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BM& F BOVESPA PRESEN TATI OND ec 2 0 0 8
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Fo r w a r d Lo o k i n g St a t e m en t s
T h i s p r e s en t a t i o n m a y c o n t a i n c er t a i n s t a t e m e n t s t h a t e x p r e ss t h e m a n a g e m e n t s e x p e ct a t i o n s , b e l ie f sa n d a s su m p t i o n s a b o u t f u t u r e e v e n t s o r r e su l t s . Su c h s t a t e m e n t s a r e n o t h i s t o r i c a l f ac t , b e i n g b a se d o n
c u r r e n t l y a v a i l ab l e co m p e t i t i v e , f i n a n c ia l a n d e co n o m i c d at a , a n d o n c u r r e n t p r o j e c t i o n s a b o u t t h eindu s t r i e s BM&F Bovespa S.A . w ork s in .Th e v er b s an t ici pat e , b el iev e, e st i m at e, ex p ect , f or ecast , p lan , p r ed ict , p r oj ect , t ar g et a n d o t h e r s i m i l a r v e r b s ar e i n t e n d e d t o i d e n t i f y t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s , w h i c h i n v o l v e r i s k sa n d u n c e r t a i n t i e s t h a t c o u l d c au s e ac t u a l r e s u l t s t o d i f f e r m a t e r i a l l y f r o m t h o s e p r o j e c t e d i n t h i sp r e s en t a t i o n a n d d o n o t g u a r a n t e e a n y f u t u r e o f B M& F B o v es p a S. A. p e r f o r m a n c e.T h e f a c t o r s t h a t m i g h t a f f e c t p e r f o r m a n c e i n c lu d e , b u t a r e n o t l i m i t e d t o : ( i ) m a r k e t a c ce p t a n c e o f B M & FB o v es p a SA s er v i c es ; ( i i ) v o l a t i l i t y r e l a t e d t o ( a ) t h e B r a zi l i an e c o n o m y a n d s e cu r i t i e s m a r k e t s a n d ( b )t h e h i g h l y - c o m p e t i t i v e i n d u s t r i e s t h a t B M & F Bo v e sp a S. A. o p er a t e s i n ; ( i i i ) c h a n g es i n ( a ) d o m e st i c a n df o r e i g n l e g i sl a t i o n a n d t a x a t i o n a n d ( b ) g o v e r n m e n t p o l i c i es r e l at e d t o t h e f i n a n c ia l a n d s ec u r i t i e sm a r k e t s ; ( i v ) i n cr e as in g c o m p e t i t i o n f r o m n e w e n t r a n t s t o t h e Br a zi l ia n m a r k e t s; ( v ) a b il i t y t o k e ep u pw i t h r a p i d ch a n g e s i n t e c h n o l o g i ca l en v i r o n m e n t , i n c lu d i n g t h e i m p l e m e n t a t i o n o f e n h a n c e d f u n c t i o n a l it yd e m a n d e d b y B M & F B o v es p a SA c u st o m e r s ; ( v i ) a b i l it y t o m a i n t a i n a n o n g o i n g p r o c es s f o r i n t r o d u c i n gc o m p e t i t i v e n e w p r o d u c t s a n d s e r v i ce s, w h i l e m a i n t a i n i n g t h e c om p e t i t i v e n e s s o f e x i s t i n g o n e s; ( v i i )a b i l it y t o a t t r a c t n e w c u st o m e r s in d o m e st i c a n d f o r e ig n j u r i s d i ct i o n s ; ( v i i i ) a b i l i t y t o ex p a n d t h e o f f e r o fBM&F Bovespa S.A . p rod uc t s i n fo r e ign ju r i sd i c t ion s .A l l f o r w a r d - l o o k i n g s t a t e m e n t s i n t h i s p r e se n t a t i o n a r e b a se d o n in f o r m a t i o n a n d d a t a a v ai l a b le as o f t h ed a t e t h e y w e r e m a d e , an d B M & F Bo v e sp a SA u n d e r t a k e s n o o b l i g a t i o n t o u p d a t e t h e m i n l i g h t o f n e wi n f o r m a t i o n o r f u t u r e d e v e lo p m e n t .T h i s p r e s en t a t i o n d o e s n o t c o n st i t u t e a n o f f e r t o s el l o r t h e s ol i ci t a t i o n o f a n o f f e r t o b u y a n y s e cu r i t i e s,n o r s h a l l t h e r e b e a n y sa l e o f s ec u r i t i e s w h e r e su c h o f f e r o r s a l e w o u l d b e u n l a w f u l p r i o r t o r e g i st r a t i o no r q u a l if i c at i o n u n d e r t h e s ec u r i t i e s la w . N o o f f e r i n g s h a l l b e m a d e e x ce p t b y m e a n s o f a p r o s p e ct u sm e et i n g t h e r e q u i r e m e n t s o f t h e B r a z i l ia n Se cu r i t i e s Co m m i s si o n CV M I n s t r u c t i o n 4 0 0 o f 2 0 0 3 , a s
a m e n d e d .
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FINANCIAL DATA
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Fi n a n ci a l H ig h l i g h t s2 0 0 8 Ad j u st ed a n d 2 0 0 7 Pr o Fo r m a
Net Revenu es ( R$ Mi l l ions)
3 6 0 . 8
4 3 4 . 24 0 4 . 7
3 Q0 7 2 Q0 8 3 Q0 8
9 6 2 . 4
1 , 2 3 1 . 6
9 M0 7 9 M0 8
1 2 . 2 %
2 8 . 0 %
EBI TDA Marg in ( % )
8 . 5 b p
6 2 . 0 %
6 8 . 0 % 6 8 . 1 %
3 Q0 7 2 Q0 8 3 Q0 8
5 9 . 6 %
9 M0 7 9 M0 8
6 . 1 b p
A d j u st e d N et I n co m e ( R$ Mi l l ions )Ex c l u d e s g o o d w i l l a m o r t i z a t i o n a n d n o n - r e c u r r i n g e x p e n s e s
4 4 . 8 %
5 4 . 6 %
2 0 4 . 3
2 1 8 . 7
3 1 5 . 9
3 Q0 7 2 Q0 8 3 Q0 8
5 2 8 . 3
7 6 4 . 9
9 M0 7 9 M0 8
6 8 . 1 %
N et I n co m e ( R$ Mi l l ions)Exc ludes non- r ecur r ing ex penses
1 9 . 5 %
1 4 %
2 0 4 . 31 6 5 . 2
3 Q0 7 2 Q0 8 3 Q0 8
5 2 8 . 3
6 3 1 . 1
9 M0 7 9 M0 8
2 3 2 . 9
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Re v en u e s Br e ak d o w n
Bovespa Segm en t ( R $ m i l l i on s )
2 3 2 . 5
3 0 9 . 32 6 4 . 6
3 Q0 7 2 Q0 8 3 Q0 8
5 7 7 . 4
8 4 4 . 4
9 M0 7 9 M0 8
1 3 . 8 %
6 . 2 %
Ot he r Revenu es ( R$ m i l l io n s )
1 4 . 4 %3 1 . 2 %
12 .1
12 .9
1 5 . 8
3 Q0 7 2 Q0 8 3 Q0 8
3 5 . 8
4 0 . 9
9 M0 7 9 M0 8
BM&F Segm en t ( R$ m i l l i on s )
1 9 . 5 %
8 . 3 %
1 5 7 . 4
1 6 1 . 3
3 Q0 7 2 Q0 8 3 Q0 8
5 2 8 . 3
6 3 1 . 1
9 M0 7 9 M0 8
