Investor relations

Monthly presentation

PUBLIC INFORMATION

PUBLIC INFORMATION
SAO PAULO, MAY 2017
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 B3 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 B3 performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of B3 services; (ii) volatility related to (a)
the Brazilian economy and securities markets and (b) the highly-competitive industries in which B3 operates; (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 B3 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 B3 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 B3
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.

PUBLIC INFORMATION
B3 Brasil, Bolsa, Balco
The infrastructure that develops the market

Diversified and vertically integrated model

Single infrastructure integrated to the

financial system

Broadly held corporation with solid

governance

R$40 billion in market capitalization

Revenue of R$4.0 billion in 2016

More than R$11.2 billion distributed to

shareholders in 9 years

As of March 30, 2017. 6th largest exchange by market value. Combined information. 3
PUBLIC INFORMATION
B3 Brasil, Bolsa, Balco
Agenda

Complete multi-asset and vertically integrated model: highly critical to users

Diversified revenue sources in high growth markets

Operational excellence, innovation and client focus: long term drivers of value

Solid financial profile and commitment to returning cash to shareholders

PUBLIC INFORMATION 4
Integration with market participants
One-stop-shop adding value in every step of the financial market value chain
The infrastructure offered by B3 integrates in several points with market participants systems, supporting a
significant number of their core activities

Listed Central
Central
(equities, derivatives Trading counterparty
depository
spot FX and others) and settlement
Financial
Institutions Central
OTC
Registration counterparty
derivatives
and settlement
Brokerage
houses
Central
Corporate Trading / Central
counterparty
bonds Registration depository
and settlement
Asset
managers
Banks funding
Registration Settlement Custody
instruments
Issuers of financial
securities Loans & liens
(vehicles and Registration Custody
real estate)

PUBLIC INFORMATION 5
B3 Brasil, Bolsa, Balco
Agenda

Complete multi-asset and vertically integrated model: highly critical to users

Diversified revenue sources in high growth markets

Operational excellence, innovation and client focus: long term drivers of value

Solid financial profile and commitment to returning cash to shareholders

PUBLIC INFORMATION 6
Diversified revenue sources
Diversified business lines with different revenue drivers
Companys revenue breakdown
Main drivers
(Combined information; B3)

Interest rate and FX volatility

BM&F Risk appetite and sophistication of investors

Credit outstanding
(derivatives)
Cross-border transactions (funding and export/import)

Outlook for the economy and companies

BOVESPA Volatility
Interest rate level
(equities)
Risk appetite and sophistication of investors

Credit outstanding and risk appetite

R$4.0 bi UTVM
(OTC derivatives
Volatility and risk aversion
Interest rates (trade-off: new volume registered vs. growth of growth of volume
2016 and banking instr.) outstanding)

Fees for packages of services, maintenance or registration/custody volume (market

data, listing and depository)
Other Risk appetite of investors (securities lending)

Vehicle sales and financing penetration

UFIN Outstanding volume of real estate credit
(financing) Electronification of processes

PUBLIC INFORMATION 7
BM&F segment (listed derivatives)
Exposure to volatility and FX rate
Volume and price drivers Revenue breakdown
Average daily volume (ADV) ADV (millions) Revenue (R$ millions)

Interest rate and FX volatility

Risk appetite and sophistication of investors
Credit outstanding
Cross-border transactions (funding and export/import)
RPC (R$)
=
Revenue per contract (RPC) *
Each group of contract has a RPC (revenue per contract)
set in R$ or US$ (mix effect)
RPC differs by maturity (interest rate contracts)
Discounts for day trades, HFTs and options on futures
Discounts by volume tiers for all clients
Growth drivers
Credit to GDP (% of GDP; Source: Central Bank of Government debt composition (%; Source: Brazilian
Brazil) Treasury)
Regulatory framework
Post-trade
Identification of the final beneficial owner
OTC derivatives
Must be registered. May be with or without a central
counter-party (CCP)

PUBLIC INFORMATION 8
BOVESPA segment (equities)
Pro-cyclical model of revenues
Volume and price drivers Revenue breakdown
Average daily trading value (ADTV) Market Cap (R$ trillions) and Turnover Velocity (%) Revenue (R$ millions)

Outlook for the economy and companies

Volatility
Interest rate level
Risk appetite and sophistication of investors
ADTV (R$ billion); Margin (bps) =
Margin
Basis points on the financial volume traded
Different fees for cash equities and equity derivatives
(options and forwards)
Discount for day trades and local institutional investors;
and for the whole market when ADTV exceeds R$9
billion Growth drivers
Market Cap to GDP (%) and # Companies (Source: Investment Funds (R$ millions; % of total; Source: ANBIMA)
World Bank)

Regulatory framework
Trading
Market formally open for fragmentation since 2007, but
Pension Funds (R$ million; % of total; Source: ABRAPP)
dark pools, MTFs and internalization are prohibited
(competition is possible only between exchanges)
Post-trading
Identification of the final beneficial owner

Updated to Jan/17, Updated to Nov/16.

