apresentação do powerpointir.bmfbovespa.com.br/enu/3719/b3 - monthly presentation...each group of...

PUBLIC INFORMATION

PUBLIC INFORMATION

Investor relations

Monthly presentation

SAO PAULO, APRIL, 2018

PUBLIC INFORMATION

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 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

Diversified and vertically integrated model

Single infrastructure integrated to the financial system

Broadly held corporation with solid governance

R$55 billion in market capitalization¹

Revenue of R$4.4 billion in 2017²

More than R$12.0 billion distributed to shareholders in 10 years

B3 – Brasil, Bolsa, BalcãoThe infrastructure that develops the market

¹ As of March 29, 2018. 6th largest exchange by market value. ² Combined information. 3

PUBLIC INFORMATION

B3 – Brasil, Bolsa, BalcãoAgenda

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

4

PUBLIC INFORMATION

Integration with market participantsOne-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

Financial

Institutions

Brokerage

houses

Asset

managers

Issuers of financial

securities

Trading / Registration

Trading

Centraldepository

Central counterparty

and settlement


and settlement

Listed

(equities, derivativesspot FX and others)

OTCderivatives

Corporatebonds

Banks fundinginstruments

Loans & liens

(vehicles andreal estate)

Settlement


and settlement

Centraldepository

Registration

Registration

Registration

Maintenance /Trade repository

Maintenance /Trade repository

5

PUBLIC INFORMATION






6

PUBLIC INFORMATION

Company´s revenue breakdown

(Combined information; B3); (R$ Millions)

Main drivers

Diversified revenue sourcesDiversified business lines with different revenue drivers

7

BM&F(derivatives)

Bovespa(equities)

Cetip

Securities(OTC derivatives

and banking instr.)

Cetip

Financing

Other

• Interest rate and FX volatility

• Risk appetite and sophistication of investors

• Credit outstanding

• Cross-border transactions (funding and export/import)

• Outlook for the economy and companies

• Volatility

• Interest rate level

• Risk appetite and sophistication of investors

• Credit outstanding and risk appetite

• Volatility and risk aversion

• Interest rates (trade-off: new volume registered vs. growth of growth of volume outstanding)

• Vehicle sales and financing penetration

• Outstanding volume of real estate credit

• Electronification of processes

• Fees for packages of services, maintenance or registration/custody volume (market data, listing and depository)

• Risk appetite of investors (securities lending)

PUBLIC INFORMATION

BM&F segmentExposure to volatility and FX rate

Volume and price drivers

Average daily volume (ADV)

Interest rate and FX volatility

Risk appetite and sophistication of investors

Credit outstanding

Cross-border transactions (funding and export/import)

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

Revenue breakdown

ADV (millions)

RPC (R$)

Revenue (R$ millions)

*=

Post-trade

Identification of the final beneficial owner

OTC derivatives

Must be registered. May be with or without a central counter-party (CCP)

Regulatory framework

Growth drivers

Credit to GDP1 (% of GDP; Source: Central Bank of Brazil)

Government debt composition (%; Source: Brazilian Treasury)

8¹ Updated to Feb 18.

PUBLIC INFORMATION

Bovespa segmentPro-cyclical model of revenues

Market Cap (R$ trillions) and Turnover Velocity (%)

ADTV (R$ billion); Margin (bps)

Revenue (R$ millions)

=

Growth drivers

Revenue breakdown

Market Cap to GDP (%) and # Companies (Source: World Bank)

Average daily trading value (ADTV)

Outlook for the economy and companies

Volatility

Interest rate level

Risk appetite and sophistication of investors

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

Trading

Market formally open for fragmentation since 2007, but dark pools, MTFs and internalization are prohibited (competition is possible only between exchanges)

Post-trading

Identification of the final beneficial owner



Pension Funds2 (R$ million; % of total; Source: ABRAPP)

Investment Funds1 (R$ millions; % of total; Source: ANBIMA)

9¹ Updated to Jan-18. ² Updated to Nov-17

PUBLIC INFORMATION

Others

On-lending

Open market

Time dep (local)

Savings deposit

Cetip Securities segmentHigh predictability and resilience

Bank Funding (%; Source: Central Bank of Brazil)


Volumes

Credit outstanding and risk appetite

Volatility and risk aversion

Interest rates (trade-off: new volume registered vs. growth of volume outstanding)

Pricing

Basis points on the financial volume registered and/or 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

Securities and OTC derivatives

Mandatory registration and custody in central depository

Funding instruments issued by banks

Mandatory registration in a central registration system


Growth drivers

Revenue breakdown

Credit outstanding – total growth2(R$ billions; Source: Central Bank of Brazil)

10

Registration: volume (R$ trillion)and average price (bps)

Utilization: avg # of clients (thousand) and avg price LTM (R$ thousand)

Maintenance (CSD/TR): volume (R$ trillion) and average price (bps/month)

Transaction: # of transactions (millions) and avg price (R$)

Revenue(R$ million)

¹ Updated to Nov-17.2Updated to Feb-18

PUBLIC INFORMATION

Cetip Financing segmentTied to the economic cycle


Volume

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)

Loans (vehicles and real estate)

Mandatory registration of auto loans, as determined by Central Bank rules

Similar regulations for real estate loans come into effect in Oct/17.