1 7 0 . 4
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P r i c i n g p o l i c y f o r B M & F a n d B o v e s p aseg m en t s - Sch ed u l e
25% dicount applied to shareholders with at least 10 thousand BMEF3 stocks for the trading and clearing services
offered by the BM&F segment
Additional 5% discount for trading and clearing services offered by the BM&F segment, applied to every investorFrom Aug 25th
to Nov
14th/2008Extinction of all discounts after the unification of BMEF3 and BOVH3 shares, creating the BVMF3 ticker
Review of the trading and clearing fees for the contracts negotiated on the BM&F segment, according to the base
tableAnnoucement of discounts applied to the different types of participants of the BM&F segment, aiming to
compensate the additional revenues obtained with the discounts termination, respecting the following criteria:40% discount for clients that trade through Brokeragehouses50% discount for clients that trade through DMA
70% discount
for
algorithm
tradersEstablishment of a new pricing policy that will be based on volume traded
Differentiation of trading fees between individuals/investment clubs and the other participantsChange on the custody fees (Bovespa Segment), respecting the following criteria:
R$ 3,00 per inactive account
R$ 6,90
per
active
accountR$ 1,00 per stock (ISIN code) for portfolios with more than R$ 100.000
Changes for fees involving fixed income assets, spot FX and securities lending (BTC)
Date Event
Until Aug 22th,
2008
From Nov 17th
to Feb 13th /
2009
Starting from
Feb 16th/09
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Op er a t i n g Ex p en ses Br eak d o w n
Tota l ( R $ m i l l i on s )
1 4 5 . 61 4 6 . 7
1 3 7 . 2
3 Q0 7 2 Q0 8 3 Q0 8
4 1 4 . 24 1 6 . 4
9 M0 7 9 M0 8
- 5 . 8 %
0 . 5 %
Thi r d Pa r t y Se rv i ce s ( R $ m i l l io n s )
5 . 7 %1 2 . 1
1 0 11 . 5
3 Q0 7 2 Q0 8 3 Q0 8
2 9
9 M0 7 9 M0 8
- 5 . 3 %
Data Process ing ( R$ m i l l io n s )
1 0 . 6 %
1 . 1 %
3 6 . 5
4 1 . 6
3 6 . 8
3 Q0 7 2 Q0 8 3 Q0 8
1 0 3 . 1
1 1 4
9 M0 7 9 M0 8
30 .7
Per sonne l ( R$ m i l l i on s )
2 . 4 %- 4 . 4 %5 7 . 9
5 7
3 Q0 7 2 Q0 8 3 Q0 8
1 6 3 . 4
1 6 7 . 3
9 M0 7 9 M0 8
5 5 . 4
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M ai n I m p act s o n t h e I n co m e Tax e s
(1) Refers to the tax loss used to compensate the taxable income obtained in September 2008
R$ Mi l l i on s
3Q08 9M08Income Before Tax 217.9 850.3Theoretical Tax (34%) 74.1 289.1
Additions and exclusions in theTax Re ort Book
-6.0 15.3
Interest on Capital -52.7 -61.2Tax Loss - Boves a Holdin (1) -5.4 -5.4Goodwill Amortizaton 41.4 69.0Others 10.7 12.9
Total 68.1 304.4
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Defe r r ed Asset
(1) There will be additional deferred tax credits, to be registered considering the goodwillamortization for Bovespa Holding for the period of October and November/08, of R$ 27.9 million
(2) Related to the 30% of the forecasted pre tax income of BVSP (former Bovespa Holding) forOctober and November/08
(3) Due to provisions created for employees compensation and third party expenditures
(4) Credits generated during the fiscal year of 2007
R$ Mi l l i on s
Event Deferred Asset
Goodwill Amortization(1) 202.8 68.9
Tax Loss carry forward - Bovespa
Holding (2) 33.5 11.4
Temporary Provisions (3) 17.1 5.8Impact on 2008 earnings 253.4 86.2Others (4) 10.6 3.6Total Deferred Tax Assets 264.0 89.8
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I n t e r est I n co m e Br eak d o w n
NOTE: The loan obtained with Bradesco Bank was entirely paid in November 11 th , 2008.
(1) Composed mainly of the remuneration of BM&FBOVESPAs total cash, including both proper andcollaterals deposited in cash.
(2) Payment of taxes regarding Interest on Capital received by BM&FBOVESPA from BOVESPA HOLDING
(3) Payment of taxes regarding Interest on Capital received by BOVESPA HOLDING from BVSP and CBLC
R$ Millions
Description 3Q08 9M08
Financial revenues (1) 93.7 269.0
Financial expenses 25.7 46.0Interests regarding the loan 13.8 16.6IOF (Tax on financial transactions) 1.0 5.0PIS and COFINS contingencies Interest on Capital BM&FBOVESPA (2) 2.9 2.9Settlement and Custody services hired by BM&F Bank 2.7 8.0
FX variations 1.6 6.4PIS and COFINS contingencies Interest on Capital BOVESPA HOLDING(3) 1.6 2.6Banking expenses 0.5 1.0Other 1.6 3.5
TOTAL INTEREST INCOME 68.0 223.0
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Pr o Fo r m a I n co m e St a t em en t s
(In thousands of reais) 3Q07 2Q08 3Q08 9M07 9M08Gross Operating Revenues 402,008 483,625 450,833 1,071,551 1,372,066
Revenues from trading and/or settlementsystems - BM&F segment 157,388 161,321 170,386 458,373 486,645
Revenues from trading and/or settlementsystems - Bovespa segment 232,541 309,329 264,601 577,361 844,457
Other operating revenues 12,079 12,975 15,846 35,817 40,964
Deductions from revenues (41,219) (49,446) (46,158) (109,180) (140,492)
Net operating revenues 360,789 434,179 404,675 962,371 1,231,574
Operating expenses (145,572) (146,700) (137,158) (414,242) (416,408)Operating income 215,217 287,479 267,517 548,129 815,167
Goodwill amortization - (81,105) (121,658) - (202,763)
Interest income, net 77,989 77,244 67,957 232,485 222,993
Non-operating income 9,742 7,531 4,080 16,627 14,922
Net income before taxes 302,948 291,149 217,897 797,241 850,319
