BM&FBOVESPAAugust 2009August 2009

111

Forward Looking Statements

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&F Bovespa works in.The verbs “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “plan,” “predict,” “project,” “target” 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&F Bovespa performance.The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&F services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highlycompetitive industries BM&F Bovespa 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&F customers; (vi) ability to maintain an ongoing process for introducing competitive new products and ; ( ) y g g p g p pservices, 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&F Bovespa 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&F Bovespa 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

222

amended.

AGENDA

MACRO ENVIRONMENT AND EXCHANGES INDUSTRY

IT DEVELOPMENTS

OPERATIONAL HIGHLIGHTS

TRENDS AND STRATEGIES

FINANCIAL HIGHLIGHTS

333

MACRO ENVIRONMENT AND EXCHANGES INDUSTRYMACRO ENVIRONMENT AND EXCHANGES INDUSTRY

444

Macroeconomic ExpectationsBrazil from the perspective of market experts

“Brazil will not only overcome the current crisis earlier and better than the other countries, but will make part of a selected group of nations which, in the next decade, will grow in a path similar to that showed before the US Financial System

ll f h b k f h k h h i S /08collapse, after the bankruptcy of the Investment Bank Lehman Brothers in Sept/08. I believe that Brazil can grow 5% annually in the long term.”

Kenneth Rogoff (Harvard Department of Economics)

“We didn’t have any credit booms and neither a leveraging spur. For this reason, the crisis in Brazil is much more benign, and, in some way, we are better than the majority, what explains the attractiveness even of our Exchange”majority, what explains the attractiveness even of our Exchange

Arminio Fraga Neto (Former Chairman of Central Bank of Brazil and Chairman of BM&FBOVESPA)

“ I b li th t i th di t th B ili (R l) ill b t “ I believe that, in the medium term, the Brazilian currency (Real) will be stronger than the US Dollars”

Raghuran Rajan (Former IMF Chief Economist)

“Among the last to fall into recession, Brazil should be among the firsts to leave from it”

Th E i t

555

The Economist

Note: Free translation.

Macroeconomic Environment

4,0

5,0 GDP Annual Growth (%)

5 0

5,3Brazilian CPI (%)

3.60

1,0

2,0

3,0

4 4

4,7

5,0

4.40

(1,0)

0,0

Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09

4,1

4,4

Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09

4.32 -0.35

250

International Reserves (actual) - USD billions

2009 20102009 2010

41

42Public Sector Net Debt to GDP Ratio (%)

41.5

207

100

150

200

37

38

39

4040.0

207

0

50

100

34

35

36

37

S 08 N 08 J 09 M 09 M 09 J l 09

666Source: Central Bank Focus survey and Central Bank statistics.

Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09

2009 2010

Macroeconomic ExpectationsEmerging Markets CDSs Spreads – 5 years

BRAZIL’S CREDIT RISK IS BACK TO THE PRE-CRISIS LEVEL WHEN THE COUNTRY RECEIVED THE INVESTMENT GRADE FROM S&P AND FITCH

Standard & Poor’sInvestment Grade

04.30.08

FitchInvestment Grade

05.29.08

Moody’sUnder review to be

upgraded to Investment Grade

05.24.09(f 90 d )

1.000

1.200

(for 90 days)

600

800

1.000

200

400

600

-

200

Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09

777

Brazil China Russia Mexico Korea

Source: Bloomberg.

Foreign Investments and the New Brazil’s Oil Perspectives

NEW INVESTMENT’S PERSPECTIVES IN BRAZIL WITH THE EXPLOITATION OF OIL RESERVES IN THE PRE-SALT

PRE-SALT OIL RESERVES

Positive perspectives in terms of investments in Brazil

31

35

Net Foreign Direct Investments (USD Billions)

Petrobras´s Current Production: 2,050 thousand barrels per day

Pre-Salt Oil Production (barreals/day–ths)23

27

31

2013: 2192015: 5822017: 1,3362020: 1,815

19

23

Source: Petrobras

15

Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09

2009 2010

Source: Central Bank Focus survey

888

International ScenarioGroup of 30 (G30)

GROUP OF 30: Financial Report – A Framework for Financial StabilityChairman: Paul A. VolckerVice-chairmen: Arminio Fraga Neto (BM&FBOVESPA Chairman) and Tomaso Padoa-Schioppa

• Main proposals

“…derivatives markets be held to regulatory, disclosure, and transparency standards at least comparable to those that have historically been applied to the public securities markets.”

“…Financial markets and products must be made more transparent, with better aligned risk and prudential incentives.”

“…problems include trade confirmation backlogs, lack of transparency on transaction reporting and pricing, contract closeout procedures, valuation practices and collateral disputes, and direct and indirect counterparty credit issues.”

“Prominent within that program are efforts to establish a central counterparty clearing (CCP) arrangement…”

“Given the global nature of the markets in which such managers and funds operate, it is imperative that a regulatory framework be applied on an internationally consistent basis.”

“Countries should reevaluate their regulatory structures with a view to eliminating unnecessary

999

Countries should reevaluate their regulatory structures with a view to eliminating unnecessary overlaps and gaps in coverage and complexity, removing the potential for regulatory arbitrage, and improving regulatory coordination.”

