- Firstly, the court decision mentioned in that report relates to a lawsuit filed by a former member and holder of full membership certificate of the old mutualized association known as Bolsa de Mercadorias & Futuros (BM&F) against his exclusion as associate member due to default. The proceedings of this lawsuit were initiated long before the demutualization of BM&F.
Moreover, differently from the inferences the report makes, the court decision, which does not have the significance or the reach claimed in the report, has affirmed the arguments proposed by the Exchange, that it was indeed entitled to exclude the defaulting member and that the general meeting of associate members had right and authority to set the criteria by which membership certificates would be valued, which is also a point of contention in the dispute. - Additionally, we clarify that this is not a final decision and, as to the unfavorable portion, no indemnity has been established, such that the amount of any such indemnity would have to be established by means of a court expert assessment.
- Furthermore, and again, differently from what the news report suggests, the effects of said court decision are limited and cannot extend to other parties that may have brought suits against the Exchange, regarding which the court decisions issued thus far have consistently affirmed the arguments and the position of the Exchange.
- Lastly, the Exchange announces that it will appeal the decision with regard to the unfavorable portion, as appropriate. São Paulo, August 25, 2009
Investor Relations Officer