Income and social contribution taxes (97,922) (124,973) (68,109) (266,919) (304,445)e erre ncome an soc a con r u on
taxes - - 86,177 - 86,177
Minority interest (690) (970) (354) (2,056) (961)
Net income 204,336 165,206 235,611 528,266 631,090
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To t a l am o u n t o f s h a r es Fu l l yD il u t e d ( t h o u s an d s )
Ea r n i n g s p er Sh a r e Ca l cu l a t i o n Pr o Fo r m a
Ea r n i n g s p e r s h a r e ( R$ )
3Q08
0 . 11 6
9 M 0 8
0 . 3 1 0
A d j u s t e d e ar n i n g s p e r sh a r e ( R$ )
To t a l a m o u n t o f s h a r e s ( t h o u s an d s )
2 ,0 4 4 ,0 1 4 2 ,0 4 4 ,0 1 4
Ea r n i n g s p e r s h a r e ( R$ ) 0 .1 1 5 0 .3 0 9
A dj u s t e d e ar n i n g s p er sh a r e ( R$ )
0 . 1 5 5 0 . 3 7 5
0 .1 5 4 0 .3 7 4
2 ,0 3 8 ,0 7 3 2 ,0 3 8 ,0 7 3
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Re co n ci l i at i o n o f 9 M 0 8 Co n s o l i d a t e dA d j u s t e d Re su l t s
M in o r i t y I n t e r e st ( 9 6 1 )( 9 6 1 )
R e p o r t e d
I n c o m e B e f o r e Ta x e s
Ope r a t i n g Resu l t
A d j u s t e d N et M a rg i n b y Go o d w i l l A d j u s t e d N et I n c om e b y Go o d w i l l
I n c o m e Ta x a n d So c ia l Co n t r i b u t i o n
N o n - Op e r at i n g I n co m eFi n a n c i a l I n c o m e , n e t
Go o d w i l l A m o r t i z a t i o n
EB I TD A M a rg i n
EBI TDAOp e r a t i n g M a rg i n
Oper a t i n g Exp enses
Ne t Reven ues
8 1 5 , 1 6 76 7 2 , 2 7 7
8 3 8 , 8 9 76 9 6 , 0 0 7
6 8 . 1 % 5 6 . 5 %
( 3 0 4 , 4 4 5 )( 2 6 2 , 4 3 8 )
1 4 , 9 2 21 4 , 9 2 22 2 2 , 9 9 32 2 2 , 9 9 3
( 2 0 2 , 7 6 3 )
( 4 1 6 , 4 0 8 )( 5 5 9 , 2 9 8 )
1 , 2 3 1 , 5 7 41 , 2 3 1 , 5 7 4
R$ Thousands
5 4 .6 % 6 6 .2 %
( 2 0 2 , 7 6 3 )
7 0 7 ,4 2 8 8 5 0 ,3 1 8
Non Recu r . A d j u s t e d
N e t M a rg i n
N et I n co m e
5 1 . 2 % 4 3 . 1 %
6 3 1 , 0 9 05 3 0 , 2 0 6 6 6 , 2 4 3
9 0 , 4 0 5
6 6 , 2 4 3
( 2 4 , 1 6 2 )
9 0 , 4 0 5
9 0 , 4 0 5
9 0 , 4 0 5
9 0 , 4 0 5
9 0 , 4 0 5
9 0 , 4 0 5
( 2 4 , 1 6 2 )
6 6 , 2 4 3
1 4 7 , 3 4 8
D e f er r e d Ta x Cr e d i t s ( 8 6 , 1 7 7 )( 8 6 , 1 7 7 ) ( 2 4 , 1 6 2 )( 2 4 , 1 6 2 )
1 4 2 , 8 9 0
1 4 2 , 8 9 0
1 4 2 , 8 9 0
( 4 2 , 0 0 7 )
1 0 0 , 8 8 4
1 0 0 , 8 8 46 6 4 .0 3 0 7 6 4 .9 1 45 3 .9 % 6 2 .1 %
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1 4- 6 . 5 %
3 9 . 7 %
- 3 7 . 3 %
- 2 2 . 7 %
9 . 5 %
Bo ar d Co m p e n sa t i on
Taxes
M a r k e t i n g
Supp l i e s
C o m m u n i c a t i o n
M a i n t e n a n c e
Th i r d Pa r t y Se r v ice s
D ep r e ci at i o n & A m o r t i z at i o n
Da ta P roces s ing
Pe r sonne l
Leases
2Q08Var%
3 Q 0 8 x 2 Q 0 8
O t h e r sTo ta l
5 6 , 9 6 6
1 , 6 8 5
3 , 2 7 0
2 , 0 2 0
7 , 8 2 4
1 , 2 0 0
4 , 9 8 4
9 , 9 6 2
4 1 , 6 1 8
1 , 0 9 6
8 , 1 5 21 4 6 , 7 0 0
7 , 9 2 3
- 1 4 . 0 %
- 9 . 1 %
1 5 . 1 %
1 . 3 %
- 1 2 . 0 %
- 2 . 8 %
- 2 1 3 . 7 %
- 3 2 . 0 %
Ex p e n ses Pr o Fo r m a
BRL th ousands
1 , 2 0 0
3Q08
11 , 3 8 9
1 3 7 , 1 5 8
5 5 , 3 6 4
3 6 , 8 4 3
11 , 4 7 0
2 , 9 7 2
4 , 2 8 7
9 2 8
5 , 3 2 4
( 1 , 9 1 6 )
1 , 2 6 7
8 , 0 3 0
Var%
3 Q 0 8 x 3 Q 0 7
- 5 . 8 %
1 8 . 5 %
-
- 1 9 . 4 %
3 0 . 0 %
2 1 . 2 %
- 1 7 . 0 %
- 5 . 3 %
- 6 . 4 %
1 . 1 %
- 4 . 4 %
- 1 7 6 . 2 %
- 4 2 . 2 %
2 , 5 1 3
9 , 2 1 6
1 , 1 5 1
3 , 5 3 8
3 , 5 8 0
1 2 , 111
8 , 5 8 0
3 6 , 4 5 6
5 7 , 8 9 5
3Q07
-
9 , 6 0 9
9 2 3
1 4 5 , 5 7 2
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Con so l ida t ed Cor por a t e Ea r n in gs
M in o r i t y I n t e r e st e d
N e t I n c o m e Be f o r e Ta x
Opera t i ng Resu l t
I n c o m e Ta x a n d So c i al Co n t .
Non Ope ra t i ng Resu l t
Finan c ia l Resu l t
Go o d w i l l A m o r t i z a t i o n
EB I TD A M a rg i n
EBI TDA
Op e r a t i o n a l M a rg i n
Opera t i ng Exp enses
Ne t Revenu es
R$ Thou sands
N e t M a rg i n
N et I n co m e
D ef e r r e d I n c o m e a n d So c Co n t .
( 3 5 4 )
3 Q 0 8
2 1 5 , 0 3 3
2 2 3 , 0 6 3
5 5 . 1 %
( 4 6 , 9 3 5 )
4 , 0 8 0
6 7 , 9 5 6
( 1 2 1 , 6 5 8 )
( 1 8 9 , 6 4 2 )
4 0 4 , 6 7 5
5 3 . 1 %
1 6 5 , 4 11
4 9 . 7 %
2 0 0 , 9 7 0
8 2 , 8 4 8
( 9 6 1 )
9 M 0 8
6 7 2 , 2 7 7
6 9 6 , 0 0 7
5 6 . 5 %
( 2 6 2 , 4 3 8 )
1 4 , 9 2 2
2 2 2 , 9 9 3
( 2 0 2 , 7 6 3 )
( 5 5 9 , 2 9 8 )
1 , 2 3 1 , 5 7 4
5 4 . 6 %
7 0 7 , 4 2 8
4 3 . 1 %
5 3 0 , 2 0 6
8 6 , 1 7 7
1 H 0 8
( 6 0 7 )
4 5 7 , 2 4 3
4 7 2 , 9 4 4
5 7 . 1 9 %
( 2 1 5 , 5 0 3 ) *
1 0 , 8 4 2
1 5 5 , 0 3 7
( 8 1 , 1 0 5 )
( 3 6 9 , 6 5 6 )
8 2 6 , 8 9 9
5 5 . 3 %
5 4 2 , 0 1 7
3 9 . 8 %
3 2 9 , 2 3 6
3 , 3 2 9
Th e a m o u n t o f d e f e r r e d t a x c r e d i t s ,b y t h e e n d o f 1 H 0 8 , w a s a g g r e g a t e d i nt h e I n c o m e Ta x e s p a y a b l e
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Bal an ce Sh eet a s o f 0 9 / 3 0 / 2 0 0 8
5 7 3 , 7 2 2
1 , 11 0 , 3 5 12 , 4 0 8 , 0 3 5
2 , 0 5 5 , 2 2 9
2 0 , 7 5 3 , 4 2 6
2 0 , 7 5 3 , 4 2 6
Ot h e r Cr e d i t s
To t a l Asse t s
P e r m a n e n t
Cash an d Cash Equ iva l en t
Long Te rm Asse t s
Cur r en t
1 7 , 7 5 9 , 9 2 0
5 8 5 , 4 7 1
3 5 2 , 8 0 6
Fixed
I n v e s t m e n t s
2 4 2 , 4 0 6
1 , 3 1 7 , 3 7 2
I n t a n g i b l e 1 6 , 1 8 2 , 1 4 8
D e f e r r e d 1 7 , 9 9 4
Asse t s ( R$ Thousands )
Sh o r t Te r m D eb t
To ta l L i ab i l i t i e s and Equ i t y
L o n g Ter m Li a b i l i t i e s
Cash Col la t e ra l
O t h e r s
C u r r e n t
9 5 , 9 2 3
3 8 8 , 3 8 9
1 4 8 , 2 4 0
St o c k h o l d e r s Eq u i t y
M in o r i t y I n t e r e st