Listed Exchanges Business Model

Diversified and IntegratedExchanges

Integrated DerivativesExchanges

Diversified but Not Integrated Exchanges

101010

Listed Exchanges

Date: 08/12/2009

Share

IndexLow High 12M4 12M4 $ Local Date $ Local Date

High

Historical Prices5

Index

Year-to-date3

Index Low

12 Months

Share

Month-to-Date2

Share(US$ MM)Ranking (Mkt. Cap.) / Exchange / Index

$ Local Index Share

Mkt. Cap.1 Daily Variation

ShareLow High 12M 12M $ Local Date $ Local Date

1 / HK Ex. and Clearing / China / HS Index 146.00 -3.9% -3.0% 1.8% 1.0% 101.8% 43.6% 51.22 151.90 42.2% -6.5% 2.62 26/06/00 247.95 02/11/07

2 / Chicago Merc. Exc. / USA / Nasdaq Comp 282.02 2.2% 1.5% 1.9% 0.7% 42.3% 28.9% 154.11 405.03 -16.9% -18.1% 32.51 05/12/02 684.95 21/12/07

3 / Deutsche Boerse / Germany / DAX 52.69 1.1% 1.2% -7.5% -0.2% 7.2% 11.2% 29.41 68.96 -23.6% -19.1% 13.00 22/03/01 127.96 28/12/0714,610.05

18,732.90

20,267.26

4 / BM&FBOVESPA / Brazil / Ibovespa 12.71 1.2% 1.5% 5.2% 3.9% 114.9% 50.7% 3.94 12.71 12.6% 3.4% 3.94 27/10/08 12.62 01/09/08

6 / Nyse Euronext / USA / Dow Jones 29.33 2.2% 1.3% 7.8% 2.3% 16.2% 8.0% 14.69 42.79 -30.4% -20.5% 14.69 05/03/09 102.02 22/11/06

5 / Intercontinental Exchange / USA / Dow Jones 91.15 0.9% 1.3% -5.0% 2.3% 13.8% 8.0% 50.69 119.74 5.0% -20.5% 26.00 15/11/05 194.50 26/12/07

7,625.80

14,130.00

6,669.35

7 / Sing. Exc. / Singapore / Straits Times Index 8.46 -0.5% -1.0% -2.0% -2.5% 66.7% 45.2% 4.00 8.78 33.7% -9.0% 0.49 18/09/01 15.18 08/10/07

8 / Australia Exchange / Australia / All Share 35.07 -1.4% 0.3% -6.7% 3.6% 11.0% 21.0% 22.72 37.64 3.8% -14.3% 2.64 14/10/98 55.63 28/12/07

9 / Nasdaq OMX Group / USA / Nasdaq Comp 22.06 0.7% 1.5% 4.2% 0.7% -6.7% 28.9% 15.76 38.80 -34.1% -18.1% 5.25 16/04/03 50.00 26/12/07

10 / LSE / England / FTSE 100 735 00 1 4% 1 0% 2 4% 1 8% 42 0% 7 4% 361 33 931 70 21 1% 14 9% 240 70 27/03/03 1 861 77 31/12/07

5,004.15

4,472.47

6,272.60

3 284 6310 / LSE / England / FTSE 100 735.00 1.4% 1.0% 2.4% 1.8% 42.0% 7.4% 361.33 931.70 -21.1% -14.9% 240.70 27/03/03 1,861.77 31/12/07

11 / Bolsa Merc. Esp. / Espanha / IBEX 35 23.45 0.0% 0.9% 4.2% 0.5% 38.0% 18.9% 12.89 24.00 12.0% -9.2% 12.89 06/03/09 44.66 08/11/07

12 / TSX Group / Canada / TSX Composite 33.08 0.5% 0.3% -2.2% -0.2% 39.9% 20.7% 21.54 37.31 -0.6% -19.3% 6.49 05/11/02 53.03 07/12/07

Source: Bloomberg (the historical prices are adjusted for dividends and splits, among other corporate actions).

2,788.18

2,257.60

3,284.63

1 The Market Cap from BM&FBOVESPA was converted to USD according to the PTAX rate from the date identified2 Variation (in local currency) from the last trading day of the previous month until the date identified3 Variation (in local currency) from the last trading day of the previous year until the date identified4 Variation (in local currency) in the last 12 months (in the case of BM&FBOVESPA, since 08.20.2008)5 Historical information (in local corrency), from the listing date of the exchanges' stocks (in the case of BM&FBOVESPA, since 08.20.2008)

111111

Diversified and integrated Derivatives Diversified but not integrated

Historical information (in local corrency), from the listing date of the exchanges stocks (in the case of BM&FBOVESPA, since 08.20.2008)

Fully Integrated Business Model

Services for Issuers andCommodities trading

Trading, Clearing and Depository Activities Other 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 marketparticipants)

CommoditiesC tifi ti

Central Counterparty (CCP)Clearing and Settlement

Market Data

Certification Clearing and Settlement(for all the products)

Indices Licensing

Central Depository(stocks and corporate bonds)

Software Licensing( d b b k

Securities Lending(stocks and corporate bonds)

(used by brokeragehouses and other

market participants)

121212

(stocks and corporate bonds)

Equity Market Settlement StructureBrazil compared with USA

BRAZIL US

OTC Dark Pools

Trading BVMF ATS ECN

OTC Dark Pools

Cl i (CCP)

NYSE NASDAQ

Clearing (CCP) BVMF

BVMF

DTCC

DTCC

C l

BVMF DTCC

Central DepositoryBroker Level

131313

Beneficial Owner Level

Services Offered by the Exchange to Investors BM&FBOVESPA X US Trading Venues

BRAZIL – BM&FBOVESPAServices offered to investors

US TRADING VENUESServices offered to investorsPROVIDER

• Trading• Clearing

Stock Exchange• Clearing • Central Counterparty (CCP) • Central Depository• Securities Lending

• Trading

g

• Intermediary in the trading

Brokerage House

activity • Clearing, • Securities Lending´s activity

C t t i k th

• Intermediary in the trading activity

• Counterparty risk on the Internalization of orders*

141414

* Not allowed according to Brazilian regulation

Brazilian’s Stock Trading Breakdown

Jul’09

Novo MercadoLaunching

End of CPMF(Banking Tax)

Sarbanes-Oxley Act(SOX)

70%

80%

90%

100%

35.2%

47.2%

30%

40%

50%

60%

27.6%

11.9%

0%

10%

20%

30%

6 7 8 9 0 1 2 3 4 5 6 7 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9

25.2%

52.8%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Jan‐08

Feb‐08

Mar‐08

Apr‐08

May‐08

Jun‐08

Jul‐0

8

Aug

‐08

Sep‐08

Oct‐08

Nov

‐08

Dec

‐08

Jan‐09

Feb‐09

Mar‐09

Apr‐09

May‐09

Jun‐09

Jul‐0

9

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

NYSE - Brazilian ADRs Other USA Venues - Brazilian ADRs

Source: Bloomberg (in USD traded value of 36 companies with ADRs programs Level 2 and Level 3.

