The Brazilian Capital Market: BM&FBOVESPA s role August/2012

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1 The Brazilian Capital Market: BM&FBOVESPA s role August/2012 1

2 Relevant international position Largest Stock and Derivatives Exchange in Latin America 3rd Largest Listed Exchange Group in the World VIBRANT CAPITAL MARKETS Largest Equity Options Market in the World (2011) 8th Largest Capital Raising Market in the World (2011) Among the Top 6 Derivatives Market in the World (2011) Listed Compaies Number of listed companies: 457 (July/12) Market capitalization of the listed companies: USD 1,15 trilllion (July/12) Source: WFE, FIA and IOMA 2

3 Ranked Among the Top 4 Exchanges in the World Market Capitalization BVMF03 (US$ billion) Market cap Brazil USD 1.12trillion ( June/12) Turnover velocity 61% 62% 62% 58% 74% 65% 67% 77% 17,8 14,8 11,5 9,8 9,6 1,3 1,5 1,5 1,5 1,4 1,3 1,4 1,2 6,1 5,9 5,8 4,2 3,8 3,7 2,5 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Mkt Average Cap Medio mkt cap (US$ (US$tri) Velocidad Turnover velocity de Turnover Emerging Economies Dividend Yield (Average end of 2012 estimated* ) 3.3% 3.6% 3.9% Diversified and integrated Derivatives Diversified but not integrated 0.9% 1.4% 1.5% 1.6% 2% 2.5% Updated until: August, 10th 2012 Hong Mexico India Thailand Russia Turkey Korea Brazil Kong *Agora Corretora -Valor Economico China Source:BM&FBOVESPA 3

4 Strong Buy Side and Sell Side Participating in BVMF Markets Investors Breakdown on Equity Trading (based on July/12 ADTV) Companies 2% Financial Institutions 7% Investments by Region- Equities % of International Flow -July/12 Retail Investors 20% North America 41% Latin America 13% Foreign Investors 40% Mutual Funds 31% Africa 1% Diverse Range of Sectors on the Market Cap (based on July/12 market cap) Financial 27% Public Utilities 11% Telecom 6% IT 0.4% Consumer Cyclical 5% Oil, Gas and Biofuels 12% Consumer Non Cyclical 18% Basic Materials 13% Capital Goods and Services 2% Construction and Transportation 5% Asia and Pacific 2% Europe 43% Source: BM&FBOVESPA Jun/12; WFE 4

5 Agenda Special Listing Segments 5

6 Brazilian Capital Markets Goal: reduce the distance between the regulation and the necessity to protect investors Main requirements of Novo Mercado: Requirements of Corporate Governance: shareholders rights, transparency and supply of mandatory information Adhesion to Market Arbitration Chamber to solve corporate conflicts Requirement to listing maintenance Novo Mercado is a private initiative, based on the selfregulation power of the Exchange, in order to improve the quality of public companies and the credibility of capital market It creates a receptive environment for public offerings Evolution of Brazilian IPOs (1995 July/2012)

7 Corporate Governance Corporate governance listing segments IPOs by Segment Comply with the regulation + better disclosure and free float + shareholder rights + only voting shares gradual strategy of market access Nível 2 13% Nível 1 6% BDR 6% Bovespa Mais 1% Standard 25% Free Float 25% Free Float until 7th year after listing Corporate Governance Indexes versus IBOVESPA Novo Mercado 74% IGNM IGC 400 IBOV IBRX50-1/1/2009 1/1/2010 1/1/2011 1/1/2012 Source:BM&FBOVESPA (Base /09/ /07/2012) 7

8 Funding for Brazilian companies Initial Public Offerings & Follow-ons (BRL billion) IPO: 11 Follow on: ,2 IPO: 7 Follow on: 8 IPO: 9 Follow on: 10 13,9 8,8 5,4 4,5 4,3 8,5 IPO: 26 Follow on: 16 30,4 15,4 IPO: 64 Follow on: 12 70,1 55,6 15,1 14,5 IPO: 4 Follow on: 8 34,3 7,5 26,8 IPO: 6 Follow on: 18 45,9 23,7 22,2 74,81 11,2 63,2 IPO: 11 Follow on: 11 18,0 7,2 10,8 IPO: 3 Follow on: jul/12 9,5 3,9 5,6 Follow-On IPO Parcel Related to the onerous cession - Petrobras offer Source:BM&FBOVESPA 8

9 Investors Breakdown Access to national and international investors 100% 90% 80% 70% 60% 2% 10% 18% 13% 7% 18% 3% 3% 7% 8% 17% 16% 18% 8% 8% 2% 8% 12% 9% 8% 3% 12% 14% 20% International Investor s Average IPO 50% 40% 30% 70% 62% 73% 72% 66% 72% 70% 69% (from 2004 to 20) IPOs : 69% 20% 10% Follow-ons: 59%* FOLLOW ON 0% % 90% 80% 70% 60% 50% 40% 30% 20% 10% 5% 1% 4% 6% 7% 13% 13% 13% 14% 20% 9% 20% 38% 7% 8% 18% 20% 21% 58% 28% 6% 15% 69% 74% 4% 59% 65% 58% 14% 50% 41% 24% 0% * The onerous cession of Pebrobrás Offer is not included in International Institutional Retail Others 9

