1. business and industrial
2. company
3. earnings

1Q15 Earnings Presentation
May 15, 2015
May 2015
X
1
Public
Public
Forward Looking Statements
This presentation may contain certain statements that express the management’s 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
1Q15 Highlights (vs. 1Q14)
Growth driven by BM&F segment and other revenues not tied to volumes
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
Total revenues: R$577.3 MM, +5.9%
BM&F segment:
 BM&F seg.: R$250.9 MM, +10.8%
 ADV: 2.7 million contracts, -3.1%
 Bovespa seg.: R$218.1 MM, -0.7%
 RPC: R$1.489, +13.7%
 Other: R$108.3 MM, +9.5%
Bovespa segment:
Net revenues: R$520.4 MM, +6.5%
Adjusted expenses¹: R$138.6 MM, +1.6%
Operating income: R$299.0 MM, -1.6%
 ADTV: R$6.65 billion, +3.0%
 Margin: 5.292 bps, -0.10 bps
Other business lines (not tied to volumes):
EBITDA²: R$376.5 MM, -1.8%
 Securities lending: +4.9% in average open interest and
rebates removal starting from Jan’15
(EBITDA margin 72.3%)
 Tesouro Direto: +40.6% in assets under custody
Financial results: R$61.6 MM, +28.9%
Adjusted net income³: R$ 391.3 MM, +4.2%
1Q15 UPDATES ON MAIN INITIATIVES
Adjusted EPS: R$0.217, +7.1%
iBalcão: (i) new products and features in the fixed income
securities registration platform; and (ii) migration of OTC
derivatives to the new platform
RETURNING CAPITAL TO SHAREHOLDERS
Enhancements in prices and incentives: some of the changes
announced in 2H14 were implemented and are positively
impacting the Company’s earnings
Payout: dividends of R$223.6 MM in 1Q15, 80% of
GAAP net income
Investment in Bolsa de Comercio de Santiago (BCS): equity
investment of R$43.6 million, representing 8.3% of BCS
1
Expenses adjusted to Company’s (i) depreciation and amortization; (ii) stock grant plan – principal and payroll taxes - and stock options plan; (iii) tax on dividends from the CME Group; and (iv) provision
and transfer of fines. ² According to CVM Rule 527/12 that does not exclude equity method of accounting. ³ Excludes deferred taxes recognized in relation with temporary differences from amortization
of goodwill for tax purposes; costs from stock options and stock grant plans, net of tax deductibility; investment in affiliate (CME Group) accounted under the equity method of accounting, net of taxes
related to dividends received from CME Group; and taxes paid overseas to be compensated.
3
BM&F Segment Performance
FX rate depreciation positively impacting RPC
AVERAGE DAILY VOLUME (ADV) AND AVERAGE REVENUE PER CONTRACT (RPC)
ADV: 2.7 million contracts, -3.1% Y-o-Y
 -21.5%: Int. Rates in BRL
(in millions of contracts)
Contracts priced in USD¹ represented ~33% of derivatives
ADV in 1Q15
 +50.4%: Int. Rates in USD
 +75.3%: Mini Contracts
RPC: R$1.489 per contract, +13.7% Y-o-Y
 Depreciation of BRL against USD
 Mix effect (different groups of contracts and futures
versus options)
 Removal of 10% discount for DMA
RPC AND FX RATE
(in R$)
~55% of derivatives revenue in 1Q15 came
from contracts priced in USD¹
MINI CONTRACTS
(in thousands of contracts)
8.8%
11.3%
11.9%
16.4%
16.0%
% of total ADV
¹ Includes FX, Int. Rate in USD, Mini FX and Commodities contracts. ² Calculated as the average fluctuation of the end-of-month PTAX exchange rate (compiled by the Central Bank) as at the end of each
month in the period from December 2013 through February 2014, and then in the period from December 2014 through February 2015, as these rates provide the basis on which we calculate average
RPC for 1Q14 and 1Q15, respectively.