2001 2002 2003 2004 2005 2006 2007 2008 2009* TotalIPOs - 1 - 7 9 26 64 4 1 112 Follow ons 14 5 8 8 10 16 12 8 7 88

Public Offerings in Number of Companies

151515

Total 14 6 8 15 19 42 76 12 8 200

Dual Listings - - - 2 1 1 - - - 4

*Updated until July 2009.

IT DEVELOPMENTSIT DEVELOPMENTS

161616

BM&F SegmentDirect Market Access (DMA) Development

Customer DistributionIntermediary (CM / Broker)

BM&FBOVESPA

Access Via Broker

Open Outcry

Traditional DMA

Open OutcryGTS

GTSFIX Gateway

NET NETDMA(Aug 08)

GLOBEX – GTS 

DMA Via

Order routing(Sep 08)

GLOBEX

DMADMA Via Provider(Dec 08)

DMA Via      Co‐location

NETDMA Provider

Application for Co‐locationNET

Marco Polo Bloomberg GL TradeReuters

171717

(Jun 09) Remote access – monitoring and maintenance

Co-location Development

Co-location Service:

BM&F Segment – Jun’09

BOVESPA Segment – Oct’09BOVESPA Segment Oct 09

Contracting Modalities:

Brokerage House Co-location

Only the broker can access the rack where itsservers are installed

Investor Co-location

Only the investor can access the rack where its server s are installed

Structure where the equipment is installed

(switches and servers)

server s are installed

Co-location

Controlled access, continuous power and air conditioning supply, fire prevention and fire fightingsystem.

Security

Biometric access control system, continuous image recording monitoring system and identificationsystem ensure anonymity to participants

181818

Smart hands

Reception and devolution of equipment, installation and maintenance services

BM&F SegmentDMA and CME Order Routing Evolution

DMA EVOLUTION IN BM&F SEGMENT

Trades through DMA represented 10.2% of total BM&F Segment ADTV in Ago’09

ORDER ROUTING AGREEMENT WITH CME Group (CME-Globex)

Initial flow starting in Mar’09 with an ADTV of 58.0 thousand contracts in Jul’09

ALGOTRADERS IN BM&F SEGMENTJul’09: 2.09% (3.94% in FX and 9.58% in Indices)Jun’09: 1.25% (2.69% in FX and 6.88% in Indices)M ’09 1 23% (2 46% i FX d 2 56% i I di )May’09: 1.23% (2.46% in FX and 2.56% in Indices)Apr’09: 0.53% (1.8% in FX and 0.23% in Indices)

DMA Evolution CME-Globex Order Routing Evolution

6.4% 6.5% 6.7%6.5%6.5%

8.1%

6%

7%

8%

9%

200

250

300

1.2%

2.1%

1,5%

1,8%

2,0%

2,3%

50

60

70

37 36 41 4082

161

227201 194

248224

0.1%1.1%1.2%

1.9% 1.8%

3.0%

1%

2%

3%

4%

5%

50

100

150

12 14

3245

58

0.3%0.4%

1.1%

0,3%

0,5%

0,8%

1,0%

1,3%

10

20

30

40

191919

3 37 36 41 400%0

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

ADTV via DMA (thousands) % of DMA in overall ADTV

12 140,0%

Mar-09 Apr-09 May-09 Jun-09 Jul-09

ADTV routed (thousands) % overall ADTV

Bovespa SegmentTrading system development

User DistributionIntermediary(CM/Broker)

BM&FBOVESPA

BVMF / HP

May, 2009

MEGABOLSA STATIONSCOM, SNEG, SCOT

NYSE Euronext

Access Via Intermediary

NETWORK

SLE 

GL Tradey

GLWIN

NETWORK

HUBNSC V900

Traditional DMA 

Homebroker

NETWORK NETWORKMulti Gateway

HUB

Homebroker

268454299RTT J ’09 135

202020

RTT – May’09 54 10153 584

268454299RTT – Jan’09 135

Bovespa SegmentTrading system development

User DistributionIntermediary(CM/Broker)

BM&FBOVESPA

BVMF / HP

2H09

MEGABOLSA STATIONSCOM, SNEG, SCOT

NYSE Euronext

Access Via Intermediary

NETWORK

SLE 

GL Tradey

GLWIN

A ISV

NETWORK

HUBNSC V900

New Multi Gateway

Traditional DMA 

Homebroker

Any ISV

NETWORK NETWORK

HUB

Via DMA Provider

Bloomberg TradeBook

Others

Homebroker

NETWORKDMA Provider

Via DMA      Co‐location

Remote access – tracking and maintenance

Application of Co‐location (ATS)NETWORK

268454299RTT J 09 135

212121

RTT – Forecast 1 1016 50

268454299RTT – Jan 09 135

New IT DevelopmentsAgenda

BOVESPA SEGMENT

2Q09

Implementation of the V900 version of M b l (C h M k l i di

AGENDA 4Q09

Implementation of the new low latency multi-l l i i i f (N M l iMegabolsa (Cash Market electronic trading

system)

Latency lowered to 153 milliseconds, from 299 previously

level communication interface (New Multi-Gateway)

Round trip time – latency reduction to approximately 16 milliseconds

Reduction of the fees charged in the equity options market related to orders registered in the MegaBolsa System but not executed

By year-end, the latency is expected droppnearly to 10 milliseconds.

