2Q11 EARNINGS
August 10th, 2011
Forward-looking Statements
This presentation may contain certain statements that express the managements expectations, beliefs and assumptions about future events or results, Such statements are not historical facts, being based on currently available competitive, financial and economic data, and on current projections about the industries BM&FBovespa works in, The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and the like are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BM&FBovespa performance, The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries BM&FBovespa operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality demanded by BM&FBovespa customers; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&FBovespa products in foreign jurisdictions, All forward-looking statements in this presentation are based on information and data available on the date they were made, and BM&FBovespa undertakes no obligation to update them in light of new information or future development, This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities law, No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities and Commission (CVM) Instruction 400 of 2003, as amended,
2Q11 Highlights
Strengthening our strategic position amid challenging market conditions
Net Revenue: BRL468M (2Q10: BRL476M)
OPERATIONAL AND FINANCIAL HIGHLIGHTS
BM&F ADTV of 2.7M contracts in 2Q11, 5.8% higher than 2Q10 HFTs volume increased 11% in BOVESPA Segment in comparison with 1Q11 (7.4% of overall value traded in 2Q11 and 8.6% in Jul11) 21 public offerings YTD, 11 IPOs and 10 follow-ons New buyback program allows the repurchase up to 30M shares until Dec11 Dividends: BRL235.3 million in 2Q11, 80% of GAAP Net income in 2Q11
Adjust.
OPEX.1:
BRL144M (2Q10: BRL124M)
Adjust. Net
Income.2:
BRL409M (2Q10: BRL424M)
Adjust. EBITDA.3: BRL323M (2Q10: BRL351M)
STRATEGIC PROJECTS
New fee structure eliminates the cross subsidies, strengthens competitive position and aligns with international peers Derivatives module of new multi-asset platform to be online in 3Q11 Launch of the CloseOut Risk Evaluation (CORE), the linchpin on which the new BVMFs clearing and settlement risk management systems will be based Market maker for options on single stocks
Adjust. EBITDA Margin.: 69.1% (2Q10: 73.7%)
Adjust. EPS: BRL0.209 (2Q10: BRL0.211)
1 2
excludes stock options plan, depreciation, allowance for doubtful accounts, and tax on dividends from CME Group. excludes deferred liability recognized in correlation with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan and the investment in associate (CME Group) accounted for under the equity method of accounting, net of taxes. 3 excludes stock option plans costs . 3
Revenues 2Q11 vs. 2Q10
BM&F segment continues to grow amid difficult market conditions; Securities Lending Revenue up 39.3% year-over-year
BRL Thousands 2Q11 2Q10 Change % 2Q11 x 2Q10
Gross operating revenues BOVESPA Trd. / Sttmnt. BM&F Trd. / Sttmnt. Other operating revenues
521,324 240,574 191,148 89,602 Depository and custody 22,937 Vendors 16,301 Securities Lending 17,202 Trading access (Brokers) 12,078 Listing 11,617 Bank 5,096 Other 3,028 Brazilian Commodities Exchange 1,343
2Q11
528,996 259,309 184,139 85,548 22,270 16,819 12,345 13,431 10,754 3,931 4,942 1,056
2Q10
-1.5% -7.2% 3.8% 4.7% 3.0% -3.1% 39.3% -10.1% 8.0% 29.6% -38.7% 27.2%
