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International Conference Call BM&FBovespa Announcement to the Market March 5th, 2013 Operator: Good morning, ladies and gentlemen, and welcome to the audio conference call about the changes in the fee structure announced by BM&FBOVESPA. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions to participate will be given at that time. If you should require assistance during the call, please press the star key followed by zero (*0). As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Eduardo Refinetti Guardia, CFO of BM&FBOVESPA. Mr. Guardia: Thank you. Hello everyone, thank you for joining us today. The reason for this call is to discuss the changes in our fee structure that we have announced this morning. I will try to be brief to leave more time for the Q&A. You know we have been working to improve the efficiency of our fee structure. It is a continuous process and since 2010 we have announced important changes particularly the reduction of costs subsidy through fee rebalance of trading and post-trading. The changes we are announcing today aim to rebalance cash equities trading fee and post- trading fees for institutional investors and daytraders to promote volume incentives by giving discounts to investors with a higher price elasticity and to introduce a fee policy based on cash equities trading