1 9 , 5 3 1 , 8 8 0
1 5 , 2 7 2
Li a b i li t i e s a n d St o ck h o l d e r s Eq u i t y( R$ Thousands )
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THE NEW COMPANY
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X To b e co m e a n i n t e g r a t e d ex ch a n g e , o f f e r i n ga f u l l r a n g e o f se r v i ce s, o n e st o p s h o p
X To o f f e r i n n o v a t i v e an d m u l t i asse t c l ass
p r o d u c t s an d t h e st a t e o f t h e ar t i n t r a d i n ga n d cl e ar i n g
X To b e a g l o b a l p l ay e r a n d t h e h u b f o r La t i nA m e r i ca s ecu r i t i es
Main Goa ls
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M a r k e t D a t a
I nd ices L icens ing
So f t w a r e L i c en s i n g
Co m p l e t e Ar r a y o f Se r v i c esCo m p l e t e Ar r a y o f Se r v i c es
H i g h Co m p e t i t i v e Ed g eH i g h Co m p e t i t i v e Ed g e
Bu s i n ess M o d el B y Re v e n u e s
Ca sh M a r k e t Tr a d i n g - s h ar e s, b on d s an d FX
L i s t i n g
D e r i v a t i v e s M a r k e t Tr a d i n g
D e p o s i t o r y
Secu r i t i e s Lend ing
Clea r ing and Se t t l em en t
Cus tody
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9 Re g u l a t i o n i n B r a zi l d e m a n d s t h a t a l l t r a d e s ca r r i e d i n e x c h a n g e sm u s t b e m a t ch e d a t t h e b e n ef i ci al o w n e r l e v el
9 I n t e r n a li za t i o n o f o r d e r s is n o t a l l ow e d
9 Ou r c le ar i n g h o u s e s a ct a s ce n t r a l co u n t e r p a r t y a g e n t s an d w eh a v e t h e r i sk m a n ag e m e n t a t t h e i n v e st o r l e v el w i t h m a r k t om a r k e t ( m a rg i n v a r i a t i o n ca ll s) d o n e o n d a i ly b a s is
9 A l l t r a d e s m u s t b e ca r r i e d t h r o u g h a b r o k e r a g e h o u s e ( c l ea r i n ga g en t ) , w h i ch i s r e sp o n si b l e f o r t h e i r cl i en t s r i sk a n d k n o w y o u r
c l ien t po l i c i es
9 Cu r r e n t r e g u l a t i o n r e q u i r e s se t t l em e n t , cl e ar i n g a n d d e p o si t o r ys er v i ce s t o b e p r o v i d e d t o t h i r d p a r t i e s o n a c om m e r ci a l b as is
Re g u l at o r y En v i r o n m e n t
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9 Risk Ca lcu la t ion and Col la t e ra l P ledged
9 Ri sk c a lcu l a t i o n i n a l m o st r e al t i m e ( c a l cu l a t e d e v e r y 1 5 m i n u t e s) ,u p d a t i n g t h e r e g i s t e r e d t r a n s a c t i o n s a n d t h e r e q u i r e m e n t o f
a d d i t i o n a l c o l l at e r a l w h e n e v e r n e ce ss ar y .9 Risk ca l cu l a t i on b a sed on s t r e s s t e s t i ng .
9 When i t comes t o t he Equ i t i e s C lea r inghouse (CBLC) andDer iva t i ve s C lea r inghouses , r i sk ca l cu l a t i on and co l l a t e r a l
r e q u i r e m e n t a r e p e r f o r m e d in d i v i d u a ll y, a cco r d i n g t o e ach cl i en t o rf i n a l b e n e f i ci a l o w n e r.
9 Col l a t e r a l p l edged i n t he Clea r ingh ouse s cust ody accoun t , w i t hs eg r e g a t i o n b e t w e en t h e d i f f e r e n t c l i en t s .
9 Lega l P ro t ect i on o f Pl edged Co l l a t e r a l
9 Lega l p ro t ec t i on o f t he co l l a t e r a l he ld by c l ea r inghouses aga in s tb a n k r u p t cy p r o c ed u r e s a n d j u d i ci a l b l o ck i n g a t t e m p t s b y cr e d i t o r s
Risk ca l cu l a t ion and Pledge o f Co l l a t e r a l
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Ri sk M an a g em en t - Co l la t e r a ls
R$ billions
Clearings Deposited RequiredDerivatives 96.2 78.1
Cash Equities 22.7 12.9FX 4.0 1.5
Fixed Income 1.4 0.1
Total in BRL
Date: December 2 nd , 2008
Public BondsLetters of CreditOthers*
86.54.45.3
73.42.62.1
Total in USD124.3
53.092.639.5
* Collateral deposited in shares of stocks, bank CDs, gold, cash and quotes of funds
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9 Se t t l e m e n t d i r e ct l y w i t h Ce n t r a l Ba n k o f B r a zi l
9 Even t hough t he C lea r inghouses a r e no t banks , t hey have ane x c lu s i v e se t t l e m e n t a cco u n t i n t h e Ce n t r a l Ba n k o f B r a zi l t o s et t l e t h e i rt r a n s a c t i o n s
9 T h e d i r e c t s e t t l e m e n t w i t h t h e C e n t r a l B a n k o f B r a z i l a v o i d s t h eCl e ar i n g h o u s e s e x p o s u r e o f c r e d i t r i s k o f f e r e d b y f i n a n c i al i n s t i t u t i o n s .
9 Shor t Se l l ing
9 W hen i t com es t o Equ i t i e s Clea r ingh ouse ( CBLC) , sho r t s el l i ng occu r sw h e n a n i n v e st o r s el l s a se cu r i t y l e n t b y a n o t h e r i n v e st o r . Th e d e ci si o no f l e n d i n g s h a r e s i s t a k e n a t t h e b e n e f i c i a r y o w n e r l e v e l , w h o i se n t i t l e d t o t h e r e t u r n s g en e r a t e d b y t h e t r a n sa ct i o n .
9 Th e b o r r o w i n g o f s ec u r i t i e s i s ce n t r a l iz ed i n t h e Cl e ar i n g h o u s e , w i t hco l la t e r a l r e q u i r e m e n t h i g h e r t h a n t h e se cu r i t y v a l u e ( 1 0 0 % , p l u sa m o u n t e q u iv a le n t t o t h e se cu r i t y p r i ce v a r i at i o n r i sk ) a n d d a i ly m a r kt o m ar k e t .
9 T h e C l e a r i n g h o u s e p l a y s t h e r o l e o f t h e c e n t r a l c o u n t e r p a r t y,g u a r a n t e ei n g t h e r e t u r n o f b o r r o w e d se cu r i t i es.
