BVMF Presentation - January 2015

Investor Relations Department
So Paulo, SP
JAN/2015
Confidencial Restrita
Confidencial
Uso Interno
1
Pblico
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 fact, being based on currently
available competitive, financial and economic data, and on current projections about the industries BM&FBOVESPA
works in.
The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other
similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that
could cause actual results to differ materially from those projected in this presentation and do not guarantee any
future BM&FBOVESPA performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA
services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive
industries BM&FBOVESPA operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b)
government policies related to the financial and securities markets; (iv) increasing competition from new entrants
to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the
implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an
ongoing process for introducing competitive new products and services, while maintaining the competitiveness of
existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the
offer of BM&FBOVESPA products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the date they
were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or future
development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification
under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of
the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
2
REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency
BRAZILIAN MARKET OPPORTUNITIES
Main growth drivers
MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

Investments, new products and focus on the customer
OPERATIONAL PERFORMANCE
Notable global exchange
FINANCIAL HIGHLIGHTS
Cost discipline and capital return to shareholders
3Q14 RESULTS
APPENDIX
3
Exchange sector
Safety and market integrity as priorities
Capital and derivatives markets in Brazil
Exchange market characteristics in Brazil
Stable and solid regulation
BVMF is the sole exchange, despite the

market being open for competitor since 2007
CVM Trade and post-trade

BACEN Post-trade , banks and
intermediaries
Main participants
Intermediaries local and international

brokers (linked to bank and independent)
Stocks exclusively traded through an exchange

(Dark pools, MTFs and internalization prohibit)
Identification of the final beneficial owner in
the entire trading and post-trading chain
Listed companies
Derivatives trade predominantly through an

exchange and OTC derivatives must be
registered mandatorily
Investors institutionals, foreign and

individual (retail)
Securities lending mandatorily through a

central counter-party (CCP)
The exchange is responsible for oversight and
self-regulation of the markets in which it
operates
Why invest in BM&FBOVESPA?

A global exchange
1890:
Foundation of Bolsa
Livre (Bovespa's
predecessor)
1967:
Bovespas
Mutualization
1986:
Start of
BM&F
activities
Aug 2007:
Bovespa Hld
demutualization
Oct 2007:
Bovespa Hld
IPO (BOVH3)
Sep 2007: BM&F

demutualization
Nov 2007:
BM&F IPO
(BMEF3)
May 2008:
integration between BM&F and
Bovespa Hld and creation of
BM&FBOVESPA (BVMF3)
and R$5,8 billion on distributed earnings since 2008
State-of-the-art trading and post-trading

systems:R$1,5 billion invested in resilience,
Revenue diversification: trading and post-
Consolidated market position: dominant
trading services for stocks, derivatives, fixed income

and OTC
position in the domestic market and significant

presence in the global exchanges industry
Constantly seeking operational efficiency:
Reference in corporate governance

standards: cutting edge in adopting best practices
High dividend payer: +80% of the net income
investments in technology and cost growth below

inflation
Practice of the period and amount distributed from Jan/2008 to Sep/2014;
Expenses adjusted to Companys depreciation, stock granting plan principal and social charges -, stock options plan, tax on
dividends from the CME Group, transfer of fines and provisions
strength and safety
to the market
5
Multi-asset and vertically integrated model

Value gained across most of the chain
Services for the whole chain
Trading Platform: equities, derivatives, government and
corporate bonds, funds, spot FX, among others
EQUITY
Post-trading Platform:
Contraparte Central (CCP)
A VISTA
INTEREST
OPO
Settlement System (SSS)
FX
FUTURO
Servios para Emissores e Participantes:
Ps-Negociao
Listing
CCP, SSS e CSD

TERMO
SWAP
Central Depository (CSD)
Trading access (brokers)

Securities lending
REGISTRO
COMMODITIES
CREDIT
Custody for clubs and foreign investors (2689)

Market Data (vendors)
Indices Licensing
Software Licensing
OTC (derivatives and fixed income)
Multi-asset and vertically integrated model

Value gained across most of the chain
BRAZIL
USA
(Internalization of orders is forbidden)
(Internalization of orders is allowed)

Trading venues
TRADING
DTCC
Brokers A and B
Brokers A and B
Broker
A
Broker
B
POST-TRADING
CCP
SSS
CSD
Investors
Investors
Investors
Model 100% vertical: clearing,

settlement and central depository at
the FINAL BENEFICIAL OWNER LEVEL
Investors
Clearing, settlement and depository

occur at the brokerage houses
Corporate governance
Reference in corporate governance practices
Adoption of Best Practices
Pulverized Capital
Listed in Novo Mercado

Only voting shares issued (ON)
10,44%
6,84%
No controlling shareholder and pulverized

capital
5,32%
5,02%
3,15%
Majority of the Board composed of

independent members
No Board member is a Companys executive
Executives compensation system aligned

with shareholders long-term interests
69,23%
Oppenheimer Funds
CME Group Brasil
Treasury stock
Vontobel Asset Management

BlackRock Funds
Others
Update in 11/03/2014
Corporate Governance
Multidisciplinary knowledge in conducting business
BOARD OF DIRECTORS
EXECUTIVE OFFICERS
Pedro Pullen Parente