PUBLIC INFORMATION 9
UTVM (fixed income securities and OTC derivatives)
High predictability and resilience
Volume and price drivers Revenue breakdown
Registration: volume (R$ trillion) Utilization: avg # of clients (thousand) Revenue
Volumes and average price (bps) and avg price LTM (R$ thousand) (R$ million)
Credit outstanding and risk appetite
Volatility and risk aversion
Interest rates (trade-off: new volume registered vs.
growth of volume outstanding)
Pricing
Custody: volume (R$ trillion) and Transaction: # of transactions
Basis points on the financial volume registered and/or average price (bps/month) (millions) and avg price (R$)
under custody
Monthly systems utilization fee
Transaction fees (vary according to volume, settlement
type and time of the transaction)
Price differentiation by type of instrument
Growth drivers
Bank Funding (%; Source: Central Bank of Brazil) Credit expansion total growth (R$ billions; Source:
Central Bank of Brazil)

Regulatory framework Others

On-lending
Securities and OTC derivatives
Mandatory registration and custody in central depositary
Open market
Funding instruments issued by banks
Mandatory registration in a central registration system Time dep (local)

Savings deposit

Updated to Mar/17, It does not consider discounts and returns awarded to clients.
PUBLIC INFORMATION 10
UFIN (Vehicle and real estate financing)
Tied to the economic cycle
Volume and price drivers Revenue breakdown
Volume Financing of Vehicles (millions; Source: Cetip) Total Revenue (R$ millions)
Vehicle sales and financing penetration
Outstanding volume of real estate credit
Electronification of processes
Pricing
Fees in R$ for inclusion of liens in SNG (National Liens
Database)
Fees for financing contract registered
Fees per search conducted in the system or per report
requested (market data)

Growth drivers
Monthly default (%; Source: Central Bank of Brazil) Selic interest rate (%;Source: Central Bank of Brazil; FOCUS)

Regulatory framework
Loans (vehicles and real estate)
Mandatory registration of auto loans, as determined by
Central Bank rules
Similar regulations for real estate loans are scheduled to
come into effect in Oct/17.

Updated to Mar/17, FOCUS report (market survey) of Mar/17. It does not consider discounts and returns awarded to clients.
PUBLIC INFORMATION 11
Other revenues
Diversified and recurring revenues

Depository
Fixed monthly fee per investor / account
Basis points on the market value deposited (larger accounts)
Tesouro Direto (basis points on the value under custody)

Securities
Basis points on the financial value of open positions

lending
Market activity level
Investors risk appetite

Monthly fee per user (client)

Market
Data
Clients profile and services used
FX rate (R$/US$)

Listing
Annual listing fee charged from listed companies and other issuers
Size of companies (capital stock)

Other
BM&FBOVESPA Settlement Bank (back-office services)
Market participant access (services packages)

PUBLIC INFORMATION Fees adjusted annually by inflation. 12

B3 Brasil, Bolsa, Balco
Agenda

Complete multi-asset and vertically integrated model: highly critical to users

Diversified revenue sources in high growth markets

Operational excellence, innovation and client focus: long term drivers of value

Solid financial profile and commitment to returning cash to shareholders

PUBLIC INFORMATION 13
Infrastructure for listed products (equities and derivatives)
Assuring the smooth functioning of the markets

R$1.6 billion invested in the last 5 Resilience of trading and post-trading

years
Operational excellence and high-
quality services are important
competitive advantages
infrastructure for listed products
(sophistication and volume growth)
PUMA Trading System
(millions of messages/day) Total messages 2016 = 5.5x total of 2010

Combined investment
(R$ millions; Combined information)

BM&FBOVESPA Clearinghouse
(millions of trades/day) Total trades 2016 = 7.3x total of 2010

PUBLIC INFORMATION 14
Development of Products and Markets
Expansion of the portfolio of products available to the market

Listed products OTC and loans/liens markets

Inflation-linked futures (DAP) Central depository

Migration from the central registration to the central
Product promotion and attracting new clients depository regime, increasing financial market
robustness, control and transparency
Acceptance of collateral abroad*
BM&F Allows the deposit of collateral abroad for financial Cetip Trader & Middle
derivatives UTVM Increase in the number of users (control, automation,
standardization and risk reduction)
Market maker
Expansion of market maker programs Big Data
Storage of a structured data base from processed
transactions
Securities lending
Attracting clients, and increased transparency in
the platform
Vehicles
Contracts System - expansion to other states (gain on
Market maker market share)
Expansion of market maker programs Electronic Report of evaluation customization and
new features
Novo Mercado and Level 2
BOVESPA Improvements to the listing rules UFIN
Real estate
CORE (new risk model) in the equities market Real Estate Platform process automation in
Greater capital efficiency provided by the new risk registration of financed real estate
management system Electronic Registration management platform for
real estate appraisal processes
BCB Res. 4.088 regulates the provision of
ETFs information on real estate financing contracts
Launch of new equities and fixed income ETFs