Offering of Co-Location services for connectivity to the MegaBolsa

AGENDA 3Q09

Reduction of the fees charged equity market related to orders registered but not executed in the Megabolsa System

Completion of the project to increase system capacity of the equities clearinghouse (Formerly CBLC)

From 770 thousand trades / day to 1.5 in the Megabolsa System

Fee dropped to BRL 0.04 from BRL 0.05

Limit for orders entries increased to 6 from 4 earlier

From 770 thousand trades / day to 1.5 million trades / day

Operating authorization for direct market access via DMA provider (DMA model 2) in the MegaBolsa trading system (pending approval by the CVM (Brazilian Securities Commission)

222222

Commission).

MegaLine implementation

Pre-trade risk management tool

New IT DevelopmentsAgenda

BM&F SEGMENT

2Q09

Connection to Bloomberg Tradebook to Global

BM&FBOVESPA

AGENDA 3Q09

Delivery of the BVMF Communication Network Trading System (GTS)

Provides customers with an international order routing system.

GTSLine implementation

(RCB) – addition to the services provided by the RCCF

Open communication network for connectivity between market participants and the Exchange l t i t di t i i ti i t th GTSLine implementation

Pre trade risk management tool for any kind of access to GTS system

Offering of Co-Location services for connectivity to the GTS Trading System

electronic trading systems, giving participants the ability to choose alternative telecommunications providers, data transmission technologies, network capacity and velocity, and contingency resources

AGENDA 4Q09connectivity to the GTS Trading System

Shutdown of the Open Outcry

AGENDA 3Q09

AGENDA 4Q09

Implementation of the integrated external communication interface for both the MegaBolsa and the GTS systems

AGENDA 3Q09

Connection from the international order routing System of GL Trade (GL Net) to GTS

Will allow market data transmission from either system via a single channel

232323

New IT DevelopmentsTrading and Post Trading Integrations

SINGLE TRADING SCREENOrders routed automatically through

MegaBolsa GTS/WTR

Orders routed automatically through the three matching engines

SisbexTradingEnvironmentEnvironment

Delivery in 4Q09

BVMF SINGLE CLEARING HOUSEThe 4 clearing houses will be

integrated. Project being developed.

Derivatives Equities Spot FX SecuritiesPost TradingEnvironment

242424

OPERATIONAL HIGHLIGHTSOPERATIONAL HIGHLIGHTS

252525

Operational HighlightsBM&F Segment

Average Daily Traded Volume - ADTV (millions of contracts)

1.8 1.81.6

1.2 1.4 1.3

1.71.6 1.5

1.91.4 1.2

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*

Rate per Contract - RPC (BRL)

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

1Q08 2Q08 3Q08 4Q08 J‐09 F‐09 M‐09 A‐09 M‐09 J‐09  J‐09 A‐09*

Interest Rates in BRL 1.102    1.064    1.264    1.155    0.796    0.939    0.923    0.921    1.076    0.877    1.030    0.977     

FX Rates 1.850    1.785    2.050    2.686    2.183    2.397    2.653    2.543    2.347    2.134    2.094    1.805     

Stock Indices 2 132 2 460 2 159 1 792 1 323 1 792 1 564 1 901 1 569 1 838 1 505 2 027Stock Indices 2.132    2.460  2.159  1.792  1.323  1.792  1.564   1.901  1.569  1.838  1.505  2.027   

Interest Rates in USD 1.078    1.057    0.955    1.767    1.417    1.469    1.790    1.859    1.691    1.331    1.282    1.368     

Commodities 3.283    3.892    3.814    3.069    1.622    2.298    2.344    2.411    2.372    2.299    2.264    2.125     

Web Trading 0.155    0.160    0.160    0.173    0.171    0.189    0.192    0.206    0.186    0.197    0.181    0.194     

OTC 2.057    2.322    2.580    2.421    1.646    2.358    3.175    1.588    2.118    1.522    1.460    1.694     

Total RPC 1.401    1.381    1.593    1.778    1.213    1.484    1.361    1.440    1.547    1.230    1.374    1.328     

262626

•Until August 12th, 2009.

Operational HighlightsBovespa Segment

Average Daily Traded Value - ADTV (BRL Billions)

205 230 245 296 266 280 288 296

345 335 319 368

Daily Average Number of Trades (Thousands)

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*

508 540 551 559 548 543 544

Number of Investors (Thousands) Turnover Velocity** (annualized)

56.4%63.2%

67.6%

30.8% 29.4%36.8% 37.6% 38.7%

42.3%

272727

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Jul-09

* Updated until August 12th, 2009 * *Relation of the trading value in the cash market and the market cap of the exchange

2001 2003 2004 2005 2006 2007 2008 2009

Operational Highlights

15% 17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20%

7% 9% 8% 7% 8% 9% 8% 10% 9% 9% 9% 8% 7%2% 2% 3% 3% 3% 3% 3% 3% 3% 2% 3% 3% 3%

BM&F Segment (Investor’s Participation in Total Volume)

25% 23% 23% 22% 23% 22% 21% 19% 23% 24% 22% 26% 25%

17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20%

51% 49% 49% 49% 47% 44% 49% 48% 47% 46% 47% 44% 45%

2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Financial Institutions Institutional Investors Foreign Investors Individuals Companies Central BankFinancial Institutions Institutional Investors Foreign Investors Individuals Companies Central Bank

Bovespa Segment (Investor’s Participation in Total Value)

10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5%

36% 35% 35% 35% 35% 36% 34% 35% 34% 36% 37% 37% 38%

2% 2% 2% 4% 2% 3% 2% 2% 2% 2% 2% 3% 2%10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5%

25% 23% 25% 26% 25% 31% 34% 33% 34% 31% 32% 29% 29%

27% 30% 29% 27% 28% 24% 24% 23% 24% 25% 24% 26% 26%

282828

2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Individuals Institutional Investors Foreign Investors Companies Financial Institutions Others

Bovespa SegmentForeign investment flow

8.8Monthly Net Flow of Foreign Investments* (in BRL billions)

6.0

2 9

5.3 5.7 6.1

0.9

2.9

0.51.4 1.3

‐1.0 ‐0.6

‐2.8‐1.8

4 7

‐1.2‐0.4 ‐0.6 ‐1.1

‐7.3

‐4.7

*Includes regular trades and public offering; updated until August 11th, 2009.

