3Q10 EARNINGS

November 9th, 2010

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

3Q10 vs. 3Q09 Highlights

3Q10 EARNINGS Net revenues (BRL millions)

Adjusted EPS of BRL0.194 compared with BRL0.169 in 3Q09; and GAAP EPS of BRL0.146 versus BRL0.123 Operating expenses grew 26.5% over 3Q09 and Adjusted Operating expenses grew 35.0% compared with 3Q09 Payout: BRL 235.9 million (80% payout ratio on GAAP net income)
383.0
27.1%

486.9

3Q09
VOLUMES

3Q10

Adjusted net income (BRL millions)

Bovespa segment: recovery in volumes after Petrobras offering and historical high in Oct10 (BRL7.77 billion) BM&F segment: despite the reduction in market uncertainty and volatility, volumes are still high (ADTV above 2 million contracts)

389.2 338.4
15.0%

OTHER HIGHLIGHTS AND DEVELOPMENTS

3Q09

3Q10

HFT volumes: these investors represented 4.4% of the derivatives volumes in 3Q10 and 6.4% in Oct10 (since Nov10, a new pricing policy is in place) Share buyback program: 26.4 million shares were already bought back Public offerings activity: more than BRL72 billion in public offerings in 2010 IFRS: adoption of standards and interpretations mandatory for 2010

EBITDA (BRL millions) / EBITDA margin (%)

69.1%

336.4
68.4%
28.4%

262.0
3Q09 3Q10

Growth in the Adjusted Net Income

3Q10 GAAP and adjusted net income reconciliation (BRL millions)

111.6 293.2
5.5

(21.1)

389.2

Gaap net income

Stock options

Deferred liability

Equity Accounting

Adjusted net income

In BRL thousands
Gaap net income Stock options Deferred liability Equity accounting* Adjusted net income

3Q10
293,208 5,489 111,647 (21,139) 389,205

3Q09
246,795 11,937 79,645 338,377

% Change 3Q10 / 3Q09 18.8%

2Q10
307,614 7,011 111,647 -

% Change 3Q10 / 2Q10 -4.7%

15.0%

426,272

-8.7%

CME Group equity accounting net of taxes

Revenues
Growth due to the market recovery
Bovespa segment revenues In BRL thousands 3Q10 541,609 232,890 3Q09 426,505 210.117 % Change 3Q10/ 3Q09 27.0% 10.8%

274.8
219.0
25.5%

Gross operating revenues BOVESPA Trd. / Sttmnt

BOVESPA Others*
BM&F Trd. / Sttmnt

41,922
186,802

8,902
132,017

370.9%
41.5%

3Q09
BM&F segment revenues

3Q10

Other operating revenues Depository and custody

Vendors

79,995 21,447
15,352 11,317 10,928 12,714 1,762 2,117 4,358 3Q10 2,428.1 1.167 5,905.8 6.162

75,469 17,235
16,082 11,491 9,562 8,866 3,535 2,194 6,504 3Q09 1,422.3 1.391 5,214.4 6.296

6.0% 24.4%
-4.5% -1.5% 14.3% 43.4% -50.2% -3.5% -33.0% % Change 3Q10/3Q09 70.7% -16.1% 13.3% -0.134bp 5

186.8 132.0
41.5%

Trading access (Brokers) Listing Securities lending Bolsa Brasileira de Mercadorias

3Q09
Other revenues

3Q10

Settlement Bank Other

80.0 75.5
6.0%

Operating performance BM&F ADTV (thousands) BM&F RPC (in BRL) BOVESPA ADTV (in BRL million) BOVESPA Margin (in bps)

3Q09

3Q10

* It includes the fee from the settlement of the Petrobras Offering

BOVESPA Segment
Strong market recovery in the last two months
Revenue share Average Daily Traded Value (ADTV)

13.3%
51%

Average market capitalization 18.0% higher than 3Q09 52.7% growth in the ADTV of local institutional investors Turnover velocity decreased to 59.2% in 3Q10 from 62.6% in 3Q09 (it was 71% in Oct10 )

Trading / Settlement margin

-0.13bp

Decrease to 6.16bps from 6.30bps, due mainly to the increase in the participation of local institutional investors in the overall volume, once this group of investors pay a lower fee in comparison with other investors

