BVMF Presentation - December 2016

Investor Relations Department
So Paulo, SP
December, 2016
Public1
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
3Q16 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
Stocks exclusively traded through an exchange

(Dark pools, MTFs and internalization prohibit)
Main participants
Identification of the final beneficial owner in

the entire trading and post-trading chain
Intermediaries local and international

brokers (linked to bank and independent)
Derivatives are predominantly listed and OTC

derivatives must be registered mandatorily
Listed companies
Investors institutional, 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:
Merger between BM&F and Bovespa
Hld and creation of BM&FBOVESPA
(BVMF3)
and R$7.2 billion on distributed earnings since 2008
State-of-the-art trading and post-trading

systems: ~R$1.6 billion invested in resilience,
Revenue diversification: trading and post-
Solid market position: dominant position in the
trading services for stocks, derivatives, fixed income

and OTC
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
strength and safety
to the market
Practice of the period and amount distributed from Jan/2008 to Dec/2015;

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
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
Post-trading Platform:
EQUITY
Central counterparty (CCP)

Settlement System (SSS)
CASH
INTEREST
FX
OPTIONS
FUTURE
POST-TRADE
Central Depository (CSD)

Trade Repository (TD)
Services for Issuers and Participants:
CCP, SSS and CSD
Listing
Trading access (brokers)

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

Market Data (vendors)
Indices Licensing
Software Licensing
OTC (derivatives and fixed income)
6
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
Solid Governance Practices
Broadly Dispersed Shareholder Base
Listed in Novo Mercado (voting shares only and

other shareholders rights, transparency, etc.)
10%
7%
5%
Majority of the Board composed of independent

members (regulatory requirement)
2%
Chairman is an independent member

Other Board members are linked to market
participants or strategic partner (CME);
although considered non-independent, are not
connected to controlling group or management
All Board members are not Companys executive

Well-defined and solid Board of Directors and
Boards Committees
Executive compensation system aligned with
Companys performance and strategic
objectives, as well as with shareholders longterm interests
76%
Capital World Investors
(update in Oct. 2016)
Oppenheimer Funds
BlackRock Funds
(update in Aug. 2015)
Treasury stock
Others
Note: percentage ownership are estimated but may not represent exact figures
due to different information dates about largest shareholders positions
Corporate Governance
Multidisciplinary knowledge in conducting business
2015-17 Board of Directors Composition
Birth
Years
in the
Board
Pedro Pullen Parente

Former Minister of State; Former CEO of Media and
Commodity Conglomerates
2/21/53
Claudio Luiz da Silva Haddad

Former CEO of Investment Bank; Founder and CEO of
Business School
8/23/46
Board Member
Corporate Governance Profile - Board & Committee Summary

7
Committees
Antnio Quintella
Former CEO of CS Brasil and Americas; Portfolio Manager
2/16/66
Larcio Jos de Lucena Cosentino

TOTVS Chairman of the Board and TOTVS CEO
8/11/60
Luiz Antnio de Sampaio Campos

Former Director of CVM; Lawyer
6/9/70
Luiz Fernando Figueiredo

Former Governor of the Central Bank; Portfolio Manager
1/15/64
Luiz Nelson Guedes De Carvalho

Former Central Bank and Sec. Commission Officer;
Member of IIRC and CPC/IASB; Professor of Accounting
11/18/45
Denise Pauli Pavarina

Bradesco executive;
4/14/63
Eduardo Mazzilli de Vassimon

Director of Ita e CRO of Ita Holding
10/7/58
Jos Berenguer Neto

CEO of JP Morgan Brazil
9/10/66
Charles P. Carey
Former Chairman of CBOT; CME Group Board Member
9/1/53
Independent
members
Highly qualified Board Members and well-functioning

Boards Committees
Commitment and independence of Board of Directors
and Committees members
Board
Audit
Nomination
and CG
Comp.
Risk
Brokerage
Industry
11
Independent Board
Market participant + Board
Independent Non-Board
Market participant Non-Board
14
14
94%
82%
100%
92%
80%
93%
# Members
# of meetings (2015)
Average attendance (2015)
Linked to
market participant or
strategic partner (CME)
Note: in the case of the Advisory Committee for the Securities Intermediation Industry the statistics
regarding number of meetings and attendance considered the previous composition with 6 members,
including two Board members. This change was implemented in Feb 2015.
Corporate Governance
Multidisciplinary knowledge in conducting business
Management and Internal Governance
Board of
Directors
Internal Audit
CEO
Edemir Pinto
Corporate Risk
Management (5 Executives + 26MDs)