Chairman - Engineer
Edemir Pinto
CEO
Marcelo Fernandez Trindade

Vice-chairman Lawyer
Eduardo Guardia
Chief Product and IRO
Claudio Luiz da Silva Haddad

Engineer and professor
Ccero Vieira
DCOO
Jos Roberto Mendona de Barros

Economist and professor
Daniel Sonder
CFO
Luiz Fernando Figueiredo

Co-Founder of Mau Investments
Luis Furtado
CIO
Luiz Nelson Guedes De Carvalho

Professor
COMMITTEES
Andr Esteves
CEO of BTG Pactual
Audit Committee
Jos Berenguer Neto

CEO of JP Morgan Brazil
Nominations and Corporate Governance Committee
Daniel Luiz Gleizer

Director of Ita Unibanco
Compensation Committee
Alfredo Antnio Lima de Menezes

Executive Officer of Bradesco
Risk Committee
Charles P. Carey
Member of CME Groups Board of Directors
Advisory Committee For The Securities Intermediation Industry
Independent members
9
BM&FBOVESPAs Sustainability Policy

Approved by the Board of Director
10


Main growth drivers

3Q14 RESULTS
APPENDIX
11
Opportunities in the Brazilian market

BM&FBOVESPA is ready to capture future growth
Growth opportunities in the Brazilian

equities and derivatives markets
EQUITIES MARKET
Portfolio diversification: diversification of institutional investors
portfolios with a higher participation of equities
Retail investors: small number of retail investors and growth of the
middle class
Listed companies: low number of listed companies, while important

sectors are not adequately represented on the exchange
DERIVATIVES MARKET
Growth of credit and fixed-rate government debt: higher demand for
hedging from financial institutions and institutional investors
Growth of foreign trade: higher demand for hedging through FX
contracts
Equities market development: growth in demand for index-based
contracts
OTC derivatives: capital requirements (Basel) should benefit OTC
transactions through a CCP
12
Investors exposure to equities is low

Investors portfolio opportunities shifting to equities
Investors portfolios are highly
concentrated in fixed income
Investment Funds AUM (in BRL billion)

Funds AUM evolution (in BRL billion). Global average of 40% for
equities
Historically high interest rates

Low level of sophistication of pension funds and
some asset managers
Lack of knowledge about the equity market,
combined with retail investors fixed-income
mindset
Number of Custody Accounts (in thousands)

Number of retail investors represents only 0.3% of the
population (lower than global average)
Sources: BM&FBOVESPA, ANBIMA and ABRAPP. Nov/14 Jun/14
Pension Funds AUM (in BRL billion)

Participation of equities in the portfolio of pension funds
13


Main growth drivers

3Q14 RESULTS
APPENDIX
14
BM&FBOVESPA IT, Risk and Operating Development

Building a state-of-the-art platform to boost market growth
High performance: high availability, submilliseconds latency, standard deviation
low
BM&FBOVESPA is investing
more than USD650 million
(2010 - 2015) to build state-ofthe-art IT, Risk and Operating
infrastructure
Operational leverage: easily scalable

capacity
Capital efficiency for clients
Capital efficiency for clients: integrated

risk calculation (equities and derivatives OTC and listed); and unification of
settlement windows
Attract and retain clients and

strengthen relationship with
intermediaries
Rationalization and standardization of

rules, procedures and requirements
Capital efficiency for clients: integrated
risk calculation (OTC and Exchange Traded
Derivatives)
Development of markets and

products
OTC MARKET
Operational leverage for

BM&FBOVESPA
Innovate and enhance market
robustness ahead of regulatory
demands
The implementation of IPN/CORE depends the approval of the regulators.
Customer relationship: strengthening

relationships with customers
Customer relationship: able to host
participants and clients infrastructure
NEW
DATA CENTER
Significant capacity to expand co-location
15
PUMA Platform
High availability and performance
RESILIENCE AND AVAILABILITY
438 uninterrupted trading days*
* Until Sep. 26, 2014
Capacity and resilience of the

system tested in times of high
volatility and message peaks
Bovespa segment
The entire trading infrastructure must be

adequately sized for peak message traffic:
Bovespa Segment Apr. 29th
Peak of msgs/min: 619,063
Average msgs/min: 60,000 - 70,000
BM&F segment
BM&F Segment Aug. 13th

Peak of msgs/min: 85,388
Average msgs/min: 7,000 - 8,000
16
Clearinghouses Integration and New Risk Model (CORE)

Post-trade environment evolution
Organization of the post-trade
environment by types of assets/products
Organization of the post-trade

environment by process
Equities, ETFs,
BDRs
4 rulebooks and
4 manuals.
Other products
and assets
4 participant
structures
4 distinct
environments /
IT architectures
4 settlement
windows and 4
multilateral
balances
4 systems /
back-office
processes
Government
Bonds
Rules and Manuals
Structure of market participants

Participants and customer registration
OTC
derivatives
Allocation and transfer
Corporate
fixed income
Position control
Clearing and settlement
4 systems /
processes for risk
management
4 registration
systems for
participants and
clients.
4 pools of
collateral
Risk management
Pool of collateral
Securities
lending
Interbank spot
foreign
exchange
Futures, options,
forwards
Exchange and market

participation cost
reduction
Liquidity management
improvement
More efficient
allocation of capital by
investors
Operational and
technological risk
reduction
17