4
Bovespa Segment Performance
Higher level of market activity in the cash market
AVERAGE DAILY TRADING VALUE (ADTV)
(in R$ billions)
1Q15 vs. 1Q14: +3.0%
ADTV reached R$6.65 billion, as a result of:
 Turnover velocity increase to 71.8% from 69.0% in
1Q14
 -1.4% market capitalization Y-o-Y
MARKET CAPITALIZATION AND TURNOVER VELOCITY
TRADING MARGINS (in basis point - bps)
Markets
Cash market
Derivatives on single stocks
Options market (stocks / indices)
Forward market
Total Bovespa
1Q15
4.986
14.202
14.698
12.999
5.292
1Q14
5.068
13.737
14.121
12.998
5.389
(in R$ trillions)
1Q15 vs. 1Q14: -0.10 bps
Trading/post-trading margins impacted by:
 Lower participation of equity derivatives in total volume
 Higher volumes tied to the expiration of options on
indices
 Greater participation of day traders
5
1Q15 Revenues Breakdown
Diversified revenues base
DERIVATIVES REVENUES (BM&F + BOVESPA) ACCOUNTED FOR 45.9% OF THE TOTAL
P
42.6%: Derivatives¹ (BM&F Seg.)
$
$
$
Total Revenues
R$577.3 million
16.5%: Interest rate in BRL contracts
17.0%: FX Contracts
5.2%: Interest rate in USD contracts
3.9%: Other Financial/Commodity contracts
3.3%: Stock and Indices Derivatives¹ (Bovespa Seg.)
33.9%: Cash Market (Bovespa Seg.)
5.2%: Trading
28.7%: Post-Trade
20.2%: Others not tied to volumes
P
Influenced by:
P Enhancements in prices and incentives (implemented in 1Q15)
$ FX rate
1Trading/post-trading.
$
P
3.8%: Securities Lending
3.2%: Depository, Custody and Back-Office
3.3%: Vendors
2.1%: Listing
1.7%: Trading Access
6.1%: Others
6
1Q15 Expenses Breakdown
Continued efficiency through a diligent expense management
ADJUSTED EXPENSES¹ - Y-O-Y INCREASE (DECREASE) ON KEY EXPENSE ITEMS
(in R$ millions)
Adjusted expenses increased 1.6%,
versus an inflation of +8.1%²
Adjusted personnel³ (+6.9%): non-recurring
provision of R$6.8 million
Data processing (+5.4%): higher maintenance
expenses following the BM&FBOVESPA
Clearinghouse deployment in Aug’14
Third party services (-15.6%): lower expenses
with consulting services
Other (-3.5%): showed a decrease even
considering higher energy costs and
provisions
WHAT EXPECT
FOR FY15
Adjusted expenses budget: between R$590 million and R$615 million
Change from 2014 should vary between -0.4% and +3.8%, significantly
bellow expected inflation
¹ Expenses adjusted to Company’s (i) depreciation and amortization; (ii) stock grant plan – principal and payroll - taxes and stock options plan; (iii) tax on dividends from the CME
Group; and (iv) provisions and transfer of fines. ² IPCA last 12 months until March 2015 (Source IBGE). ³ Excluding the impact of stock grant/option expenses. 4Include expenses with
maintenance, board and committee members compensation and others.
7
Long-term Incentive Plan Based on Stock Grants
Impacts of changes in the long-term incentive plans
AS OF 1Q15 BM&FBOVESPA STARTED TO RECORD EXPENSES RELATED TO STOCK GRANTS¹
Impacts on the Income Statement
Overview of the stock grant plan
Basis for calculation
Price reference
Impacted by BVMF3
market price variation
(volatility on expenses)
Accounting accrual
Principal amount
Payroll taxes
# of shares granted
# of shares granted x 60.3%
Share price on the grant
date
Share price on the transfer
date
No
Yes
Pro-rata for vesting period
Pro-rata for vesting period
Form of payment
Shares
Cash
Time of payment
Share transfer date²
Share transfer date²
Yes
Yes
Tax deductible
Income Statement (consolidated)
in R$ millions
Net revenues
-
Expenses
(18.3)
Personnel
(18.3)
Stock grant – principal amount
(9.9)
Stock grant – payroll taxes
(8.4)
Operating income
(18.3)
Equity on income of investees
-
Financial results
-
Earnings before taxes
Income tax and social contribution
Net income
(18.3)
6.2
(12.1)
Impacts on the income statement
Transition impacts (from stock options to stock grants)
R$25.0 million non-recurring expense related to payroll taxes from the transition (not considered on the
table), as announced in the Notice to the Market released on February 4, 2015.