Growth drivers

Revenue breakdown

Total Revenue (R$ millions)Financing of Vehicles (millions; Source: Cetip)

Monthly default1 (%; Source: Central Bank of Brazil1) Selic interest rate2 (%;Source: Central Bank of Brazil; FOCUS²)

11¹ Updated to Feb-18, ² FOCUS report (market survey) of Mar-18.

PUBLIC INFORMATION

Depository34%

Securitieslending

15%

Market Data16%

Listing9%

Other26%

R$670 mn2017

Other revenuesDiversified and recurring revenues

Annual listing fee charged from listed companies and other issuers

Size of companies (capital stock)

Fixed monthly fee per investor / account¹

Basis points on the market value deposited (larger accounts)

Tesouro Direto (basis points on the value under custody)

Monthly fee per user (client)

Clients’ profile and services used

FX rate (R$/US$)

Basis points on the financial value of open positions

Market activity level

Investors’ risk appetite

BM&FBOVESPA Settlement Bank (back-office services)

Market participant access (services packages)

Dep

os

ito

ryS

ec

uri

tie

s

len

din

gM

ark

et

Da

ta¹

Lis

tin

g¹

Oth

er

¹ Fees adjusted annually by inflation. 12

PUBLIC INFORMATION






13

PUBLIC INFORMATION

IT Infrastructure investmentsAssuring the smooth functioning of the markets

R$1.5 billion invested in the last 5

years

Operational excellence and high-

quality services are important

competitive advantages

Combined investment

(R$ millions; Combined information)

14

Main infrastructure projects deployed over recent years

(2013-2017)

✓ PUMA Trading System: low-latency and high-capacity multi-asset and multi-market trading platform

✓ B3 Clearinghouse: single infrastructure and risk / margin model for derivatives (listed and OTC) and equities

✓ New Data Center: scale to host own infrastructure and clients (colocation)

✓ Enhancements to IT infrastructure

✓ Moving and consolidation of Data Centers

✓ Mortgage registration platform

(2018 Budget)

✓ Trading infrastructure moving– PUMA (DR site)

✓ Final facilities structure

✓ Market Data (data with value added)

PUBLIC INFORMATION 15

B3 – Brasil, Bolsa, Balcão Example of new products and enhancements to existing products

L I S T E D

P R O D U C T S

UNDER ANALYSIS

Securities Lending (BTB)

Government Bonds Lending REPOs

Digital Options

Sinacor

PROJECTS

Market Data

Market Maker

Tesouro Direto

Implied Volatility Products

O T C

P R O D U C T S

UNDER ANALYSIS

Registry of Receivables

Funds Platform

PROJECTS

Internalization of Trader System

OTC Derivatives with CCP

Depository and Liens

Covered Bond

PUBLIC INFORMATION






16

PUBLIC INFORMATION

Financial robustnessSummary of income statement¹

¹ Combined managerial information. ² Adjusted to (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) integration-related expenses; and (iv) provisions. ³ Adjusted to: (i) integration-related expenses (ii) non-recurring provisions and (iii) changes on long term stock based compensation program/methodology.

17

Recurr. net income

+31.8%

Net revenues Adj. EBITDA³Adj. expenses²

+27.5%+46.7%

+28.2%

Revenue growth,

despite macro crisis

in Brazil

Expenses growth in line with inflation

(Average per annum: 6.4%)

Strong cash generation

Return of major part of earnings to shareholders

(R$ million; % of change) (R$ million; % of change) (R$ million; % of change)(R$ million; % of change)

PUBLIC INFORMATION

Focus on expense control

Historical adjusted expenses¹

(Combined information; R$ millions)

CAGR 13-17Total – 6.4%

IPCA² – 6.4%

Cetip – 12.1%(13-16)

BVMF – 4.8 %(13-16)

2017 adjusted expenses breakdown

(Combined information)

¹Expenses adjusted to: (i) depreciation and amortization; (ii) stock grant plan expenses – principal and payroll taxes – and stock option plan; (iii) expenses connected to the businesscombination with Cetip; and (iv) provisions. ² IPCA accumulated between 2012 and 2017 (Source: IBGE).

18

PUBLIC INFORMATION

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

Free cash¹

~R$3.6 billion

+

Adjust. EBITDA² in 2017

R$2.6 billion

Debt amortization schedule

Expected IoC and dividends

payment to shareholders³

(R$ billions)

¹ 2016 combined short- and long-term cash and financial investments excluding: (i) third-party cash; and (ii) minimum operational cash. ² 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. ³ Subject to performance of the business and BoD approvals in each quarter.