Responsible for implementing the guidelines
established by the Board or Directors, executing the
strategic plan, monitoring and executing the Companys
operations
Human Resources
Sustainability,
Press and Mkt.
CIO
Rodrigo Nardoni
Luis Furtado
CPO
Jos Ribeiro de
Andrade
Financial, Legal,
IR and Issuer
Regulation
Trading, Risk
Management,
Clearing,
Settlement,
Depository,
BVMF Bank and
Market
Participants
Relationship
Trading, Posttrading, PMO,

New Products,
Infrastructure,
Mid- Back-Office
Systems
Products and
Business
Develop.,
Commercial
Relations,
Internat. Offices,
Commercial
Planning and
Project Analysis
4 MDs
6 MDs
5 MDs
6 MDs
CFO
Daniel Sonder
COO
Ccero Vieira
Internal Working Groups
Advisory Committees
Market Advisory
Chambers
Internal Working Groups (budget, products and

services, projects, others)
This internal working groups are important components
of the Companys corporate governance, monitoring
the budget process and establishing priorities for
products, services and projects development, among
other things
Advisory Committees (market and credit risks,
corporate risk, sustainability, code of conduct, business
continuity, others)
Multidisciplinary internal groups that address and
monitor important business and issues of the Company
Advisory Chambers (commodities, listing, equities,
fixed income, FX, derivatives, others)
Several open channels with investors, market
participants and companies which collaborate to
develop and improve products and services, as well as
to suggest better practices
The Head of the Audit Department reports functionally to the Board of Directors and the Audit Committee. The Audit Committee may periodically assess the performance of the Head of Audit
Department, after consulting the Executive Board. Co-Chief Information Officer. In May, Mr. Furtado resigned from the statutory position of Chief Technology and Information Security Officer with
effect from the end of his current mandate on April 30, 2017.
10
BM&FBOVESPAs Sustainability Policy

Sustainability as a long-term driver
11


Main growth drivers

3Q16 RESULTS
APPENDIX
12
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
13
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 billions)

Funds AUM evolution. 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. Oct/16 and Jul/16.
Pension Funds AUM (in BRL billions)

Participation of equities in the portfolio of pension funds
14


Main growth drivers

3Q16 RESULTS
APPENDIX
15
BM&FBOVESPA IT, Risk and Operating Development

Building a state-of-the-art platform to boost market growth
High performance: high availability, submilliseconds latency, low standard deviation
BM&FBOVESPA is investing
more than R$ 1.6 billion (2010 2016) to build state-of-the-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.
NEW
DATA CENTER
Customer relationship: strengthening

relationships and adding revenue with
little marginal expenses
Long-term IT sustainability: significant
capacity to expand co-location and own
systems
Customer relationship: able to host

participants and clients infrastructure
16
PUMA Trading System - Performance

Enabling the increase of trades
Successive records broken in recent years, without delays or

availability failure
Development of the number of messages/days (in millions)
Source: BM&FBOVESPA.
17
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
18

Post-trade environment evolution
What we did
The achievements
Aug14: derivatives phase of the new

BM&FBOVESPA Clearinghouse and of
the new risk model CORE
What were the challenges

400 employees involved
46 legacy systems were deprecated

and 31 new other were installed
+65 market participants (the
majority adopts SINACOR)
2016: conclusion of substantially all

the IT development of the equities
phase in 4Q15. Next steps are:
Roughly R$20 billon released in
collateral
Certification and parallel production

processes
R$15 billion reduction in required

collateral
Launching will depend on tests

results and regulatory approval
R$5 billion increase to the value of

deposited collateral
R$12 billion withdrawn in the early
days of activity
11 parallel production cycles

Almost 6 months since the launching
CORE - complexity and sophistication
Calculate and process +1.3bn
instrument prices
We have built a dedicated
simulation environment, meeting
demands from market participants
What is next
Very high availability

Serving participants and clients with
high quality services
Delivering efficiency
What are the challenges

Integration with the CSD
Settlement of securities
(restrictions, failures, integration
with securities lending system)
Covered options and forward
transactions
Corporate actions treatment
Settlement window unification
Risk more risk factors, higher

volume of calculations
19
Integration of the Clearinghouses Derivatives (Performance)

Gains in efficiency, resilience and capacity expansion
In one year... 10 trading records broken, +72MM risk calculations,

+1.8MM risk simulations and 99.9% availability
Development of trade numbers and records (in thousands)
Source: BM&FBOVESPA.
20


Main growth drivers


3Q16 RESULTS
APPENDIX
21
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, 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
22
Products and Services Development

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
23


Main growth drivers


3Q16 RESULTS
APPENDIX
24
VOLUMES BOVESPA SEGMENT (EQUITIES)

AVERAGE DAILY TRADING VALUE ADTV (BRL billion)
AVERAGE ANNUAL MARKET CAP (BRL trillion)
TURNOVER VELOCITY (12 months average)
Updated to November 30, 2016 Ratio of cash equities trading volume to the overall market capitalization
25
VOLUMES - BM&F SEGMENT (DERIVATIVES)

AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)
REVENUE PER CONTRACT RPC (BRL)

2007
2008
2009
2010
2011
2012
2013
2015
2016
D-15
J-16
F-16
M-16
A-16
M-16
J-16
J-16
A-16
S-16
O-16
N-16
Interest rates in BRL
0.950 1.141 0.979 0.889 0.918 1.004 1.046 1.120 1.150
1.171
1.471
1.065
1.159
1.193
1.251
1.208
1.213
1.201
1.394
1.222
0.993
1.095
FX rates
1.859 2.065 2.161 1.928 1.894 2.205 2.535 2.669 3.671
3.855
4.507
4.524
4.483
4.285
4.136
3.846
3.902
3.533
3.518
3.455
3.434
3.291
Stock Indices
1.501 2.145 1.620 1.564 1.614 1.524 1.761 1.774 2.128
1.804
2.265
1.667
2.212
1.561
2.143
1.545
2.017
1.454
1.906
1.505
1.975
1.405
Interest rates in USD
0.965 1.283 1.357 1.142 0.941 1.015 1.231 1.294 1.840
1.829
1.892
2.128
2.100
2.225
1.879
1.960
1.877
1.523
1.608
1.555
1.616
1.528
Commodities
3.195 3.587 2.307 2.168 2.029 2.239 2.534 2.390 2.530
2.238
2.734
2.451
2.591
2.247
1.890
2.298
2.024
1.981
2.255
2.728
2.293
2.047
Mini contracts
0.054 0.162 0.176 0.128 0.129 0.116 0.119 0.117 0.218
0.248
0.276
0.276
0.281
0.259
0.276
0.268
0.264
0.242
0.240
0.241
0.235
0.203
OTC
2.111 2.355 1.655 1.610 1.635 1.769 1.409 2.092 3.925
45.662
Total RPC
1.224 1.527 1.365 1.134 1.106 1.191 1.282 1.350 1.516
1.318
1.940
1.484
1.526
1.480
1.517
1.363
1.380
1.229
1.285
1.229
1.100
1.044
Updated to November 30, 2016. Starting from Jan/16 excludes OTC data.
2014
26
Investor participation in volumes

Equities and derivatives segments
BOVESPA SEGMENT (EQUITIES)
BM&F SEGMENT (DERIVATIVES)
Updated to November 30, 2016. Starting from Jan/16 excludes OTC data.
27


Main growth drivers


3Q16 RESULTS
APPENDIX
28
Income Statement
History of income statement results (consolidated)
(in BRL thousand)
2009
2010
2011
2012
Net revenue
1,510,569
1,898,742
1,904,684
2,064,750
2,126,638 2,030,433 2,216,634
Expenses
(569,832)
(633,504)
(816,664)
(763,080)
(790,814) (804,070)
(850,656)
(446,677)
(543,881)
(584,521)
(563,487)
(575,763) (592,349)
(614,350)
940,737
1,265,238
1,088,020
1,301,670
1,335,824 1,226,363 1,365,978
Operating margin
62.3%
66.6%
57.1%
63.0%
62.8%
60.4%
61.6%
Equity method result
38,238
219,461
149,270
171,365
212,160
136,245
245,837
289,039
280,729
208,851
180,695
208,157
508,796
Income before taxation of profit
1,186,574
1,592,515
1,588,210
1,659,791
1,687,884 1,646,680 2,807,222
Income tax and social contribution
(304,505)
(448,029)
(539,681)
(585,535)
(606,588) (660,959)
(603,764)
881,050
1,144,561
1,047,999
1,074,290
1,080,947
2,202,238
1,223,761
1,586,374
1,545,627
1,612,136
1,609,769 1,478,653 1,819,187
0.6104
0.7929
0.7932
0.8351
Adjusted expenses
Operating income
Financial result
Net income
Adjusted net income
Adjusted EPS (BRL)
2013
0.8389
2014
977,053
0.8048
2015
1.0152
Attributable to shareholders of BM&FBOVESPA.