¹ There will be a small residual amount of stock options plans outstanding. In 1Q15, expenses related to that represented only 0.05% of the personnel line. ² For each stock grant
program, a minimum total term of 3 years from the stock grant date and the last date for transfer shall be respected. Moreover, a minimum waiting period of 12 months shall be
respected (i) between the stock grant date and the first transfer date and (ii) between each of the lots of shares, after the first transfer.
8
Accounting Treatment of the Investment in CME Group
Changes introduced by Law 12,973/14
NEW ACCOUNTING TREATMENT OF THE INVESTMENT IN CME GROUP
Dividends paid by CME Group
 Taxes on dividends received from CME Group are
no longer recognized as expenses
 Dividends received from CME will be added to the
Company’s tax base calculation (tax book only)
 Withholding taxes on dividends paid overseas will
offset the increase in the Company’s tax base (tax
book only)
Impacts on the Income Statement
Income Statement (consolidated)
Net revenue
Expenses
Taxes
Operating income
Equity in income of investees
Equity in income of investees
 Equity in income of investee will be calculated
based on CME Group’s net income (after taxes),
instead of the earnings before taxes
 Corporate taxes paid overseas by CME no longer
will impact equity income and income tax lines in
the income statement
Financial Results
Earnings before taxes
Income tax and social contribution
Net income
Impacts on the income statement
Impact on the net income vis-à-vis the previous
treatment will depend on the amount paid in
dividends, versus the amount recognized as equity
in income of investees
9
Financial Highlights
Consistently returning capital to shareholders
CASH AND FINANCIAL INVESTMENTS
RETURNING CAPITAL TO SHAREHOLDERS
(in R$ millions)
Payout
R$223.6 million in dividends (80% of the 1Q15 GAAP net
income): payment on May 29th (shareholders’ position of
May 18th)
Share Buyback
YTD15: 6.8 million shares (R$63.7 million). The current
share buyback program allows the acquisition of up to 60
million shares until Dec’15
FINANCIAL RESULT
Financial result of R$ 61.6 million, up 28.9% from 1Q14,
mainly due to higher average interest rates and higher
average cash and financial investment positions
CAPEX
Available funds: Q-o-Q increase, mainly due to
additional cash position held to cover dividend
payments due in 1H15 (R$409.5 million)
1Q15: R$ 42.4 million
Capex budget ranges:
2015: between R$200 – 230 million
2016: between R$165 – 195 million
¹ Includes earnings and rights on securities in custody.
² Includes third party collateral at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).
