So Paulo, November 17, 2008 LETTER TO THE SHAREHOLDERS Dear Shareholder, This is to invite you to attend the Special

Shareholders Meeting of BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) to be held on Friday November 28, 2008, at 11 a.m. at BM&FBOVESPA headquarters, pursuant to the call for the meeting published in the newspaper Valor Econmico on October 22, 23 and 24 and in the Official Gazette of the State of So Paulo on October 23,24 and 25. In continuation of the BM&F and Bovespa integration process, the Meeting will have the purpose of incorporating the Bolsa de Valores de So Paulo S.A. BVSP (BVSP), the new corporate name of Bovespa Holding S.A., and the Companhia Brasileira de Liquidao e Custdia (CBLC), fullyowned subsidiaries of BM&FBOVESPA, into BM&FBOVESPA S.A. Such incorporation will result in operational simplification and reduction of the costs charged on transactions between the companies involved and will allow for tax benefits, under the applicable legislation, on the R$16.3 billion goodwill generated upon the incorporation of the shares issued by Bovespa Holding S.A., as announced in the Material Fact published in the newspaper Valor Econmico on 10/22/2008, and available on the website www.bmfbovespa.com.br/ri. We take this opportunity to clarify that no shares will be issued and no amendments will be made to the shareholding structure of BM&FBOVESPA on account of such incorporation, given that BVSP and CBLC are BM&FBOVESPA fully-owned subsidiaries. In addition, such incorporation will not affect the current activities of such companies that will continue to be conducted by BM&FBOVESPA under the current operational chart. The Meeting in question will also resolve on the ratification of the term of the Board Member Gilberto Mifano, current Chairman of the Board of Directors, appointed by the other members of the Board of Directors to hold the position, on 05/20/2008, under article 150 of Law No. 6.404/76 and article 27 of the Bylaws due to vacancy in the position. Information on

the qualification and professional experience of Mr. Gilberto Mifano is available on the website www.bmfbovespa.com.br/ri. The shareholder or his/her legal representative shall attend the Special Shareholders Meeting and submit the documents that evidence his/her identity. Any shareholder who cannot attend the meeting in person may grant a power of attorney to a third person who will exercise the voting rights on his behalf. Considering that the attendance of all shareholders is extremely important, drafts of powers of attorney that may be used for such purposes are available on the website www.bmfbovespa.com.br/ri. We would like to clarify that the power of attorney may be granted to any third person, provided that he/she is also a shareholder or officer of BM&FBOVESPA, a lawyer or a financial institution. In the event that an officer of BM&FBOVESPA is chosen to represent an absent shareholder, and with the purpose of facilitating the selection, we suggest one of the following names: Edemir Pinto, Brazilian, married, Companys officer, domiciled at Praa Antonio Prado 48, in Capital City of the State of So Paulo, bearer of Identity Card (RG) No. 6.572.298, and enrolled in the Individual Taxpayers Register (CPF) under No. 614.304.988-20; or Carlos Kawall Leal Ferreira, Brazilian, married, Companys officer, domiciled at Praa Antonio Prado 48, in Capital City of the State of So Paulo, bearer of Identity Card (RG) No. 7.272.675, and enrolled in the Individual Taxpayers Register (CPF) under No. 043.046.308-14; or Helcio Fajardo Henriques, Brazilian, married, Companys officer domiciled at Praa Antonio Prado 48, in Capital City of the State of So Paulo, bearer of Identity Card (RG) No 5.168.247-4 and enrolled in the Individual Taxpayers Register (CPF) under No.180.717.247-34. We would like to remind you that the powers of attorney must be delivered at the BM&FBOVESPA Central de Cadastro (c/o Clara, at Praa Antonio Prado, 48, 4 andar Edifcio Sede), with 48 hours in advance, that is, up to 11 a.m., Wednesday, November 26, 2008.

Finally, the Call for the Meeting and all documents to support the resolutions to be taken at the Special Shareholders Meeting are available for download on BM&FBOVESPA investor relations website www.bmfbovespa.com.br/ri/. Further information can be obtained directly from the Investor Relations Office by telephone at (0XX11) 3233-2431. Yours sincerely,

Edemir Pinto CEO