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*

292929

TRENDS AND STRATEGIESTRENDS AND STRATEGIES

303030

BM&F SegmentScenarios and Perspectives

Main initiatives to increase volumes

GLOBEX ORDER ROUTING AND ALGOTRADERS

Back Office: support in FCMs back office solutions development

CFTC: pending authorization for US investors to trade in Ibovespa future contracts

Collaterals abroad: pending authorization by the Central BankCollaterals abroad: pending authorization by the Central Bank

VOLUMES AND RPC TRENDS

1.402  1.383 1.599 

1.792 

1.345  1.389  1,500 

2,000 

2,00

2,50

3,00

VOLUMES AND RPC TRENDS

Algotraders: the rise in volumes from this type of investor should lower the RPC, mainly as related to FX and Equity Derivatives contracts, which in

f

ADTV and RPC Evolution

1.76  1.77  1.55  1.24  1.47  1.64 

‐

0,500 

1,000 

0,00

0,50

1,00

1,50

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

2Q09 represented 32.6% of ADTV. To date, these effects yet to materialize

Cuts in reference interest rate: likely increase in credit availability with positive impact on hedging 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

ADTV (millions) Rate per Contratct  ‐ RPC (BRL)

y p p g gactivity, pushing leveraging and diminishing risk aversion

313131

Bovespa SegmentScenarios and Perspectives

Algotraders

INVESTORS GROWTH DRIVERS IN BRAZILIAN CAPITAL MARKET

Retail and Institutional Investors Foreigner investors

Systems: over 95% latency reduction in 2009 and offering of co-Location services

Price: lower charges for non

Intensification of Capital Market Popularization Program with a TV program

Improved economic outlook and

DMA Provider implementation (Bloomberg) and Co-location

Strengthened sales teams in the US Europe and AsiaPrice: lower charges for non

matched tradesImproved economic outlook and lower interest rates should push stock trading by retail and institutional investors

US, Europe and Asia

IPO AND FOLLOW ON OFFERINGS RETAKING

8 Offerings in 2009 (IPOs and Follow-on), raised BRL 19.6 billion

Increase in companies’ free float with positive impact in the ADTVIncrease in companies free float with positive impact in the ADTV

56.4%63.2%

67.6%

TURNOVER VELOCITY GROWTH

Growth in algotrading, retail trading and additional offerings should drive further increases in turnover velocity

30.8% 29.4%36.8% 37.6% 38.7%

42.3%

56.4%

323232

increases in turnover velocity

2001 2003 2004 2005 2006 2007 2008 2009

Bovespa SegmentRetail Investors

HOME BROKER PARTICIPATION TREASURY DIRECT EVOLUTION

35%

160

180

3 000

3,500

0%

15%

20%

25%

30%

60

80

100

120

140

160

1,000

1,500

2,000

2,500

3,000

0%

5%

10%

Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09

% traded value % number of trades

0

20

40

0

500

1,000

Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09

Assets Value (BRL millions) Investors (thousands)

Trades via Home Broker (Internet based DMA for retail investors) represented 16.5% from the total volume traded in 2Q09 versus 11.5% in 2Q08

Allows DMA access (via Internet) to retail investors

Integration with HomeBroker scheduled for Oct’09

ETFs EVOLUTION– AVERAGE DAILY VOLUMEINVESTOR ACCOUNTS

300

400

500

600BRL millionsThousands

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09

11.2  8.8 5.3 

11.4 

20.3  22.0  23.5  21.7 

0

100

200

300

J 05 J l 05 J 06 J l 06 J 07 J l 07 J 08 J l 08 J 09 J l 09

333333

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09

The educational programs sponsored by BM&FBOVESPA have already reached over half a million people in more than 7 years

Launch of Exchange Traded Funds (ETFs) in partnership with BNDES (Brazilian Development Bank – also participated in the conception of PIBB Index) and with Barclays Bank (responsible for managing the IShares)

PUBLIC OFFERINGS

2009 OFFERINGSIPOs (1)

Visanet – largest offering in the history of Brazilian capital market – Visanet listed only on BM&FBOVESPA

FOLLOW ON OFFERINGS (7)FOLLOW-ON OFFERINGS (7)Redecard, MRV, BR Malls, Light, Hypermarcas, Brasil Foods and Natura

IN THE PIPELINE (3)Banco Santander – this offering may represent 15% of the capital stock (preliminary data)TIVIT (IPO)GVT (Follow-on)

70 1BRL Billions

14.5 

IPO Follow‐On 70.1

55.6 15.1  26.8

13.9

30.434.3

19.6

8.8

2004 2005 2006 2007 2008 U til J l'09

4.5  5.4 15.4 

7.5  8.4 4.3  8.5 

26.8 11.2 

343434

2004 2005 2006 2007 2008 Until Jul'09# of IPOs/FOs

15 19 42 76 12 8

FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS2Q09 EARNINGS

353535

2Q09 Highlights versus 2Q08 (Pro Forma)

GAAP EPS: BRL 0.09 in 2Q09 and Adjusted EPS: BRL 0.16 compared with BRL 0.12 in 2Q08 (Pro forma)

2Q09 EARNINGSNet Income (BRL millions)

165.2  188.1  246.3 325.4 

2Q08 2Q09 2Q08 2Q09

Adjusted Net Income (adjusted by non-cash items)*: increased by 32.1% compared with 2Q08

Net revenues: dropped 14.7% from 2Q08

68.6%68.7%

EBITDA Margin: 68.7% in 2Q09 vs. 68.6% in 2Q08

Cost savings: adjusted expenses decreased by 25.3% between 2Q09 and 2Q08 (excluding depreciation and stock option plan costs)

EBITDA (BRL millions)/ EBITDA Margin (%)

302.9 259.9

2Q08 2Q09

Interest on Shareholders’ Equity / Dividends: BRL 175 million

Deferred Liabilities: BRL 159.3 million derived from recognition of d f d li biliti l t d t t ti ti f d ill (BRL 79 6