Recent recovery in the equity market ADTV (BRL billions) 31.7% 13.3% -11.6%

5.2

6.8

6.6

6.7

5.9

5.4

5.6

6.7

7.8

3Q09

4Q09

1Q10

2Q10

3Q10

Jul-10

Aug-10

Sep-10

Oct-10
6

BM&F Segment
Despite the reduction of uncertainty in the market, volumes are still high
Revenue share Average Daily Traded Volume ADTV

70.7%

Climb in interest rates in BRL volumes (119.8% growth) 4.0% increase of FX volume and 21.2% increase of index based contracts

Average Revenue per Contract - RPC

34%

Increase in the participation of interest rates in BRL contracts in the overall volume, to 68.4% from 53.1% Negative impact due to FX appreciation (FX, interest rates in USD and commodities contracts) The higher the volume, the lower the RPC (volume tier based pricing) Growth of HFT and DMA in the overall volume

-16.1%

Structural growth in the derivatives market (ADTV in millions of contracts)

Additional ADTV f rom outlier months - Mar'10, Apr'10 and Jul'10 (millions) ADTV excluding outlier months (millions) 2.4 1.7 1.6 1.5
0.3

3.1 3.1 1.4 1.3 1.9 1.7 1.6 1.5 1.4 1.4 1.5
1.7 1.4 1.6

1.9 2.2

2.5

2.9
2.1

2.4

2.0 2.1

2.1

Aug-09

Sep-09

Nov-09

Dec-09

Sep-10

* Updated until October 2010

2007

2008

2009

YTD*

Apr-09

Oct-09

Apr-10

Oct-10

Feb-09

Mar-09

Feb-10

Mar-10

Jul-09

May-09

May-10

Jan-09

Jun-09

Jan-10

Jun-10

Jul-10

Aug-10

Other Revenue Lines

Non-trading / clearing revenues grew 6.0% year-on-year
Revenue share Recovery in the market

15%

The recovery and growth of the market also impacted

positively on non-trading revenues, among which securities lending, depository / custody and listing services stand out

BRL thousands
Depository and custody

3Q10

21,447

24.4%

17.8% increase in the average number of custody accounts 25.9% growth in value under custody (excluding non-residents and ADR programs)

3Q09

17,235 15,352 16,082

10,928 9,562 12,714 8,866

-4.5%

Vendors

3Q10

New pricing policy implemented in Aug10 reduced the fees for DMA used by retail investors (Home Broker)
Negatively impacted from the BRL appreciation, since part of these revenues are denominated in USD Increase of listing analysis fees Growth in revenues from annual fees paid by listed companies (12 IPOs in the last twelve months and reduction in discounts) Activity growth of BTC services

3Q09

14.3%

Listing
Securities lending

3Q10

3Q09

3Q10

43.4%

3Q09

37.9% climb in the average value of the open interest, to BRL20.8 billion from BRL15.1 billion 8

Operating Expenses Breakdown

Expense breakdown In BRL thousands 3Q10 (167,561) (71,687) 3Q09 (132,502) (63,883) % Change 3Q10/ 3Q09 26.5% 12.2%

3Q10
10% 7%

Operating Expenses
15%

Personnel

Data processing
43%

(27,400)
(15,067) (12,293) (6,622) (15,772)

(24,233)
(11,546) (9,370) (6,219) (5,841)

13.1%
30.5% 31.2% 6.5% 170.0%

Deprec. and amortization Outsourced services

9% 16%

Communication Marketing

Personnel Dep. and Amort. Marketing

Data processing Third party serv. Other

Maintenance
Board compensation Other

(2,529)
(1,507) (14,684)

(2,750)
(1,184) (7,476)

-8.0%
27.3% 96.4%

3Q09
5%
7%

13%

In BRL thousands Operating expenses

48%

3Q10 (167,561) 15,067 5,489 2,003 (845) (145,846)

3Q09 (132,502) 11,546 11,937 957 (108,062)

% Change 3Q10/3Q09 26.5%

Depreciation Stock option plans Tax related to equity accounting Provision for doubtful accounts Adjusted operating expenses

