equities market to be concluded in 2H12
Improvement to Fee Structure
Strengthening the competitive position, eliminating cross-subsidies and aligning with international
peers
Delivered: i) HFT discount policies in 2010; ii) rebalancing of trading and post-trading fees in 2011
Integration of the four BM&FBOVESPA Clearinghouses – efficiency and competitive advantage
Pos trading at the beneficial owner level – unique model among the major international markets.
Contract signed with Cinnober for new clearing system
The project development will occur throughout 2012. Integrated market testing and the start of
implementation of the new system in production are forecasted to occur in 2013
Market Making for Options on Single Stocks: 4 stocks and Ibov index already launched
Index cross listing arrangements with the CME Group and BRICS countries 'exchanges
ETFs: two new ETFs recently launched (totaling 10) growth in trading volumes
OTC: development of a new platform (contract signed with Calypso)

52
Delivering Strategic Priorities
Consistently increasing
revenues and net income
• Capture macro growth opportunities
• Despite challenging short-term macro conditions, the Brazilian
capital markets offer good opportunities from which BVMF can
benefit in the long term
Strengthening
competitive position
• New trading System : PUMA Trading System (State of the art in
IT): Derivatives module implemented
• Increasing capital efficiency by integrating clearing facilities
• Rebalancing the fee structure for trading and post trade activities –
first stage completed; further studies ongoing
Investing in products and
partnerships
• Establish a diversified product mix as a driver of long term growth
• Partnership with CME delivers innovation
• New Products: market makers, cross listing, ETFs and HFT
Consistently delivering
sound financial results
• Focus on OpEx Control – 2011 Opex Budget revised down
• Maximizing shareholder returns: high return combining payouts
and stock buybacks

53
Income Statement Summary
R$ millions 3Q11 3Q10
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
Operating Revenues Gross 547.1 544.1 0.6% 521.3 5.0%
Net Operating Revenues 493.7 489.3 0.9% 467.6 5.6%
Operating Expenses (169.6) (167.6) 1.2% (166.8) 1.7%
Operating Income 324.1 321.8 0.7% 300.9 7.7%
Equity accounting 28.3 23.1 22.3% 22.1 28.1%
Financial Income 82.7 74.9 10.3% 70.8 16.7%
Income before Taxes 435.1 419.9 3.6% 393.8 10.5%
Net Income* 292.0 293.0 -0.3% 294.2 -0.7%
EBITDA 347.5 338.9 2.5% 313.2 10.9%
EBITDA Margin 70.4% 69.2% 113 bps 67.0% 340 bps
Adjusted Net Income 399.6 389.0 2.7% 409.2 -2.3%
Adjusted earnings per share (in R$) 0.205459 0.194071 5.9% 0.208948 -1.7%
Adjusted EBITDA 356.0 344.3 3.4% 323.3 10.1%
Adjusted EBITDA Margin 72.1% 70.4% 174 bps 69.1% 297 bps
Adjusted Operating Expenses (136.3) (145.8) -6.6% (143.7) -5.2%
* Attributable to BM&FBOVESPA´s Shareholders

54
Reconciliation of GAAP to Adjusted Net Income
3Q11 GAAP and adjusted net income reconciliation
(in R$ millions)
292.0
8.5
124.7
(25.7) 399.6
Gaap net income Stock options Deferred liability Equity Accounting Adjusted net
income
R$ millions 3Q11 3Q10
Gaap net income*
(+) Stock options program
(+) Deferred tax liabilities
(-) Equity accounting (net of taxes)
Adjusted net income
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
292.0 293.0 -0.3% 294.2 -0.7%
8.5 5.5 55.6% 10.1 -15.7%
124.7 111.6 11.7% 124.7 -
25.7 21.1 21.4% 19.9 29.2%
399.6 389.0 2.7% 409.2 -2.3%
*Attributable to BM&FBOVESPA shareholders

Deferred Tax Liabilities Accounting
No impact on cash flow
55
(in R$ millions)
Deffered income tax
and social contribution
Deferred tax liabilities
111 99
Deferred tax credits
142
+18
124 124,7 124,7
-13 -26
1Q11 2Q11 3Q11

56
Reconciliation of Adjusted Operating Expenses
R$ millions 3Q11 3Q10
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
Total Expenses 169.6 167.6 1.2% 166.8 1.7%
(-) Depreciation 20.7 15.1 37.3% 10.1 104.8%
(-) Stock options plan 8.5 5.5 55.6% 10.1 -15.7%
(-) Tax related to CME dividends 2.6 2.0 31.9% 2.2 18.1%
(-) Provision for doubtful account 1.4 0.8 -266.7% 0.6 146.4%
Adjusted Expenses 136.3 145.8 -6.6% 143.7 -5.2%

Balance Sheet
In R$ millions
57
ASSETS 09/30/2011 12/31/2010 LIABILITIES AND SH. EQUITY 09/30/2011 12/31/2010
Current assets 2,198.4 2,547.6 Current liabilities 1,605.2 1,416.2
Cash and cash equivalents 139.5 104.0 Collateral for transactions 1,222.3 954.6
Financial investments 1,861.8 2,264.4 Others 382.9 461.6
Others 197.1 179.2 Non-current liabilities 2,254.0 1,798.7
Non-current assets 20,946.6 20,086.4 Financing 1,125.4 1,010.1
Long-term receivables 1,683.6 1,216.8 Deferred Inc. Tax and Social Contrib. 1,061.4 732.1
Financial investments 1,506.8 1,066.9 Others 67.2 56.6
Others 176.8 149.9
Investments 2,618.0 2,286.5 Shareholders' equity 19,285.8 19,419.0
Property and equipment 352.4
367.1
Capital 2,540.2 2,540.2
Capital reserve 16,679.7 16,662.5
Intangible assets 16,292.7 16,215.9 Others 49.4 200.0
TOTAL ASSETS
Minority interest in subsidiaries 16.4 16.3
TOTAL LIAB. AND SHAREHOLDERS'
23,145.0 22,634.0 EQUITY 23,145.0 22,634.0