Impacts of non-recurring items: (i) partial divestment in CME Group; (ii) discontinuity of the equity method of accounting; and (iii) impairment of Bovespa Holding
29
Adjusted expenses and investment budget

Focus on expense control and investments phase
ADJUSTED EXPENSES
Focus on expense management has allowed the Company to offset
most of the inflationary pressure over the past years
(in BRL million)
2016 budget reaffirmed

2016e vs. 2015: 6.61%
IPCA 2016e: 6.69%
2017 budget
2017e vs. 2016e: 5.34%4
IPCA 2017e: 4.93%

CAGR 2011-17e: 2.80%4
CAGR IPCA 2011-17e: 6.73%
INVESTMENTS BUDGET:
Investment program initiated in 2010 reaching its conclusion
2016 budget reaffirmed

2017 budget
(in BRL million)
FX exposure: ~38%
Main projects
Phase 2 (equity) of BM&FBOVESPA
Clearinghouse
Update of PUMA Trading System
infrastructure
New Data Center
Expenses adjusted to the Companys (i) depreciation and amortization; (ii) costs from stock grant plan principal and payroll taxes and stock option; (iii) transaction cost and planning of the proposed
business combination with Cetip, that is still pending regulatory approval; and (iv) provisions, transfer of fines and incentive programs to market participants. Considers the mid-point of 2016 budget.
IPCA for 2016 and 2017 based on median market expectations released by the Brazilian Central Bank on Dec. 02, 2016. 4 Considers the mid-point of 2017 budget and 2016 budget.
30
Expenses Discipline
Delivering efficiency through diligent expense management
-11.2%
Third party
services
3.2%
-6.7%
Marketing
5.7%
-4.5%
-57.0%
-61.1%
Total
Personnel 2
Data
processing
-1.8%
Real Change3
18.5%
-11.5%
Data
processing
-3.8%
Nominal
Change
16.9%
-11.5%
1,8%
Third party
services
Total
Personnel 2
3.9%
(in R$ millions)
-20.8%
-40.0%
Marketing
Real Change3
2015 vs. 2014
-69.1%
-76.6%
Communicat.
Nominal
Change
Communicat.
Adjusted expenses grew 3.7%, significantly below average inflation of 10.7%1,

reflecting prioritization of activities, review of contracts and enhancement
of processes
-75.0%
-81.0%
2015 vs. 2011

(in R$ millions)
IPCA last 12 months until Dec15 (Source IBGE) 2 Includes personnel expenses and capitalization and excludes costs from stock grant plan principal and payroll taxes stock option and
31
bonus expenses. 3 Calculated based on the annual wage increase for personnel expenditure and the accumulated IPCA for the other lines of expenses.
Allocation of Results
Return of surplus capital to shareholders
Distribution of most of the cash generation, reaffirming the

commitment to return capital to shareholders
Payout
(% of net income)
2009: 80%
2010: 100%
2011: 87%
2012: 100%
2013: 80%
2014: 80%
2015: 73%
9M16: 50%
Cash Generation after Investment and Interest Payments

(Total for Jan/09 through Sep/16, in R$ millions)
+
Share Buyback
About 15% of free float

repurchased in 7-year
period (2H08-9M16)
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 and
32
the divestment from CME Group shares in Sep/15 and Apr/16. 50% of the net income excluding the impact from the sale of CME Group shares in Apr/16.


Main growth drivers


3Q16 RESULTS
APPENDIX
33
3Q16 vs. 3Q15 highlights

Bottom line impacted by extraordinary and mainly non-cash items
Operating highlights
3Q16 (vs. 3Q15)
Financial highlights
3Q16 (vs. 3Q15)
BM&F Segment:
Total revenue: R$621.3 mn, -6.3%,
ADV: 2.9 mn contracts, -11.7%
BM&F Seg.: R$240.6 mn, -21.6%
RPC: R$1.247, -12.9%
Bovespa Seg.: R$241.8 mn, +9.0%

Other revenues: R$138.9 mn, +3.5%
Bovespa Segment:
ADTV: R$6.93 bn, +5.9%
Adj. expenses1: R$155.5 mn, -5.0%
Strategic updates
Proposed business combination
with Cetip
Pending regulatory approval: CVM,
Central Bank and CADE (filed with
CADE on June 28, 2016)
Efforts on planning the integration
Margin: 5.268 bps, 0.02 bps
Operat. income: R$113.0mn, -70.3%
Others growth products:
Excluding extraordinary items that

impacted 3Q16, operating income
would have reached R$351.5 mn
Equities phase of BM&FBOVESPA

Clearinghouse
Integrated test and certification with
market participants were concluded
IFRS net income: R$293.5 mn
Beginning of the parallel production

phase in Jul16
Tesouro Direto: 86.4% increase in

average assets under custody
ETFs: 20.1% increase in ADTV
Excluding extraordinary items that

impacted 3Q16, net income would
have reached R$453.2 mn
Deployment planned for 1H173
Payout: R$146.7 mn (R$0.082 per

share); equivalent to 50% of the 3Q16
net income
1 Adjusted
to (i) depreciation and amortization; (ii) stock grant plan costs principal and payroll taxes and stock option plan; (iii) transaction cost and planning of the proposed business combination with Cetip
that is still pending regulatory approval; and (iv) transfer of fines, provisions and incentive programs to market participants. Attributable to BM&FBOVESPAs shareholders. 3 Depending on test results and
34
regulatory approval.
3Q16 revenue breakdown