Se t t l em e n t a n d Sh o r t Se ll i n g
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BSM CBLC
5 0 %
1 0 0 %5 0 %
Brazi l ianC o m m o d i t i e s
ExchangeBM& F USA BM&F Se t t l emen tBank
1 0 0 % 1 0 0 %5 0 % 8 6 %
BVSP
Ex-Bov.Hold ing
Co r p o r a t e St r u c t u r e Ev o l u t i o n
BVRJ
1 0 0 %
Brazi l ianC o m m o d i t i e s
Exchange
BM& F BOVESPAUSA
BM&F Se t t l em en tBank
1 0 0 % 1 0 0 %5 0 % 1 0 0 %
BVRJ BSM
8 6 %
X Pr e v i o u s St r u c t u r e
X Cu r r e n t St r u c t u r e
1 Q u o t a
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X S i m p l i f i e d t h e c o r p o r a t e a n d g o v e r n a n c e s t r u c t u r e s , f u l f i l l i n g t h er e g u l at o r y r eq u i r e m e n t s
X N ew A cco u n t i n g l a w ( 11 , 6 3 8 / 0 7 ) w i l l b r i n g t h e BRGA AP cl o se r t o t h eI FRS, w h i c h w i l l b e f u l l y r e q u i r e d f o r t h e f i n a n ci a l s t a t e m e n t s o f 2 0 1 0
X 2 0 0 8 : Th e cu r r e n t co r p o r a t e / a cco u n t i n g l a w r e q u i r e s t h ea m o r t i z at i o n o f t h e g o o d w i l l f or P& L p u r p o se s
B RL 2 0 2 . 8 m i l l i o n a l r e a d y r e co r d e d u n t i l Se p . 3 0 t h , 2 0 0 8
B RL 1 2 1 . 6 m i l l i o n t o b e r e c o r d e d u n t i l t h e en d o f t h e y e a r, b e i n gd e d u ct i b l e R$ 4 1 . 2 m i l l io n c or r e s p o n d en t t o D e ce m b e r / 0 8
TOTAL: BRL 324 .4 m i l l io n
X 2 0 0 9 o n w a r d s: Th e co m p a n y w i l l ad o p t t h e I FRS st a n d a r d s
N o g o o d w i l l am o r t i za t i o n f o r P& L p u r p o se s
Pu r c h a se Pr i c e Al l o ca t i o n o f t h e Go o d w i l l t o b e d i v i d e d b e t w e en :
M ar k e t v a l u e of t h e as se t s ( Ta n g i b l e / I n t a n g i b le s )
Ex p e ct a t i o n o f f u t u r e e a r n i n g s
Co r p o r a t e Re st r u c t u r i n g
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X W i t h t h e i n c o r p o r a t i o n o f B V SP a n d CB LC i n B M & FB o v e s p a( Ge n er a l M ee t i n g h e ld o n N o v e m b e r 2 8 t h , 2 0 0 8 )
Go o d w i l l b eca m e t a x d e d u ct i b l e r e co g n i ze d i n t h e co r p o r a t eb o o k i n D ec,2 0 0 8 , an d , st a r t i n g f r o m 2 0 0 9 , r e g i st r a t i o n w i l lo ccu r i n t h e t a x r e p o r t
I n t a n g i b le s a n n u a l ly i m p a ir e d t o M ar k e t v a l u e ( 2 0 0 9 )
X I n t e r e st o n Eq u i t y Ca p i t a l
Eq u i t y b a si s h a s b e en i n c r e as ed a f t e r t h e i n t e g r a t i o n , w h i c hr a i se s t h e I n t e r e st o n Eq u i t y p o t e n t i a l v a l u e
Co r p o r a t e Re st r u c t u r i n g
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2 7
Re ce n t A cq u i s i t i o n s f r o m co m p a r a b l eExchanges
Source: Deloitte Touche Tohmatsu
CMECBOT
NYSE
EURONEXTNASDAQ
OMXASX
SFENYSEARCH
NASDAQ
INSTINETNASDAQ
CARPENTEREURONEXTUBITRADE
EURONEXTDAVIDGE
AVERAGE
Brands/Trade names 1,4% 1,4% 2,3% 2,5% 0,8%Customer Relationships 7,6% 6,9% 6,7% 2,1% 17,0% 22,0% 6,0% 3,0% 7,9%Licenses / Agreements / Registrations 0,5% 27,2% 13,0% 34,1% 8,3%Mar et ata customer
relationship / Software /
Technology2,2% 1,2% 0,5% 0,8% 1,0% 4,0% 1,0% 1,0%1,3%
Market rate and above
market leases 0,1% 0,0%Products in development 0,03% 0,0%Real estate lease
relationship 0,2% 0,0%
Trading Products 52,1% 5,8%
Other 1,4% 6,0% 0,8%Total of Intangible Assets 64,1% 36,9% 23,2% 0,5% 39,5% 18,0% 32,0% 7,0% 4,0%25,0%Remaining Assets 2,7% 18,9% 43,4% 59,8% 23,7% 0,0% 1,0% 51,0% 14,0%23,8%Goodwill 33,2% 44,2% 33,4% 39,7% 36,8% 82,0% 67,0% 42,0% 82,0%51,1%Total 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%100,0%
Si l i G d i ll A i i
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Si m u l at i o n - Go od w i ll Am o r t i za t i o na cco r d i n g t o I FRS
9 Th e g o o d w i l l ex p e n s e i s n o t r e g i s t e r e d f o r c o r p o r a t e p u r p o s e s
9 G o o d w i l l e x p e n s e r u n s i n t h e Ta x I n c o m e S t a t e m e n t , a n d t h e n g o e s t o t h ec o r p o r a t e b a se
9 H i g h e r n e t p r o f i t , i n c r e a si n g d i v i d e n d d i st r i b u t i o n
Description Amount Description Amount
Revenues 100 Revenues 100
Expenses (40) Expenses (40)Goodwill Amortization (50)
Pre Tax Income 60 Pre Tax Income 10
Taxes (3) Taxes (3)
NET PROFIT 57Effective tax rate 6% Official tax rate 34%
CORPORATE TAX(Base for dividend distribution) (Base for tax calculation)
INCOME STATEMENT
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INTEGRATION
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Sy n e rg y o f H ea d co u n t
Fu l l em p loyees
Ou t sou rced
Tota l
- 1 3 . 1 %
May / 0 8
1 , 3 8 6
4 4 0
1 , 8 2 6
3 8 7
1 , 4 2 7
1 , 8 1 4
3 0 3
1 , 2 0 4
1 , 5 0 7
Sep / 0 8Ju l/ 0 8 %
- 3 1 . 1 %
- 1 7 . 5 %
3 19 al r ead y d i sm i ssed b y 0 9/ 3 0 / 2 00 8
4 6 w i l l l eav e t he com p an y u n t il 0 4 / 0 4 / 2 0 0 9
1 8 2
3 1 9
L a y o f f s
1 3 7
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3 1
Sy n e rg i e s Up d a t e
Pr e l i m i n a r y Es t i m a t e s ( A p r i l / 0 8 )
Cu r r e n t Es t i m a t e s ( A u g u st / 0 8 )
2 0 0 8 E 2 0 0 9 E 2 0 1 0 E
5 0
R$ Mi l l ions
1 0 %
1 8 %
2 5 %9 0
1 2 5
9 5 *
1 9 %
2 4 %
1 2 0
2 6 %
1 3 1
* Annua l i zed
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S y n e rg i e s
32%38% 34%
28%
31% 34%
22%
16% 16%
18% 15% 15%
2008 2009 2010
Processes Others Processes Marketing Processes IT Personnel
68% 62% 66%
BRL 95 MM BRL 120 MM BRL 131 MM
BRL 65 MM
BRL 30 MM
BRL 75 MM
BRL 45 MM BRL 45 MM
BRL 86 MM
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Syn er gy o f Pr oces ses
X So ft w ar e an d h ar d w ar e
Re d u ct i o n o f t h e d at a c en t e r s f r o m 4 t o 2 , an d d e a ct i v a t i o n o f t h e f o r m e rt e c h n o l og y u s e d f o r t h e i r co n n e ct i o n ( s u b st i t u t e d b y n e w e r a n d ch e a p er )
M ai n f r a m e t u r n o f f