PUBLIC INFORMATION * Subject to regulatory approval. 15

B3 Brasil, Bolsa, Balco
Agenda

Complete multi-asset and vertically integrated model: highly critical to users

Diversified revenue sources in high growth markets

Operational excellence, innovation and client focus: long term drivers of value

Solid financial profile and commitment to returning cash to shareholders

PUBLIC INFORMATION 16
Financial robustness
Summary of income statement

Net revenues Adj. expenses Adj. Operating inc. Adj. EBITDA Net income
(R$ million; % of change) (R$ million; % of change) (R$ million; % of change) (R$ million; % of change) (R$ million; % of change)

+18.7%

+40.0%
+20.1%
+21.7%

+23.0%

Revenue growth, Expenses growth in Operational Strong cash Return of major

despite macro crisis line with inflation leverage generation part of earnings
in Brazil (Average per annum: 7%) to shareholders

Combined managerial information. Expenses adjusted to: depreciation and amortization; (ii) stock grant plan expenses principal and payroll taxes and stock option plan; (iii) expenses
PUBLIC INFORMATION connected to the business combination with Cetip; and (iv) provisions. Adjusted by: (i) stock grant plan expenses; (ii) expenses connected to the business combination with Cetip; and (iii) 17
non-recurring provision expenses.
Focus on expense control
Historical adjusted expenses 2016 adjusted expenses breakdown
(Combined information; R$ millions) (Combined information)
CAGR 12-16
Total 7.1%
IPCA 7.3%

Cetip 12.1%

BVMF 4.8 %

PUBLIC INFORMATION Expenses adjusted to: Expenses adjusted to: depreciation and amortization; (ii) stock grant plan expenses principal and payroll taxes and stock option plan; (iii) expenses connected to 18
the business combination with Cetip; and (iv) provisions. IPCA accumulated between 2012 and 2016 (Source: IBGE).
Temporary financial leverage as a consequence of the business
combination of the Companies
Solid balance sheet and strong cash generation allow company to seek financial deleverage while
maintaining distributions to shareholders

Debt amortization
Free cash
calendar
~R$3.1 billion (R$ millions)

Expected IoC and

+ dividends
payment to
shareholders
Adjust. EBITDA in 2016
R$2.6 billion

PUBLIC INFORMATION 2016 combined short- and long-term cash and financial investments excluding: (i) cash position to fund the combination with Cetip; (ii) third-party cash; and (iii) minimum 19
operational cash. Combined information. EBITDA adjusted by: (i) stock grant plan expenses; (ii) expenses connected to the business combination with Cetip; and (iii) non-
recurring provision expenses. Subject to performance of the business and BoD approvals in each quarter.
 Appendix

PUBLIC
PUBLIC INFORMATION
INFORMATION 20
B3 Brasil, Bolsa, Balco
The infrastructure that develops the market

1890 2007 2008 2012 Mar/17

Founding of Bolsa Demutualization and Demutualization and Cetip shares join Merger approval and
Livre (BOVESPA's IPOs of BOVESPA IPO of Cetip IBOVESPA and IBrX-50 creation of B3
predecessor) Hld and BM&F

1986 2008 2010 May/16

Start of BM&F BM&F and BOVESPA Acquisition of GRV Agreement between
activities Hld merger creation by Cetip BM&FBOVESPA and
of BM&FBOVESPA Cetip (shareholders
approval)

B3 ALL THE POWER OF THE MARKET

PUBLIC INFORMATION 21
Management & Board of Directors
Board of Directors
Board of Directors
Integration committee
Audit committee
Corporate governance and nomination committee
Product & pricing committee
Compensation committee
Risk and financial committee
Securities intermediation industry committee
Issuer regulation committee
IT committee
PUBLIC INFORMATION
Current BD composition
Pedro Pullen Parente (Chairman)
CEO of Petrobras and partner of Prada Investimentos
Antnio Quintella (Vice-Chairman)
Former CEO of CS Brasil and Americas; Portfolio Manager
Edgar da Silva Ramos
Partner of brokerage houses and former Chairman of Cetip
Florian Bartunek
Partner and CIO at Constellation Asset Management
Guilherme Affonso Ferreira
Founder and Partner of Teorema
Jos Lucas Ferreira de Melo
Former VP of Unibanco, Former auditor of PWC, Former Director of Cetip
Larcio Jos de Lucena Cosentino
Founder and CEO of TOTVS
Luiz Antonio de Sampaio Campos
Former Director of CVM; Lawyer
Luiz Fernando Figueiredo
Former Governor of the Central Bank; Portfolio Manager
Luiz Nelson Guedes de Carvalho
Former Central Bank and S. Commission Officer; Member of IIRC and CPC/IASB; Professor of
Accounting; Chairman of Petrobras
Denise Pauli Pavarina
Bradesco Executive Independent members
Eduardo Mazzilli de Vassimon
Director of Ita and CRO of Ita Holding
Jos Roberto Machado Filho Linked to
Executive Officer of Banco Bandepe (Santander) and Former Director of Cetip
market participant
Jos Berenguer Neto
CEO of JP Morgan Brazil
22
Management & Board of Directors
Executive Board

Chief Executive Officer

GILSON FINKELSZTAIN

Chief Operating Officer Chief Financial Officer Chief Product and Chief Financing Unit Chief Information
Client Officer Officer Officer