Revenue hurt by BM&F segment weak performance
REVENUE (in R$ millions / % growth YoY)
USD-linked revenue represented
22.3% of the total revenue
Total
revenue
R$621.3 mn
The revenue breakdown considers the revenue lines others of the Bovespa Segment and foreign exchange and securities of BM&F Segment, as reported in the financial
statements note 20, within the other revenues not tied to volumes. Trading and post-trading.
35
Derivatives market
Revenue impacted by lower ADV and RPC
REVENUE (in R$ millions)
ADV (in thousands of contracts)

CONTRACTS
3Q15
3Q16
YoY
1,791
1,206
-32.7%
FX rates
473
386
-18.3%
Stock indices
101
79
-22.2%
Interest rates in USD
321
229
-28.7%
-2.2%
597
997
66.9%
3,293
2,906
-11.7%
Interest rates in BRL
Commodities
Mini contracts
TOTAL
MINI CONTRACTS (in thousands of contracts)
REVENUE PER CONTRACT (RPC)

RPC: R$1.247 per contract, -12.9% YoY
Mix effect:
Lower participation of Interest rates in BRL
contracts
Higher participation of Mini contracts (RPC is

significantly lower than average)
Appreciation of the BRL against USD (in 3Q16:

51.9% of derivatives revenue were linked to
USD)
% tot.
BM&F
rev.
Revenue does not consider the revenue lines foreign exchange and securities of the BM&F Segment, as reported in the financial statements note 20, which totaled R$4.6
million in 3Q16. Most of the fees charged on FX rate, Interest rates in USD and Commodities contracts are referred in USD. The average BRL/USD exchange rate appreciated 4.7%
from 3Q15 to 3Q16.
36
Equities market
Higher volumes contributed to the revenue increase
REVENUE (in R$ millions)
ADTV (in R$ millions) AND MARGIN (in bps)

3Q15
ADTV
Margin
3Q16 HIGHLIGHTS
6.545,1
5,246
3Q16
6.930,9
YoY
5,9%
5,268 0.02 bps
MARKET CAPITALIZATION (in R$ trillions) AND

TURNOVER VELOCITY (%)
ADTV growth was driven by the increase in

the market capitalization, mostly
concentrated in the end of the quarter
Trading and post-trading margins:
5.268bps, stable
Revenue does not consider the revenue line others of Bovespa Segment, as reported in the financial statements note 20, which totaled R$4.5 million in the 3Q16. Excludes
fixed income line.
37
Business lines not tied to volumes

Growth in revenue not tied to volumes
3Q16 REVENUE BREAKDOWN (in R$ millions / %)
Other lines of business
22.4%
Revenue as reported in the financial statements note 20.
3Q16
YoY
Depository
47.4
31.1%
Securities lending
30.2
6.8%
Market data (vendors)
24.6
-19.2%
Listing
13.1
-0.7%
Bank - financial intermediation and bank fees
9.9
-1.3%
Market participant access
8.7
-12.6%
Other
5.1
-18.9%
Total
138.9
3.5%
38
3Q16 expenses
Continued focus on expense management
ADJUSTED EXPENSES (in R$ millions)
3Q16 adjusted expenses decreased 5.0% YoY
Adjusted
personnel
(-3.3%): annual
wage
adjustment of
~9% offset
mainly by
higher
capitalization
Data
processing
(+21.3%):
inflation/FX
rate
adjustments to
IT maintenance
contracts
Third party
(+14.2%):
higher
expenses with
consultancy
services
Marketing
(-64.1%): in
3Q15,
expenses
connected to
the
organization of
the Financial
Markets
Conference
Others
(-21.0%): in
3Q15, nonrecurring writeoff of R$6.4 mn
(in R$ millions and % of total adjusted expenses)
3Q16
84.1 (54%)
36.9 (24%)
14.4 (9%)
1.7 (1%)
18.4 (12%)
3Q15
87.0 (53%)
30.4 (19%)
12.6 (8%)
4.7 (3%)
28.9 (18%)
Adjusted to (i) depreciation and amortization; (ii) stock grant plan costs principal and payroll taxes and stock option plan; (iii) transaction costs and planning of the business combination with Cetip that is
still pending regulatory approval; and (iv) transfer of fines, provisions and incentive programs to market participants. Excluding the impact of stock grant/option expenses. Include expenses with
communication, maintenance, taxes, board and committee members compensation and other.
39
3Q16 extraordinary expenses