19

PUBLIC INFORMATIONPUBLIC INFORMATION

Appendix

PUBLIC INFORMATION

B3 ALL THE POWER OF THE MARKET

1890

Founding of BolsaLivre (BOVESPA's

predecessor)

1986

Start of BM&F activities

2007

Demutualization and IPOs of BOVESPA

Hld and BM&F

2008

BM&F and BOVESPA Hld merger – creation of BM&FBOVESPA

2008

Demutualization of Cetip

2010

Acquisition of GRV by Cetip

Mar/17

Merger approval and creation of B3

May/16

Agreement between BM&FBOVESPA and Cetip (shareholders’

approval)

B3 – Brasil, Bolsa, BalcãoThe infrastructure that develops the market

1984

Start of Cetipactivities

21

2009

IPO of Cetip

PUBLIC INFORMATION

Board of Directors

Integration committee

Corporate governance and nomination committee

Audit committee

Product & pricing committee

Compensation committee

Securities intermediation industry committee

Risk and financial committee

Issuer regulation committee

IT committee

Current BD compositionPedro Pullen Parente (Chairman)CEO of Petrobras and partner of Prada Investimentos

Edgar da Silva RamosPartner of brokerage houses and former Chairman of Cetip

Florian BartunekPartner and CIO at Constellation Asset Management

Guilherme Affonso FerreiraFounder and Partner of Teorema

José Lucas Ferreira de MeloFormer VP of Unibanco, Former auditor of PWC, Former Director of Cetip

Laércio José de Lucena CosentinoFounder and CEO of TOTVS

Luiz Antonio de Sampaio CamposFormer Director of CVM; Lawyer

Luiz Nelson Guedes de CarvalhoFormer Central Bank and S. Commission Officer; Member of IIRC and CPC/IASB; Professor of Accounting; Chairman of Petrobras

Antônio Quintella (Vice-Chairman)Former CEO of CS Brasil and Americas; Portfolio Manager

Denise Pauli PavarinaBradesco Executive

Eduardo Mazzilli de VassimonDirector of Itaú and CRO of Itaú Holding

José Berenguer NetoCEO of JP Morgan Brazil

José Roberto Machado FilhoExecutive Officer of Banco Bandepe (Santander) and Former Director of Cetip

Luiz Fernando FigueiredoFormer Governor of the Central Bank; Portfolio Manager

Linked tomarket participant

Independent members

Management & Board of DirectorsBoard of Directors

22

Chamber services management committees

PUBLIC INFORMATION

Management & Board of DirectorsExecutive Board

Chief Executive Officer

GILSON FINKELSZTAIN

Chief Operating Officer

CÍCERO

VIEIRA

Chief Financial Officer

DANIEL

SONDER

Chief Product and

Client Officer

JUCA

ANDRADEExecutive Director of

the Financing Unit

MARCOS

FERREIRA

Chief Technology

Officer

RODRIGO

NARDONI

23

PUBLIC INFORMATION

Sound corporate governance practices

Corporate governance and ownership structureBroadly-held corporation with solid corporate governance structure

Listed at Novo Mercado (voting shares only and other shareholders’ rights, transparency, etc.)

Board of Directors:

• Majority independent, including the chairman (regulatory 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 Company’s performance and strategic objectives, as well as with shareholders’ long-term interests

Solid risk management and internal control structures and policies

24

10%

7%

5%

4%1%

73%

Capital World Investors Oppenheimer Funds

GIC Private Limited BlackRock Funds

Treasury Stock Others

PUBLIC INFORMATION

Debt profile

BVMF

Loan

Cetip Lux 1

Loan

Cetip Lux 2

Loan

BVMF

Debentures

BVMF

Notes

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

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

Amortization Monthly - - 50% Dec/18 -

Maturity date Dec/17 Aug/20 Aug/19 Dec/19 Jul/20

Interest rates 3.02%¹ 3.50% 4.00% 104.25% CDI 6.47%¹

Interest

paymentsMonthly Quarterly Mar and Sep Jun and Dec Jan and Jul

¹ Effective rate after tax for loans in foreign currency. 25


B3 - Business combination between BM&FBOVESPA and CetipCommitments 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


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

Post-trading (CCP

and CSD)2.00 2.75

CCP 1.48 2.06

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


B3 – Goodwil from the business combination with Bovespa HoldingStatus of the ongoing discussions

Tax year(notices received)

Notional amount under

discussion as of Sep’17(R$ bn – includes fines and interest)

2010-2011

(04/02/2015)

2012-2013

(09/21/2017)

R$2.5 billion

R$3.0 billion

2008-2009

(11/29/2010) R$1.3 billion

CARF

(IRS appeal - lower chamber)

06/21/2017(5x3 votes)

05/09/2014

(3x3 votes)

Administrative level

We are here¹

Judiciary

(three levels)DRJ

(local IRS)

04/27/2016

(partial impugnation)

10/21/2011

(partial impugnation)

We are here

CARF

(IRS appeal - higher chamber)

04/05/2017

(4x4 votes)

We are here

¹ A letter of credit was pledged

PUBLIC INFORMATION

PUBLIC INFORMATION

Operational Performance


Average Daily Trading Value – ADTV

(BRL billion)

Average annual market cap

(BRL trillion)

Turnover Velocity²

(12 months average)

Volumes – Bovespa segment

¹ Updated to Mar/18. ² Ratio of cash equities trading volume to the overall market capitalization.


