BM&FBOVESPA S.A.

Announces Results for the Fourth Quarter 2011

Companys IT investments on track, boosting efficiency Cost control a priorty in 2011; remains a key focus in 2012 Significant market diversification: HFT, Co-location, ETFs and Tesouro Direto Shareholder return of R$0.79 per share in 2011 from Payout and Share Buybacks

4Q11
MARKET CAPITALIZATION R$19.3 billion (Dec. 30, 2011)

So Paulo, Brazil, February 14, 2012 BM&FBOVESPA S.A. (BVMF3) today reported fourth quarter earnings ending December 30, 2011. New strategic areas such as Securities Lending, Tesouro Direto, ETFs and High Frequency Trading (HFT) performed well in the quarter. Successful implementation of the derivatives and spot FX modules of the PUMA Trading System and forward momentum on the multi-asset integrated clearing system further boosted the Companys technological edge. BM&FBOVESPA announced an adjusted expense1 budget range of R$580 million to R$590 million and a capital expenditure budget range of R$230 million to R$260 million for 2012. The adjusted Opex range equals the range for 2011 as a result of the Companys costcutting improvements. "We remain focused on capturing the growth opportunities offered by the Brazilian market, said BM&FBOVESPA Chief Executive Officer Edemir Pinto. The execution of our investment program to strengthen our IT infrastructure and the launching and development of products and markets, such as ETFs, HFTs and options on single stocks, are aligned with this goal. We are also taking actions to strengthen market supervision, which will help make the Brazilian market more attractive to investors. Mr. Pinto added,We highly welcome the governments decision to remove an IOF tax on equity investments by non-residents. During 4Q11, net revenues were almost flat year-over-year. This reflected a decline in trading volumes which was offset by a 39.5% increase in other revenues. Expenses were higher as a result of a one-time extraordinary transfer of restricted funds to strengthen the BM&FBOVESPA Market Supervision (BSM) while adjusted expenses were well in line with the Companys announced budget range. Adjusted EBITDA2margin was relatively stable at 65.2% compared to 66.5% in 4Q10. Adjusted net income3 per share declined by 1.0% yearover-year. Other operating and financial highlights: 107.1% year-over-year growth in the Average Daily Trading Value (ADTV) of Exchange Traded Funds (ETFs); 61.1% rise in assets under custody of Tesouro Direto; 56.8% increase in the open interest of securities lending. 79.8% increase in the Average Daily Trading Volume (ADV) of stock indices contracts and 69.0% growth in the ADV of mini contracts in BM&F segment. Strong momentum on delivering the next modules of the PUMA trading system, building the new integrated clearinghouse and developing an OTC platform. Recommendation of R$226.7 million in dividends, amounting to R$912.3 million in 2011. Chief Financial and Investor Relations Officer, Eduardo Refinetti Guardia, said: Our strong focus on cost control throughout 2011 enabled us to reduce the level of expenses during the year. For 2012, the same strict controls will be maintained so we can keep costs at the same level. We also reinforced our commitment with returning cash to our shareholders.
(in millions of R$) Net Revenues Expenses Operating Income Financial Income Net Income EBITDA EBITDA Margin Adjusted Net Income Adjusted Expenses Adjusted EBITDA Adjusted EBITDA Margin
1

WEIGHTED AVERAGE SHARE COUNT 1,928,350,689 (4Q11)

RATINGS Standard&Poors BBB+ (counterparty credit rating) A-2 (issuer) Moodys A1 (global scale issuer) Aaa.br (Brazilian scale issuer) Baa1 (global notes)

STOCK PERFORMANCE Quarter to Dec. 2011: +11.5%

CONFERENCE CALL (English)

Date: February, 15, 2012 Hour: 10 a.m. (NYT) 1 p.m. (BrT) USA Toll Free +1 (866) 262-4553 International +1 (412) 317-6029 Brazil +55 (11) 4688-6361

Password: BMFBOVESPA

4Q11

4Q10

3Q11

4Q11/4Q10 4Q11/3Q11 (%) (%) -4.6% 72.0% -44.6% -22.5% -34.6% -41.2% -2,698 bps -11.7% 20.3% -13.7% -691 bps

2011 1,904.7 (816.7) 1,088.0 280.7 1,005.1 1,173.1 61.6% 1,545.6 (584.5) 1,319.1 69.3%

2010 1,899.0 (633.5) 1,265.2 289.0 1,144.6 1,324.0 69.7% 1,586.4 (544.0) 1,355.0 71.4%

2011/2010 (%) 0.3% 28.9% -14.0% -2.9% -12.2% -11.4% -810 bps -2.6% 7.4% -2.7% -210 bps

