Change In Pricing Policy For BM&FBOVESPA Products And Services

On January 23, 2009, BM&FBOVESPA (the “Company”) unveiled its revised Pricing Policy for Products and Services (Pricing Policy), first announced on October 27, 2008.

This new policy seeks to rebalance our sources of revenues with neutral impact on total revenues, while permitting us to offer more competitive products that are suitable for participants and adequate for market reality. In addition, our revised pricing policy aims to drive liquidity in our markets and allow for growth in trading activity by retail and non-resident investors, as well as to encourage trading through our electronic trading platform, in particular by algorithmic traders.

The new pricing policy includes the following summarized changes:

Starting from February 16, 2009, the fixed-discount policy for trading in derivatives contracts will be replaced by a charge method based on price range by volume traded.

Starting from April 6, 2009, we will implement an adjustment of fees for services provided by the Central Securities Depository (former CBLC) and through the Trading and Settlement Systems of the cash market for equities and equity-based derivatives.

In addition, BMF&BOVESPA has been considering adopting special charges related to depositary receipt programs of Brazilian issuers, which we plan to unveil in March.