19.4% top line year-on-year growth reflects higher volumes in derivatives and equities combined with increased revenues from other services not related to volumes Adjusted net income[1] grew 17.2% to R$436.8 million; adjusted EPS grew 19.8% to R$0.243 Payout practice: maintenance of a payout ratio of 80% of the IRFS net income with a higher proportion of total payout for the year in the form of interest on capital 08/13/2015

São Paulo, Brazil, August 13, 2015 - BM&FBOVESPA S.A. (ticker: BVMF3) today reported its second-quarter earnings for the period ending on June 30, 2015. Double-digit top line growth was driven by better volumes in both derivatives and equities, and higher revenues from other business not related to volumes compared to the same period in 2014. Bottom line growth was even higher as a result of the company's operational leverage coupled with higher net financial income.

BM&FBOVESPA reaffirms its previously announced budget ranges: (i) adjusted expenses[2] (OPEX) of R$590 million to R$615 million for 2015; and (ii) capital expenditures (CAPEX) of R$200 million to R$230 million for 2015 and of R$165 million to R$195 million for 2016.

Highlights of the 2Q15 results:

  • In the BM&F segment, average daily volume (ADV) rose 28.2% and average revenue per contract (RPC) increased by 2.2% in comparison with 2Q14;
  • In the Bovespa segment, average daily trading value (ADTV) grew 5.7% year-over-year, due to higher turnover velocity, while margins were flat;
  • Tesouro Direto maintained its growth trend, achieving new all-time highs in both average amount of assets under custody (+39.1% over 2Q14) and average number of investors (+43.8% over 2Q14);
  • Adjusted expenses reached R$141.7 million in 2Q15, an increase of 5.6% compared to 2Q14, below accumulated average inflation in the period;
  • R$254.4 million in interest on capital, totaling 80% of 2Q15 IFRS net income;
  • Share buyback reached R$286.8 million between January and July 2015, totaling 26.2 million shares repurchased.

[1] Adjusted net income to Company's (i) deferred taxes recognized in relation with temporary differences from amortization of goodwill for tax purposes; (ii) costs from stock grant - principal and payroll taxes -, net of tax deductibility, and stock option plan; (iii) investment in affiliate (CME Group) accounted under the equity method of accounting, net of taxes related to dividends received from CME Group; and (iv) taxes paid overseas to be compensated.

[2] Expenses adjusted to Company's (i) depreciation and amortization; (ii) costs from stock grant plan - principal and payroll taxes - and stock option plan; (iii) tax on dividends from the CME Group; and (iv) transfer of fines and provisions.

Chief Executive Officer of BM&FBOVESPA, Edemir Pinto, said: "We have continued to move forward on important initiatives that enhance our business. In 2Q15 we have stayed on schedule for the development of the second phase of the new Clearing BM&FBOVESPA, which will migrate the equities market to the new integrated facility, and we have delivered significant improvements to our customers with the migration of Swaps registration to our new OTC derivatives platform. Both projects are linked to our broad multi-year infrastructure revamp. We also have launched a program aimed at improving the corporate governance practices of State-Owned Companies, which represent a large share of our volumes, by recognizing those companies that make enhancements to transparency, compliance structures, and their processes for board composition.

Chief Financial Officer, Daniel Sonder, commented: "Our business has shown its resilience during a period of increased uncertainty in the Brazilian macroeconomic environment. The revenue diversification across markets and currencies afforded by our business model has been important to our strong performance in the top line when compared to last year. We have also continued to implement measures that allow us to capture more value from our products and services: enhancing pricing and incentives, re-launching our inflation product family, and adding market makers to more products. Operational leverage, expense discipline and share repurchases have further contributed to EPS growth. We have maintained our commitment to returning capital generated by the business to shareholders through payouts and share buybacks, and have altered the balance of such payouts towards more interest on capital in order to further expand our capacity to return capital to our shareholders over the long term.

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