471.2 473.3 493.7 -0.4% (291.6) (188.7) (169.6) 54.5% 179.6 284.6 324.1 -36.9% 64.1 72.3 82.7 -11.4% 191.1 261.5 292.0 -26.9% 204.4 305.5 347.5 -33.1% 43.4% 64.5% 70.4% -2,110 bps 352.7 368.0 399.6 -4.2% (163.9) (159.0) (136.3) 3.1% 307.1 314.9 356.0 -2.5% 65.2% 66.5% 72.1% -130 bps

www.bmfbovespa.com.br/ir
ri@bmfbovespa.com.br

Expenses adjusted to expenses associated with the Companys stock options plan, depreciation, provisions, tax on dividends from the CME Group and contribution to MRP (Investor Compensation Mechanism Fund). 2 EBITDA adjusted to expenses associated with the Companys stock options plan and contribution to MRP. 3 Net income adjusted to eliminate deffered 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 associates (CME Group) accounted for under the equity method net of taxes, taxes paid overseas to be compensated and fund transfer to the BSM.

ANALYSIS OF 4Q11 FINANCIALS REVENUES Gross revenues were R$522.0 million, almost flat in comparision to 4Q10 and down 4.6% against the previous quarter4. Trading and settlement revenues from the Bovespa segment were R$223.8 million (42.9% of gross revenues), representing a 13.5% year-over-year reduction, as subdued market performance and activity reflected wider concerns of a weak global macroecomic environment. Trading and post-trading (transactions) revenues in the Bovespa segment were down by 13.6% compared to 4Q10, following a 5.5% decrease in trading volumes. Continued growth in the total value traded of HFT and day trades, which are charged discounted fees, contributed to the fall in Bovespa segment margins to 5.58 bps from 6.11 bps. Trading and settlement revenues from the BM&F segment totaled R$177.2 million (33.9% of the gross revenues), a 2.1% reduction compared to 4Q10. Decline of 6.1% in trading volume for the BM&F segment was partially offset by a 5.3% rise in the average Revenue per Contract (RPC). Higher participation of longer maturity Brazilian Real-denominated interest rate contracts and an increase in stock index contracts, with above-average RPC, resulted in the average RPC rise. Gross Revenues 4Q10 over 4Q11 (R$ millions)
R$ 526.4 R$ 522.0 42.9%

49.1%

34.4% 16.5% 4Q10

Other Revenues Trd/Sttlmnt BM&F Segment

33.9%

23.2% 4Q11
Trd/Sttlmnt Bovespa Segment

Revenues not related to trading and settlement activities reached to R$121.1 million (23.2% of gross revenues) in 4Q11, a 39.5% increase year-over-year, following growth in securities lending and a non-recurring revenue gain from the reversal of certain provisions for legal contingency and collection of credits owned by a bankrupt company. Highlights for 4Q11 included: Securities lending: This segment continues to grow, registering a 55.7% gain over 4Q10. Revenues for 4Q11 reached R$21.6 million (4.1% of gross revenues), attributed to the higher level of activity in securities lending services. The average financial value of open interest positions rose by 56.8% over 4Q10. Depository, custody and back office services: Revenues from these services reached R$23.5 million in 4Q11 (4.5% of gross revenues), mostly flat compared to 4Q10. A highlight is the Tesouro Direto custody product which continued to perform well with a 25,9% revenue increase over 4Q10. This rise was offset by a 4.8% decline in revenues from other depository activities, as the average number of accounts and the average financial value under custody5 fell by 4.7% and 10.3%, respectively. Market data sales (Vendors): Revenues for this segment reached R$16.3 million in 4Q11 (3.1% of gross revenues), representing a 3.0% increase year-over-year. An average year-over-year foreign exchange appreciation of 3.8% of the US Dollar against the Brazilian Real had a positive impact on US Dollar-denominated revenues from non-resident clients. Listing: Revenues were R$10.7 million (2.1% of gross revenues) in 4Q11, 4.2% lower than in 4Q10 as a result of reduction in initial listing requests. Other revenues: Other revenues rose to R$29.4 million in 4Q11 (5.6% of gross revenues), mainly due to a R$22.6 million reversal of provisions for legal contingencies and collection of credits owned by a bankrupt company (former broker).

The quarter-over-quarter decrease is partially explained by fewer trading days in 4Q11 (61 trading days) compared to 3Q11 (65 trading days). 5 Excluding the ADR balance and non-resident investors who are exempt from the depository variable fee.