Extraordinary items that impacted the IFRS expenses
IFRS EXPENSES OF R$446.1 MILLION, +104.8% YoY, IMPACTED BY EXTRAORDINARY ITEMS
Line impacted in the

income statement
Before tax
After tax
Provision on judicial decision Spread Corretora
Expenses
183.9
121.4
Provisions on success fees to legal advisors
Expenses
47.4
33.6
Transaction with Cetip expenses;
Expenses
7.2
4.7
238.5
159.7
(in R$ millions)
Total
Pending regulatory approvals from CVM, Central Bank and Antitrust Authority CADE. Includes expenses with legal reports, auditors, appraisers, and lawyers, among other
professionals engaged as advisors for the transaction as well as the planning of the integration.
40
Financial highlights
Increase in financial revenue reflecting higher cash balance
FINANCIAL RESULT (in R$ millions)
FINANCIAL RESULT OF R$221.5 MILLION, +157.5% YoY
Other financial revenue
Higher cash balance

which includes R$5.5 bn
in proceeds from CME
Group shares sale
Other financial expense

2020 Notes payment of
semiannual coupon of
5.5% per year
2020 Notes hedging cost:

Principal: R$62.0mn
(79.1% of the CDI)
Coupon: R$0.8mn (hedge
set up in Sep16)
Includes gains from changes in the exchange rate as well as other financial revenue. Includes maintenance of stand-by facilities, available but not drawn, in connection with the transaction with Cetip.
Effective rate 6.47% per year, after withholding income tax.
41
Financial highlights (cont.)

Higher cash position to fund proposed combination with Cetip
CASH AND FINANCIAL INVESTMENTS (in R$ millions)
3Q16
10,718
BM&FBOVESPAs cash position totaled R$8.5 bn in

3Q16
R$2.0 - R$2.5 bn to run the business
2Q16
10,463
R$1.0 bn in clearinghouses required safeguards

The remaining supports the activity of the central
counter-party and general corporate needs
1Q16
5,661
~R$6.0 bn to fund the proposed combination with

Cetip4
4Q15
5,202
Includes R$5.5 bn in gross proceeds from the total

divestment from CME Group shares
3Q15
8,164
Third-party cash
Third-party
Total
Restricted and unrestricted
Not considered as BM&FBOVESPAs cash

The Company earns interest on most of this cash
balance
Includes earnings and rights on securities in custody. Includes BM&FBOVESPA Bank clients deposits. Does not include investments in Bolsa Mexicana de Valores, Bolsa de Comercio de Santiago and
Bolsa de Valores de Colombia amounting R$203.1 million at 3Q16 and booked as financial investments. See note 4 to the financial statements. 4 Pending regulatory approvals from CVM, Central Bank and
Antitrust Authority CADE.
42
Financial highlights (cont.)

Strong cash generation
CASH DESTINATION (in R$ millions)
CASH GENERATION (in R$ millions)

CASH GENERATION REACHED R$566.9
MILLION IN 3Q16, +37.1% YOY
3Q15
CASH RETENTION OF R$310.8 MILLION TO

FUND THE PROPOSED COMBINATION WITH
CETIP4
3Q16
Adjusted net cash from operating

activities
513.1
672.3
Net cash from investment activities
-37.7
-40.6
Net cash from financing activities

before distributions
-61.8
-64.8
Cash generation (before

distributions)
413.6
566.9
Net cash from operating activities was

positively impacted by higher financial
revenue
Cash generation before dividends/IoC payments and share buybacks. Considers the cash flow from operating activities, adjusted by the variation of financial investments and guarantees and cash
deposits and REPO transactions of the BM&FBOVESPA bank, as described in the note 13 to the financial statements. Considers the cash flow from financing activities before the payment of
dividends/IoC and share buyback. 4 Pending regulatory approvals from CVM, Central Bank and Antitrust Authority CADE.
43
Business combination with Cetip

Timeline: where we are and next phases of the process
2016
2017
April, 8th
BVMF and
Cetips
Boards
approved the
financial
terms for the
transaction
May, 20th
Oct, 13th
Jun, 28th
Nov, 14th
Feb, 23rd
We are here
Request to analyze the
act of concentration
was filed in CADE
CADE deadline
(240-day)
CADE considered
complex the
concentration act of
the combination
BVMF and Cetips shareholders

approved the transaction in the
shareholders meetings
May, 24th
The final
deadline for
CADE approvals
(if extended)
This measure
allows CADE to
extend the
deadline for more
90 days
Review of the transaction by the regulators:

Central Bank of Brazil (BACEN)
Brazilian Securities Commission (CVM)
The Antitrust Authority (CADE)
Counted from the day of

the last regulatory
approval:
Cetip shares will be
converted in
BM&FBOVESPA
shares (BVMF3) in
T+5
The cash portion
will be settled in up
to 40 days
Efforts on planning the integration