Derivatives clearinghouse migration results
Roughly R$20 billon released in collateral
R$15 billion reduction in required collateral

R$5 billion increase to the value of deposited
collateral
R$12 billion withdrawn in the early days of
activity
More than 5,000 margin simulation exercises
per day
18


Main growth drivers


3Q14 RESULTS
APPENDIX
19
Products and Services Development

Focus on the customers demands and needs
Long-term development of products, markets and services

Greater liquidity for listed products
Development of infrastructure for expansion of MM and HFT activity
Capital efficiency generated by CORE enables/encourages the realization of new strategies
Development of the securities lending platform
Marketing listed products and attracting new customers
Expanding the retail investor base
Incentive program with market participants

Expanding the portfolio to attend to the investment profile of individuals (Tesouro Direto, Fixed
Income ETFs, FIIs ...)
Discussion about tax treatment simplification in the equities market
Capture of institutional investors diversification into foreign securities

Listing of foreign securities (non-sponsored BDRs and Foreign Index ETF)
Cross-listing of futures contracts
20

Focus on the customers demands and needs
Long-term development of products, markets and services

Greater number of listed companies
Discussions with the Government to encourage and facilitate IPOs by SMEs
Law 13.043 grants exemption on capital gains for eligible SMEs investors until 2023
Creation of investment fund with proper structure to invest in SMEs
Reduction of maintenance and public offer cost for listed companies
Include stocks in the roll of restricted public distribution efforts
BNDES support to foster IPOs on BOVESPA MAIS
Fixed Income and OTC markets (product, market and revenue diversification)
Securities registration: (i) marketing of already-available products (CDB, LCA, LCI and COE); ii)
new products (CDB - new types, Financial Bills, COE - physical delivery and repos)
OTC Derivatives: (i) benefits of CORE; (ii) SWAPs and Flexible Options migration to the new
platform (flexibility and operational efficiency); and (iii) development of SWAPs with cash flow
Corporate bonds: (i) acceptance of securities with restricted distribution efforts (ICVM 476);
and (ii) migration of trading to PUMA
Constant fee structure and incentive improvements
Use of pricing policies and incentives as important tools for the development of products,
markets and services, as well as alignment with market participants
Review and monitoring of existing pricing and incentives policies

21


Main growth drivers


3Q14 RESULTS
APPENDIX
22
Bovespa Segment
Operational highlights
AVERAGE DAILY TRADING VALUE ADTV (BRL billion)*
AVERAGE ANNUAL MARKET CAP (BRL trillion)
TURNOVER VELOCITY (12 months average)
Updated to December 30, 2014. Ratio of cash market trading volume to the market cap of the exchange.
23
BM&F Segment
Operational highlights
AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)
REVENUE PER CONTRACT - RPC (BRL)

2006
2007
2008
2009
2010
2011
2012
2013
2014
D-13
J-14
F-14
M-14
A-14
M-14
J-14
J-14
A-14
S-14
O-14
Interest rates in BRL
0.906 0.950 1.141 0.979 0.889 0.918 1.004 1.046
1.120
1.266
1.049
0.980
1.105
1.185
1.211
1.168
1.152
1.177
1.090
1.076 1.226 1.192
FX rates
2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.535
2.669
2.832
2.629
2.633
2.616
2.555
2.594
2.659
2.619
2.578
2.464
2.654 2.980 3.173
Stock Indices
1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.761
1.774
2.122
1.695
1.958
1.597
1.834
1.601
2.095
1.527
1.863
1.477
1.721 1.628 2.119
Interest rates in USD
1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.231
1.294
1.340
1.325
1.414
1.553
1.275
1.300
1.332
1.156
1.250
1.240
1.264 1.078 1.461
Commodities
4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.534
2.390
2.760
2.401
2.199
2.683
2.587
2.883
2.223
2.152
2.084
2.315
2.295 2.510 2.631
Mini contracts
0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.119
0.117
0.128
0.122
0.123
0.119
0.118
0.120
0.123
0.120
0.115
0.107
0.113 0.120 0.118
OTC
1.571 2.111 2.355 1.655 1.610 1.635 1.769 1.409
2.092
0.978
1.077
1.069
1.155
1.501
2.679
3.027
3.862
3.236
2.069
1.911 1.517 2.689
Total RPC
1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.282
1.350
1.575
1.294
1.261
1.393
1.411
1.406
1.431
1.335
1.373
1.249
1.284 1.405 1.481
N-14
D-14
24
Investor participation in volumes

Equities and derivatives segments
Bovespa SEGMENT (EQUITIES)
BM&F SEGMENT (DERIVATIVES)
25