CCERO DANIEL JUCA ROBERTO RODRIGO

VIEIRA SONDER ANDRADE DAGNONI NARDONI

PUBLIC INFORMATION 23
Corporate governance and ownership structure
Broadly-held corporation with solid corporate governance structure

Sound corporate governance practices

Listed at Novo Mercado (voting shares only and other
shareholders rights, transparency, etc.)
10%
Board of Directors:
7%
Majority independent, including the chairman (regulatory
4% 1%
requirement)
Other Board members are linked to market participants (are not
connected to controlling group or management)
Board of Directors and its Committees have clearly-defined activities
Management compensation aligned with Companys 78%
performance and strategic objectives, as well as with
shareholders long-term interests
Solid risk management and internal control structures and
policies Capital World Investors Oppenheimer funds
Blackrock funds Treasury stock
Others

PUBLIC INFORMATION 24
Debt profile

Cetip Cetip BVMF Cetip Lux 1 Cetip Lux 2 BVMF BVMF

Loan Debentures Loan Loan Loan Debentures Notes

Value USD 100 m R$500 m USD 125 m USD 100 m USD 50 m R$3 bi USD612 m

Issuance Jan/15 Sep/14 Dec/16 Aug/14 Sep/16 Dec/16 Jul/10

Amortization - - Monthly 50% Aug/17 - 50% Dec/18 -

Maturity date Jan/17 Sep/17 Dec/17 Aug/18 Sep/19 Dec/19 Jul/20

Interest rates 1.85% 106.65% CDI 3.02% 2.94% 4.71% 104.25% CDI 6.47%

Interest
Jan and Jul Mar and Sep Monthly Quarterly Mar and Sep Jun and Dec Jan and Jul
payments

PUBLIC INFORMATION Effective rate after tax for loans in foreign currency. 25
 B3 - Business combination between BM&FBOVESPA and Cetip
Commitments undertaken with the regulators
Commitments undertaken with CADE
To provide clearing and settlement services ("CCP Services") and depository services (CSD Services) to other Financial Market Infrastructure
(FMI) for transactions in the cash equity market
To ensure that all participants of the central depository receive equitable treatment, agreeing to provide details about the increase of any
operating or transactional costs associated to the mechanics of provision of CSD services
To ensure the preservation and improvement of the governance mechanisms applicable to the prices of products and services
To increase in the scope of the Price Guidelines set forth in the Bylaws to contemplate any other products or services, as determined by the
Products and Pricing Committee (Committee) and increase in the attributions of the Committee
To guarantee that the Committee's composition will allow the representation of clients of different segments, classified as large, medium and
small clients
To agree to engage in a negotiation period of up to 120 days with any FMI interested in contracting the provision of CSD Services, provided that
in case the negotiations do not succeed, the interested party will have the right to trigger an arbitration mechanism
Commitments undertaken with CVM
Commitment to hold a public hearing concerning the access rules and commercial policy related to CCP services and CSD services, with the
purpose of collecting opinions from the interested parties with respect to such rules, which will be later submitted to approval by CVM and
Brazilian Central Bank
Commitment to deliver to CVM income statements of their business units ("Managerial Income Statements") related to the following activities:
trading ("Trading Unit"), clearing and settlement ("CCP Unit") and central depository ("CSD Unit) with respect to the cash equity market
Commitment to implement a rebalancing of prices related to the Trading, CCP and CSD services, concerning services and activities related to the
cash equity market, in alignment with the structure of costs and revenues associated with the Business Units, as verified on the Managerial
Income Statements related to the fiscal year ended on December 31, 2016
Commitment to implement the relevant measures so that BM&FBOVESPA Market Supervision (BSM) is able to provide self-regulation services
to the new FMI
PUBLIC INFORMATION 26
 B3 - Business combination between BM&FBOVESPA and Cetip (cont.)
Commitments undertaken with the regulators

Commitments undertaken with CVM (Rebalancing)

Fees (bps) Current fees (before the rebalancing) Fees (bps) Fees after the Rebalancing

Institutional Investors Other Investors Institutional Investors Other Investors

Trading 0.50 0.50 Trading 0.60 0.60

CCP 1.48 2.06

Post-trading (CCP
2.00 2.75
and CSD) CSD 0.42 0.59

Total 2.50 3.25 Total 2.50 3.25

The Rebalancing proposal described above is subject to adjustments depending on the results of the public hearing procedure. Furthermore, the
Rebalancing should not be implemented if the arbitration mechanism described is triggered, in which case a price will be set for the transferring
of securities within the CSD as a result of transactions cleared and settled by other FMI, subject to the regulatory agencies

PUBLIC INFORMATION 27
1Q17 Earnings Presentation

May 15, 2017

PUBLIC INFORMATION

PUBLIC INFORMATION
1Q17 Highlights
Revenue growth driven by equities and liens& loans; bottom line impacted by non-recurring items related
to the combination