HIGHLIGHTS

deferred liabilities related to tax amortization of goodwill (BRL 79.6 million in 1Q09 and BRL 79.6 million in 2Q09)

Co-location Services: BM&F Segment since Jun’09 and BOVESPA Segment in Oct’09

Operational Expenses (BRL millions)

148.3 128.2 140.4 104.9

2Q08 2Q09 2Q08 2Q09

Globex and Algotraders: over 2 million contracts traded via Globex; Algotraders represented 2.1% of Total ADTV in the BM&F segment and 9.6% of Index-based contracts in Jul’09

363636

* i) Adjusted net income in 2Q09 excludes stock options plan and impacts from deferred liabilities tax and tax credits. In 2Q08, adjusted net income excludes the goodwill amortization expense; and ii) Adjusted expenses excludes depreciation and stock options plan costs

2Q08 Pro Forma / 2Q09 GAAP

2Q08 Adjusted* Pro Forma / 2Q09 Adjusted* GAAP

Summary of Income Statement

BRL thousands 2Q092Q08

(Pro Forma)% Change

2Q09 / 2Q08 1Q09 % Change

2Q09 / 1Q09 1H091H08

(Pro Forma)% Change

1H09 / 2H08

Gross Operational Revenues 420,581        492,753        ‐14.6% 351,918        19.5% 772,499        934,419        ‐17.3%BM&F Trd. / Sttmnt 146,210        157,274        ‐7.0% 127,170        15.0% 273,380        310,665        ‐12.0%

Bovespa Trd. / Sttmnt 203,931 269,427 ‐24.3% 158,196 28.9% 362,127 499,813 ‐27.5%Bovespa Trd. / Sttmnt 203,931      269,427      24.3% 158,196      28.9% 362,127      499,813      27.5%Other Operational Revenues 67,981           61,504           10.5% 61,181           11.1% 129,162        119,393        8.2%

Dividends 2,459             4,548             ‐45.9% 5,371             ‐54.2% 7,830             4,548             72.2%Net Operational Revenues 378,242        443,307        ‐14.7% 316,548        19.5% 694,790        840,085        ‐17.3%

Operational Expenses (128,198)       (148,297)       ‐13.6% (148,760)       ‐13.8% (276,958)       (281,594)       ‐1.6%Net Income 188,130      165,206      13.9% 226,980      ‐17.1% 415,110      395,479      5.0%

Net Margin 49.7% 37.3% 12,5p.p. 71.7% ‐22,0p.p. 59.7% 47.1% 12,7p.p.EBITDA 259,931        302,933        ‐14.2% 176,739        47.1% 436,670        574,191        ‐24.0%

EBITDA Margin 68.7% 68.6% 0,1p.p. 55.8% 12,9p.p. 62.8% 68.3% ‐5,6p.p.Adjusted Operational Expenses (104,865)       (140,374)       ‐25.3% (103,050)       1.8% (207,915)       (265,894)       ‐21.8%Adjusted Net Income 325,363      246,311      32.1% 245,739      32.4% 571,102      476,584      19.8%

Adjusted Net Income: increased by 32.1% in 2Q09 vs. 2Q08

In 2Q09, adjustments to quarterly net income amounted to BRL 137.2

illi i i th it ith i t h fl

NET INCOME RECONCILIATION

million, comprising three items with no impact on cash flow:

Addition of BRL 159.3 million derived from recognition of deferred

liabilities connected with amortization of goodwill in 1H09 (BRL 79.6

million in 1Q09 and BRL 79.6 million in 2Q09);

BRL Millions2Q09

2Q08(Pro Forma)

% Change2Q09/2Q08

Adjusted Net Income 325.4  246.3 32.1%AdjustmentsD f d li biliti 159 3

Addition of BRL 13.4 million in expenses with the stock options plan;

Deduction of BRL 35.5 million related to credit from taxes losses of

Bovespa Holding.

Deferred liabilities 159.3 Stock Option Program 13.4   Recognition of Tax Losses (35.5)  Goodwill Amortization 81.1             GAAP Net Income 188.1  165.2            13.9%

373737

In 2Q08 the adjustment excludes the effects of amortization of goodwill

amounting to BRL 81.1 million.

Revenues

Gross Revenues breakdown – 2Q09 BRL thousands 2Q092Q08

(Pro Forma) 1Q09% Change

2Q09 / 2Q08% Change

2Q09 / 1Q09

Gross Operational Revenues 420,581         492,753         351,918         ‐14.6% 19.5%BM&F Trd. / Sttmnt 146,210         157,274       127,170       ‐7.0% 15.0%Bovespa Trd. / Sttmnt 203,931 269,427 158,196 ‐24.3% 28.9%

BM&F Trd. / Sttmnt35% Bovespa

Trd. / Sttmnt48%Dividends

Bovespa Trd. / Sttmnt 203,931         269,427       158,196       24.3% 28.9%Other Operational Revenues 67,981          61,504         61,181         10.5% 11.1%Vendors 17,490          10,961         11,521         59.6% 51.8%Depositary and custody  16,214          15,019         16,084         8.0% 0.8%Trading access (Brokers) 10,214          3,359           9,475           204.1% 7.8%Listing 9,332            7,157           10,621         30.4% ‐12.1%

48%Others16%

Dividends1% Securities Lending 7,463            14,367         6,127           ‐48.1% 21.8%

Bank 2,052            874              1,971           134.8% 4.1%Others 5,216            9,767           5,382           ‐46.6% ‐3.1%

Dividends 2,459            4,548           5,371           ‐45.9% ‐54.2%Net Operational Revenues 378,242         443,307       316,548       ‐14.7% 19.5%

Trading/ Settlement:

BM&F Segment: 7% drop vs. 2Q08 as a result of lower ADTV, which retreated 7.4% in the period.