Main growth drivers


3Q14 RESULTS
APPENDIX
26
Income Statement
History of income statement results (consolidated)
(in BRL thousand)
2009
2010
2011
2012
2013
9M14
Net revenue
1,510,569
1,898,742
1,904,684
2,064,750
2,131,795
1,657,209
Expenses
(569,832)
(633,504)
(816,664)
(763,080)
(797160)
(558,304)
(446,677)
(543,881)
(584,521)
(563,487)
(575,764)
(417,449)
940,737
1,265,238
1,088,020
1,301,670
1,334,635
942,147
Operating margin
62.3%
66.6%
57.1%
63.0%
62.6%
62.8%
Equity method result
38,238
219,461
149,270
171,365
144,673
245,837
289,039
280,729
208,851
181,535
154,881
Income before taxation of profit
1,186,574
1,592,515
1,588,210
1,659,791
1.687,535
1,241,701
Income tax and social contribution
(304,505)
(448,029)
(539,681)
(585,535)
(606,588)
(496,570)
881,050
1,144,561
1,047,999
1,074,290
1,081,516
745,131
1,223,761
1,586,374
1,545,627
1,612,136
1,609,769
1,105,422
0.6104
0.7929
0.7932
0.8351
0.8389
0.6007
Adjusted expenses
Operating income
Financial result
Net income
Adjusted net income
Adjusted EPS (BRL)
Attributable to shareholders of BM&FBOVESPA.
27
Revenue breakdown
Diversified revenue sources as a differential
REVENUE BREAKDOWN (3Q14)
MAIN LINES DYNAMICS

Equities and equities derivatives:
Market Capitalization of listed companies
Level of activity in the market (turnover velocity)
Type of investors
Total revenue:
R$594.7
million
Type of operation and asset traded
Financial and commodities derivatives:

Type of contract traded
Type of investors
Type of operation
BRL/USD quote
Other
Number of investors/account in the depository
Market Capitalization of listed companies
Type of investors
Number and type of users of the data signal
BRL/USD quote
28
Adjusted expenses and investment budget

Focus on cost control and investments phase
ADJUSTED EXPENSES BUDGET
Focus on expenses control offset most of the inflationary adjustments
over the past years
2014 budget reaffirmed
(in BRL million)
2014e vs. 2013: 3.34%

IPCA 2014e: 6.38%
2015e vs. 2014e: 1.26%4
IPCA (average) 2015e: 6.50%
CAGR 2010-15e: 2.70%4
IPCA (average) 2010-15e: 6.23%
INVESTMENTS BUDGET: 2015 Capex budget reviewed by R$10 million

The CAPEX program initiated in 2010 renewed the Company's IT,
operations and service platform
(in BRL million)
2014 budget reaffirmed

Review of 2015 budget: from
R$190 220 million to R$200
230 million
Update of the timeline and budget
of the Companys main projects
Capex is expected to decline in

2016
2016e: R$165 195 million
Expenses adjusted to Companys depreciation, stock granting plan principal and social charges -, stock options plan, tax on dividends from the CME Group, transfer of fines and provisions. Considers
the high point 2014 budget IPCA for 2014 and 2015 based on market expectations released by the Central Bank in Dec. 05, 2014; 4 Considers the mid-point of 2015 budget and high point 2014 budget
29
1H14 Expenses Breakdown

Pursuit of greater efficiency and controlling expenses
Prioritization of activities, review of contracts and enhancement of

processes has resulted in greater efficiency
129.8
1H11
1H14
55.4
1H11
21.1
Marketing
1H11
Communicat.
Data
processing
1H11
46.7
1H11
1H14
Real Var.
19.0%
-3.3%
18.8%
-12.0%
-15.9%
-37.7%
-78.4%
-84.0%
Strategic review of marketing activities
-41.9%
-57.0%
Reduced costs from the posting of trading and custody

statements, as a result of changes to the submission process
Diligent process of managing resources and headcount sizing

Average annual wage increase of 7.2% and recognition of
individual talents
Higher expenses with maintenance of new IT platforms
17.7
1H14
1H14
Nominal Var.
154.4
1H14
Third party
services
Personnel
expenditure
R$ MM
Expenses reduction with service providers and deprecation of

legacy IT platforms
Prioritization of activities and projects
Review of contracts
24.1
5.2
12.3
7.1
Includes personnel capitalization and excludes stock option and bonus expenses, Calculated based on the annual wage increase between 2011 and 2013 for personnel expenditure and the IPCA
of services accumulated from July, 2011 to June, 2014 for the other lines of expenses
30
Financial Highlights
Financial solidity combined with return of excess capital to shareholders
Distribution of most of the cash generation, reaffirming the

commitment to return capital to shareholders
Payout
(% of GAAP earnings)
2009: 80%
2010: 100%
2011: 87%
2012: 100%
2013: 80%
9M14: 80%
+
Buyback
Almost 13% of free
float repurchased in
almost 6 years (2H089M14)
Cash Generation after Investments and Interest Payments

(Accumulated between January, 2009 and September, 2014, in R$ million)
Cash Position
R$2,091 MM
Indebtedness
R$1,513 MM
Rating
Moodys
Baa1 (issuer global scale)
Baa2 (issuer BR scale)
Baa1 (global notes)

S&P
BBB+ (counterparty cred.)
A-2 (issuer)
Data of BM&FBOVESPA (not consolidated): excludes variation in financial transactions and collateral pledged by participants, proceeds raised in connection with the acquisition of CME Group shares in 2010.
31
Data from September, 2014 and excludes third party resources (investors collateral, resources deposited in the BM&FBOVESPA Bank and others).