17% 46% 37%
Bovespa Trd. / Sttmnt BM&F Trd. / Sttmnt Other operating revenues
Operating performance BOVESPA ADTV - in BRL millions Margin - in bps ADTV - in thds of contracts RPC - in BRL
Change % 2Q11 x 2Q10 6,207.1 6,682.6 -7.1% 5.862 6.131 -0.269 bp 2,670.2 2,523.4 1.127 1.145 5.8% -1.5%
4
BM&F
BOVESPA Segment Performance
Decline in volumes as retail investors wait out difficult market conditions
2Q11 ADTV : BRL6.2 bi vs. BRL6.7 bi (2Q10)
Mainly impacted by slowdown in ADTV by retail investors
BRL billion
2Q11
1Q11
2.1
2.3
Retail Investors Activity
2,5
Retail investors turnover velocity* falling
2.1 1.7
1.5 1.5 1.5
130%
110%
2.1
2.3
1.3
1.5
0.6
0.1 BRL 6.2 bi
0.6 0.1
2,0
BRL 6.7 bi BRL 6.8 bi
1,5 1,0
0,5
1.3
90% 70%
50%
4Q10
3Q10
2.2
2.1 1.7
2.3
1.5
1.5
0.4 0.1
0.6
0.2
BRL 5.9 bi
0.6
0.6
0,0
30%
2Q10
1Q10
2.3
2.0 1.8
1.9
2.1
1.7
0.2
0.2
BRL 6.7 bi
BRL 6.6 bi
1Q10
2Q10
ADTV in BRL bi
3Q10
4Q10
1Q11
2Q11
Turnover Velocity
Institutional Investors
Foreign Investors
Retail
Financial Insitutions
Companies and Others
*Relation of trading value and value under custody of Retail Investors
Trading Margin (in basis points)
Market Cash Derivatives Forward Options on single stocks Total BOVESPA 2Q11 vs. 1Q11
0.106bp decrease in the cash market is explained by 11% growth in the HFT participation in ADTV; and lower equity derivatives participation impacted the overall margin
2Q10 5.398 14.701 12.998 15.308 6.131
1Q11 5.501 13.249 12.999 13.393 6.017
2Q11 5.395 13.627 12.998 13.963 5.862
Assets under custody of retail investors remain steady as these investors wait out difficult market conditions, reduction in turnover velocity in the near-term
Retail investors assets under custody stable
700 600 500 400 300
200 100 0
631 558 556
611
597
603
150
125
100
75 50
25
-
2Q11 vs. 2Q10
Lower participation of traded volumes in options on single stocks (which generate higher margins than the average) and volume growth in HFT
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
Number of Accounts in thousands
Asset under Custody - BRL bi
BM&F Segment
Derivatives volumes trading at high levels
Average Daily Traded Volume (ADTV)
ADTV in 2Q11 of 2.7 million contracts, up from 2.5 million in 2Q10, due mainly to interest rates in BRL and USD contracts
Average Revenue per Contract (RPC)
RPC fell to BRL1.13 from BRL1.14 year-over-year and rose over 1Q11 when it was BRL1.04. 2Q11 vs. 2Q10: change in the mix of contracts traded: i) growth in the participation of interest rate contracts in USD
(lower margins than the average); ii) lower participation of FX contracts (higher margins than the average)
BRL
1,30
All time high
R$1.13
Thousands of contracts
5.000
1,20
1,10 1,00 0,90 0,80 0,70 0,60 0,50 0,40
R$1.14
R$1.17 R$ 1.10
2,616
R$1.13
R$1.04
2,866 2,670
4.500 4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 -
2,454
2,523
2,428
85 95 590 78 1,606
99 100 603 85 1,636
84 106 481 96 1,661
89 104 491 100
88 102 422 128
101 119 543 187 1,720
1,833
2,127
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
Lower volatility in 2Q11
Interest Rates in BRL
Interest Rates in USD
FX Rates
Others
Stock Indices
RPC
Consistent Growth in Securities Lending
Benefits from a diversified business model
(in BRL thousands)
Depository and custody
3.0%
2Q11
22,937
8.8% increase in average number of custody accounts, to 631 thousand from 580 thousand in 2Q10; accounts up slightly from 1Q11 13.6% increase in the portfolios under custody (excluding foreign investors and ADR positions)