9% 18%

35.0% 9

Operating Expenses
BRL thousands
Personnel

71.687
5,489

3Q10

66,198

12.2%

Annual bargain of 6% (Aug10) and 20.1% growth in the average headcount year-over-year (most of the new employees are allocated in IT and business development) Adjusted Personnel expenses (excluding stock option expenses) increased 27.4%

3Q09

51,946
Adj. Personnel

11,937 63,883 Stock Options

Data Processing

3Q10

27,400

Increase in data processing expenses related to:

13.1%

3Q09

24,233

The new back up data center (rent) Enhancement of capacity and improvement of performance in both segments

170.0%

Marketing

3Q10

15,772

Growth of marketing expenses reflects our strategy to increase the number of participants in our markets Launch of a mass media campaign focused on attracting new local retail investors and other educational programs

3Q09 5,841

Outsourced

3Q10

12,293

31.2%

The increase in expenses is due to payments to legal advisors, stemming from international partnership and other international initiatives

3Q09

9,370

10

2010 Opex and Capex Budget Reviews

Opex Review

Launch of a mass media campaign under the slogan Quer ser Scio? (Wanna be a partner?), which focuses on attracting new local retail investors Increase in personnel expenses, especially in IT and business development areas

Hiring brought forward to support IT initiatives undertaken by the company (development of new network structure and a new trading system) and to deal with other initiatives (market popularization programs, international partnership and products development) Also, due to the payment of variable compensation

Capex Review
Replacement from a single target to a range 2010 new Opex and Capex budgets Opex budget BRL millions
145,846 124,418
114,582
66,198 57,360

Adjusted Opex in 2010 (BRL thousands) Growth in personnel, IT and marketing

From BRL540 to BRL545 million

520
2010 old
27,400

540
2010e

54,718

21,266 5,328 33,270

1Q10

24,642

Capex budget BRL millions

From BRL250 to BRL272 million

9,870
32,546
2Q10

15,772 36,476
3Q10

272
2010 old

250
2010e

Others

Marketing

Data processing

Adjusted Personnel

11

Financial Highlights
Solid financial position with strong cash generation
Cash, cash equivalents and investments (BRL millions) Financial income

264

BRL77.4 million in 3Q10: 35.7% higher than 3Q09

1,911

Financial revenues: BRL100.6 million in 3Q10, 52.7% increase compared to 3Q09, mainly due to the increase of the average interest rate than 3Q09, mainly due to the financial cost of debt

3Q10

1,022

491

3,688

Financial expenses: BRL23.2 million in 3Q10, 162.4% higher

Capex

309

BRL44.1 million in 3Q10: BRL36.2 million in IT and BRL7.9 million in other areas. The main projects were capacity increase and the new trading platform
9M10: BRL138.1 million

2Q10
939 487 1,924

3,659

Buyback program

Market participants cash collateral and others* Restricted f unds
Subsidiaries**

From Aug10 to Nov10, 26.4 million shares were bought within the program (BRL362 million) The company can buy up to 31 million shares until Dec10

Earnings distribution (payout)

BRL235.9 million as dividends, representing 80% of the GAAP Net income in 3Q10 To be paid on November 25, 2010, based on the ownership prevailing as of November 11, 2010

Available f unds

*Includes market participants cash collateral, earnings and rights on securities in custody and dividends and interest on capital pending payment ** Includes third-party deposits (BRL175 million in 2Q10 and BRL142 million in 3Q10) and restricted funds (BRL10 million in both 2Q10 and 3Q10) from BM&F Settlement Bank.

12

Final Remarks
CONSISTENT REVENUE AND NET INCOME GROWTH

RECENT RECOVERY IN THE BOVESPA SEGMENT VOLUME ALL-TIME HIGH REACHED IN OCT10
IPOs AND FOs RESUMING (AFTER THE CONCLUSION OF THE PETROBRAS OFFERING) BM&F VOLUMES REMAIN HIGH, DESPITE THE REDUCTION IN MARKET VOLATILITY AND UNCERTAINTY OPEX BUDGET REVIEWED TO CAPTURE THE GROWTH OPPORTUNITIES RELATED TO THE POPULARIZATION PROGRAM FOCUS ON IT INFRASTRUCTURE, PERFORMANCE, CAPACITY AND COST CONTROLS

13

APPENDIX

14

ITExcellence Developments in IT Solutions and Post-Trading Services

Initiatives to support future growth

DMA models 2, 3 and 4 for Bovespa segment:

CVM has recently authorized the implementation of Direct Market Access models 2, 3 and 4 for the Bovespa segment: DMA via Provider, via Direct Connection and via Investor Co-location. These DMA models have been effective since September 1, 2010.