Main growth drivers


3Q14 RESULTS
APPENDIX
32
3Q14 Highlights
Solid results in a challenging environment; one-off charge
FINANCIAL HIGHLIGHTS (3Q14 vs. 3Q13)
Total revenue: R$594.7 MM, -0.4%

BM&F seg.: R$228.7 MM, flat
Bovespa seg.: R$263.6 MM, +2.5%
Other: R$102.4 MM, -7.8%
Net revenue: R$546.0 MM, +2.0%

Adjusted expenses: R$146.8 MM, -2.3%
Operating income: R$352.2 MM, +3.2%
EBITDA: R$431.2 MM, +3.4%
(EBITDA margin 79.0%)
Financial Results: R$47.3 MM, -4.6%
Adjusted net income: R$357.4 MM, -11.5%
Adjusted EPS: R$0.195, -7.5%
TAX RELIEF PROGRAM (REFIS) ONE-OFF CHARGE
Dispute related to the deductibility of expenses from

Bovespa Holdings IPO
Amount under dispute reduced from R$123.0 MM to
R$69.2 MM one-off net impact of R$63.1 MM (R$18.1
MM as financial expense and R$45.0 MM as income tax)
VOLUME HIGHLIGHTS
Better volumes quarter-over-quarter for both segments

Oct14 volumes: Bovespa seg. +64.0% yoy (all time high);
and BM&F seg. +38.0% yoy
RETURNING CAPITAL TO SHAREHOLDERS
Payout: R$190.7 MM in 3Q14, 80% of GAAP net income
Share buyback: Jul-Oct14: 12.4 MM shares (0.7% of the
free float) 11.2 MM repurchased in October.
MAIN PROJECTS AND UPDATES
Clearinghouses Integration: derivatives module fully
implemented on August 18, 2014
Indices development: partnership with S&P DJI
Excludes stock options plan cost, depreciation, tax on dividends from CME Group and provisions. According to CVM Rule 527/12 that does not exclude equity method accounting. Excludes deferred
liability recognized in correlation with temporary differences from amortization of goodwill for tax purposes, stock options plan cost, investment in associate (CME Group) accounted under the equity
method of accounting, net of taxes related to dividends and taxes paid overseas to be compensated.
33
Bovespa Segment Performance

Margins positively impacted by the mix effect
AVERAGE DAILY TRADING VALUE (ADTV)
3Q14 vs. 3Q13: +0.8%
Roughly flat at R$7.29 billion, mainly due to:
9.9% increase in average market capitalization
Lower turnover velocity yoy
Volatility related to elections in Brazil positively
impacted volumes from mid-August
TRADING MARGINS (in basis point - bps)

Market
Cash market
Derivatives on single stocks
Options market (stocks / indices)
Forward market
Total Bovespa
3Q14
5.061
13.115
13.145
12.999
5.502
MARKET CAPITALIZATION AND TURNOVER VELOCITY

3Q13
4.991
13.021
13.029
12.999
5.363
3Q14 vs. 3Q13: +2.6%

Trading/post-trade margins impacted by the mix effect:
Lower participation of local institutional investors
Higher participation of equity derivatives
Lower participation of day traders
34
BM&F Segment Performance

Mix effect and FX rate drove RPC down, offsetting ADV growth
AVERAGE DAILY VOLUME (ADV) AND AVERAGE REVENUE PER CONTRACT (RPC)
(in millions of contracts)
3Q14 vs. 3Q13:

ADV: 2.7 million contracts, +7.3%
Contracts with RPC referenced in USD represented ~26%

of derivatives ADV in 3Q14
+47.3% ADV of mini contracts

+38.9% ADV of Interest Rates in USD contracts
RPC: -6.4%
Mix effect: higher participation of lower priced

contracts (mini contracts and options) coupled with
higher participation of day traders
2.5% Real appreciation against USD in the period
REVENUE PER CONTRACT AND FX RATE
MINI CONTRACTS
(in R$)
11.3%
~44% of derivatives revenue was priced in USD in 3Q14

8.6%
9.1%
215.1
202.8
3Q13
4Q13
8.8%
249.4
255.1
1Q14
2Q14
ADV (millions of contracts)

*Average FX rate (R$/US$) in the quarter, considering the closing price for previous month.
11.9%
316.8
3Q14
% Total
35 35
3Q14 Revenue Breakdown

Diversified revenue base
REVENUE BREAKDOWN
CASH EQUITIES TRADING REVENUE

ACCOUNTED FOR
5.9% OF TOTAL
DERIVATIVES REVENUE
(BM&F + Bovespa) ACCOUNTED FOR
43.5% OF THE TOTAL
38.1%: Cash Market
5.9%: Trading
32.2%: Post-Trade
5.7%: Stock and Indices Derivatives
37.8%: Financial/Commodity Derivatives
Total Revenue
R$594.7 million
18.1%: Brazilian Real interest rate contracts

13.5%: FX Contracts
2.9%: USD interest rate contracts
3.3%: Other Financial/Commodity Derivatives
18.4%: Other Revenue
3.2%: Securities Lending
3.1%: Depository, Custody and Back-Office
3.1%: Vendors
2.0%: Listing
1.6%: Trading Access
Trading and Post-trade
36 36
3Q14 Expenses Breakdown

Delivering efficiency on a diligent expense management
(in R$ millions)
Adjusted Expenses (-2.3%)