EXPENSES Expenses totaled R$291.6 million in 4Q11, up 54.6% year-over-year, due mainly to a extraordinary nonrecurring expense from the transfer of $92.3 million to strengthen the BSM. Contribution to MRP (guarantee fund passed to BSM6). Expense connected to a transfer of the management of the Guarantee Fund, a fund with a sole purpose of reimbursing investors for losses arising from improper intermediary actions that may lead to complaints to the MRP as provided for in Brazilian securities regulations. The transfer of the fund will unify the management of resources related to MRP under BSM what enhance its self-sufficiency and allows the expansion of its operations, thereby bringing greater security and benefits to the market. The Company will book this one-time transfer of R$92.3 million into expenses. The only ongoing impact to the Company will be the loss of the financial income derived from the management of this fund. Adjusted expenses were R$163.9 million in 4Q11, an increase of 3.1% year-over-year. Adjusted expenses for 2011 were R$584.5 million, within the Companys 2011 guided budget of R$580-R$590 million. Adjusted Expenses
(in millions of R$) Operating expenses (-) Stock opti ons progra ms (-) Depreci a ti on (-) Provi s i ons (-) Ta x on di vi dends from CME (-) Contri buti on to MRP Adjusted operating expenses 4Q11 291.6 10.4 22.1 0.2 2.7 92.3 163.9 4Q10 188.7 9.4 18.9 -0.7 2.0 159.0 3Q11 169.6 8.5 20.7 1.4 2.6 136.3 4Q11/4Q10 4Q11/3Q11 (%) (%) 54.6% 10.6% 16.9% -126.2% 35.6% 3.1% 20.3% 72.0% 22.0% 7.0% -87.2% 1.2% 2011 816.7 53.6 75.2 1.1 9.9 92.3 584.5 2010 633.5 30.9 54.8 -0.1 4.0 543.9 2011/2010 (%) 28.9% 73.4% 37.2% -1279.3% 148.5% 7.5%

Personnel: Personnel expenses totaled R$85.0 million in 4Q11, falling 5.9% year-over-year due to higher distribution of profits and Company earnings to employees in 4Q10. Compared to 3Q11, personnel expenses rose by 5.0% mainly from an increase in the expenses associated with the Companys Stock Option Program and collective bargaining agreements of around 7% on payroll signed in August 2011. Stock option plan expenses grew by 73.4% year-over-year as the Company granted stock options plans in 2011 but not in 2010. Adjusted personnel expenses: Excluding the impact of stock option expenses, adjusted personnel expenses were R$74.6 million in 4Q11, an 7.8% decrease year-over-year reflecting the above-mentioned decline in profit sharing. (See reconciliation table provided in annex). Data processing: Data processing expenses totaled R$32.5 million, a 14.4% increase over 4Q10 due to higher costs of hosting the BM&FBOVESPAs contingency Datacenter and expenses to maintain hardware and software used in the PUMA Trading System. Data processing costs were up 28.3% from 3Q11 due mainly to one-off IT expenses that were related to a security information project and some evolutive maintenance of systems. Depreciation and amortization: Depreciation and amortization expenses of R$22.1 million represent a 16.9% increase year-over-year, mainly due to increased Company investments. Third-party services: Third-party service expenses of R$19.0 million were up 18.4% from 4Q10, due to hiring of consulting services for several strategic projects, including the conducting of participant audits for the Operational Qualification Program (PQO). Marketing and promotion: Marketing and promotion expenses in 4Q11 reached R$8.0 million, a 29.8% decrease year-over-year, which reflects reprioritization of the Companys marketing and promotion activities for the year. Communications. Communications expenses of R$5.0 million in 4Q11 registered a 26.6% drop year-over-year as BM&FBOVESPA renegotiated telecom services agreements and successfully executed the Electronic Investor Channel (CEI) campaign. The goal of this campaign is to encourage investor access to custody statements and trade notices directly through the Internet, reducing postal service costs.

The BSM is an independent company wholly owned by BM&FBovespa. It is responsible for monitoring the transactions and activities performed by market participants and clearing and/or custody agents. It is also responsible for managing restricted funds used to reimburse investors in specific situations: the MRP (Investor Compensation Mechanism Fund) for the Bovespa segment and now the Guarantee Fund for the BM&F segment. Prior to the transfer to the BSM, the Guarantee Fund was recorded on the Companys balance sheet as part of the restricted cash balance and the income from the Guarantee Fund was recorded as financi al income.