Pending regulatory approvals from CVM, Central Bank and Antitrust Authority CADE. The Company has dedicated efforts to plan the business combination, respecting the ground rules set by the
antitrust authorities.
44
Financial Statements
Summary of balance sheet (consolidated)
ASSETS (in R$ millions)
LIABILITIES AND SHAREHOLDERSEQUITY (in R$ millions)

09/30/2016 12/31/2015
Current assets
Cash and cash equivalents
Financial investments
Others
Non-current assets
9,067.6
8,673.8
546.8
440.8
8,210.9
7,798.5
310.0
434.4
18,085.0
17,635.1
09/30/2016 12/31/2015
Current liabilities
3,497.5
2,096.8
Collateral for transactions
1,605.6
1,338.0
Others
1,891.9
758.8
Non-current liabilities
5,038.3
5,859.9
Foreign debt issues
1,993.7
2,384.1
2,617.1
3,272.3
427.5
203.5
18,616.8
18,352.2
2,540.2
2,540.2
14,284.7
14,300.3
1,782.1
1,501.6
9.7
10.1
27,152.6
26,308.9
2,335.9
Deferred Inc. Tax and Social

1,961.4 Contrib.
2,162.8
1,815.6
Others
173.2
145.8
Investments
29.5
30.6
455.2
453.1
15,264.3
15,190.0
Goodwill
14,401.6
14,401.6 Minority shareholdings
Total Assets
27,152.6
26,308.9 Liabilities and Shareholders eq.
Long-term receivables
Financial investments
Property and equipment

Intangible assets
Others
Shareholders equity
Capital stock
Capital reserve
Others
45
Net income and adjusted expenses reconciliations
ADJUSTED NET INCOME RECONCILIATION (in R$ millions)
3Q16
IRFS net income*
Stock grant/option (recurring net of tax)
Deferred tax liabilities
Equity in Income of Investees (net of taxes)
Expenses related to Cetips transaction (net of tax)
Divestment in CME Group shares (net of tax)
IOF on proceeds from CME Group shares sale (net of tax)
IoC Adjustments
Discontinuity of the equity method (net of taxes)
Results from the selling of the CME Group (net of taxes)
Non-recurring expenses with provisions (net of tax)
Adjusted net income
*Attributable to BM&FBOVESPA shareholders.
293.5
13.9
135.3
0.0
4.7
0.0
0.0
0.0
0.0
0.0
155.0
602.4
3Q15
2,012.5
12.8
137.5
(37.6)
0.0
0.0
0.0
(49.0)
(1,145.0)
(474.2)
0.0
457.0
Change
3Q16/3Q15
-85.4%
8.6%
-1.6%
31.8%
2Q16
(114.4)
27.2
135.3
0.0
31.5
557.3
10.8
0.0
0.0
0.0
0.0
647.7
Change
3Q16/2Q16
-356.5%
-48.8%
0.0%
-85.0%
-7.0%
9M16
518.4
57.9
405.9
(19.6)
36.9
557.3
10.8
0.0
0.0
0.0
155.0
1,722.5
9M15
2,610.0
37.6
412.6
(106.8)
0.0
0.0
0.0
(49.0)
(1,145.0)
(474.2)
0.0
1,285.1
Change
9M16/9M15
-80.1%
53.9%
-1.6%
-81.7%
34.0%
ADJUSTED EXPENSES RECONCILIATION (in R$ millions)

3Q16
Total expenses
Depreciation
Stock grant/option
Proposed business combination with Cetip
Planning of the business integration with Cetip
Provisions and others
Adjusted expenses
446.1
(25.1)
(21.1)
(0.7)
(6.5)
(237.3)
155.5
3Q15
217.8
(26.1)
(19.4)
0.0
0.0
(8.7)
163.6
Change
3Q16/3Q15
104.8%
-3.8%
8.6%
2634.8%
-5.0%
2Q16
268.8
(23.8)
(41.2)
(46.3)
(1.5)
(9.4)
146.7
Change
3Q16/2Q16
66.0%
5.8%
-48.8%
-98.5%
324.4%
2431.8%
6.0%
9M16
917.0
(72.7)
(87.7)
(48.0)
(8.0)
(254.1)
446.5
9M15
637.3
(84.8)
(84.9)
0.0
0.0
(23.6)
443.9
Change
9M16/9M15
43.9%
-14.3%
3.3%
975.6%
0.6%
Includes expenses with legal reports. auditors. appraisers. and lawyers. among other professionals engaged as advisors for the transaction. Includes expenses with consulting services hired to help
the integration planning of the proposed combination with Cetip which is subject to regulatory approvals
46
Summary of the income statement (consolidated)
SUMMARY OF THE INCOME STATEMENT (in R$ millions)
3Q16
Net revenues
3Q15
Change
3Q16/3Q15
559.1
598.3
(446.1)
(217.8)
113.0
380.5
-70.3%
20.2%
63.6%
-4,338 bps
Financial result
221.5
IFRS net income (loss)*
Expenses
Operating income
Operating margin
Adjusted expenses
-6.5%
2Q16
Change
3Q16/2Q16
9M16
9M15
Change
9M16/9M15
574.5
-2.7%
1,697.1
1,673.4
1.4%
104.8% (268.8)
66.0%
(917.0)
(637.3)
43.9%
305.7
-63.0%
780.2
1,036.1
-24.7%
53.2%
-3,300 bps
46.0%
61.9%
-1,595 bps
86.0
157.5% (418.3)
-153.0%
(36.2)
219.0
-116.5%
293.5
2,012.5
-85.4% (114.4)
-356.5%
518.4
2,610.0
-80.1%
(155.5)
(163.6)
-5.0% (146.7)
6.0%
(446.5)
(443.9)
0.6%
*Attributable to BM&FBOVESPA shareholders.
47