Re n e g o t i a t i o n o f c o n t r a ct s a n d s u p p l i e r s Ca n c el l a t i o n o f m a i n t e n a n c e c o n t r a ct s f o r r o u t e r s an d s e r v e r s
Ca n ce l la t i o n o f t h e m a i n t e n a n ce co n t r a ct w i t h Eu r o n e x t p l a t f o r m
X M ar k e t c o m m u n i c a t i o n a n d c on f e r e n c es sp o n s o r s h i p s M a r k e t i n g p r o g r a m s o p t i m i za t i o n
M a n d at o r y p u b l i c at i o n s r e d u ct i o n f r o m 2 t o 1
I n t e g r a t i o n a n d r a t i o n a l i za t i o n o f t h e ca l l ce n t e r s
Re n e g o t i a t i o n o f t e l ep h o n y co n t r a c t s
X Fi n a n c e / Co r p o r a t e
ERPs
A u d i t i n g
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X I n t e g r at i o n of t r a d in g p la t f o r m o n e f r o n t e n d sy st e m
X I n t eg r at i on of p ost - t r ad in g p la t f o r m r eq u ir es t h ea p p r o v a l f r o m Ce n t r a l Ba n k
X P r e m i s e s
X O t h e r s ( t r a v e l i n g e x p e n s e s , t h i r d p a r t y e x p e n s e s , t h i r dp ar t y / o t h e r t h a n I T, t e l eco m a n d a d v iso r y )
A d d i t i o n a l Sy n e rg i e s
A lt e r n a t i v e f o r Tr a d i n g Pl at f o r m s
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A lt e r n a t i v e f o r Tr a d i n g Pl at f o r m sI n t e g r a t i o n
MegaBolsa GTS/WTR
FRONT END SOLUTIONFIX Connectivity
TRADING SCREEN
Order registration
Order routedbetween the two
matching engines
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Tr a d i n g , Re g i st r a t i o n & Cl e ar i n g M o d e l
FX Cash M ar k etOpen ou t c ry
Elec t ron ic t r ad ing
OTC regis t ra t ion
FX Clear in gh ou se
D e r i v a t i v e sOpen ou t c ry
Elec t ron ic t r ad ing
OTC regis t ra t ion
D e r i v a t i v e sC lea r inghouse
St ocks andCorp o ra t e Bond s
Elec t ron ic Trad ing
OTC Regis t ra t ion
CBLC
G o v e r n m e n tB o n d s
Elec t ron ic t r ad ing
OTC regis t ra t ion
Secur i t i e sC lea r inghouse
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PRODUCT DEVELOPMENT
CM E Or d e r Ro u t i n g A g r e em e n t a n d
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3 8
CM E Or d e r Ro u t i n g A g r e em e n t a n dD M A Ti m e l i n e
Au g
3Q08
Se p
t r a d i t i o n a l D MA
I MPLEMENTED
2 9 t h
CME Order Rout inga g r e em e n t im p l e m e n t a t i o n
( Or d e r f l ow )
Glob ex GTS Glo b ex GTS
Dec 15 t h ,0 8
4 Q 0 8
Oct No v Dec
DMA v ia d i r ec tc o n n e c t i o n
Q109
2 0 0 9
DMA v iaa p r o v i d e r
FIRST PHASE
SECOND PHASE
THIRD PHASE
FOURTH PHASE
For both Cash and
Derivatives Markets
Co- loca t ion
3 0 t h
Traditional DMA figures until Nov 30th/08:
(i) 2,600 trades per day (7% from total)(ii) 23,000 contracts per day (2% from total)(iii) Around 30 brokers certified
D MA D l t
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3 9
GTS Cent er o fN e g o t i a t i o n
Sys tem
Open Out c ry
I n t e r f a c eMMTP
GT S / G L- Tr a d e
USER DI STRI BUTI ON I NTERMEDI ARY( CM/ BROKER) B M & F
N e w GT S Ce n t e rFI X
G a t e w a y
N ew ce nt e r :
St r a t e g i c i n d e p e n d e n c e
N e w p r o j e c t s
Sp e e d / M e m o r y p r o c e ss i n g
Licens ing cos t
Ca p a ci t y X l i n e a r CA PEXL o g i c al l i n kCME GLOBEX
Wo r l d b i g g e s t n e t o f d i s t r i b u t i o n o fd e r i v a t i v e s
GLOBEX
I n t e r n a t i o n a lD M A P r o v i d e r
N e t w o r k e x p o n e n t i al b e n e f i t
FI X
L o g i c al l i n k
NETWORKFI XTr a d i t i o n a l D M A
FI X
D i r e c t C o n n e c t i o n D M A
FI X
NETWORK
D MA D ev e l o p m e n t
Ot h e r I n i t i a t i v es
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4 0
Ot h e r I n i t i a t i v es
B o v e sp a Se g m e n tX ETF ( Lo ca l I n d e x e s )
X Th r e e ETFs s t a r t e d t r a d i n g o n D e c 2 n d , 2 0 0 8 ( I b o v e sp a , La rg ea n d M i d Ca p s I n d e x a n d Sm a l l Ca p s I n d e x )
X BD R w i t h co r p o r a t e g o v e r n a n c e
B M& F Se g m e n t
X M ar k e t m a k e r s f o r d e r i v a t i v e s ( i n v o l v in g ex e m p t i o n o f t r a d i n g
f e es a n d r e b a t e s o f e x c h a n g e s r e v e n u e s f o r t h e p r o d u c t s t r a d e d )
X I m p l em e n t a t i o n o f Tr e asu r y D ir e ct ( Teso u r o Di r et o )
Go v e r n m e n t B o n d s t h r o u g h D M A
X N o n - St a n d a r d i ze d De r i v a t i v e s p l a t f o r m ( b i l at e r a l n et t i n g )
X B RL/ EU R a n d B RL/ JPY f u t u r e co n t r a c t s
D i s c o u n t s o f Tr a d i n g F e e s f o r B M & F
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4 1
seg m e n t ' s Pr o d u ct s
9 4 0 % t h r o u g h Br o k e r a g e H o u se s;
95 0 % t h r o u g h D MA; an d
9 7 0 % f o r c l ie n t s r e g ist e r e d a s Al g o r i t h m Tr a d er s .
Th e Co m p a n y w i l l h a v e a B a se Ta b l e w h e r e t h e d i s co u n t p e r c en t a g esw i l l f a l l u p o n , t e m p o r a r i l y, a cco r d i n g t o i t s ch a r a c t e r i st i c s an d a cce ss t ot h e Tr a d i n g Sy s t em , as in d i ca t e d b el o w , st a r t i n g N o v 1 7 :
T h i s d i s c o u n t p o l i c y w i l l r e s u l t i n n e u t r a l i m p a c t o v e r t h e a n n u a l i z e di n co m e o f t h e c om p a n y.
St a r t i n g o n Fe b . 1 6 , 2 0 0 9 , t h e f i x e d d i sco u n t p o l i cy w i l l b e r e p l ac ed b y av o l u m e i n c e n t i v e m e t h o d o l o g y, c o n s i d e r i n g r a n g e s o f t r a d e d c o n t r a c t sa n d / o r u t i l iza t i o n o f se r v i ce s, w i l li n g t o p r o v i d e g r e at e r b e n e f i t s t o t h eb i g g e st cu s t o m e r s .
BM & F se g m e n t ' s f o r m e r Pr i ci n g Po l icy t e r m i n a t e d o n A u g 2 5 t h2 5 % d i sco u n t f o r t r a d i n g a n d c le ar i n g f e e s a p p l ie d t o i n v e st o r s t h a the ld a t l e a st 10 ,00 0 BMEF3 s t ocks .