10 Average Ticket of Public Offerings in Main Markets The average ticket of IPOs in most mature markets shows a trend of offerings of lesser value Volume of Capital raised in IPOs (USD billions) The average ticket of IPOs in emergent markets also reduces when it increases the number of New company Listed new listed companies Average Ticket (USD Millions) Hong Kong Ex Shenzhen SE NYSE Euronext (US) Australian SE Shanghai SE NASDAQ OMX Singapore Exchange Bursa Malaysia BM&FBOVESPA Korea Exchange Warsaw SE National SE India Indonesia SE 4,9 4,6 3,9 3,4 2,5 2,2 7,6 11,0 16,2 15,7 23,8 27,9 33,3 Hong Kong Ex Shenzhen SE NYSE Euronext (US) Australian SE Shanghai SE NASDAQ OMX Singapore Exchange Bursa Malaysia BM&FBOVESPA Korea Exchange Warsaw SE National SE India Indonesia SE Hong Kong Ex 411,0 Shenzhen SE 115,0 NYSE Euronext (US) 345,2 Australian SE 151,5 Shanghai SE 413,7 NASDAQ OMX 150,1 Singapore Exchange 346,8 Bursa Malaysia 174,5 BM&FBOVESPA 414,4 Korea Exchange 53,1 Warsaw SE 16,6 National SE India 77,0 Indonesia SE 88, Source: WFE World Federation of Exchanges December

11 3 Listed companies in BOVESPA MAIS NUTRIPLANT: micronutrients producer DESENVIX: renewable energy October Capital Raised: R$ 20,7 MM (100% Primary offering) Free Float: 40,00% Nº. de Investdors: 8 Costs: R$ 1,46 MM (7,07%) Net Resources: R$ 19,2 MM Destination: 60% investment and 40% working capital Market cap: R$ 51,9 MM Net Revenue (12m ): R$ 35,1 MM Source: Prospecto Definitivos e Anúncio de Encerramento. February Nº. Of shares: 12 Price per share: R$ 10 Capital Raised: listing without public offering Free Float: 0% Net Revenues (2010): R$ 112,1 MM (jun/11): R$ 55,2 MM Senior Solution: IT May Capital Raised: listing without public offering Free Float: 0% Net Revenues (2011): R$ 38,75 MM 11

12 Agenda Listing a Foreign Company at BM&FBOVESPA 12

13 Listing a foreign company in Brazil Foreign company has two alternatives to listing in Brazil Through a subsidiary, as a Brazilian company (the trading of securities in the regulated markets depends on prior registration of the issuer with the CVM CVM Instruction 480/2009) Through Brazilian Depositary Receipts (BDRs) representing securities issued and with custody outside Brazil (CVM Instruction 332and 480) BDRs can be non-sponsored (only for Level I) and sponsored (Level I, II or III) Non-sponsored refers to a program organized by a depositary institution issuing certificates without an agreement with the company that issued the securities underlying the depositary certificate Sponsored refers to a program organized by a single depositary bank (BDR issuer) hired by the foreign company that issued the BDRs' underlying securities 13

14 Programs per Depositary Institution 70 U.S. companies available for trading Deutsche Bank Citibank Itaú Unibanco Bradesco Citibank Deutsche Bank Bradesco Apple Alcoa Amazon American Express Amgen 3M Dow Chemical Arcelor Mittal Cisco Caterpillar AT&T Comcast Abbott Fedex Avon Citigroup Chevron Boeing Dell ConocoPhillips H. J. Heinz Bank of America Freeport-McMoRan Coca-Cola Bristol-Myers Ford Motor DuPont Honeywell Exxon Mobil General Electric Colgate-Palmolive IBM Halliburton ebay HP Goldman Sachs Intel Mastercard Johnson&Johnson LinkedIn Eli Lilly Lockheed Google Merck Monsanto Kraft Foods Netflix Home Depot Morgan Stanley McDonald s Microsoft Nike Pepsico Philip Morris JP Morgan Chase Starbucks Pfizer Procter & Gamble Oracle VISA Qualcomm UPS Time Warner Wal Mart Wells Fargo Schlumberger Walt Disney Verizon US Steel Xerox Launch date: Oct 05, 2010 Launch date: Nov 29, 2010 Launch date: Jul 25, 2011 Launch date: Oct 18, 2011 Launch date: Feb 07, 2012 Launch date: Mar 04, 2012 Launch date: Apr 04,

15 Manager of Products and Services for Issuers Adriana Sanches 15

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