Others: Other expenses in 4Q11 reached R$19.1 million, a 147.1% increase over 4Q10, as R$7.8 million in projects were written off in the quarter. OTHER FINANCIAL HIGHLIGHTS Cash and cash equivalents: Short- and long-term cash, cash equivalents and financial investments at the end of the quarter ending December 30, 2011 amounted to R$3.8 billion. Of this, R$1.6 billion is mainly related to third-party collateral pledged to the Companys clearing facilities and R$379.7 million7 consists of restricted financial resources tied to the clearing safeguard structure. Unrestricted cash and cash equivalents available at the end of the quarter totaled R$1.6 billion. Indebtedness: At the end of 4Q11, the Company had R$1.2 billion in interest-bearing and principal debt outstanding, primarily comprising senior unsecured notes issued in July 2010. Equity-method investment: The Companys net share of gain from investment in the CME Group, applying the equity-method, totaled R$131.5 million in 4Q11, primarily due to the CME Group results year-over-year, mainly the non recurring impacts from a reversal of tax provision during the quarter, and the effect of the Brazilian Real depreciation against the US Dollar during the quarter. It is worth to mention the records of R$62.9 million from tax benefits to be offset related to taxes paid abroad. Out of this amount, R$44.9 million have been offset against current income tax and social contribution payable, such as discussed below. Net interest income: Net interest income for 4Q11 was R$64.1 million, a drop of 11.3% year-over-year, reflecting an increase in financial expenses. Financial expenses rose to R$22.2 million in 4Q11 from R$18.9 million in 4Q10, resulting from the depreciation of the Brazilian Real against the US Dollar. The 5.4% decline in financial revenues is mainly related to the year-over-year reduction in the average Brazilian interest rates. Income tax and social contributions: Income tax and social contributions totaled R$184.0 million in 4Q11. Of this amount R$45.8 million was recorded as current taxes, including R$44.9 million offset against taxes paid abroad as mentioned at the Equity-method investment, remaining R$0.8 million as current taxes impacting cash in the quarter. The line Deferred taxes and social contribution amounted to R$138.3 million in 4Q11 due mainly to temporary differences from amortization of goodwill for tax purposes. Deferred income tax and social contributions have no cash impact. CAPEX: Investments of R$88.5 million were capitalized in 4Q11. Total CAPEX accrued during the year ending December 30, 2011 totaled R$204.0 million, which was within the 2011 investment budget (from R$180.0 million to R$210.0 million). Dividends: On February 14, 2012 the Companys Board of Directors recommended a R$226.7 million as dividend distribution to be approved in the ordinary general meeting. The total distributed will reach R$912.3 million, 87% of GAAP Net Income, or 80% of GAAP Net Income adjusted to the impact of the R$92.3 million transfer to BSM. Share buyback program and stock cancelation: On December 13, 2011, BM&FBOVESPAs Board of Directors approved the extension of the Companys Share Buyback Program up to 60 million shares ending in June 2012. As of January 31, 2012, 29.6 million shares had been repurchased, which represents 49.2% of the total program at an average price per share of R$9.21. Additionally, on December 13, 2011, the Board approved the cancellation of 64,014,295 shares of the Company which were being held in treasury. As a result, the share count of the Company is 1,980,000,000. PERFORMANCE BY SEGMENT Bovespa Segment The ADTV for the Bovespa segment fell by 5.5% year-over-year and by 2.7% compared to 3Q11. This decrease is due mainly to a fall in the market value of listed companies. Areas of growth include: HFT: The ADTV for HFT in 4Q11 represented 10.3% of the total volume compared to 4.3% in 4Q10, taking into account data for November and December when the discount policy for HFT was introduced. ETFs: The ADTV for ETFs rose by 107.1% year-over-year and 23.5% over 3Q11. Tesouro Direto: The number of investors accessing this product grew by 56.7% and custody volume rose by 61.1% year-over-year.

Restricted funds totaled R$467.9 million in 3Q11 and included the Guarantee Fund (R$92.3 million) which was transfered to the BSM in 4Q11.