Net revenue: R$940.9 million, +7.6%

Financials
highlights Adjusted expenses: R$252.2 million, +8.5%
(1Q17 x 1Q16) Net income: R$209.0 million, -56.0%
(combined non-
audited income Net income (excluding non-recurring items): R$523.6 million, +9.6%
statement) Payout: interest on capital of R$140.3 million, 50% of IFRS net income

Adjusted Opex: between R$1,050 million and R$1,100 million

2017 operating
Depreciation and Amortization: between R$790 million and R$840 million (include intangibles amortization)
budgets
Capex: between R$ 250 million and R$280 million

Leadership of Board of Directors: increased to 14 members for a two year period (3 new members appointed by the Board of Cetip)
the Company Management: Executive Board composed of 6 members with Gilson Finkelsztain as the new CEO

Business Integration process already started and most of the projects should be concluded within the next 18 months
integration Integration project macro objectives: one company, pleased clients and motivated teams

In order to give a better understanding of the combined Company's performance in 1Q17, the combined income statement takes into account the revenues, expenses and other income statement lines of BM&FBOVESPA
PUBLIC INFORMATION and Cetip for the entire quarter, eliminating revenues and expenses of transactions carried out between these two companies. Adjusted to (i) depreciation and amortization; (ii) stock grant plan costs principal and payroll 29
taxes and stock option plan; (iii) transaction cost and business integration with Cetip; and (iv) provisions. Does not include Capex related to the business combination with Cetip.
Non-recurring items
Non-recurring items that impacted IFRS net income

1Q17x1Q16 (in R$ millions)

(Combined information; B3)

Line impacted in the income 1Q17

statement Before tax After tax
Expenses related to the combination with Cetip 341.2 226.0
Impairment Impairment 65.5 43.2

Asset write-offs and fines related to the cancelation of contracts Exp. related to the combination with Cetip 35.3 23.3

Third-party services and others Exp. related to the combination with Cetip 99.8 66.6

Impacts from long-term incentive plans Exp. related to the combination with Cetip 140.6 92.8

Extraordinary provisions Other expenses 134.3 88.6

Total 475.5 314.6

PUBLIC INFORMATION 30
 Revenue Breakdown 1Q17
Revenue growth in most of the segments
REVENUE (in R$ millions / % growth YoY)
(Combined information; B3)

R$1.0bi in
1Q17

+6.7%

PUBLIC INFORMATION 31
 BM&F segment
Lower RPC led to revenues decrease
REVENUE (in R$ millions) ADV (in thousand of contracts)
-9.8% CONTRACTS 1Q16 1Q17 YoY
Interest rates in BRL 1,455.6 1,644.1 12.9%
FX rates 435.5 400.2 -8.1%
Stock indices 105.6 79.8 -24.4%
Interest rates in USD 271.6 249.9 -8.0%
Commodities 6.6 8.2 24.7%
TOTAL (Ex-Mini contracts) 2,275.0 2,382.3 4.7%
Mini contracts 799.3 1,307.8 63.6%
TOTAL 3,074.3 3,690.1 20.0%

REVENUE PER CONTRACT (in R$)

CONTRACTS 1Q16 1Q17 YoY

Interest rates in BRL 1.140 1.026 -10.0%

FX rates 4.415 3.403 -22.9%
1Q17 HIGHLIGHTS Stock indices 1.847 1.690 -8.5%
Interest rates in USD 2.156 1.441 -33.2%
Adoption of cash flow hedge accounting for part of the
Commodities 2.396 1.908 -20.4%
USD-denominated revenues for this segment TOTAL (Ex-Mini contracts) 1.925 1.495 -22.4%
Revenues for this segment would have fallen by 11.7% 0.270 0.223
Mini contracts 0.270 0.223 -17.4%
YoY, excluding the hedge effect
TOTAL 1.495 1.044 -30.1%

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$5.0 million in 1Q17. Most of the fees charged
PUBLIC INFORMATION on FX rate, Interest rates in USD and Commodities contracts are referred in USD. The average BRL/USD exchange rate appreciated 25.7% from 1Q16 to 1Q17. However, with the adoption of the cash flow hedge in 32
Feb7 and Mar17, by designating a foreign currency loan to cover the effects of currency variations on part of the revenues generated by these contracts, revenues in 1Q17 were recognized using an exchange rate of
R$3.37.
 BOVESPA segment (equities)
Higher ADTV drove revenue increase
REVENUE (in R$ millions) ADTV (in R$ billions) AND MARGIN (in bps)
21.2%

MARKET CAPITALIZATION (in R$ trillions) AND

TURNOVER VELOCITY (%)

1Q17 HIGHLIGHTS
Trading and post-trading margins of 5.342 bps,
1.5%YoY increase (from 5.264 bps in 1Q16)
Lower participation of day trades (fees are significantly
lower than average)

Revenue does not consider the revenue line others of Bovespa Segment, as reported in the financial statements note 20, which totaled R$6.0 million in the 1Q17.
PUBLIC INFORMATION 33
 Cetip UTVM Segment (securities)
Increase in number of transactions was the main driver for growth
MAINTENANCE/CUSTODY MONTHLY AVG VOLUME
REVENUE (in R$ millions) (in R$ trillions)
+4.6%