10
Revenues Diversification – iBalcão
Focus on customers’ demands and needs
GATHERING THE RIGHT ATTRIBUTES FOR A STRATEGIC MARKET POSITIONING
One-Stop-Shop
Specialized teams with full time
dedication to iBalcão
Customer service
Quality
Simplified fee structure
Customized solutions
Capital efficiency
ROADMAP
Financial Letters
Variable Yield CDB
Bank instruments
Agribusiness
Credit Bills
(LCA)
2011
OTC Derivatives
COEs with
Physical
Delivery
Time Deposit (CDB)
Real Estate Cred. Bills (LCI)
Struct. Notes (COE)
2013
NDF
without
CCP
2014
Feb’15
NDF
with CCP
Repos
Abr’15 May’15
Swap
(new platform)
Swap
(cash flow)
Flex
Options
11
Strategic Developments – Recent Updates
Delivering on the strategic plan
Building a world-class IT and
operations infrastructure
Products/markets development
and revenue diversification
BM&FBOVESPA Clearinghouse
Greater liquidity for listed products
Conclusion of the IT development of the equities
phase expected for 4Q15, followed by the tests
processes (launching will depend on tests results and
regulatory approval)
New market makers for options and futures (soybean,
coffee, WTI and equity-based index)
Efforts to attract more lenders to the securities lending
platform (local pension funds and foreign investors)
Inflation futures scheduled for 2Q15
PUMA Trading System
669 days¹ without any interruption
Enhancements in the price and incentive policies
New Data Center
Implemented in 1Q15: DMA; securities lending; issuers; and
options on equity indices fees
2015: beginning of the moving process
Implementation in 2Q15: mini contracts; Int. Rate in BRL fee
rebalancing; and depositary
Partnership with S&P Dow Jones Indices
Development of new equity and fixed income indices
Investment in Bolsa de Comercio de Santiago – Chile
Equity investment of 8.3% (R$43.6 million)
¹ As of May 14, 2015
12
APPENDIX
13
Bovespa Segment Margins
FEE POLICY FOR EXERCISE OF OPTIONS ON INDICES
The trading and post-trading fees apply only on the spread
Spread: difference between market price and strike price (notional of overall open positions)
(in R$ billions)
Actual ADTV and margins
ADTV 1Q15 vs. 1Q14: +3.0%
Margin 1Q15 vs. 1Q14: -0.10 bps
(in R$ billions)
Normalized ADTV and margins
(excluding the portion not
charged for)
ADTV 1Q15 vs. 1Q14: +3.2%
Margin 1Q15 vs. 1Q14: -0.05 bps
14
Growth Products
Increasing revenues diversification
REVENUES GROWTH OF SELECTED PRODUCTS
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
(2011-15):
+16.3%
(In R$ millions)
15
Stock Grants vs. Stock Options
Main impacts on expenses and earnings
Stock Grants: assuming the same nominal amount distributed as
variable remuneration, the impact on expenses is higher...
Stock Options
Stock Grants
Amount ($) originally granted (“Vco”) = Qo x Vo
Amount ($) originally granted (“Vca”) = Qa x Va
Qo: # of options Vo: option fair price (premium of the
option calculated with a binomial
model)
Qa: # of stocks Va: stock’s fair price (~market price)
Payroll taxes (“E”) = Qe x Pt x 0,603
Qe: # of stocks delivered Pt: stock price in the delivery date
Years
Progr. 1
Progr. 2
Progr. 3
1
2
3
4
0.25Vco
0.25Vco
0.25Vco
0.25Vco
-
-
-
-
0.25Vco
0.25Vco
0.25Vco
0.25Vco
-
-
-
-
0.25Vco
0.25Vco
0.25Vco
-
-
-
0.25Vco
0.25Vco
Progr. 4
-
-
0.25Vco 0.50Vco 0.75Vco
Vco
Years
Progr. 1
0.25Vco
Progr. 5
Impact on
expenses
5
Vco
Progr. 2