2Q10
22,270
Securities lending
2Q11
17,202
39.3%
Higher level of securities lending activity over 2Q10 and 1Q11
2Q10
12,345
42.0 % increase in the average value of the open positions over 2Q10
2Q11
-3.1%
Vendors
16,301
New Pricing Policy implemented in Aug10, reduced market data fees for Home Brokers, to attract more retail investors as market improves
BRL appreciation of 11% affected USD-denominated market data fees (about 30% of vendors revenues)
2Q10
16,819
Operating Expenses lower than Previous Quarter
Slight increase in adjusted OpEx; in line with strategic initiatives
Expenses breakdown 2Q11
14% 6% 7%
6% 14%
Personnel Dep. and Amort. Marketing Data processing Third party serv. Other
Planned growth in headcount contributed to operating expenses of BRL166.8 million in 2Q11 OpEx down 11.6% from 1Q11 as expenses associated with first vesting of new stock options were concentrated in the 1Q11
53%
Adjusted OpEx up 15.5% over 2Q10, in line with companys growth strategy and guidance range (from BRL615M to BRL635M)
Adjusted OpEx slightly up (2.2%) from 1Q11 from personnel expenses - higher severance and overtime expenses
(in BRL millions)
167.6 133.8 9.0 9.3 115.5 124.4 143.5 7.0 11.5 145.8 5.5 15.1
188.7 9.4 18.9 159.0
188.7 24.5 22.3 140.6
166.8 10.1 10.1 143.7
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
Adjusted Operating Expenses
Depreciation
Stock option
Others
8
Depreciation & Personnel Expenses Fall over 1Q11
Rise in severance costs and overtime (strategic projects development) drive adjusted personnel expenses
Personnel Expenses
(in BRL millions)
Adj. Personnel Stock Options
63.7 9.0 64.4 7.0 71.7 5.5 90.3 9.4 97.4 88.2
22.9% increase in average headcount (in IT and business development in line with growth strategy) over 2Q10 Down 9.5% over 1Q11 due to first quarter effect of new stock option expenses Adjust. Personnel up 7% on adjusted basis over 1Q11 due to non-recurring severance expenses and overtime expenses associated with development and implementation of planned strategic projects
24.5
10.1
54.7
57.4
66.2
80.9
72.9
78.0
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
Depreciation Expenses
22.3
Depreciation expenses dropped 12.3% over 2Q10 and 54.7% over 1Q11 Starting in 2Q11 the Company began to capitalize depreciation and amortization of certain equipment and software allocated to IT projects (related to equipment and software that have been used) The 2Q11 figure includes a R$6.8 million credit to depreciation and amortization related to the reversal of expenses that had been recognized as depreciation and amortization in 1Q11
(in BRL millions)
6.8 6.8 18.9 15.1 15.5 10.1
9.3
11.5
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
Financial Highlights
Strong cash generation; continue to return cash to shareholders through buybacks and distributions
Cash and cash equivalents (BRL millions)
Financial income
238
BRL70.8 million in 2Q11: 6.3% lower than 2Q10 Financial revenues: BRL87.9 million, 13.2% higher than
2Q10 due to the increase of the average interest rate
2Q11
1.116 463
1.538
3,355
Financial expenses: BRL17.1 million, compared to BRL2.1
million in 2Q10, mainly due to the Jul10 bond issuance
Investments (Capex)
BRL43.7 million in 2Q11, achieving BRL73.0 million in 1H11,
269
within guided range (BRL235M to BRL255M).