Adjusted personnel (-2.2%): (i) headcount downsizing;
(ii) reduction to profit-sharing accrual; and (iii) higher
personnel expenses capitalized
Data processing (-11.5%): 3Q13 was impacted by the

concentration of expenses for software service and
maintenance of IT platforms
Communication (-30.3%): reduction in mail service
expenses, reflecting improvements and electronification
of the statements mailing process
Other (+120.0%): higher donations and contributions

including, particularly:
Contribution to the Federal Government educational
program called Cincias sem Fronteiras
Transfer of fines due to failures in the financial and
physical settlement processes, which are now
destined to BSM
*Include expenses with maintenance in general, taxes adjusted by the dividends from CME Group, board and committee members compensation and others.
37
9M14 Expenses Breakdown

Pursuit of greater efficiency and controlling expenses
Prioritization of activities, review of contracts and enhancement of processes has resulted in
greater efficiency
9M14 adjusted expenses grew 2.5% yoy, significantly bellow inflation
Main forces pressuring
expenses
Main factors offsetting

expenses growth
-2.2%
Average annual wage

increase of 7.0%
Diligent management of
assets and headcount
dimensioning; lower profit
sharing
3.5%
-3.0%
Higher expenses from new

IT platforms maintenance
and inflationary contract
adjustments
Review of contracts,
legacy system deprecated
2.9%
-3.6%
Inflationary contract
adjustments
Contracts review
-27.6%
adjustments
Improvements and
eletctronification of the
mailing process for
statements successfully
implemented
-23.2%
adjustments
Strategic review of
marketing activities;
ongoing process of
expenses review
260.6
264.2
Data
processing
Personnel
expenditure
(in R$ millions)
Third party
Marketing Communicat.
services
Real Var.
Nominal Var.
4.9%
81.3
84.2
25.7
26.5
13.2
-22.8%
10.2
9.9
8.1
-18.0%
Includes personnel capitalization and excludes stock option and bonus expenses, Calculated based on the annual wage increase between 2013 and 2014 for personnel expenditure and the IPCA of services
accumulated from September, 2013 to September, 2014 for the other expenses lines.
38
Financial Highlights
Consistently returning capital to shareholders
CASH AND FINANCIAL INVESTMENTS
RETURNING CAPITAL TO SHAREHOLDERS
(In R$ millions)
Payout
3Q14
2Q14
1,390
360
1,131
404
1,037
909
R$190.7 MM in dividends (80% of the 3Q14 GAAP net

income): payment on November 28th (shareholders
position of November 17th)
3,842
1,055
3,497
1,053
Share Buyback
1Q14
4Q13
3Q13
2,441
2,134
1,686
432
457 359
497 355
897
1,307
1,921
1,960
5,077
4,871
4,498
Market participants cash collateral and others

Subsidiaries
Clearinghouses' required safeguards
Available funds
Mar-Oct14: 41.5 MM shares (R$456.9 MM) under the

current program (up to 100 MM shares until Dec14)
YTD14: 78.4 MM shares (R$827.4 MM) reaching 4.1% of
the free-float
FINANCIAL RESULT
Financial result of R$47.3 MM, down 4.6% from 3Q13,
explained mainly by R$18.1 MM interest payment in
connection with the settlement of a tax dispute under the
REFIS
CAPEX
Clearinghouses required safeguards: growth in line
with additional collateral pledged by market
participants
3Q14: R$47.7 MM (R$153.7 MM in 9M14)

Capex budget ranges:
2014: between R$230 260 MM

2015: between R$200 230 MM
Includes earnings and rights on securities in custody.
Includes third party collateral at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).
39
Resilient IT Infrastructure
Capacity and resilience of the system tested in times of high volatility
Investments in trade and post-trade platforms ensured the resilience

of our systems in a period of messages and trades peaks
486 uninterrupted trading days

Msgs Bovespa Seg. (04/29/14)
Msgs BM&F Seg. (08/13/14)
# of Trades in the Bovespa Seg. (million)

3
Less than three months after

its launch, the new
Clearinghouse has already
handled record volumes in the
BM&F Segment
Oct-27-14
Record # of Trades
2,582,718
# of Trades in the BM&F Seg. (million)

400
300
Oct-16-14
Record # of Trades
376,741
200
1
0
Jan-14 Feb-14Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14
100
0
Jan-14 Feb-14Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14
Until Nov. 13th, 2014
40
Growth Products
Increasing revenue diversification
Products well accepted by clients, with continuous developments to maintain growth
trend
Securities Lending
Tesouro Direto
Market maker for options on single stocks
Exchange traded funds (ETF)
Agribusiness credit bills (LCA)
Real estate investment funds (FII)
Non sponsored Brazilian Depositary Receipts (BDRs N1 NP)
CAGR
(2010-14):
+22.9%
(In R$ millions)
41
Financial Statements
Summary of Balance Sheet (Consolidated)
ASSETS
LIABILITIES AND SHAREHOLDERSEQUITY