UTILIZATION - AVG NUMBER OF CLIENTS (thousand)

AVG PRICE (R$)

1Q17 HIGHLIGHTS TRANSACTION - VOLUME (milllions) AVG PRICE (R$)

Transactions: 11.9% YoY growth in revenues due to a
higher number of transactions (+17.9%)

PUBLIC INFORMATION 34
 Cetip UFIN Segment (liens & loans registration)
Increase in the number of vehicles financed drove revenues up
REVENUE (in R$ millions) NUMBER OF VEHICLE SOLD (thousand)
+15.8%

NUMBER OF VEHICLE FINANCED (thousand)

1Q17 HIGHLIGHTS
Financing Unit: 7.2% YoY increase in number of MARKET SHARE - CONTRACT SYSTEM
vehicles financed (growth in the number of vehicles sold
and higher penetration of credit)
Contract System: 10.3% YoY growth in contracts
additions

PUBLIC INFORMATION 35
 Adjusted Expenses
Continued focus on expense management
ADJUSTED EXPENSES (in R$ millions)
(Combined information; B3)

Others
Adjusted personnel (+4.4%)
(+11.7%): mainly
explained by salary
adjustment (annual
collective bargaining
agreement) which
came into effect in
Aug16

+8.5%

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
PUBLIC INFORMATION business combination with Cetip; and (iv) provisions. Excluding the impact of stock grant/option expenses. Include expenses with communication, maintenance, taxes, 36
board and committee members compensation and other.
Financial Highlights
Higher cash position reported for March 30, 2017 related to the cash payment to Cetips shareholders
made in Apr17
CASH AND FINANCIAL INVESTMENTS (in R$ millions)
(Combined information; B3)

BM&FBOVESPAs cash position totaled R$13.4 bn in 1Q17

1Q17
R$2.5 - R$3.0 billion to run the business
15,658
R$1.0 billion in clearinghouses required safeguards
4Q16 The remaining amount adds to the liquidity that supports the
14,656 activity of the central counter-party and general corporate needs
R$10.0 billion in short-term obligations
3Q16 R$8.4 billion for the combination with Cetip paid on Apr 28, 2017
10,717
R$511.0 million of FX Swap paid in Apr 3, 2017 (principal-only
hedge for the 2020 Notes)
2Q16 R$1,140 million in debt obligations (principal and interest to be
10,463
paid through 2017)
Cash position adjusted for combination and Swap payments would
1Q16 have been R$4.5 billion
5,660

Third-party Total Restricted and unrestricted Third-party cash

Not considered as B3s cash
The Company earns interest on most of this cash balance

Includes earnings and rights on securities in custody. Includes B3 Bank clients deposits. Does not include investments in Bolsa Mexicana de Valores, Bolsa de Comercio de Santiago, Bolsa de Valores de Colombia
PUBLIC INFORMATION and Bolsa de Valores de Lima amounting R$265.7 million at 1Q17, booked as financial investments. See note 4 to the financial statements. 37
Financial Highlights (cont.)
Stable financial result
FINANCIAL RESULT (in R$ millions)
(Combined information; B3)

Increase in average cash position

Income

R$8.4 billion retained for the payment

of the cash portion of the combination
+80.6% with Cetip, which was made on April
28th, 2017.

+326.3%

The increase is mainly explained by:

Expense

R$96.2 million in interest accrual on

the debentures issued in Dec16;
R$78.9 million in principal-only
hedging cost of the 2020 Notes (79.1%
of CDI) and certain coupons

The Company set a cash flow hedge, designating the 1-year foreign currency loan taken in Dec16 to cover the effects of currency variations on part of the revenues denominated in USD for
PUBLIC INFORMATION BM&F segment, therefore reducing the impact of exchange rate variations on revenues for this segment and, at the same time, on the Companys financial results. 38
Balance Sheet Highlights
Impacts related to the business combination with Cetip

Purchase Price Allocation PPA

Intangibles
Intangible Approximately R$5.0 billion
assets and Amortization period: approximately 7 years
goodwill Goodwill
(preliminary)
R$7.9 billion, of which a estimated R$7.0 billion is tax deductible
Amortization period (fiscal purpose): 5 years

Impairment of
Impairment of R$65.5 million related to the iBalco platform (impacted B3s 1Q17 income statement)
Assets

Provisions for R$134.3 million update in the classification of the probability of losses on legal disputes (impacted Cetips 1Q17 income
legal disputes statement)

Cetips cash R$8.4 billion in current liabilities related to the cash portion of the business combination between BM&FBOVESPA and
payment Cetip, paid on April 28, 2017 (it is also in the financial investment line under current assets)

Preliminary numbers, as per CPC 15 the PPA can be reviewed in a 12 months period.
PUBLIC INFORMATION 39
 New Guidances for B3
2017 adjusted Opex and Capex
ADJUSTED OPEX (in R$ millions)
(Combined information; B3)

2017 budget: range of R$1,050 million and R$1,100

million
YoY growth: 4.9%
CAGR 2013 2017e: 6.6%
Depreciation and Amortization
Depreciation and amortization budget should range between R$790 million and R$840 million, including depreciation and
amortization of intangibles