BM&F Segment The ADV for BM&F segment in 4Q11 was down 6.1% year-over-year. The main contributing factor was a 16.4% drop in volumes of traded contracts in Brazilian Real Interest Rates, due to lower levels of uncertainty related to the decisions made by the Central Bank of Brazil on the course of the monetary policy. A 79.8% rise in traded volumes of stock indices partially offset this reduction. HFT represented a 7.2% share in the total volume traded in the BM&F segment in 4Q11, compared to 5.0% in 4Q10 and 7.8% in 3Q11. UPDATE ON STRATEGIC INITIATIVES In 4Q11, BM&FBOVESPA made strong progress on several strategic projects aimed at market development and diversification of the Companys long-term revenues. These initiatives will also help the Company boost its technological edge and strengthen its competitive position. Progress on new clearing integration system On October 24, BM&FBOVESPA signed an agreement with Swedish firm Cinnober for a perpetual license of the TRADExpress Real Time Clearing system. This investment will provide the Company with a robust and flexible clearing technology, integrating its current four clearinghouses into a single post-trading system. The new clearing system will transform the post-trading landscape in Brazil. Its multi-asset, multi-market risk management archictecture, CORE (CloseOut Risk Evaluation), will permit a consolidated risk management among different classes of assets and contracts, granting users of the Exchange's clearing systems greater efficiency in the allocation of capital. BM&FBOVESPA will also have total autonomy in the control and maintenance of this platform and will be allowed to market this new clearing system. The clearing system will be developed through 2012 with integrated market testing and the start of implementation slated for 2013. PUMA Trading System multi-asset trading platform The Company is on track to implement modules for stock trading for the PUMA Trading System over the course of 2012, once the development of this module was concluded and the testing phase has already started. The first module of the project, involving derivatives and spot foreign exchange in the BM&F segment was completed in the second half of 2011 and is currently in operation. Development of a new OTC trading platform BM&FBOVESPA entered into partnership with the US-based company Calypso Technology to jointly develop an OTC registration and trading management platform, which will provide greater agility, safety and quality to its customers. The new technology will help deepen the services offered by the Company. The project is divided into three modules, the first of which is expected for delivery in the second half of 2012. Options Market Maker Program The goal of the Options Market Maker Program is to enhance liquidity in the Bovespa segments options market. Market makers for options on BM&FBOVESPA ON, Ita Unibanco PN, OGX Petrleo ON, Usiminas PNA stocks and the Ibovespa index were selected in 2011. New market makers have been chosen for options on Bradesco, Gerdau, Banco do Brasil, CSN, PDG Realty and Cyrela. Operations for the latter three stocks will be initiated in the beginning of April 2012.

CONSOLIDATED INCOME STATEMENT (In R$ thousands, unless otherwise indicated)

(in thousands of BRL)

4Q11

Gross Revenues Trading / Clearing Systems - BM&F Derivatives Foreign Exchange Securities Trading / Clearing Systems-Bovespa Trading fees Clearing fees Others Other Operating Revenues Securities Lending Listing Depositary, custody and back-office Trading access (Brokers) Vendors Brazilian Commodities Exchange BM&F Bank Others Revenue deductions PIS and Cofins Service tax Net Revenues Expenses Personnel Data processing Deprec. and Amortization Third Party Services Maintenance Communication Marketing Taxes Board Compensation Contribution to MRP Others Operating Income Equity account Financial Income Financial Revenues Financial Expenses Income before Taxes Income Tax and Social Contribution Current Deferred Net Income Net Margin Attributable to: BM&FBOVESPAs Shareholders Net Margin Minority Interest

522,042 177,189 173,448 3,728 13 223,786 52,031 166,718 5,037 121,067 21,582 10,734 23,455 13,486 16,303 1,062 5,090 29,355 (50,854) (45,208) (5,646) 471,188 (291,630) (85,033) (32,460) (22,127) (18,994) (2,755) (4,956) (8,008) (4,167) (1,659) (92,342) (19,129) 179,558 131,528 64,067 86,252 (22,185) 375,153 (184,037) (45,751) (138,286) 191,116 40.6% 0 191,066 40.5% 50 0 EBITDA 204,360 EBITDA Margin 43.4% Sharecount 1,928,350,689 EPS attributable to BM&FBOVESPAs Shareholders 0.099083 0 Adjusted Net Income 352,667 Adjusted Operational Expenses (163,887) Adjusted EBITDA 307,120 Adjusted EBITDA Margin 65.2% Adjusted EPS 0.182885

Change 3Q11 4Q11/4Q10 526,409 -0.8% 547,140 180,911 -2.1% 205,246 175,878 -1.4% 201,533 5,012 -25.6% 3,684 21 -38.1% 29 258,685 -13.5% 248,626 189,926 -72.6% 135,475 63,280 163.5% 109,406 5,479 -8.1% 3,745 86,813 39.5% 93,268 13,864 55.7% 19,841 11,199 -4.2% 11,214 23,656 -0.8% 22,856 11,040 22.2% 11,119 15,830 3.0% 16,221 1,737 -38.9% 1,135 5,216 -2.4% 5,564 4,271 587.3% 5,318 (53,157) -4.3% (53,440) (46,859) -3.5% (49,370) (6,298) -10.4% (4,070) 473,252 -0.4% 493,700 (188,665) 54.6% (169,558) (90,331) -5.9% (80,950) (28,382) 14.4% (25,302) (18,925) 16.9% (20,686) (16,046) 18.4% (11,719) (2,676) 3.0% (2,619) (6,756) -26.6% (5,741) (11,406) -29.8% (6,510) (4,946) -15.8% (4,324) (1,456) 13.9% (1,655) 0 0 (7,741) 147.1% (10,052) 284,587 -36.9% 324,142 15,095 771.3% 28,301 72,265 -11.3% 82,654 91,138 -5.4% 102,017 (18,873) 17.5% (19,363) 371,947 0.9% 435,097 (110,105) 67.1% (143,167) (3,391) 1249.2% (988) (106,714) 29.6% (142,179) 261,842 -27.0% 291,930 55.3% -1.477 bps 59.1% 0 0.0% 0 261,466 -26.9% 292,006 55.2% -1.470 bps 59.1% 376 -86.7% (76) 0 0.0% 0 305,484 -33.1% 347,470 64.5% -2.118 bps 70.4% 1,992,545,005 -3.2% 1,944,885,163 0.131222 -24.5% 0.150140 0 0.0% 0 367,978 -4.2% 399,594 (159,035) 3.1% (136,281) 314,905 -2.5% 356,011 66.5% -136 bps 72.1% 0.184677 -1.0% 0.205459 4Q10