1
2
3
4
0.25Vca
0.25Vca
0.25Vca
0.25Vca
E
E
E
E
0.25Vca
0.25Vca
0.25Vca
0.25Vca
E
E
E
E
0.25Vca
0.25Vca
0.25Vca
E
E
E
0.25Vca
0.25Vca
E
E
Progr. 3
Progr. 4
0.25Vca
Progr. 5
Impact on
expenses
5
E
0.25Vca 0.50Vca
+E
+E
0.75Vca
+E
Vca
+E
Vca
+E
16
Stock Grants vs. Stock Options
Main impacts on expenses and earnings
... while impact on earnings is mostly offset by the deductibility of
the expense (principal amount and payroll taxes)
Stock Options
Years
Progr. 1
Progr. 2
Progr. 3
Stock Grants
1
2
3
4
0.25Vco
0.25Vco
0.25Vco
0.25Vco
-
-
-
-
0.25Vco
0.25Vco
0.25Vco
0.25Vco
-
-
-
-
0.25Vco
0.25Vco
0.25Vco
-
Progr. 4
-
0.25Vco
0.25Vco
-
0.25Vco
-
0.25Vco 0.50Vco 0.75Vco
Vco
Expenses are not tax deductible
Years
Progr. 1
-
Progr. 5
Impact on
expenses
Expenses
deductibility
5
Vco
Progr. 2
1
2
3
4
0.25Vca
0.25Vca
0.25Vca
0.25Vca
E
E
E
E
0.25Vca
0.25Vca
0.25Vca
0.25Vca
E
E
E
E
0.25Vca
0.25Vca
0.25Vca
E
E
E
0.25Vca
0.25Vca
E
E
Progr. 3
Progr. 4
0.25Vca
Progr. 5
Impact on
expenses
Expenses
deductibility
5
E
0.25Vca 0.50Vca
+E
+E
0.75Vca
+E
Vca
+E
Vca
+E
Deduction of 34% on Vca + E
Expenses 100% deductible
17
Stock Grants vs. Stock Options
Example of impact assuming share price changes going forward
The nominal amount of payroll
taxes changes in line with the
share price variation (up or
down)
Scenario with stable price
Year¹
5
6
7
Vca ($)
1,000 1,000 1,000
Qa (#)
100
100
100
Va ($)
10
10
10
Pe ($)
10
10
10
Principal Expense 1,000 1,000 1,000
Payroll Taxes
603
603
603
Total Expense
1,603 1,603 1,603
Tax Deduction (+)
545
545
545
Income Impact (-) 1,000 1,014 1,029
8
1,000
100
10
10
1,000
603
1,603
545
1,043
9
1,000
100
10
10
1,000
603
1,603
545
1,058
An increase in the share
price will result in higher
payroll taxes...
Scenario with share price increase
Year¹
5
6
7
8
Vca ($)
1,000 1,000 1,000 1,000
Qa (#)
100
91
83
77
Va ($)
10
11
12
13
Pe ($)
11
12
13
14
Principal Expense 1,000 1,000 1,000 1,000
Payroll Taxes
663
707
733
741
Total Expense
1,663 1,707 1,733 1,741
Tax Deduction (+)
566
580
589
592
Income Impact (-) 1,098 1,127 1,144 1,149
9
1,000
71
14
15
1,000
729
1,729
588
1,141
... on the other hand, if the
share price decrease, it will
result in lower payroll taxes
Scenario with share price decrease
Year¹
5
6
7
8
Vca ($)
1,000 1,000 1,000 1,000
Qa (#)
100
111
125
143
Va ($)
10
9
8
7
Pe ($)
9
8
7
6
Principal Expense 1,000 1,000 1,000 1,000
Payroll Taxes
543
496
460
433
Total Expense
1,543 1,496 1,460 1,433
Tax Deduction (+)
525
509
496
487
Income Impact (-) 1,018
987
964
946
9
1,000
167
6
5
1,000
411
1,411
480
931
¹Company after a transition period with four open stock grant programs.
18
Stock Grants vs. Stock Options
Impacts on the income statement and balance sheet
Income Statement
Income Statement (Consolidated)
Total revenues
Revenue deductions
Net revenues
Expenses
Personnel
Balance Sheet
Assets
Current / Non-current
Cash and financial
investments
Liabilities and equity
Current
Payroll taxes provision
Long-term receivables
Non-current
Investments
Shareholders’ equity
Propriety and equipment
Capital reserve
Intangible assets
Treasure shares
Total assets
Total liabilities and
shareholders’ equity
Operating income
Equity in Income of Investees
Financial result
Earnings before taxes
Income tax and social contribution
Net income
Financial statements lines impacted by the stock grant plan.