BOVESPA Segment: shrank 24.3% compared with 2Q08 as a result of (i) lower ADTV (-20%) and (ii) lower margins (-3.6%).

Other Operational Revenues: 10.5% higher than 2Q08

Market Data (vendors): grew by 59.6% vs. 2Q08 (new pricing policy starting from Apr’09)

Access fee: reached BRL 10.2 million, 204.1% higher than 2Q08 (new pricing policy started in 1Q09)

Listing: surged 30.4% compared to 2Q08 (new pricing policy since Jan’09)

Securities Lending: decreased 48.1% as compared to 2Q08

383838

Expenses

Operational Expenses– 2Q09 BRL thousands 2Q092Q08

(Pro Forma) 1Q09% Change

2Q09 / 2Q08% Change

2Q09 / 1Q09Operational Expenses (128,198)        (148,297)        (148,760)        ‐13.6% ‐13.8%Personnel (66,337)          (56,966)        (85,462)        16.5% ‐22.4%Data processing (20,494)          (41,618)        (26,683)        ‐50.8% ‐23.2%

Personnel52%

Dep./Amor.8%

Other24%

ata p ocess g ( 0, 9 ) ( ,6 8) ( 6,683) 50 8% 3 %Deprec. and Amortization (9,887)            (7,923)          (8,951)          24.8% 10.5%Third Party Services (9,703)            (9,962)          (9,119)          ‐2.6% 6.4%Marketing (5,475)            (7,824)          (2,292)          ‐30.0% 138.9%Communications (5,249)            (4,984)          (4,991)          5.3% 5.2%Maintenance (2,566)            (3,270)          (2,826)          ‐21.5% ‐9.2%Board Compensation (1 572) (2 020) (1 129) 22 2% 39 2%Data Proc.

16%

Board Compensation (1,572)            (2,020)          (1,129)          ‐22.2% 39.2%Leases (665)              (1,096)          (825)             ‐39.3% ‐19.4%Supplies (580)              (1,200)          (477)             ‐51.7% 21.6%Taxes (339)              (1,685)          (495)             ‐79.9% ‐31.5%Other (5,331)            (9,749)          (5,510)          ‐45.3% ‐3.2%

Adj. Operational Expenses* (104,865)        (140,374)      (103,050)      ‐25.3% 1.8%

In 2Q09, the adjusted expenses* were 25.3% lower than 2Q08

The biggest variations derive from the following expenses:

Adj. Personnel** (52,891)          (56,966)        (48,703)        ‐7.2% 8.6%

The biggest variations derive from the following expenses:

Adjusted Personnel**: 7.2% contraction between 2Q09 and 2Q08

Data Processing: 50.8% reduction between 2Q09 and 2Q08

Marketing: decreased by 30% between 2Q09 and 2Q08

* Exclusions: In 2Q09: stock options plan (BRL 13.4 million) and depreciation

393939

In 1Q09: stock options plan (BRL 18.8 million), severance costs (R$ 18 million) and depreciation

** Exclusions: In 2Q09: stock options plan (BRL 13.4 million); In 1Q09: stock options plan (BRL 18.8 million) and severance costs (BRL 18 million)

Expenses

Adjusted Operational Expenses in 2Q09: BRL 104.9 million (BRL 207.9 million in

1H09, excluding BRL 18 million in severance costs in 1Q09)

In line with OPEX budget of BRL 450 million for FY09 (excluding depreciation and stock

option plan expenses)

Open Outcry: last session held in June 30th, 2009, anticipating annual synergies of BRL 2.9

million/year

53 116

Adjusted Operational Expenses* (BRL millions) Cost cuts associated with 2007 expenses** (BRL millions)

541 566

511 488 450

140.4103.1 104.9

265.9207.9

2007 2008 2009e

Cost Reduction Actual (cash expenses)2Q08 1Q09 2Q09 1H08 1H09

* In 2Q09 excludes depreciation and stock options expenses and in 1Q09 excludes depreciation, stock options and severance expenses

404040

** 2007 Operational expenses as adjusted for inflation and OPEX budget excludes depreciation and stock options

Costs SavingPersonnel

Headcount Evolution Personnel Expenses (BRL millions)

Total: 85 5

18.8 13.4

18.0

4.4

1 387

Total: 57.0

Total: 85.5

Total: 66.3

57.0 48.7 48.5

2Q08 1Q09 2Q09

1,387 1,163 1,059

Recurring Stock Option Serevance2Q08 1Q09 2Q09

Headcount reduction in Mar’09: 23.6% lower than 2Q08

Recurring expenses: provisions and other personnel charges impacts in 2Q09

Stock options expenses: BRL 18.8 million in 1Q09 (recurring and anticipated expensesp p Q ( g p p

related to employee terminations ) and BRL 13.4 million in 2Q09 (recurring expenses, only)

Severance costs: BRL 18 million in 1Q09 and BRL 4.4 million in 2Q09

414141

Capital and Balance Sheet Highlights

DEFERRED LIABILITIES

Corresponds to deferral of BRL 159.3 million related to transitory difference of the benefitderived from tax amortization of goodwill (BRL 79 6 million in 1Q09 and BRL 79 6 million inderived from tax amortization of goodwill (BRL 79.6 million in 1Q09 and BRL 79.6 million in2Q09) with no impact on cash flow.

TAX CREDITS

BRL 35 5 million related to tax losses previously recorded by the former Bovespa HoldingBRL 35.5 million related to tax losses previously recorded by the former Bovespa Holding.

CASH POSITION

Cash and cash equivalents (short and long-term) at the end of the quarter toJ ’09 t d t BRL 2 9 billi i d f ll t l th BRL 789 illi d it dJun’09, amounted to BRL 2.9 billion, comprised of collaterals worth BRL 789 million depositedwith our clearinghouses, and R$ 449.6 million in own financial resources deposited inrestricted funds.

INTEREST INCOME, NETINTEREST INCOME, NET

BRL 54.9 million in 2Q09, 29.0% drop as compared to 2Q08, primarily due to year-on-yeardecrease in financial revenues to BRL 68.0 million in 2Q09 from BRL 92.4 million in2Q08, thus reflecting the cut in the interest rates that remunerate our financial investments.