Change Change 2011 2010 4Q11/3Q1 2011/2010 1 -4.6% 2,115,983 2,111,539 0.2% -13.7% 760,245 722,065 5.3% -13.9% 744,018 701,545 6.1% 1.2% 16,102 20,427 -21.2% -55.2% 125 93 34.4% -10.0% 964,702 1,049,300 -8.1% -61.6% 540,391 737,074 -26.7% 52.4% 396,023 254,904 55.4% 34.5% 28,288 57,322 -50.7% 29.8% 391,036 340,174 15.0% 8.8% 74,030 49,443 49.7% -4.3% 44,841 44,392 1.0% 2.6% 91,353 88,263 3.5% 21.3% 49,153 48,234 1.9% 0.5% 65,049 67,629 -3.8% -6.4% 5,959 5,669 5.1% -8.5% 20,461 17,028 20.2% 452.0% 40,190 19,516 105.9% -4.8% (211,299) (212,797) -0.7% -8.4% (188,504) (188,754) -0.1% 38.7% (22,795) (24,043) -5.2% -4.6% 1,904,684 1,898,742 0.3% 72.0% (816,664) (633,504) 28.9% 5.0% (351,608) (290,107) 21.2% 28.3% (104,422) (101,690) 2.7% 7.0% (75,208) (54,818) 37.2% 62.1% (51,803) (48,102) 7.7% 5.2% (10,588) (10,219) 3.6% -13.7% (22,959) (25,819) -11.1% 23.0% (38,609) (42,376) -8.9% -3.6% (15,385) (12,784) 20.3% 0.2% (6,262) (5,841) 7.2% (92,342) 0 90.3% (47,478) (41,748) 13.7% -44.6% 1,088,020 1,265,238 -14.0% 364.7% 219,461 38,238 473.9% -22.5% 280,729 289,039 -2.9% -15.5% 357,720 329,084 8.7% 14.6% (76,991) (40,045) 92.3% -13.8% 1,588,210 1,592,515 -0.3% 28.5% (539,681) (448,029) 20.5% 4530.7% (49,422) (5,408) 813.9% -2.7% (490,259) (442,621) 10.8% -34.5% 1,048,529 1,144,486 -8.4% -1.857 bps 55.1% 60.3% -523 bps 0.0% 0 0 0.0% -34.6% 1,047,999 1,144,561 -8.4% -1.860 bps 55.0% 60.3% -526 bps -165.8% 530 (75) -806.7% 0.0% 0 0 0.0% -41.2% 1,173,105 1,324,031 -11.4% -2.701 bps 61.6% 69.7% -814 bps -0.9% 1,948,718,753 1,979,921,193 -1.6% -34.0% 0.537789 0.578084 -7.0% 0.0% 0 0 0.0% -11.7% 1,545,627 1,586,374 -2.6% 20.3% (584,521) (543,881) 7.5% -13.7% 1,319,077 1,354,952 -2.6% -693 bps 69.3% 71.4% -211 bps -11.0% 0.793150 0.801231 -1.0%

Note: the variations in comparisons for Trading fees and Clearing fees are explained by the changes in the fee structure that rebalanced the trading and post-trading fees in August 2011.