Buyback program
4Q10
959 496
1.712
3,435
Buyback program approved on Aug10 concluded: 60 million of
shares were bought
New buyback program allows the repurchase of up to 30 million
shares until Dec11 (6.5M bought in Jul11)
Market participants cash collateral and others*
Earnings distribution (payout)
Restricted f unds Subsidiaries** Available f unds
Approval of BRL235.3 million as dividends, 80% Payout ratio in
2Q11
*Includes market participants cash collateral, earnings and rights on securities under custody and dividends and interest on capital pending payment ** Includes third-party deposits (BRL142 million in 4Q10 and BRL101million in 2Q11) and restricted funds (BRL11 million in 4Q10 and in 2Q11) from BM&F Settlement Bank,
10
Strategic Projects Milestones Reached
Working toward strengthening long-term revenues and market position
Better reflects the company cost structure, eliminating cross subsidies; strengthens competitive position
New Fee Structure
Aligns pricing practices with major international peers
Revenue and margin neutral for the Company
Effective in 2H11: Bovespa segment on Aug 26 and BM&F segment on Oct 31
Integration of Clearings Facilities
Combination of four clearing houses builds synergies, reduces transaction costs and increases efficiency CORE will be the linchpin for clearing and settlement risk management systems Development over 2012; certification and migration in 2013
State-of-the-Art New Multi-Asset Platform
Derivatives module to be concluded in 3Q11 Increases capacity, reduces latency and adds functionalities Builds efficiency and synergies for markets participants Increases HFT participation
11
BM&FBOVESPA New Fee Structure
Eliminating distortions and strengthening competitive position
Strengthens competitive position Eliminates cross subsidies across trading and post-trading business lines Rebalancing the fees has neutral effect on investor costs and Company
revenues/margins
New fee structure for Bovespa Segment
basis point
New fee structure for BM&F Segment
Current fee structure Lower Higher 2.85 0.60 3.45
(83%)
New fee structure Lower 0.70 1.80 2.50
(28%)
Higher 0.70 2.75 3.45
(20%)
Rebalancing
the trading and post-trading
Trading Post trading
1.90 0.60 2.50
(76%)
(settlement and registration fees)
(17%) (72%) (80%)
(24%)
60% post-trading and 40% trading All
in cost keeps in line with international
Total
(100%)
(100%)
(100%)
(100%)
Note: the lower fee is paid by local institutional and investment clubs and day trades transaction, in this case for all investors.
benchmark
12
Clearings Integration
Strengthens market position and reduces costs
The integration of risk management, collateral and clearings systems streamlines operations and builds efficiencies CORE architecture will benefit participants that concentrate their transactions within BVMF, strengthening our competitive position
OPERATIONAL EFFICIENCY
FINANCIAL DERIVATIVES AND COMMODITIES INTEGRATED SYSTEMS
EQUITIES, DERIVATIVES ON SINGLE STOCKS SEC. LENDING
CLEARING EFFICIENCY
NETTING POSITIONS FIXED INCOME
SPOT FX
RISK MANAGEMENT EFFICIENCY
CAPITAL ALLOCATION REDUCTION
13
IT Strategic Evolution
Building the State-of-the-Art IT infrastructure
Trading System (muti-assets)
New multi-asset trading platform: Derivatives module (3Q11) Processing capacity of 200 million messages/day (record of 6 million messages/day in BM&F segment) Latency: approximately 1 millisecond (moving down to microseconds in 2012) Other modules: equities (1H12) and fixed income (2012) TradingTechnology (TT) will offer trading screens to their clients
New Clearing House (integration)