Revenue Per Contract – RPC

(BRL)

Average Daily Traded Volume – ADV

(Thousand of contracts)

Volumes – BM&F segment

¹ Updated to Feb/18. ² As of 2016 it does not consider OTC volume Mini contracts were weighted in its respective standard contracts: Equities, FX and

Commodities.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016² 2017 2018¹ Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18

Int Rates BRL 0.950 1.141 0.979 0.889 0.918 1.004 1.046 1.120 1.150 1.161 1.034 1.031 1.060 0.908 1.080 1.042 1.071 1.042 0.967 1.105 1.056 1.070 1.161 1.114 1.016

FX 1.859 2.065 2.161 1.928 1.894 2.205 2.535 2.669 3.671 3.585 3.012 2.939 2.952 3.050 3.013 3.056 3.091 2.829 2.983 2.728 2.914 3.166 3.584 2.772 3.065

Equities 1.501 2.145 1.620 1.564 1.614 1.524 1.761 1.774 2.128 1.184 0.998 0.839 0.878 1.134 0.940 1.142 0.857 1.100 0.863 1.052 0.807 1.082 1.184 0.962 0.785

Int Rates USD 0.965 1.283 1.357 1.142 0.941 1.015 1.231 1.294 1.840 1.794 1.431 1.551 1.385 1.349 1.484 1.478 1.438 1.504 1.295 1.385 1.472 1.480 1.794 1.497 1.432

Commodities 3.195 3.587 2.307 2.168 2.029 2.239 2.534 2.390 2.530 2.342 2.089 1.689 1.941 1.657 2.463 1.986 2.395 1.927 2.094 2.160 2.054 2.713 2.342 1.622 1.624

Mini Contracts 0.054 0.162 0.176 0.128 0.129 0.116 0.119 0.117 0.218 - - - - - - - - - - - - - - - -

OTC 2.111 2.355 1.655 1.610 1.635 1.769 1.409 2.092 3.925 - - - - - - - - - - - - - - - -

Total RPC 1.224 1.527 1.365 1.134 1.106 1.191 1.282 1.350 1.516 1.722 1.419 1.380 1.445 1.328 1.437 1.450 1.451 1.386 1.298 1.429 1.401 1.517 1.381 1.438 1.356


BM&F segment

Bovespa segment

Investor participation in volumes

¹ Updated to Mar/18. ² Starting from 2016 excludes OTC data.


Transactions – Quantity(Thousand)

Maintenance (CSD/TR) – Volume (BRL trillion)

Utilization – Average number of clients(Thousand)

Registration – Volume(BRL trillion)

Volumes – Cetip Securities segment


% Penetration(Vehicles financed / vehicles sold)

Vehicles sold(Thousand)

Vehicles financed(Thousand)

Volumes – Cetip Financing segment

PUBLIC INFORMATION

15.8%

Trading in ADRs of Brazilian companies

Novo Mercado

Launch

(Dec. 2000)

End of CPMF

(Financial

Transaction Tax)

Sarbanes-Oxley Act

(Jul. 2002)

End of IOF Tax (2%) for

foreign investors

(Dec. 2011)

Source: Bloomberg (in USD traded value of 35

companies with ADRs programs )

22.7%

77.3 %

34.4%

42.9%

6.9%

Mar/18

35

PUBLIC INFORMATION

PUBLIC INFORMATION

4Q17 Earnings Presentation

March 2, 2018

PUBLIC INFORMATION

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 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.

37


B3’S BUSINESS ENVIRONMENT

INTEREST RATE FELL FROM

13.75% TO 7.00%p.a.1

INITIAL SIGNS OF ECONOMIC RECOVERY:

2.7% GDP growth expected for 2018 and 20192

IBOVESPA

ROSE 27%3

EQUITY ISSUANCES (IPO/FOLLOW ON) OF

R$42BN, ~3X AVG OF PREVIOUS YEARS4

DEBT ISSUANCES OF R$118BN, GROWTH OF

44% VS. AVG OF PREVIOUS YEARS5

VEHICLE SALES ROSE BY 5.4%, WHILE

VEHICLES FINANCED ROSE BY 9.7%6

EQUITIES ADTV GREW 17.6%7

ALL TIME HIGH ADV OF INTEREST

RATE CONTRACTS (+13.1%) 7

RECORD NUMBER OF MESSAGES AND

TRADES TESTED B3’S SYSTEMS

10% INCREASE IN THE NUMBER OF

RETAIL INVESTORS IN EQUITY

OPERATING FIGURES

1 Benchmark Selic Rate in Dec’16 and Dec’17. ² Central Bank Focus market consensus report Dec’17. ³ 29 Dec‘16 to 28 Dec’17. 4 Source: Anbima. Growth of 191% in 2017 vs. average of the last 3

years (2014-2016). 5 Source: Anbima. 2017 vs. average of the last 3 years (2014-2016). Includes debentures; commercial papers and bank notes. 6 Full year 2016 vs. full year 2017. 7 Daily average

for 2017 vs. 2016.

2017 - year in summary

B3 DELIVERS ON SEVERAL FRONTS

CONCLUSION OF PHASE TWO OF THE NEW

INTEGRATED CLEARINGHOUSE:

INNOVATION, CAPITAL EFFICIENCY, IT

RESILIENCY AND ADDITIONAL CAPACITY

B3 MERGER APPROVED

• REORGANIZATION OF CLIENTS AND

PRODUCTS FUNCTION WITHIN B3 TO

INCREASE CLIENT PROXIMITY AND

ACCELERATE PRODUCT DEVELOPMENT

• POST-MERGER EXPENSE SYNERGIES

CAPTURED EARLIER THAN EXPECTED

RENEWAL OF PUMA TRADING SYSTEM

INFRASTRUCTURE

ENHANCEMENT TO NOVO MERCADO LISTING

RULES FOR CORPORATE GOVERNANCE

FINANCIAL DELEVERAGING ON TRACK, COMBINED

WITH SIGNIFICANT CASH DISTRIBUTION TO

SHAREHOLDERS (R$923MN IN 2017)


Revenue breakdown – 2017Revenue growth in all segments – well balanced revenue diversification

REVENUE (in R$ millions / % growth YoY)

(Combined information; B3)

+10.8%

Bovespa Seg.R$1,136.0

26%

Cetip Securities Seg.