Cen t r a l Dep o si t o r y N ew Pr icin g
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4 2
S t r u c t u r e
Th e Ce n t r a l De p o si t o r y w i l l ch a rg e t h e f o l l o w i n g f e e s, on a m o n t h l y b a si s
Cu s t o d y a cc ou n t m a i n t e n a n c e
9 BRL 3 .00 p e r i n act i ve accoun t9 BRL 6 .50 pe r ac t iv e accoun t
Per a s se t and va lue o f t he s t ocks
9 B RL 1 .0 0 p e r a s se t ( I SI N c o d e)9 Pe r ce n t a g e o f t h e a v e r a g e v a l u e r e g i s t e r e d a t t h e a cc ou n t9 Av er a g e v al u es b el o w BRL 1 0 0 ,0 0 0 d u r i n g t h e m o n t h w i l l b ee x em p t e d f r o m t h i s f ee
Cus t ody t r an s f e r
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4 3
INFORMATION TECHNOLOGY
M ai n I T p r o j e ct s r e g a r d i n g t h e
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4 4
e n h a n ce m en t o f t r a d i n g c ap a ci t y
Un t i l Se p t e m b e r 3 0 t h , 2 0 0 8 , t h e I T e x p e n s e s r e g a r d i n g t h e p r o j e ct s o f i n c r e a si n gt h e ca p ac it y o f t r a d e s a n d r e d u ci n g t h e l a t e n cy a m o u n t e d R$ 2 4 . 3 m i l l io n :
9 BM&F Segm en t
E x p e n d i t u r e s : R$ 13.6 million and M a i n P r o j e ct s : New GTS, Direct Market Access, CME
Globex
9 BOVESPA Seg m en t
E x p e n d i t u r e s : R$ 10.7 million and M a i n Pr o j e ct : Megabolsa
2007 2008 2009BM&F SegmentOrders per second 25 3,750 8,000
Trades per day (thousands) 50 200 400Bovespa SegmentOffers per day (millions) 2.4 7.0 15.0Trades per day (thousands) 300 770 1,500
Capacity Evolution
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4 5
OPERATIONAL DATA
M a cr o e co n o m i c Ex p e ct a t i o n s
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4 6
GDP Annu a l Grow th ( % )Brazi l ian CPI ( % )
M a cr o e co n o m i c Ex p e ct a t i o n s
N e t Fo r e i g n Di r e ct I n v e st m e n t s (USD Bi l l ions )Pub l i c Sec to r Ne t Deb t t o GDP Ra t io ( % )
Source: Central Bank Focus survey
6,14
4,9
3,03,54,04,5
5,05,56,06,57,0
01/02/08 03/02/08 05/02/08 07/02/08 09/02/082008 2009
5,18
3,553,5
3,8
4,1
4,4
4,7
5,0
5,3
01/02/08 03/02/08 05/02/08 07/02/08 09/02/082008 2009
40,5
39,238,539,0
39,540,040,5
41,0
41,542,0
42,5
01/02/08 03/02/08 05/02/08 07/02/08 09/02/082008 2009
35
30
24,0
25,5
27,0
28,5
30,0
31,5
33,0
34,5
36,0
01/02/08 03/02/08 05/02/08 07/02/08 09/02/082008 2009
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4 7
BM&F SEGMENT
Ov e r a l l AD TV BM & F se g m en t
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4 8
Ov e r a l l AD TV BM & F se g m en t
Over a l l ADTV (Thousands )
1 . 7 6 5
3 Q0 7 2 Q0 8
1 . 5 4 3
3 Q 0 8
1 . 8 0 8 - 1 4 . 7 %
1 . 6 1 8
1 . 7 7 3
11 M 0 7 11 M 0 8
- 8 , 7 %
A D TV o f M a j o r D er i v a t i v e s Co n t r a ct s
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4 9
B M& F s eg m e n t
I n t e r e s t Ra t e s i n BRL (Thousands ) FX Rat es (Thousands )
I n d i c e s (Thousands )
3Q07 2 Q0 8 3 Q0 8
1 , 0 3 0
9 5 27 1 6
5 6 4 5 7 0
2 Q0 7 2 Q0 8 3 Q0 8
8 8 8 7
- 3 0 . 5 %4 9 8
3 Q0 7 2 Q0 8 3 Q0 8
I n t e r e s t Ra t e s i n BRL (Thousands ) FX Rat es (Thousands )
1 4 . 4 %
1 1 4- 2 3 . 6 %
A g r o ( Thousands )
3 Q0 7 2 Q0 8 3 Q0 8
1 61 7
1 2
3 6 . 2 %
1 1 M0 7 1 1 M0 8
1 , 0 1 6
8 1 0
- 2 0 . 2 %
1 1M0 7 1 1M0 8
4 7 3
5 5 11 6 . 6 %
1 1M0 7 1 1M0 8
1 0
1 55 3 . 4 %
1 1M0 7 1 1M0 8
1 1 4
9 0
- 2 0 . 8 %
Rat e p er Co n t r a ct BM & F
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5 0
Rat e p er Co n t r a ct BM & F
On A ug u st 2 5 , 2 00 8 , t h e d is co u nt p ol icy a pp li ed t o i n ve st o r s t h at h el d a t l ea st 1 0 .0 0 0 st o ck s BM EF3 w a s t e rm i n at e d.
R$
* I n c l u d e s t r a d i n g f e s s , c l e ar i n g f e e s , c l e ar i n g f e e s a t m a t u r i t y a n d p e r m a n e n c e f ee s
FX Rat es
I n d i c e s
C o m m o d i t i e s
OTC
W e b Tr a d i n g
Tota l
I n t e r e st Ra t e s i n B RL
2Q08
1 . 0 6 4
1 . 7 8 5
2 . 4 6 0
3 . 8 9 0
2 . 3 2 2
0 . 1 6 0
1 . 3 8 1
R$
Tota l
3Q07
1 . 0 4 9
1 . 9 3 7
1 . 6 6 8
3 . 5 9 0
1 . 9 0 4
0 . 0 6 9
1 . 3 2 0
3Q08
1 . 2 6 8
2 . 0 5 7
2 . 1 5 7
3 . 8 1 4
2 . 5 8 7
0 . 1 6 0
1 . 5 9 8
Vo l u m e s Sl o w d o w n w a s p a r t i al ly o f f se tb t h RPC I BM & F t
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5 1
Over a l l ADTV (Thousands )
1 . 3 2 0
1 . 3 8 1
1 . 5 9 8
3 Q0 7 2 Q0 8 3 Q0 8
* I n c l u d e s Tr a d i n g F e es , Cl e a r i n g F e e s, P e r m a n e n c e
Fees and Clea r in g Fees a t th e Matur i ty
b y t h e RPC I n c r ea se BM & F seg m e n t
1 , 7 6 5
3 Q0 7 2 Q0 8
1 , 5 4 3
3 Q 0 8
1 , 8 0 8+ 2 1%- 1 4 . 7 %
Over a l l RPC ( R $ )
Over a l l ADTV Ev o lu t ion
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5 2
I n M i l l i o n s o f Co n t r a c t s
1 . 0 1
1 .131 .23
1 .27
1 .45
1 . 3 2
1 . 4 8
1 . 7 61 . 6 1
1 .891 .89
2 .13
1 . 8 3
1 . 9 5
1 . 6 1
1 . 8 0
1 .48
1 .361 . 4 5
1 . 6 6
1 . 9 4
1 . 6 71 .69
2 . 1 7
J u l - 0 6
A u g - 0
6
S e p - 0
6
O c t - 0 6
N o v - 0
6
D e c - 0
6
J a n - 0
7
F e b - 0
7
M a r - 0
7
A p r - 0 7
M a y - 0
7
J u n - 0
7
J u l - 0 7
A u g - 0
7
S e p - 0
7
O c t - 0 7
N o v - 0
7
D e c - 0
7
J a n - 0
8
F e b - 0
8
M a r - 0
8
A p r - 0
8
M a y - 0
8
J u n - 0
8
J u l - 0 8
A u g - 0
8
1 . 6 6
1 .37
S e p - 0
8
1 .611 . 4 5
O c t - 0 8
N o v - 0
8
* ADTV until Dec 10 th. 8 trading sessions
1 .101 . 0 5 *
D e c - 0
8
Ov e r a l l Op e n I n t e r e st Ev o l u t i o n
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5 3
1 2 . 211 .7
1 2 . 6 1 2 . 6 12 .5
1 3 . 614 .1
1 2 . 913 .8
15 .41 4 . 9
1 7 . 417 .0
16 .4
1 7 . 71 8 . 3 1 8 . 4
19 .5 19 .9
16 .9
1 8 . 4
21 .1
2 2 . 4 22 .5
20 .7
J u n - 0
6
J u l - 0 6
A u g - 0
6
S e p - 0
6
O
c t - 0 6
N o v - 0
6
D e c - 0
6
J a n - 0
7
F e b - 0
7
M a r - 0
7
A p r - 0 7
M a y - 0
7
J u n - 0
7
J u l - 0 7
A u g - 0
7
S e p - 0
7
O
c t - 0 7
N o v - 0
7
D e c - 0
7
J a n - 0
8
F e b - 0
8
M a r - 0
8
A p r - 0 8
M a y - 0
8
J u n - 0
8
I n m i l l i o n s o f co n t r a c t s
J u l - 0 8
A u g - 0
8
19 .419 .8 1 9 . 4
S e p - 0
8
O
c t - 0 8
18 .7 18 .4
N
o v - 0
8
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5 4
BOVESPA SEGMENT
Tr a d in g A ct i v i t y Bo v esp a seg m en t
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5 5
Av e r a g e D ai l y N u m b e r o f Tr a d e s(Thousands )
A n n u a l i z ed Tu r n o v e r *
Average Da i ly Trad i ng Va lue( R$ Bi ll ions )
5 1 . 5 %
6 1 . 5 %
6 2 . 0 %
5 6 . 1 %
X x . x %
3 Q0 7 2 Q0 8 3 Q0 8 1 1 M0 7 1 1 M0 8
4 .9
6 .55 .3
4 .8
5 .7
3 Q0 7 2 Q0 8 3 Q0 8 1 1 M0 7 1 1 M0 8
1 6 0
2 3 02 5 4
1 4 9 . 2
2 4 4 . 1
3 Q0 7 2 Q0 8 3 Q0 8 1 1 M0 7 1 1 M0 8
6 . 5 %
1 8 . 7 %
5 8 . 7 %
6 3 . 6 %
1 0 . 5 p . p .