IT infrastructure development to support the new clearing house To support clearing and depository activities of the all four clearing houses Development to be concluded in 2012; certification and migration to be finished in 2013
14
Delivering on Strategic Priorities
Consistently grow revenues and net income
Capture macro growth opportunities Despite the challenging short-term macro conditions, the Brazilian capital and derivatives markets offer good opportunities from which BVMF can benefit in the long term
Strengthen competitive position
Investments to build world-class IT platform Capital efficiency from the clearing integration First module of multi-asset platform online in 3Q11 Rebalance the fee structure
Invest in growth products and partnerships
Establish diversified product mix to drive long-term revenue Partnership with CME delivers innovation New Products (market makers, cross listing and HFT) are gaining traction
Deliver consistently improving financials
Focus on OpEx Control; adjusted OpEx within budget Strategically return cash to maximize shareholder value High payout ratio ongoing, coupled with new buyback program
15
APPENDIX
16
Income Statement Summary
BRL thousands Operating Revenues 2Q11 521,324 2Q10 528,996 Change 2Q11 / 2Q10 -1.5% 1Q11 525,477 Change 2Q11/1Q11 -0.8%
Net Operating Revenues
Operating Expenses Operating Income Equity accounting Financial Income
467,639
(166,762) 300,877 22,091 70,815
475,631
(143,474) 332,157 75,536
-1.7%
16.2% -9.4% -6.3%
472,157
(188,714) 283,443 37,541 63,193
-1.0%
-11.6% 6.2% -41.2% 12.1%
Income before Taxes
Net Income* EBITDA EBITDA Margin Adjusted Net Income Adjusted earnings per share (in BRL) Adjusted EBITDA Adjusted EBITDA Margin Adjusted Operating Expenses
393,783
294,171 313,216 67.0% 409,150 0.20895 323,342 69.1% (143,725)
407,693
305,646 343,681 72.3% 424,304 0.21131 350,692 73.7% (124,418)
-3.4%
-3.8% -8.9% -528 bps -3.6% -1.1% -7.8% -459 bps 15.5%
384,177
270,756 308,060 65.2% 384,216 0.19565 332,604 70.4% (140,628)
2.5%
8.6% 1.7% 173 bps 6.5% 6.8% -2.8% -130 bps 2.2%
* Net Income attributable to BM&FBOVESPAs Shareholders
17
Reconciliation of GAAP to Adjusted Net Income
2Q11 GAAP and adjusted net income reconciliation (BRL millions)
294.2
124.7 10.1
(19.9)
409.2
Gaap net income
Stock options
Deferred liability
Equity Accounting
Adjusted net income
In BRL thousands
Gaap net income* (+) Stock options program (+) Deferred tax liabilities (-) Equity accounting** Adjusted net income
*Attributable to BM&FBOVESPA shareholders
2Q11
294,171 10,127
2Q10
305,646 7,011
Change 2Q11 / 2Q10
-3.8%
1Q11
270,756 24,544
Change 2Q11/1Q11
8.6%
124,706
19,853 409,150
111,647
424,304 -3.6%
124,134
35,218 384,216 6.5%
**Net share of profit from investment in associate (equity method investment)
18
Reconciliation of Adjusted Operating Expenses
BRL thousands Total Expenses (-) Depreciation (-) Stock options plan (-) Tax related to equity accounting (-) Provision for doubtful account Adjusted Expenses
2Q11
166,762 10,101 10,127 2,238 572 143,725
2Q10
143,474 11,524 7,011 521 124,418
Change 2Q11 / 2Q10
16.2% -12.3% 44.4% 9.8% 15.5%
1Q11
188,714 22,294 24,544 2,323 (1,075) 140,628
Change 2Q11/1Q11
-11.6% -54.7% -58.7% -3.7% -153.2% 2.2%
19
Balance Sheet
(In BRL thousands)
ASSETS
06/30/2011 2,209,697 25,097 1,980,414 204,186 20,354,276 1,540,061 1,349,746 190,315 2,189,976 358,650
12/31/2010
LIABILITIES AND SH. EQUITY
06/30/2011 1,537,560 1,069,276 468,284 2,007,194 945,726 997,192 64,276
12/31/2010 1,416,204 954,605 461,599 1,798,723 1,010,059 732,074 56,590
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments Others Investments
2,547,589 Current liabilities 104,017 Collateral for transactions 2,264,408 Others 179,164 Non-current liabilities 20,086,386 Financing
Deferred Inc. Tax and Social 1,216,812 Contrib.