R$1,101.425%

Cetip Financing Seg.

R$423.610%

Other RevenuesR$670.0

15%

BM&F Seg.R$1,108.1

25%

R$ 4.4bn

in 2017

PUBLIC INFORMATION

Operating highlights by segment

4Q17 and 2017 highlightsSolid operating performance: growth in all business segments

40

BM&F Cetip Securities

4Q17 4Q17/4Q16 2017 2017/2016 4Q17 4Q17/4Q16 2017 2017/2016

ADV 3.2mn contracts +15.2% 3.0mn contracts +26.4%Maintenance (CSD/Trade

Repository)R$6.5tn +7.2% R$6.3tn +5.0%

RPC R$ 1,446 -3.2% R$ 1,419 -22.1%

Bovespa Cetip Financing

4Q17 4Q17/4Q16 2017 2017/2016 4Q17 4Q17/4Q16 2017 2017/2016

ADTV R$10.1bn +16.4% R$8.7bn +17.6% Vehicles financed 1.4mn +11.6% 5.1mn 9.20%

Margin 4.958 bps -2.1% 5.145 bps -0.9% Contracts (market share) 65.2% - 985 bps 71.4% - 224 bps

PUBLIC INFORMATION

4Q17 and 2017 highlights (cont.)Bottom line negatively impacted by lower financial results

41

Other 4Q17 highlights

Expenses related to the combination with Cetip: pre-tax: R$ 43.6mn / after-tax: R$ 28.8mn

Reversal of provisions (positive impacts):

• Health care plan (other revenues): pre-tax: R$ 22.6mn / after-tax: R$ 14.9mn

• Legal contingencies (other expenses): pre-tax: R$ 26.8mn / after-tax: R$ 17.7mn

1 See reconciliation in the slide 22 in the appendix. ² See reconciliation in the slide 21 in the appendix.

4Q17 4Q17/4Q16 2017 2017/2016 4Q17 4Q17/4Q16 2017 2017/2016

Total revenue: 1,145.6 + 8.0% 4,439.1 + 10.8% Net revenue 1,033.6 + 7.9% 4,006.2 + 11.1%

BM&F: 284.1 + 9.3% 1,108.1 + 5.5% Adj. expenses1 313.2 +2.7% 1,067.4 +4.2%

Bovespa: 306.2 + 12.2% 1,136.0 + 16.2% Adj. EBITDA¹ 672.9 +12.2% 2,658.1 +10.3%

Cetip securities 271.9 + 0.3% 1,101.4 +3.7% Adj. EBITDA margin 66.6% +285 bps 67.7% +56 bps

Cetip financing 108.6 + 11.5% 423.6 + 15.5% Financial result (25.2) -112.80% 134.2 -44.8%

Others: 174.9 + 9.8% 670.0 + 22.2% Rec. net income² 635.8 -5.6% 2,084.0 -12.6%

Financial highlights (R$ millions)

PUBLIC INFORMATION

BM&F segment Higher ADV from all groups of contracts led to revenue growth

42

ADV (in thousand of contracts)

REVENUE PER CONTRACT2(in R$)

4Q17 HIGHLIGHTS

Stock indices contracts growth driven by HFTs and retail investors

Higher share of HFTs and day-trades drove RPC down

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$4.7 million in 4Q17. ² Mini contracts volume were

weighted in the respective standard contracts, impacting volumes and RPC of these contracts groups.

+9.6%

REVENUE¹ (in R$ millions)

CONTRACTS 4Q16 4Q17 YoY

Interest rates in BRL 1,749.6 1,856.5 6.1%

FX rates 505.7 605.0 19.6%

Stock indices 270.6 471.9 74.4%

Interest rates in USD 248.4 262.4 5.6%

Commodities 6.6 8.7 31.7%

TOTAL 2,781.0 3,204.6 15.2%

CONTRACTS 4Q16 4Q17 YoY

Interest rates in BRL 1.053 1.078 2.4%

FX rates 3.205 2.924 -8.7%

Stock indices 1.112 0.986 -11.3%

Interest rates in USD 1.520 1.446 -4.9%

Commodities 2.358 2.249 -4.6%

TOTAL 1.495 1.446 -3.2%

PUBLIC INFORMATION

Bovespa segmentRevenue growth driven by higher volumes

MARKET CAPITALIZATION (in R$ trillions) AND

TURNOVER VELOCITY (%)

ADTV (in R$ billions) AND MARGIN (in bps)

43

ADTV growth driven by a 23.1% YoY growth in market capitalization

Trading and post-trading margins of 4.958 bps, 2.1% decrease YoY (from 5.064 bps in 4Q16)

• Higher participation of local institutional investors

¹ Revenue does not consider (i) the revenue line “others” of Bovespa Segment, as reported in the financial statements note 20, which totaled R$11 million in the 4Q17;

+10.3%

REVENUE¹ (in R$ millions)

