BM&FBOVESPA S.A.

BM&FBOVESPA is a company that manages the organized Securities and Derivatives markets, providing registration, clearing and settlement services. It acts as central counterparty, guaranteeing financial liquidity for the trades executed in its environments. The Exchange offers a wide range of products and services such as spot FX, Equities and Fixed-Income Securities trading, as well as trading in Derivatives Contracts based among other things on Equities, Financial Securities, Indices, Rates, Commodities and Currencies. It lists companies and other issuers, is a Securities depository, has a Securities lending service and licenses software. BM&FBOVESPA has a diversified and integrated trading model offering a complete custody system. Trading takes place in an exclusively electronic environment. The Exchange enables customers to trade Equities, to hedge and to execute arbitrage, investment diversification, allocation and the leveraging of positions.