CAPEX (in R$ millions)

(Combined information; B3)

2017 budget: range of R$250 million and R$280 million

Phase 2 (equity) of new Integrated Clearinghouse
Update of PUMA Trading System infrastructure

1 Expenses adjusted to the Companys (i) depreciation and amortization; (ii) costs from stock grant plan principal and payroll taxes and stock option; (iii) expenses related to business combination with Cetip; and (iv)
PUBLIC INFORMATION provisions. Considers accounting eliminations for the combined Company Considering the mid-point of the budget for 2017. Does not include Capex related to the business combination with Cetip. 40
 New Guidances for B3 (cont.)
Budget of business combination-related expenses and investments

Estimates on expenses and other impacts arising from the completion of the business combination with Cetip (R$ millions)
2016 1Q17a 2017e 2018e Total
Contractual commitments and other accounting impacts - 237.3 237.3 - 237.3
Cetips LT compensation program (cancelation of stock options and payroll taxes) - 136.5 136.5 - 136.5
Impairment / write-offs/ provision for contractual fines - 100.8 100.8 - 100.8
Retention / severance programs approved in the AGM of 04/28/17 - 4.1 ~85.0 ~20.0 100.0 110.0
Advisors, consultants and brand 70.3 63.5 ~100.0 - 165.0 170.0
Total 70.3 304.9 ~420.0 ~20.0 505.0 515.0
Includes payroll charges on the amount approved at the Annual General Meeting. In addition to the amount described above, approximately R$44 million will be accrued between
2019 and 2021, according to the vesting periods of the stock grant program. The portion referring to payroll taxes on the stocks that will be transferred in future periods can vary
significantly, since it will be calculated based on the stock price on the day of the transfer.

Estimates on expenses and Capex necessary to capture synergies (R$ millions)

2016 1Q17a 2017e 2018e Total
Severance and services providers expenses 8.5 36.3 ~150.0 ~25.0 175.0 190.0
Capex (projects and integration) - 0.3 ~25.0 ~25.0 45.0 55.0

Expenses synergies will be gradually captured through a three-year period and are estimated to reach R$100 million/year on a
recurring basis at the end of this period

PUBLIC INFORMATION 41
Other revenues
Solid Performance of securities lending and Tesouro Direto platforms
1Q17 REVENUE BREAKDOWN (in R$ millions / % of the total)
(Combined information; B3)

Other lines of business 1Q17 YoY

Depository 50.9 39.5%

Securities lending 27.0 16.6%

Market data (vendors) 25.9 -5.1%

14.1% Listing 14.5 6.8%

Bank - financial intermediation and bank fees 10.2 9.7%

Market participant access 8.3 -14.8%

Other 5.1 29.4%

Total 141.9 14.9%

Revenue as reported in the financial statements note 20 of the Financial Statements.

PUBLIC INFORMATION 42
 B3 - Business combination between BM&FBOVESPA and Cetip
Commitments undertaken before the regulators
Commitments undertaken before CADE
Provision of clearing and settlement services ("CCP Services") and depository services (CSD Services) to other Financial Market Infrastructure (FMI) for
transactions in the cash equity market
Ensure that all participants of the central depository receive equitable treatment, agreeing to provide details about the increase of any operating or
transactional costs associated to the mechanics of provision of CSD services
Ensure the preservation and improvement of the governance mechanisms applicable to the prices of products and services
Increase in the scope of the Price Guidelines set forth in the Bylaws to contemplate any other products or services, as determined by the Products and
Pricing Committee (Committee); and increase in the attributions of the Committee
A commitment that the Committee's composition will allow the representation of clients of different segments, classified as large, medium and small
clients
Agreed to engage in a negotiation period of up to 120 days with any FMI interested in contracting the provision of CSD Services, provided that in case the
negotiations do not succeed, the interested party will have the right to trigger a arbitration mechanism
Commitments undertaken before CVM
Commitment to hold a public hearing concerning the access rules and commercial policy related to CCP services and CSD services, with the purpose of
collecting opinions from the interested parties with respect to such rules, which will be later submitted to approval by CVM and Brazilian Central Bank
Commitment to deliver to CVM income statements of their business units ("Managerial Income Statements") related to the following activities: trading
("Trading Unit"), clearing and settlement ("CCP Unit") and central depository ("CSD Unit) with respect to the cash equity market
Commitment to implement a rebalancing of prices related to the Trading, CCP and CSD services, concerning services and activities related to the cash equity
market, in alignment with the structure of costs and revenues associated with the Business Units, as verified on the Managerial Income Statements related to
the fiscal year ended on December 31st, 2016
Commitment to implement the relevant measures so that BM&FBOVESPA Superviso de Mercado (BSM) is able to provide self-regulation services to the
new FMI

PUBLIC INFORMATION
Debt profile

Cetip Cetip BVMF Cetip Lux 1 Cetip Lux 2 BVMF BVMF

Loan Debentures Loan Loan Loan Debentures Notes

Value USD 100 m R$500 m USD 125 m USD 100 m USD 50 m R$3 bi USD612 m

Issuance Jan15 Sep14 Dec16 Aug14 Sep16 Dec16 Jul/0

Amortization - - Monthly 50% Aug17 - 50% Dec18 -

Maturity date Jan17 Sep17 Dec17 Aug18 Sep19 Dec19 Jul20

Interest rates 1.85% 106.65% CDI 3.02% 2.94% 4.71% 104.25% CDI 6.47%

Interest
Jan and Jul Mar and Sep Monthly Quarterly Mar and Sep Jun and Dec Jan and Jul
payments

Effective rate after tax for loans in foreign currency.