4Q17 HIGHLIGHTS

PUBLIC INFORMATION

Cetip Securities segmentRevenue resilience and recurrence

44

Drop of 29.6% in the transaction-related revenue due to resolution 4,527 of Central Bank

• Banks substituted debentures of leasing companies for other bank funding instruments, mainly CDBs

Maintenance

(CSD/TR)

Monthly avg

Volume(in R$ trillions)

4Q16 1Q17 2Q17 3Q17 4Q17

OPERATIONAL FIGURES

Transaction (in millions)

Avg Price (in R$)

Monthly

utilization(in thousands)

Avg Price(in R$)

+0.3%

REVENUE (in R$ millions)

4Q17 HIGHLIGHTS

PUBLIC INFORMATION

Cetip Financing segmentRecovery in the vehicles’ financing activity

45

+11.5%

Increase in number of vehicles financed and credit penetration

Lower market share in the Contracts System due to the interruption of services in Minas Gerais state (Sep’17 onwards)

Number of

vehicles sold (in thousand)

Number of

vehicles

financed (in thousand)

Contracts

System

(market share)

Vehicles

financed /

vehicles sold

1Q17 2Q17 3Q17 4Q17

28.3% 30.7% 28.3% 28.2% 30.2%

75.1% 74.4% 74.6% 72.1% 65.2%

REVENUE (in R$ millions) OPERATIONAL FIGURES

4Q17 HIGHLIGHTS

4Q16

PUBLIC INFORMATION

Adjusted expensesContinued focus on expense management

46

Others³ (-8.4%)

Adjusted personnel²(-4.0%): annual salaries readjustment more than offset by synergy gains

¹ Adjusted to (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) integration-related expenses; and (iv) provisions.

² Excluding the long-term stock-based compensation (principal + payroll taxes). ³ Includes expenses with communication, maintenance, taxes, board and committee

members compensation and others.

+2.7%

Third party (+88.9%): increase in the expenses directly linked to revenues

Data Processing (-2.0%) decrease in expenses with software maintenance

4Q16 165.2 (54.1%) 55.1 (18.0%) 23.7 (7.8%) 61.2 (20.1%)

4Q17 158.5 (50.6%) 53.9 (17.2%) 44.7 (14.3%) 56.0 (17.9%)

(in R$ millions and % of total adjusted expenses)

ADJUSTED EXPENSES¹ (in R$ millions / % growth YoY)



Expenses reconciliation and tracking of budgetsGuidance were accomplished

EXPENSES (in R$ millions)


Adjusted expenses:

1,067.5

D&A:

742.1

Combination with Cetip:

491.8

Other:

307.7

Total Expenses: 2,609.1

Within the budget of R$1,050mn to R$1,100mn; 4.2% YoY growth

Within the budget of R$710mn to R$750mn (includes R$570.3mn in

amortization of intangibles)

In line with the budget set for non-recurring expenses related to the business

combination with CETIP²

Provisions: R$199.7mn

Stock grant expenses¹: R$108.0mn

¹ Considers only recurring stock grant expenses (principal and payroll taxes). The amount related to payroll taxes provisioned is calculated based on B3’s share price at the

end of the period (R$22.78 on 12/27/2017 versus R$16.50 on 12/28/2016, +38% YoY growth). ² The budget range for non-recurring expenses related to the business

combination with Cetip was between R$ 615mn - R$ 640mn for 2017 – 2018 period, excluding R$ 65.5mn impairment booked in the 1Q17.

PUBLIC INFORMATION

Financial highlightsSolid cash position is required for clearinghouse safeguards

48

CASH AND FINANCIAL INVESTMENTS (in R$ millions)


3Q17

6,884

4Q16

14,656

2Q17

6,874

1Q17

15,657

Third-party Restricted and unrestrictedTotal

B3’s cash position totaled R$4.8bn in 4Q17

R$2.5 - R$3.0 billion to run the business

• R$1.1 billion in clearinghouses’ required safeguards

• The remaining amount adds to the liquidity that supports the clearinghouse activity and general corporate needs

Interest on capital (IoC) payment:

• Increase in cash position connected to R$533 million in IoC paid in Jan’18

Third-party cash

Not considered as B3’s cash

The Company earns interest on most of this cash balance

¹ Includes earnings and rights on securities in custody. ² Includes B3 Bank clients’ deposits. ³ Does not include investments in Bolsa Mexicana de Valores, Bolsa de Comercio de Santiago,

Bolsa de Valores de Colombia and Bolsa de Valores de Lima amounting R$324.7 million at 4Q17, booked as financial investments. See note 4 to the financial statements.

4Q17

7,510


DEBT AMORTIZATION SCHEDULE (in R$ billions)

FINANCIAL LEVERAGE (in R$ millions)

Financial highlights (cont.)Temporally higher financial leverage

Financial deleveraging and payout

R$1.5bn in debt amortization scheduled for Dec´18

The Company expects to be able to reduce its financial leverage to 1x Gross Debt / Adj. EBITDA by the end of 2019

In the FY17, distributions to shareholders totaled R$923.0 million, which represent a payout ratio of 71.2%

Payout ratio target for the 2018 – 2019 period between 70% and 80% of the IFRS net income

4Q17

Gross Debt 5,634.7

Adj. EBITDA (LTM) 2,658.1

Financial leverage 2.1x


Appendix


15.3%

¹ Revenue as reported in the financial statements note 20 of the Financial Statements. ² Includes R$22.6mn in reversal of provision.