RECONCILIATION OF ADJUSTED NET INCOME (In R$ millions)

(in millions of R$) GAAP net income
1

4Q11 191.1 124.7 10.4 128.9 63.0 92.3 352.7

4Q10

3Q11

4Q11/4Q10 4Q11/3Q11 (%) (%) -26.9% 13.2% 10.8% 881.9% -4.2% 0.0% 22.0% 402.2% -

2011

2010 1,144.6 445.2 30.9 34.2 1,586.4

2011/2010 (%) -12.1% 11.9% 73.6% 512.2% -2.6%

261.5 292.0 110.2 124.7 9.4 13.1 8.5 25.7 -

-34.6% 1,005.6 498.3 53.6 209.6 63.0 92.3

(+) Deferred ta x l i a bi l i ti es (+) Stock opti ons progra m (-) Net Sha re of profi t from i nves tment i n a s s oci a te (equi ty method i nves tment) (+) Ta xes pa i d overs ea s to be compens a ted (+) Contri buti on to MRP Adjusted net income

368.0 399.6

-11.7% 1,545.6

RECONCILIATION OF ADJUSTED PERSONNEL EXPENSES (In R$ millions)

4Q11/4Q10 (%) -5.9% 10.6% -7.8% 4Q11/3Q11 2011 2010 (%) 5.0% 351.6 290.1 22.0% 53.6 30.9 3.0% 298.0 259.2 2011/2010 (%) 21.2% 73.4% 15.0%

(in millions of R$) Personnel Expenses (-) Stock opti ons programs Adjusted personnel expenses

4Q11 4Q10 3Q11 85.0 10.4 74.6 90.3 9.4 80.9 81.0 8.5 72.4

CONSOLIDATED BALANCE SHEET (In R$ millions)

Assets Current assets Cash and cash equivalents Financial investments Accounts receivable - net Other receivables Taxes recoverable and prepaid Prepaid expenses Non-current Long-term receivables Financial investments Other receivables - net Deferred income tax and social contrib. Judicial deposits Investments Interest in affiliates Investment properties Property and equipment Intangible assets Goodwill Software and projects 2011 2,401,134 64,648 2,128,705 46,514 11,767 132,058 17,442 21,188,788 1,767,411 1,589,058 80,550 95,048 2,755 2,710,086 2,673,386 36,700 357,164 16,354,127 16,064,309 289,818 2010 2,547,589 104,017 2,264,408 51,399 12,917 105,843 9,005 20,086,386 1,216,812 1,066,920 54,687 92,378 2,827 2,286,537 2,248,325 38,212 367,134 16,215,903 16,064,309 151,594 Liabilities and shareholders equity Current Collateral for transactions Earnings and rights on securities in custody Suppliers Salaries and social charges Provision for taxes and contributions payable Income tax and social contribution Financing Dividends and interest on capital payable Other liabilities Non-current Financing Deferred income tax and social contribution Provision for contingencies and legal obligations Shareholders equity Capital and reserves attrib. to parents shareholders Capital Capital reserve Revaluation reserves Revenue reserves Treasury shares Valuation adjustments Additional dividends proposed Interest of non-controlling shareholders Total assets 23,589,922 22,633,975 Total liabilities and shareholders equity 23,589,922 22,633,975 2011 1,929,946 1,501,022 39,038 56,409 59,995 31,814 4,486 33,566 4,177 199,439 2,402,485 1,138,659 1,204,582 59,244 19,257,491 2,540,239 16,033,895 22,532 804,025 (521,553) 128,257 233,605 19,241,000 16,491 2010 1,416,204 954,605 34,791 80,828 64,351 23,981 5,576 33,154 2,773 216,145 1,798,723 1,010,059 732,074 56,590 19,419,048 2,540,239 16,662,480 22,971 847,658 (613,903) (88,680) 32,000 19,402,765 16,283