PUBLIC INFORMATION 44
Financial Statements
Summary of balance sheet (consolidated)
ASSETS LIABILITIES AND SHAREHOLDERSEQUITY
ASSETS LIABILITIES AND EQUITY
Mar 31, 2017 Dec 31, 2016 Mar 31, 2017 Dec 31, 2016
(In R$ thousands) (In R$ thousands)
Current assets 13,804,755 11,612,517 Current liabilities 12,904,695 3,657,832
Cash and cash equivalents 262,320 319,124 Collateral for transactions 1,727,640 1,653,835
Financial investments 12,868,729 10,964,214 Financial instruments for hedge 550,003 405,971
Others 673,706 329,179 Loan 499,146 373,919
Noncurrent assets 32,209,308 19,543,358 Debentures 615,668 -
Long-term receivables 3,145,972 3,749,282 Others 9,512,238 1,224,107
Financial investments 2,792,632 3,564,243 Noncurrent liabilities 8,987,189 8,421,658
Others 353,340 185,039 Debt issued abroad 1,934,116 1,987,669
Investments 44,947 29,117 Loan 327,398 33,949

Property and equipment, net 583,539 462,753 Debenture 2,992,509 2,991,806

Intangible assets 28,434,850 15,302,206 Deferred inc. tax and social contrib. 2,983,977 2,976,125
Goodwill 22,320,013 14,401,628 Others 749,189 432,109
Software and projects 5,873,770 900,578 Equity 24,122,179 19,076,385
Others 241,067 - Capital 3,198,655 2,540,239
Capital reserve 18,361,990 14,327,523

Others 2,551,500 2,198,708

Non-controlling interests 10,034 9,915
Total Assets 46,014,063 31,155,875 Total liabilities and equity 46,014,063 31,155,875

PUBLIC INFORMATION 45
 Financial Statements
Net income and adjusted expenses reconciliations
NET INCOME RECONCILIATION (in R$ millions)
1Q17/1Q16 1Q17/4Q16
1Q17 1Q16 4Q16
(%) (%)
Net income (attributable to shareholders) 209.0 474.6 -56.0% 1,078.4 -80.6%

Expenses related to the combination with Cetip (net of taxes) 182.7 3.0 5,965.1% 6.4 2,762.0%
Extraordinary provisions (net of taxes) 88.6 0.0 - 0.0 -
Impairment of assets (net of taxes) 43.2 0.0 - 0.0 -
Non-recurring expenses with stock grant (net of tax) 0.0 0.0 - 22.4 -
CME Group shares sale capital gain adjustment 0.0 0.0 - (431.7) -
Net income excluding non-recurring items 523.6 477.6 9.6% 675.4 -22.5%

ADJUSTED EXPENSES RECONCILIATION (in R$ millions)

1Q17/1Q16 1Q17/4Q16
1Q17 1Q16 4Q16
(%) (%)
Total expenses 754.5 320.6 135.3% 438.9 71.9%
Depreciation and amortization (53.0) (49.9) 6.1% (52.5) 0.8%
Stock grant/option (25.3) (29.7) -14.6% (64.5) -60.7%
Related to the combination with Cetip (275.7) (4.6) 5,939.4% (9.7) 2,749.9%
Provisions (recurring and non-recurring) (148.3) (4.1) 3,518.9% (7.1) 1,978.6%
Adjusted expenses 252.2 232.4 8.5% 305.0 -17.3%

PUBLIC INFORMATION 46
 Financial Statements
Summary of income statement (consolidated)
SUMMARY OF INCOME STATEMENT (in R$ millions)

1Q17/1Q16 1Q17/4Q16
1Q17 1Q16 4Q16
(%) (%)
Net revenues 940.9 874.4 7.6% 958.3 -1.8%
Expenses (754.5) (320.6) 135.3% (438.9) 71.9%
Operating income 186.4 553.8 -66.3% 519.4 -64.1%
Operating margin 19.8% 63.3% -4,352 bps 54.2% -3,439 bps
Financial result 198.8 198.8 0.0% 196.6 1.2%
Adjusted expenses (252.2) (232.4) 8.5% (305.0) -17.3%
Net income (excluding non-recurring) 523.6 477.6 9.6% 675.4 -22.5%

PUBLIC INFORMATION 47
Investor Relations

+55 11 2565-4729 / 4418/ 4834 / 4207/ 7938 / 7770

bvmf@ri.bvmf.com.br

PUBLIC INFORMATION