BVMF-CME joint development of multi-asset class trading platform:

Phase 1 of the project (derivatives and FX modules to replace the GTS system) will be implemented in the first quarter of 2011.

Throughput capacity:
We have been working consistently to boost the throughput capacity of our trading systems to 400 thousand daily trades in the BM&F segment (from the current 200 thousand) and to 3 million daily trades (from 1.5 million at present) in the Bovespa segment. Implementation in the BM&F segment was completed in the third quarter, and in the Bovespa segment it will completed before December 2010.
15

BM&F Segment: High Frequency Trading (HFT)

HFT is ever more important in the derivatives market HFT HFT (ADTV in thousands of contracts and mkt. share) (participation per group of contracts)
21 active participants in Sept10
10% 9% 8% 7% 6% 5% 4% 3% 2% 0% -1%
FX contracts Index-based contracts Mini contracts

500 450 400 350 300 250 200 150 100 50 -

62.5%

6.0% 4.8% 2.8% 1.0% 22 0.3% 7 18 5 41 20 4 0

FX

3.8%

93 50 155

4.4% 90 43 74

53 44 50

77 41 69

4.0% 4.5% 5.7% 85 87 98 40 45 43 92 73 58

6.4% 125

23.6% 7.5%

45 75

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Jul-10 Aug-10 Sep-10 Oct-10

Equities

Mini contracts

% in Overall Volume

Co-location
BM&F Segment (thousands of contracts)

BM&F Segment: 28 units (half-racks) Both Segments: 8 units (half-racks) In the pipeline: 40 units

Seven active investors

4.8% 203

3.3% 3.2% 2.6% 3.2% 4.1% 164 162 162 151 156 1.4% 84 25

12

15

13

17

20

* Updated until: October 29th, 2010

Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10

16

BOVESPA Segment: Operating highlights

ADTV (BRL millions) 3Q09 Cash market Options market Forward market Fixed income and others Total Number of trades (thousands) 3Q09 Cash market Options market Forward market Fixed income and others Total Trading margin (basis points) 279.9 53.0 1.4 0.0 334.4 4Q09 318.9 71.1 1.8 0.0 391.8 1Q10 326.7 77.8 1.9 0.0 406.4 2Q10 348.1 81.5 1.5 0.0 431.1 3Q10 338.5 76.8 1.4 0.0 416.7 Oct-10 412.1 97.4 1.5 0.0 511.0 % Change % Change 3Q10 / 3Q09 3Q10 / 2Q10 20.9% -2.8% 45.0% -5.7% -3.6% -6.4% 86.0% -7.6% 24.6% -3.3% 4,885.6 213.8 113.0 2.1 5,214.4 4Q09 6,377.1 327.9 134.8 1.5 6,841.3 1Q10 6,110.1 330.2 157.9 1.4 6,599.6 2Q10 6,166.3 378.4 134.9 3.0 6,682.6 3Q10 5,508.2 264.4 132.0 1.3 5,905.8 Oct-10 7,314.2 311.1 151.6 0.8 7,777.8 % Change % Change 3Q10 / 3Q09 3Q10 / 2Q10 12.7% -10.7% 23.7% -30.1% 16.8% -2.2% -39.1% -58.8% 13.3% -11.6%

3Q09
Cash market Options market Forward market Fixed income and others Total 5.79 14.27 13.00 11.29 6.30

4Q09
5.53 14.68 13.15 78.60 6.13

1Q10
5.75 14.50 13.00 15.15 6.36

2Q10
5.40 15.31 13.00 46.42 6.13

3Q10
5.61 14.02 13.00 74.74 6.16

% Change % Change 3Q10 / 3Q09 3Q10 / 2Q10 -3.2% 3.8% -1.7% -8.4% 0.0% 0.0% 561.9% 61.0% -2.1% 0.5%