STATISTICAL OPERATING DATA FOR BOVESPA SEGMENT

AVERAGE DAILY TRADED VALUE (in R$ millions) 4Q11 Stocks and Equity Deriv. Cash market Derivatives Forward market Options market (stocks / indices) Fixed income and other spot securities Total AVERAGE DAILY NUMBER OF TRADES 4Q11 Stocks and Equity Deriv. Cash market Derivatives Forward market Options market (stocks / indices) Fixed income and other spot securities Total OTHER OPERATIONAL STATISTICS 4Q11 Average Market Cap. (in R$ billions) Average Ibovespa Average value under custody (in R$ billions) Average value under custody - ex ADRs and Forgn. Inv. (in R$ billions) Number of custody accounts - average Securities Lending (average open interest - in R$ billions) # Listed Companies to Trade Stocks HFTs Participation Turnover Velocity (annualized) TRADING MARGINS (basis points) Market Stocks and Equity Derivatives Cash Market Derivatives Options Market Forward Market Total BOVESPA 2,249.4 56,412 1,104 462 613,883 35.1 373 10.3% 66.6% 3Q11 2,234.8 56,474 1,068 445 624,631 31.6 377 10.1% 69.5% 4Q10 4Q11/3Q11 4Q11/4Q10 (%) (%) 2,546.5 0.7% -11.7% 69,827 -0.1% -19.2% 1,234 3.4% -10.5% 515 643,207 22.4 381 4.3% 61.8% 3.8% -1.7% 11.2% -1.1% 23 bps -295 bps -10.3% -4.6% 56.8% -2.1% 484 bps 2011 2,365.6 61,208 1,145.6 476.2 624,719 30.2 373 8.5% 64.2% 2010 2011/2010 (%) 2,334.9 1.3% 67,258 -9.0% 1,088.0 5.3% 472.6 610,814 20.5 381 63.8% 0.7% 2.3% 47.1% -2.1% 36 bps 634,035 530,606 103,429 924 102,505 11 634,046 3Q11 627,727 540,584 87,143 975 86,168 14 627,741 4Q10 468,396 385,942 82,454 1,491 80,963 12 468,408 4Q11/3Q11 4Q11/4Q10 (%) (%) 1.0% 35.4% -1.8% 37.5% 18.7% 25.4% -5.2% -38.1% 19.0% 26.6% -18.6% -7.3% 1.0% 35.4% 2011 567.17 476.5 90.72 1.1 89.6 0.0 567.2 2010 430.59 349.8 80.84 1.6 79.3 0.0 430.6 2011/2010 (%) 31.7% 36.2% 12.2% -26.7% 13.0% 9.9% 31.7% 6,421.3 6,016.3 405.0 97.4 307.6 0.7 6,422.0 3Q11 6,597.9 6,216.8 381.1 93.4 287.8 1.8 6,599.7 4Q10 6,792.5 6,366.5 426.0 165.9 260.0 1.4 6,793.9 4Q11/3Q11 4Q11/4Q10 (%) (%) -2.7% -5.5% -3.2% -5.5% 6.3% -4.9% 4.4% -41.3% 6.9% 18.3% -60.3% -51.7% -2.7% -5.5% 2011 6,490.6 6,096.3 394.3 118.0 276.3 1.1 6,491.6 2010 6,486.9 6,031.6 455.3 147.4 307.9 1.8 6,488.6 2011/2010 (%) 0.1% 1.1% -13.4% -19.9% -10.3% -40.4% 0.0%

4Q11 5.575 4.986 14.338 12.999 14.762 5.584

3Q11 5.704 5.199 13.930 12.998 14.232 5.708

4Q10 6.103 5.592 13.737 12.999 14.209 6.110

2011 5.787 5.271 13.778 12.999 14.111 5.793

2010 6.179 5.583 14.070 12.998 14.583 6.189

STATISTICAL OPERATING DATA FOR BM&F SEGMENT

ADTV (THOUSANDS OF CONTRACTS) 4Q11 Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total 1,532.2 489.0 159.6 123.3 10.2 131.7 9.6 2,455.6 4Q10 1,832.6 490.6 88.8 100.3 14.9 78.0 11.3 2,616.5 3Q11 1,810.3 525.1 143.4 142.7 17.0 155.7 10.6 2,804.7 4Q11/4Q10 (%) -16.4% -0.3% 79.8% 22.9% -31.9% 69.0% -15.2% -6.1% 4Q11/3Q11 (%) -15.4% -6.9% 11.4% -13.6% -40.2% -15.4% -9.4% -12.4% 2011 1,797.2 495.5 123.3 145.2 13.2 114.4 11.7 2,700.6 2010 1,683.6 540.6 89.4 89.7 12.9 75.6 12.9 2,504.7 2011/2010 (%) 6.7% -8.3% 37.9% 61.9% 2.6% 51.4% -8.9% 7.8%

REVENUE PER CONTRACT (BRL) 4Q11 Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total 0.939 1.979 1.626 0.940 2.420 0.127 1.911 1.157 4Q10 0.860 1.978 1.719 1.134 2.416 0.126 1.462 1.099 3Q11 0.975 1.773 1.493 0.868 1.886 0.121 1.658 1.106 4Q11/4Q10 (%) 9.1% 0.1% -5.4% -17.1% 0.2% 0.7% 30.7% 5.3% 4Q11/3Q11 (%) -3.8% 11.6% 8.9% 8.3% 28.3% 4.7% 15.2% 4.6% 2011 0.918 1.894 1.614 0.941 2.029 0.129 1.635 1.106 2010 0.889 1.928 1.564 1.142 2.168 0.128 1.610 1.134 2011/2010 (%) 3.3% -1.8% 3.2% -17.6% -6.4% 0.8% 1.6% -2.5%

OTHER OPERATIONAL STATISTICS 4Q11 HFTs Participation 7.2% 3Q11 7.8% 4Q10 5.0% 4Q11/3Q11 (%) -60 bps 4Q11/4Q10 (%) 220 bps