DIVIDENDS AND INTEREST ON SHAREHOLDERS´ EQUITYPayout: BRL 175 million (BRL 0.0873 per share, which amounts to BRL0.0767 per share net of withholding income tax) as follow: BRL141.5 million in Interest on Shareholders´ equity

424242

of withholding income tax) as follow: BRL141.5 million in Interest on Shareholders equity and BRL33.5 million in dividends, to be paid on Aug 26, 2009, based on the position as of Aug 14, 2009

Board Members (2009 – 2010)

BOARD MEMBERS

• Armínio Fraga (Chairman)* - Gavea Investimentos

• Marcelo Fernandes Trindade (Vice-Chairman)* - Lawyer

• Claudio Haddad* - Ibmec

• Fabio de Oliveira Barbosa* - Vale

• José Roberto Mendonça de Barros* - Economist and Consultant

• Rene Marc Kern* - General Atlantic

• Renato Diniz Junqueira – Intercap

• Candido Botelho Bracher – Itau BBA

• Luis Stulhberger – Credit Suisse Hedging-Griffo

• Craig Donohue – CME Group

• Julio Siqueira de Araújo – Bradesco

434343

* Independents

APPENDIX

444444

Balance Sheet as of 06/30/2009

06/30/09 % 03/31/09 % Variation

Current assets 2.569.664              12,3% 2.814.573            13,3% ‐8,7%

Cash and cash equivalents 2 335 424 11 2% 2 592 074 12 2% ‐9 9%

ASSETS ‐ CONSOLIDATED (BRL Thousands)

Cash and cash equivalents 2.335.424            11,2% 2.592.074          12,2% ‐9,9%

Other credits 234.240                  1,1% 222.499               1,0% 5,3%

Long‐term receivables 693.092                  3,3% 730.230               3,4% ‐5,1%

Financial investments 557.641                  2,7% 553.643               2,6% 0,7%

Other credits 135.451                0,6% 176.587             0,8% ‐23,3%

Investments 1.318.238              6,3% 1.318.279            6,2% 0,0%

Property and equipment 255.718                  1,2% 246.680               1,2% 3,7%

Intangible assets 16.099.532            76,9% 16.094.517         75,9% 0,0%

TOTAL ASSETS 20.936.244            100,0% 21.204.279         100,0% ‐1,3%

06/30/09 % 03/31/09 % Variation

Current liabilities  1.215.927              5,8% 1.677.230            7,9% ‐27,5%

ll l f

LIABILITIES AND SHAREHOLDERS'EQUITY ‐ CONSOLIDATED (BRL Thousands)

Collateral for transactions  789.011                3,8% 1.135.943          5,4% ‐30,5%

Others 426.916                  2,0% 541.287               2,6% ‐21,1%

Non‐current 146.951                  0,7% 47.538                 0,2% 209,1%

Minority interest in subsidiaries 15 382 0 1% 15 632 0 1% ‐1 6%Minority interest in subsidiaries 15.382                  0,1% 15.632               0,1% ‐1,6%

SHAREHOLDERS' EQUITY 19.557.984            93,4% 19.463.879         91,8% 0,5%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20.936.244          100,0% 21.204.279       100,0% ‐1,3%

454545

Goodwill Amortization: 2008 x 2009

Description $ Description $ Description $

Until December/2008 Starting from January/2009Corporate Income Statement Corporate Income Statement Tax Book ‐ Amortization tax shield

Revenues 500 Revenues 500 Pre Tax Income 300Expenses (200) Expenses (200) (‐) Goodwill Amortization (100)(‐) Goodwill Amortization (100) Tax basis 200

Taxes Payable (34%) (68)P T I 200 P T I 300Pre Tax Income 200 Pre Tax Income 300

Taxes Payable (68) Taxes Payable (68)y ( ) y ( )Cash outflow

Provision of deferredtax liabilities (34%) (34)

Corporate Net Income 132 Corporate Net Income 198

Effective Tax Rate 34% Effective Tax Rate 34%

Positive Impact in 2009p$66

> No tax burden in 2009, as the Corporate Income statement  does  include recognition of goodwillA i i hi h i j d d i dj i b k

464646

Amortization, which is just recorded  as a transitory adjustment in a tax book,thus with zero effect on the bottom line.

> Expense with no cash flow impact. Tax shield fully captured for cash purposes

Margins

BM&F Segment- RPC (in BRL)

BM&F SEGMENT

The RPC presented a steady line in the comparison 2Q09 versus 2Q08

0,4%

2Q09 versus 2Q081,383 1,389

Bovespa Segment (in basis points)

2Q08 2Q09

BOVESPA SEGMENT

The reduction in trading margin in 2Q09 is due to g g Qboth a higher participation of day trades in total traded value and implementation of the new pricing policy, which reduced the trading fees in 0.05bp (started from May’09)

6,76,4

2Q08 2Q09

474747

Globex Routing AgreementGlobex to BM&FBOVESPA flow

US BRAZIL

2MM contracts traded until Jul´09

FCM prop position Investors

CME GroupGlobex

BM&FBOVESPA

GlobexNetwork

position

GTSNetwork

Investors

Investors

Investors

MATCHING

Investors

FCM

Investors

Some FCMs (Futures Commodities Merchant) should offer DMA access to BVMF derivatives to

their clients

484848

their clients

BM&FBOVESPA is helping the main back‐office system providers to adapt their systems

Trading of Future Ibovespa Contracts by US residents pending to be approved by CFTC

BM&F Bovespa Investor Relations

Web page: www.bmfbovespa.com.br/ri

Phone numbers: 55 11 2565 4007 or 3119 3728 / 3729 / 3734 / 2418Phone numbers: 55 11 2565 4007 or 3119 3728 / 3729 / 3734 / 2418

E-mail: ri@bmfbovespa.com.br

494949