17

BM&F Segment: Operating highlights

ADTV (thousands of contracts) % Change 3Q10 / 3Q09 119.8% 4.0% 21.2% 48.7% 47.5% 50.8% 59.7% 70.7% % Change 3Q10 / 2Q10 1.5% -20.2% -15.0% 13.3% 47.9% -3.8% 31.4% -3.8%

3Q09
Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total RPC (BRL) 3Q09 Interest Rates in BRL 1.068 755.6 463.0 69.6 64.4 10.1 50.7 8.8 1,422.3

4Q09
800.8 494.1 98.4 83.2 11.3 57.6 13.8 1,559.2

1Q10
1,605.8 589.8 85.2 77.9 11.5 68.2 15.3 2,453.6

2Q10
1,635.7 603.5 99.3 84.5 10.1 79.5 10.8 2,523.4

3Q10
1,661.0 481.3 84.4 95.8 15.0 76.5 14.1 2,428.1

Oct-10
1,266.6 539.8 103.7 95.8 17.9 100.0 14.0 2,137.7

4Q09 1.037

1Q10 0.838

2Q10 0.905

3Q10 0.951

Oct-10 1.016

% Change 3Q10 / 3Q09 -10.9%

% Change 3Q10 / 2Q10 5.1%

FX Rates
Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Total

2.031
1.559 1.178 2.440 0.175 1.485 1.391

1.927
1.577 1.017 2.345 0.150 1.508 1.333

1.929
1.527 1.218 1.878 0.134 1.526 1.126

1.838
1.515 1.163 2.106 0.129 1.772 1.145

1.989
1.499 1.076 2.181 0.125 1.687 1.167

1.926
1.758 1.103 2.544 0.118 1.318 1.258

-2.1%
-3.8% -8.6% -10.6% -28.5% 13.6% -16.1%

8.2%
-1.1% -7.5% 3.6% -3.4% -4.8% 1.9%

18

Operating Highlights: Participation in Total Volume

BM&F Segment (Investors Participation in Total Volume)
9%
19% 3% 8% 19% 24%

3%

8% 20% 26%

2%

6%
22% 25%

2%

4% 22% 29%

2%

4% 25%

2%

4% 22%

1%

4%
22%

2%

21%

27%

30%

31%

48%

46%

44%

44%

43%

43%

42%

40%

1Q09 Central Bank

2Q09 Companies

3Q09 Retail

4Q09 1Q10 2Q10 Foreign Investors Institutional Investors

3Q10 Oct-10 Financial Institutions

BOVESPA Segment (Investors Participation in Total Volume)

0%

0%
2% 6% 2%

0% 6%
35%

0%

0% 2% 9% 2%

0% 8% 29%

0%

6% 34%

2%

10% 32%

2%

7% 29%

2%

0%
9% 3%

37%

27%

33%

24%

25%

26%

27%

30%

35%

36%

32%

33%

30%

30%

29%

31%

26%

26%

23%

1Q09
Retail

2Q09 3Q09 Institutional Investors

4Q09 Foreign Investors

1Q10 2Q10 Financial Insitutions

3Q10 Companies

Oct-10 Others
19

Balance Sheet
In BRL thousands

ASSETS
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments

Jun'10
3,143,141 42,890 2,917,792 182,459 19,217,204 1,099,771 727,517 372,254 1,643,962

Dec09

LIABILITIES AND SHAREHOLDERS' EQUITY

Jun'10
1,422,836 984,766 438,070 1,698,725 1,027,188 616,448 55,089 15,905

Dec09
1,142,076 810,317

3,474,540 Current liabilities 50,779 Collateral for transactions

3,295,356 Others
128,405 Non-current liabilities 17,383,299 Financing 973,305 Deferred Inc. Tax and Social Contrib. 605,648 Others 367,657 Minority interest in subsidiaries 39,723 Shareholders' equity

331,759
352,872 2,495 300,930 49,447 16,356

Others Investments

19,238,784 19,362,891

Property and equipment

287,869

241,939 Capital Capital reserve

2,540,239

2,540,239

16,533,760 16,512,260 148,880 294,036

Intangible assets TOTAL ASSETS

16,185,602 22,360,345

16,128,332 Others 20,857,839

TOTAL LIAB. AND SHAREHOLDERS' 22,360,345 20,857,839 EQUITY

20