(in R$ millions)
9/30/2014
12/31/2013
(in R$ millions)
3,025.6
4,319.5
370.0
1,196.6
Collateral for transactions
2,337.0
2,853.4
Others
318.5
269.5
22,214.7
21,577.2
1,517.3
1,135.4
1,134.2
820.8
383.1
314.6
3,544.6
3,346.3
421.0
423.2
16,731.7
16,672.3
Others
Goodwill
16,064.3
16,064.3
Minority shareholdings
Total Assets
25,240.3
25,896.7 Liabilities and Shareholders equity
Current assets
Cash and cash equivalents
Financial investments
Others
Non-current assets
Long-term receivables
Financial investments
Others
Investments
Property and equipment
Intangible assets
9/30/2014
12/31/2013
1,888.7
2,710.8
1,333.4
2,073.0
555.3
637.9
Non-current liabilities
4,386.1
3,886.9
Foreign debt issues
1,493.2
1,426.2
Deferred Inc. Tax and Social Contrib.
2,718.7
2,295.8
174.2
165.0
18,965.4
19,298.9
2,540.2
2,540.2
15,213.7
16,056.7
1,196.4
687.3
15.1
14.7
25,240.3
25,896.7
Current liabilities
Others
Shareholders equity
Capital stock
Capital reserve
42
Financial Statements
Net income and adjusted expenses reconciliations
ADJUSTED NET INCOME RECONCILIATION
3Q14
3Q13
238.4 281.6
7.3
5.6
138.6 138.9
(43.7) (38.2)
16.7
15.8
357.4 403.7
Net Income*
Stock options plan
Deferred tax liabilities
Equity in income of investees (net of taxes)
Recoverable taxes paid overseas
Adjusted Net Income
Change
3Q14/3Q13
-15.3%
30.2%
-0.2%
14.3%
5.6%
-11.5%
2Q14
250.1
7.6
138.6
(39.8)
16.3
372.8
Change
3Q14/2Q14
-4.7%
-3.2%
0.0%
9.9%
2.5%
-4.1%
9M14
9M13
744.6
21.8
415.9
(128.1)
51.2
1,105.4
899.4
21.4
416.7
(117.0)
47.4
1,267.9
Change
9M14/9M13
-17.2%
2.0%
-0.2%
9.4%
7.9%
-12.8%
* Attributable to BM&FBOVESPA shareholders.
ADJUSTED EXPENSES RECONCILIATION

3Q14
Total Expenses
Depreciation
Stock options plan
Tax on dividends from the CME Group
Provisions
Adjusted Expenses
193.8
(29.5)
(7.3)
(5.8)
(4.3)
146.8
3Q13
194.1
(32.5)
(5.6)
(5.1)
(0.6)
150.2
Change
3Q14/3Q13
-0.2%
-9.2%
30.2%
13.2%
-2.3%
2Q14
178.2
(28.0)
(7.6)
(5.3)
(3.2)
134.1
Change
3Q14/2Q14
8.7%
5.2%
-3.2%
9.2%
36.7%
9.5%
9M14
558.3
(87.1)
(21.8)
(16.6)
(15.4)
417.4
9M13
543.7
(88.4)
(21.4)
(14.8)
(11.8)
407.3
Change
9M14/9M13
2.7%
-1.5%
2.0%
12.1%
30.4%
2.5%
43
Financial Statements Summary
(in R$ millions)
Net revenues
3Q14
3Q13
Change
Change
2Q14
9M14
3Q14/3Q13
3Q14/2Q14
546.0
535.4
(193.8)
(194.1)
352.2
341.3
64.5%
63.7%
47.3
49.6
-4.6%
59.5
Financial result
449.0
434.2
3.4%
Net income*
238.4
281.6
Adjusted net income
357.4
Adjusted EPS (in R$)

Adjusted expenses
Expenses
Operating income
Operating margin
Equity in income of investees
2.0%
464.8
-0.2% (178.2)
3.2%
9M13
17.5% 1,500.5 1,656.2

8.7%
(558.3)
Change
9M14/9M13
-9.4%
(543.7)
2.7%
942.1 1,112.5
-15.3%
286.6
22.9%
76 bps 61.7%
286 bps
62.8%
67.2%
-438 bps
-20.5%
154.9
129.8
19.3%
391.1
14.8% 1,241.7 1,374.2
-9.6%
-15.3%
250.1
-4.7%
899.4
-17.2%
403.7
-11.5%
372.8
-4.1% 1,105.4 1,267.9
-12.8%
0.195
0.211
-7.5%
0.203
-3.8%
0.601
0.660
-9.0%
(146.8)
(150.2)
-2.3% (134.1)
9.5%
(417.4)
(407.3)
2.5%
744.6
* Attributable to BM&FBOVESPA shareholders.
44


Main growth drivers


3Q14 RESULTS
APPENDIX
45
High growth products

Growing sophistication of market participants
Initiatives to develop and prompt higher volume in certain products
Performance shows that the initiatives are being well received by the market
Options with Market Maker
Real Estate Funds (FIIs)
(ADTV in BRL million)
Securities Lending
(Open Interest - average for the period - in BRL billion)
+43.1%
CAGR(09-14): + 85.7%
ETFs
CAGR (10-14): +37.5%
Updated to December 30,2014.
Brazilian Treasury Direct - Tesouro Direto

(Custody in BRL billion)
CAGR (10-14): +12.4%
Agribusiness Credit Bills

(AUM in BRL billion)
CAGR (10-14): +33.5%
46
Bovespa Segment
Raising Capital
PUBLIC OFFERINGS (BRL billion)
PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET

There are 5 offerings in the pipeline
IPO:T4U, Ouro Verde, JBS, AZUL and PAR Corretora de Seguros
Additionally, there are 4 Real Estate Funds filed with CVM: estimated value of R$ 700 million
Update to December 30, 2014
Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).
47
Trading in ADRs of Brazilian companies