x . x p . p
Aver age I BOVESPA (Thousands )
5 4 , 8
6 7 , 5
52 ,3
XX.X
3 Q0 7 2 Q0 8 3 Q0 8 1 1 M0 7 1 1 M0 8
1 %
XX.X%5 5 , 3
* Relation with the trading value of the cash market and the market cap of the exchange
M ar k et D at a an d N u m b er o f I n v e st o r sA cco u n t s Bo v esp a seg m en t
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5 6
A cco u n t s Bo v esp a seg m en t
N u m b e r o f I n v e st o r s A cco u n t s ( t h o u s a n d s )
3 0 1 . 3
5 5 0 . 5
3 4 5 . 9
5 7 1 . 3
3 Q0 7 2 Q0 8 Nov 0 7 Nov 0 8
6 5 . 2 %
3Q08
5 3 9 . 8
8 2 . 7 %
M ar k e t D at a
H o m e B r o k e r N u m b e r o f Cl i en t s( t h o u s a n d s )
1 6 8 . 1
2 9 6 . 0
3Q07 3Q08
7 6 . 9 %
Ve n d o r s N u m b e r o f U se r s( t h o u s a n d s )
5 9 . 93 6 . 7 % 81 .9
3 2 2 . 7 1 0 8 . 9
2Q08 3Q07 3Q082Q08
Li st i n g a n d Se cu r i t i e sLe n d i n g B o v e sp a s eg m e n t
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5 7
Le n d i n g B o v e sp a s eg m e n t
N u m b e r o f I ssu e r s
4 3 4
4 4 6 4 4 3
2 2 62 6 9
2 8 1
6 6 0
7 1 57 2 4
3 Q0 7 2 Q0 8 3 Q0 8
Com pan ies l i s t ed on S tock Exchange Mar ke t
I nves tm en t Funds and o rgan ized OTC i s sue r sTo ta l
Se cu r i t i e s Le n d in g Op e n I n t e r e st - ( R$ b i l li o n s)
23 .22 3 . 5
2 2 . 1
7 .9
3 Q0 7 2 Q0 8 N o v 0 7 N o v 0 83Q08
11 . 9
- 4 8 . 8 % - 6 4 . 2 %
Re v en u e M arg i n * b y A sse t Cl ass - Bo v e sp a
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5 8* Tr a d i n g , c l e ar i n g a n d s e t t l e m e n t f e e s d i v i d e b y t r a d e d v a l u e
6 . 0 0 6
1 3 . 6 7 3
6 . 5 1 0
Cash Der iv at iv es To t a l
Basis Point s
3 Q 0 8 M a rg i n
6 . 0 5 0
1 4 . 4 7 8
6 . 6 6 6
Cash Der iv a t iv es To t a l
Basis Point s
2 Q 0 8 M a rg i n
Spec ia l Li s t i n g Segm en t s Ev o lu t ion
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5 9
9 36.6% of total listed companies9 57.8% of total market capitalization
9 66.4% of total traded value 162
1 9 2 4 3 1 3 33 7 3 6 4 4 4 4
7 1 0 1 42 0
9 2
1 8
33
7
22
1 84 4
1 0 0
2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 Nov 2 0 0 8
Lev el 1 Lev el 2 No v o Mer cad o
H o m e Br o k e r Ev o l u t i o n
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6 0
N e w Li st i n g s Tu r n o v e r
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6 1
2 0 0 5
2 0 0 6
Tota l
2 0 0 4
2 0 0 7
ADTV of Sep 0 8
R$ m i l l io n s
Annua l i zedTu r n o v e r ( Av g .
Mark e t Cap)
9 6 %
1 2 4 %
11 3 %
1 2 8 %
1 4 2 . 6
8 5 . 7
9 1 . 6
4 11 . 7
I POs
2 0 0 8 7 0 %3 4 . 8
2 0 0 4 - 2 0 0 8 7 8 2 11 5 %
A DTV Ev o l u t i o n R$ b i l l io n s
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6 2
2.2
2.7
2.2
2.5
3.0
2.2
1.8
2.2 2.1
2.5
2.93.2 3.1
4.2
3.5
4.24.0
5.3
4.8
5.4
4.7
6.7 6.8
6.36.0 6.1
5.6
6.2
7.0
6.3
5.6
4.8
5.5
5.3
3,8
4,2
j a n / 0 6
f e v / 0 6
m a r / 0 6
a b r / 0 6
m a i / 0 6
j u n / 0 6
j u l / 0 6
a g o / 0 6
s e t / 0 6
o u t / 0 6
n o v / 0 6
d e z / 0 6
j a n / 0 7
f e v / 0 7
m a r / 0 7
a b r / 0 7
m a i / 0 7
j u n / 0 7
j u l / 0 7
a g o / 0 7
s e t / 0 7
o u t / 0 7
n o v / 0 7
d e z / 0 7
j a n / 0 8
f e v / 0 8
m a r / 0 8
a b r / 0 8
m a i / 0 8
j u n / 0 8
j u l / 0 8
a g o / 0 8
s e t / 0 8
o u t / 0 8
n o v / 0 8
d e z / 0 8
*
* ADTV until Dec 10 th. 8 trading sessions
Bovespa s Mar k e t Sh ar e
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6 3
B u y B a ck Pr o g r a m
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6 4
X Th e Bo a r d a p p r o v e d t h e b u y b a c k p r o g r a m o n Se p t e m b e r, 2 4 t h
X Th e Co m p a n y i s a b l e t o b u y 3 . 5 % o f t h e f r e e - f l o a t t h a t r e p r e se n t s
7 1 . 2 m i l l io n s h a r e s, t o b e c a n ce l le d a f t e r w a r d s .
X 5 ,9 4 1 , 2 0 0 s h a r es w e r e b o u g h t b e t w e en Se p t e m b e r , 2 9 t h a n d
Oc t o b e r, 1 7 t h .
X Th e p r o g r a m w i l l co n t i n u e o n N ov e m b e r 1 3 t h .
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6 5
BM& F Bo v esp a I n v est o r Rela t i on s
Si t e : w w w .b m f b o v esp a .co m .b r
Ph on e n u m b er s: 5 5 1 1 3 2 3 3 2 4 9 0 / 2 8 4 7
E - m a i l : r i @ b m f b o v e s p a . c o m . b r