Other revenuesSolid performance of depository and impact of non-recurring provision reversal

4Q17 REVENUE BREAKDOWN¹ (in R$ millions / % of the total)


Other lines of business 4Q17 YoY

Depository 61.6 20.2%

Securities lending 25.3 -3.9%

Market data (vendors) 25.4 -0.2%

Listing 14.7 10.0%

Bank - financial intermediation and bank fees 8.5 -23.3%

Market participant access 11.6 37.3%

Other² 27.9 18.9%

Total 174.9 9.8%

PUBLIC INFORMATION

Financial highlights Decrease in the financial result due to a lower cash position

52

FINANCIAL RESULT¹ (in R$ millions)


Exp

ense

Incom

e

-71.4%

-25.1%

¹ The Company set a cash flow hedge, designating the 1-year foreign currency loan taken in Dec’16 to cover the effects of currency variations on part of the revenues denominated in USD for

BM&F segment, therefore reducing the impact of exchange rate variations on revenues for this segment and, at the same time, on the Company’s financial results. The Company ceased to use

hedging of USD revenues as of March 1, 2018.

Decrease in financial revenue:

Payment in Apr’17 of R$8.4 billion related to the cash portion of the combination with Cetip

Decrease of Interest rate in Brazil

Decrease in financial expense:

Decrease in expenses related to the fair value hedge for the principal amount of the 2020 Notes (Swap)

Decrease of Interest rate in Brazil

R$8.2 mn of innovation investment impairment

PUBLIC INFORMATION

Guidances for B32018 Capex and D&A revised; Adjusted Opex maintained

53¹ Expenses adjusted to the Company’s (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) provisions. Considers accounting eliminations for the combined Company ² Considering the mid-point of the budget for 2018. ³ Does not include Capex related

to the business combination with Cetip.

Adjusted OPEX¹ (in R$ millions) – 2018 guidance Maintained


CAPEX³ (in R$ millions) – 2018 guidance Revised


2018 guidance: range of R$220 million and R$250 million

• Continuous enhancement of it infrastructure

• Products development

2018 guidance: range of R$1,050 million and R$1,100 million

• YoY growth²: flat

• CAGR 2013 – 2018e²: 5.2%

Depreciation and Amortization – 2018 guidance Revised

Depreciation and amortization guidance should range between R$910 million and R$980 million, including depreciation and amortization of intangibles

PUBLIC INFORMATION

Combination-related Opex and Capex Budget of business combination-related expenses and investments

54

Estimates on expenses and other impacts arising from the completion of the business combination with Cetip¹ (R$ millions)

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

¹ In comparison with the numbers disclosed in 1Q17, some expenses were reclassified between lines in the table and from expenses related to the combination with Cetip to recurring

personnel expenses. ² 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.

2016 9M17 4T17 2017 2018e Total

Severance and services providers’ expenses 8,5 113,8 37,1 150,9 ~20,0 175,0 - 190,0

Capex (projects and integration) 4,6 3,7 8,3 ~15,0 20,0 - 30,0

2016 9M17 4Q17 2017 2018e Total

Contractual commitments and other accounting impact - 233.9 -1.4 232.5 - 232.5

Cetip´s LT compensation and retention programs (cancelation of stock options and payroll taxes)

- 133.1 - 133.1 - 133.1

Impairment / write-offs / provision for contractual fines - 100.8 -1.4 99.4 - 99.4

Retention / severance programs approved in the AGM of 04/28/17² - 78.2 6.4 84.6 ~25.0 100.0 - 110.0

Advisors, consultants, branding 70.3 87.9 1.5 89.3 ~10.0 165.0 - 170.0

Total 70.3 400.0 6.5 406.5 ~35.0 505.0 - 515.0


Financial statements Summary of income statement (consolidated)

SUMMARY OF INCOME STATEMENT (in R$ millions)

Net revenues 1,033.6 958.3 7.9% 1,060.80 -2.6% 4,006.2 3,606.9 11.1%

Expenses (589.4) (438.9) 34.3% (593.40) -0.7% (2,609.1) (1,720.0) 51.7%

Financial result (25.2) 196.6 -112.8% 19.0 -232.9% 134.2 243.1 -44.8%

Income tax and social contribution 97.1 362.3 -73.2% 150.52- -164.5% (242.0) (112.4) 115.3%

Net income 516.1 1,078.6 -52.1% 336.35 53.5% 1,225.1 2,018.7 -39.3%

Adjusted expenses (313.2) (305.1) 2.7% (252.1) 24.3% (1,067.4) (1,024.3) 4.2%

Adj. EBITDA 672.9 599.7 12.2% 667.8 0.8% 2,658.1 2,410.5 10.3%

Adj. EBITDA margin 66.6% 63.7% 285 bps 66.6% -3 bps 67.7% 67.1% 56 bps

Recurring net income 635.8 673.5 -5.6% 445.3 42.8% 2,084.0 2,383.2 -12.6%

4Q17/3Q17

(%)2017 2016

2017/2016

(%)4Q17 4Q16

4Q17/4Q16

(%)3Q17


4Q17 4Q16 4Q17/4Q16

(%) 3Q17

4Q17/3Q17

(%) 2017 2016

2017/2016

(%)