Liquidity migration process interrupted
Novo Mercado
Launch
(Dec. 2000)
End of CPMF
(Financial
Transaction Tax)
End of IOF Tax (2%) for

foreign investors
(Dec. 2011)
Sarbanes-Oxley Act
(Jul. 2002)
December14
27.6%
37.0%
9.6%
25.6%
37.3%
63.0%
Source: Bloomberg (in USD

traded value of 35 companies
with ADRs programs )
PUBLIC OFFERINGS IN NUMBER OF COMPANIES

IPOs
Follow ons
Total
Dual Listings
2001
14
14
2002
1
5
6
2003
8
8
2004
7
8
15
2005
9
10
19
2006
26
16
42
2007
64
12
76
2008
4
8
12
2009
6
18
24
2010
11
11
22
2011
11
11
22
-
2012
3
9
12
2013
10
7
17
2014
1
1
2
-
Total
153
138
291
5
48
Bovespa Segment
Foreign investment flow
MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billons)
Includes public offering (primary market) and regular trades (secondary market).
49

Recent changes in pricing policy and incentives
Products / Market
Main changes
SECURITIES LENDING
Elimination of 0.05% incentive for national lenders (settlement rate for

voluntary loan maintained at 0.25% p.a.)
DMA
Elimination of 10% discount for trades via DMA in Derivatives Market

(BM&F Segment)
MARKET DATA
Price recomposition and pricing of new products and services

Elimination of analysis fee discount on the annual fee
ISSUERS
Creation of analysis fee for Public Tender Offers, IPOs and Follow-ons
Depository
Adjustment of maintenance fees of custody accounts for a certain group

of investors; and creation of fees for ownership transferring within the
depository
50

Benefits from Clearinghouse integration
OVERVIEW: CLOSEOUT RISK CALCULATION IN THREE STEPS
1. DETERMINING
THE CLOSEOUT
STRATEGY
T+0
T+1
T+2
T+3
T+4
...
T+N
2. RISK EVALUATION
T+0
T+1
T+2
T+3
T+4
...
T+N
T+1
T+2
T+3
T+4
CLOSEOUT RISK
PERMANENT LOSS
TRANSIENT LOSS
...
Defines the (stress) scenarios associated with

the dynamics of each risk factor relevant to
the portfolio. All assets and contracts are
reevaluated considering the scenarios defined
in this step (full valuation).
Calculates and aggregates intertemporally P&L

associated with each scenario, considering the
defined closeout strategy
3. POTENTIAL P&L
CALCULATION
T+0
Defines the portfolio closeout strategy which,

respecting the settlement restrictions of the
portfolio of assets/markets, should minimize
the risk of a loss associated with the closeout
process, preserving existing hedge strategies
T+N
Result: Two risk measuresmarket and

liquiditythat are estimated both jointly and
consistently
51
www.bmfbovespa.com.br
Departamento de Relaes com Investidores

55 11 2565-4729 / 4418 / 4207/4834
ri@bmfbovespa.com.br
52

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Forward Looking Statements

REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

MAIN GROWTH INITIATIVES

MAIN GROWTH INITIATIVES

Exchange market characteristics in Brazil

Stable and solid regulation

BVMF is the sole exchange, despite the

CVM Trade and post-trade

Intermediaries local and international

Stocks exclusively traded through an exchange

Derivatives trade predominantly through an

Investors institutionals, foreign and

Securities lending mandatorily through a

Why invest in BM&FBOVESPA?

Sep 2007: BM&F

and R$5,8 billion on distributed earnings since 2008

State-of-the-art trading and post-trading

Revenue diversification: trading and post-

Consolidated market position: dominant

trading services for stocks, derivatives, fixed income

position in the domestic market and significant

Constantly seeking operational efficiency:

Reference in corporate governance

High dividend payer: +80% of the net income

investments in technology and cost growth below

strength and safety

Multi-asset and vertically integrated model

Settlement System (SSS)

Servios para Emissores e Participantes:

CCP, SSS e CSD

Central Depository (CSD)

Trading access (brokers)

Custody for clubs and foreign investors (2689)

Multi-asset and vertically integrated model

(Internalization of orders is forbidden)

(Internalization of orders is allowed)

Model 100% vertical: clearing,

Clearing, settlement and depository

Adoption of Best Practices

Listed in Novo Mercado

No controlling shareholder and pulverized

Majority of the Board composed of

Executives compensation system aligned

Vontobel Asset Management

Pedro Pullen Parente

Marcelo Fernandez Trindade

Claudio Luiz da Silva Haddad

Jos Roberto Mendona de Barros

Luiz Fernando Figueiredo

Luiz Nelson Guedes De Carvalho

Jos Berenguer Neto

Nominations and Corporate Governance Committee

Daniel Luiz Gleizer

Alfredo Antnio Lima de Menezes

Advisory Committee For The Securities Intermediation Industry

BM&FBOVESPAs Sustainability Policy

REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

BRAZILIAN MARKET OPPORTUNITIES

MAIN GROWTH INITIATIVES

Opportunities in the Brazilian market

Growth opportunities in the Brazilian

Listed companies: low number of listed companies, while important