Main growth drivers


3Q16 RESULTS
APPENDIX
48
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)
ETFs
Brazilian Treasury Direct - Tesouro Direto
Updated to November 30, 2016. Updated to September 30, 2016.
(Custody in BRL billion)
Securities Lending
(Open Interest - average for the period - in BRL billion)
Agribusiness Credit Bills

(AUM in BRL billion)
49
Bovespa Segment
Raising Capital
PUBLIC OFFERINGS (BRL billion)
Updated to October 31, 2016

Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).
50
Trading in ADRs of Brazilian companies

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

foreign investors
(Dec. 2011)
Sarbanes-Oxley Act
(Jul. 2002)
Nov16
25.1%
9.0%
34.1%
33.2%
32.7%
65.9%
Source: Bloomberg (in USD

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

IPOs
Follow ons
Total
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1
7
9
26
64
4
6
11
11
3
10
1
1
1
14
5
8
8
10
16
12
8
18
11
11
9
7
1
4
8
14
6
8
15
19
42
76
12
24
22
22
12
17
2
5
9
Dual Listings
Total
155
150
305
5
Updated to November 30, 2016
51
Bovespa Segment
Foreign investment flow
MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billions)
Includes public offering (primary market) and regular trades (secondary market).
Updated to November 30, 2016
52
Products and Markets Development

Creation of value and stimulus for the development of products and markets
Enhancement of Price and Incentives Policies

OTC derivatives
fee structure
Readjustment of
Issuers annual fee
Rebalancing
Trading/post-trade
Prices p/ volume
Tiers in
Derivatives
2008
Charge (BPs) on
amount in
depository
Price policy for
Mkt Data
2009
2010
2011
Transfers fee
structure at CSD
Equities Market
Fee Structure
2012
Organizational
Structure for Fee
Structure
2013
2014
2015
Fee Structure of
OTC Products
Fee structure of
interest rate
derivatives
Review of prices and
incentives: BTC, DMA,
Market Data, Issuers and
Depository
53

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
54
Contato
www.bmfbovespa.com.br
55 11 2565-4729 / 4418 / 4207/4834/7938
ri@bmfbovespa.com.br
55

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Investor Relations Department

Forward Looking Statements

REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

BRAZILIAN MARKET OPPORTUNITIES

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

Stocks exclusively traded through an exchange

Identification of the final beneficial owner in

Intermediaries local and international

Derivatives are predominantly listed and OTC

Securities lending mandatorily through a

Why invest in BM&FBOVESPA?

Sep 2007: BM&F

and R$7.2 billion on distributed earnings since 2008

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

Revenue diversification: trading and post-

Solid market position: dominant position in the

trading services for stocks, derivatives, fixed income

domestic market and significant presence in the

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

Practice of the period and amount distributed from Jan/2008 to Dec/2015;

Multi-asset and vertically integrated model

Central counterparty (CCP)

Central Depository (CSD)

Services for Issuers and Participants:

CCP, SSS and 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

Broadly Dispersed Shareholder Base

Listed in Novo Mercado (voting shares only and

Majority of the Board composed of independent

Chairman is an independent member

All Board members are not Companys executive

Capital World Investors

(update in Oct. 2016)

(update in Oct. 2015)

(update in Aug. 2015)

(update in Oct. 2016)

(update in Oct. 2016)

Pedro Pullen Parente

Claudio Luiz da Silva Haddad

Corporate Governance Profile - Board & Committee Summary

Larcio Jos de Lucena Cosentino

Luiz Antnio de Sampaio Campos

Luiz Fernando Figueiredo

Luiz Nelson Guedes De Carvalho

Denise Pauli Pavarina

Eduardo Mazzilli de Vassimon

Jos Berenguer Neto

Highly qualified Board Members and well-functioning

Market participant + Board