1,066,920 Others 149,892 2,286,537 Shareholders' equity 367,134 Capital
19,019,219 19,419,048 2,540,239 2,540,239
Property and equipment
Capital reserve Intangible assets
16,265,589 16,215,903 Others
16,675,682 16,662,480 (213,541) 16,839 200,046 16,283
20
TOTAL ASSETS
22,563,973 22,633,975
Minority interest in subsidiaries TOTAL LIAB. AND SHAREHOLDERS' EQUITY
22,563,973 22,633,975
BOVESPA Segment: Operational Performance
ADTV (BRL millions)
Market Stocks and Equity Derivatives Cash market Equities Derivatives
Forward market Options market (stocks / indexes)
2Q11 6,205.8 5,857.3 348.5
121.3 227.2
2Q10 6,679.6 6,166.3 513.3
134.9 378.4
1Q11
2Q11/2Q10 2Q11/1Q11 (%) (%) 6,734.9 -7.1% -7.9% 6,290.7 -5.0% -6.9% 444.2 -32.1% -21.5%
161.6 282.6 -10.1% -40.0% -24.9% -19.6%
Fixed income and other Total
1.3 6,207.1
3.0 6,682.6
0.5 6,735.4
-58.4% -7.1%
144.3% -7.8%
Average daily number of trades
Market Stocks and Equity Derivatives Cash market Equities Derivatives
Forward market Options market (stocks / indexes)
2Q11 503,616 422,148 81,467
1,277 80,190
2Q10 431,120 348,130 82,990
1,485 81,505
1Q11
2Q11/2Q10 2Q11/1Q11 (%) (%) 500,391 16.8% 0.6% 409,150 21.3% 3.2% 91,241 -1.8% -10.7%
1,433 89,809 -14.0% -1.6% -10.8% -10.7%
Fixed income and other Total
13 503,629
13 431,133
13 500,404
5.5% 16.8%
2.7% 0.6%
Trading margins (basis points)
Market Stocks and Equity Derivatives Cash Market Equities Derivatives
Forward Market Options Market
2Q11 5.857 5.395 13.627
12.998 13.963
2Q10 6.113 5.398 14.701
12.998 15.308
1Q11 6.012 5.501 13.249
12.999 13.393
Total BOVESPA
5.862
6.131
6.017
21
BM&F Segment: Operational Performance
ADTV (thousands of contracts)
2Q11 Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total 1,719.8 543.4 101.4 186.8 15.2 91.2 12.3 2,670.2 2Q10 1,635,7 603.5 99.3 84.5 10.1 79.5 10.8 2,523.4 1Q11 2,127.0 422.0 87.7 127.5 10.3 76.7 14.5 2,865.8 2Q11/2Q10 2Q11/1Q11 (%) (%) 5.1% -10.0% 2.1% 121.1% 50.4% 14.7% 14.8% 5.8% -19.1% 28.8% 15.6% 46.5% 47.7% 18.9% -14.6% -6.8%
RPC (BRL)
2Q11 Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total 0.930 1.847 1.753 0.893 1.948 0.137 1.682 1.127 2Q10 0.905 1.838 1.515 1.163 2.106 0.129 1.772 1.145 1Q11 0.843 2.016 1.639 1.102 2.016 0.142 1.393 1.040 2Q11/2Q10 2Q11/1Q11 (%) (%) 2.7% 0.5% 15.7% -23.2% -7.5% 5.6% -5.1% -1.5% 10.3% -8.4% 7.0% -19.0% -3.4% -3.5% 20.7% 8.4%
22
High Frequency Traders(HFT)
HFTs play an important role on BM&F and Bovespa segment
HFT BM&F Segment (ADTV in thousands of contracts)**
6.0% 301
93
4.8% 4.9% 207
90 43
251
42 93 38
3.6% 208
17 82
4.7% 251
10
95
50
45
101 2Q11
155
43 66
1Q11
74
2Q10 3Q10
77
4Q10
FX
Index
Mini-sized contracts
Interest Rates in BRL
% in Overall Volume
HFT Bovespa Segment**
1.000,0
900,0
6.1%
7.4% 898.6
120,0%
100,0%
800,0
700,0
814.5
4.3%
600,0
500,0
318.6
532.9
447.3
80,0%
60,0%
400,0
300,0
160.0
181.5
205.0 290.8
1Q11
184.1 267.2
2Q11
40,0%
20,0%
200,0
100,0
191.4
Nov-Dec/10
retail - day trading (BRL millions) fgn inv - day trading (BRL millions)
0,0%
local institutions - day trading (BRL millions) % of overall market
**Considers both sell and buy sides of the transaction.
23
BM&FBOVESPA IR Website: www.bmfbovespa.com.br/ir Phone: 55 11 2565 4007/4728/4729/4418/4834 E-mail: ri@bmfbovespa.com.br