19
Financial Statements
Summary of balance sheet (consolidated)
ASSETS
LIABILITIES AND SHAREHOLDERS´EQUITY
(in R$ millions)
Current assets
03/31/2015 12/31/2014
(in R$ millions)
Current liabilities
3,118.1
2,785.2
323.1
500.5
2,536.8
1,962.2
258.2
322.5
23,379.6
22,478.2
1,608.2
1,522.5
1,474.8
1,392.8
133.4
129.8
4,564.7
3,761.3
426.5
421.2
16,780.2
16,773.2
Others
Goodwill
16,064.3
16,064.3
Minority shareholdings
Total Assets
26,497.7
25,263.5 Liabilities and Shareholders´ eq.
Cash and cash equivalents
Financial investments
Others
Non-current assets
Long-term receivables
Financial investments
Others
Investments
Property and equipment
Intangible assets
03/31/2015 12/31/2014
2,215.3
1,891.8
1,454.7
1,321.9
760.6
569.9
Non-current liabilities
4,744.1
4,383.2
Foreign debt issues
1,957.1
1,619.1
2,588.6
2,584.5
198.4
179.6
19,538.3
18,988.4
2,540.2
2,540.2
14,270.1
15,220.4
2,718.7
1,218.9
9.2
8.9
26,497.7
25,263.5
Collateral for transactions
Others
Deferred Inc. Tax and Social
Contrib.
Others
Shareholders´ equity
Capital stock
Capital reserve
20
Financial Statements
Net income and adjusted expenses reconciliations
ADJUSTED NET INCOME RECONCILIATION (in R$ millions)
GAAP net income*
Stock Grant/Option (recurring)
Deferred tax liabilities (goodwill tax benefits)
Equity in income of investees (net of taxes on dividends)
Recoverable taxes paid overseas
Adjusted net income
1Q15
1Q14
279.5
12.1
137.5
(37.8)
391.3
256.3
6.9
138.6
(44.6)
18.2
375.4
Change
1Q15/1Q14
9.1%
76.7%
-0.8%
-15.3%
4.2%
4Q14
232.4
7.0
138.6
(34.7)
29.8
373.2
Change
1Q15/4Q14
20.2%
72.9%
-0,8%
9,1%
4.8%
*Attributable to BM&FBOVESPA shareholders.
ADJUSTED EXPENSES RECONCILIATION (in R$ millions)
Total Expenses
Depreciation
Stock grant/option plan
Tax on dividends from the CME Group
Provisions
BBM impact
Adjusted Expenses
1Q15
1Q14
221.4
(30.6)
(43.4)
(8.8)
138.6
184.7
(29.5)
(6.9)
(5.5)
(7.8)
1.4
136.5
Change
1Q15/1Q14
19.9%
3.6%
532.3%
14.1%
1.6%
4Q14
250.4
(32.1)
(7.0)
(32.8)
(4.4)
0.9
174.9
Change
1Q15/4Q14
-11.6%
-4.8%
518.7%
101.8%
-20.7%
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Financial Statements
Summary of income statement (consolidated)
SUMMARY OF INCOME STATEMENT (in R$ millions)
Change
Change
4Q14
1Q15/1Q14
1Q15/4Q14
1Q15
1Q14
Net revenues
520.4
488.6
6.5%
533.4
-2.4%
Expenses
(221.4)
(184.7)
19.9%
(250.4)
-11.6%
Operating income
299.0
303.8
-1.6%
283.1
5.6%
57.5%
62.2%
-473 bps
53.1%
439 bps
Equity in income of
investees
46.9
50.2
-6.5%
67.5
-30.5%
Financial result
61.6
47.8
28.9%
54.1
13.9%
Net income*
279.5
256.3
9.1%
232.4
20.2%
Adjusted net income
391.3
375.4
4.2%
373.2
4.8%
Adjusted EPS (in R$)
0.217
0.203
7.1%
0.204
6.4%
Adjusted expenses
(138.6)
(136.5)
1.6%
(174.9)
-20.7%
Operating margin
*Attributable to BM&FBOVESPA shareholders.
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Contact
Investor Relations Department
Phone: 55 11 2565-4729 / 4418 / 4207 / 4834 / 7938
[email protected]
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