Net income (attributable to shareholders) 516,110 1,078,399 -52.1% 336,263 53.5% 1,224,714 2,018,891 -39.3%

(+) Expenses related to the combination with Cetip 28,760 12,003 139.6% 22,911 25.5% 325,383 51,997 525.8%

(+) Non-recurring provisions (32,626) (11,216) 190.9% (38,126) -14.4% 17,855 143,756 -87.6%

(+) Impairment - - - - - 43,235 - -

(+) Impact related to CME Group - (431,701) - - - - 116,784 -

(+) Amortization of intangibles from combination with Cetip 123,554 - - 124,226 -0.5% 376,423 - -

(+) Amortization of intangibles from combination with GRV - 8,567 - - - 8,567 34,270 -75.0%

(+) Changes on long term stock based compensation

program/methodology - 17,490 - - - - 17,490 -

(+) Taxes Refinancing (REFIS/PERT) - - - - - 87,809 - -

Recurring net income 635,797 673,542 -5.6% 445,274 42.8% 2,083,986 2,383,187 -12.6%

(+) Deferred Tax (goodwill from Bovespa combination) 133,054 135,290 -1.7% 133,054 0.0% 532,214 541,159 -1.7%

(+) Deferred Tax (goodwill from Cetip combination) 119,629 - - 119,629 - 239,258 - -

Recurring net income adjusted by goodwill tax benefit 888,480 808,832 9.8% 697,957 27.3% 2,855,458 2,924,346 -2.4%

Recurring net incomeReconciliation of net income – excluding non-recurring items

PUBLIC INFORMATION

Financial statements Adjusted expenses and EBITDA reconciliations

ADJUSTED EXPENSES RECONCILIATION (in R$ millions)

EBITDA RECONCILIATION (in R$ millions)

57

4Q17 4Q164Q17/4Q16

(%)3Q17

4Q17/3Q17

(%)2017 2016 2017/2016 (%)

EBITDA 678,740 571,970 18.7% 690,900 -1.8% 2,139,196 2,090,898 2.3%


(+) Changes on long term stock based compensation program/methodology - 26,500 - - - - 26,500 -

(+) Non-recurring provisions (49,434) (16,994) 190.9% (57,767) -14.4% 27,052 214,311 -87.4%

Adjusted EBITDA 672,881 599,662 12.2% 667,846 0.8% 2,658,080 2,410,492 10.3%

Adjusted EBITDA margin 66.6% 63.7% 285 bps 66.6% -3 bps 67.7% 67.1% 56 bps

4Q17 4Q16 4Q17/4Q16 (%) 3Q17 4Q17/3Q17 (%) 2017 2016 2017/2016 (%)

Expenses 589,438 438,856 34.3% 593,411 -0.7% 2,609,112 1,720,032 51.7%

(+) Depreciation and amortization 234,582 52,546 346.4% 223,547 4.9% 742,137 204,048 263.7%

(+) Long term stock based compensation 20,618 55,997 -63.2% 30,057 -31.4% 107,964 160,273 -32.6%


(+) Provisions (recurring and non-recurring) (22,558) 7,050 -420.0% 53,027 -142.5% 199,730 252,598 -20.9%

Adjusted expenses 313,221 305,077 2.7% 252,066 24.3% 1,067,449 1,024,329 4.2%


ASSETS

(In R$ thousands)Dec 31, 2017 Dec 31, 2016

LIABILITIES AND EQUITY

(In R$ thousands)Dec 31, 2017 Dec 31, 2016

Current assets 6,506,030 11,612,517 Current liabilities 5,494,563 3,657,832

Cash and cash equivalents 711,140 319,124 Collateral for transactions 2,171,449 1,653,835

Financial investments 4,926,832 10,964,214 Financial instruments for hedge 21,345 405,971

Others 868,058 329,179 Loan 43,232 373,919

Noncurrent assets 31,073,849 19,543,358 Debentures 1,513,167 17,495

Long-term receivables 2,563,595 3,749,282 Others 1,745,370 1,206,612

Financial investments 2,197,268 3,564,243 Noncurrent liabilities 7,775,302 8,421,658

Others 366,327 185,039 Debt issued abroad 2,012,331 1,987,669

Investments 44,962 29,117 Loan 508,998 33,949

Property and equipment, net 573,669 462,753 Debenture 1,497,434 2,991,806

Intangible assets 27,891,623 15,302,206 Deferred inc. tax and social contrib. 3,081,088 2,976,125

Goodwill 22,338,876 14,401,628 Others 675,451 432,109

Software and projects 5,548,396 900,578 Equity 24,310,014 19,076,385

Others 189,680 - Capital 3,198,655 2,540,239

Capital reserve 18,399,366 14,327,523

Others 2,701,673 2,198,708

Non-controlling interests 10,320 9,915

Total Assets 37,579,879 31,155,875 Total liabilities and equity 37,579,879 31,155,875

LIABILITIES AND SHAREHOLDERS’ EQUITYASSETS

Financial statements Summary of balance sheet (consolidated)

PUBLIC INFORMATION

Investor Relations

+55 11 2565-4729 / 4418 / 4207 / 7935 / 7451

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