To: The BM&FBOVESPA (BVMF) Market Participants BOVESPA and BM&F Segments. Re: Launch of the SINACOR+ system in March 2010.

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1 March 3, /2010-DP EXTERNAL COMMUNICATION To: The BM&FBOVESPA (BVMF) Market Participants BOVESPA and BM&F Segments Re: Launch of the SINACOR+ system in March As you know in 1986 BM&FBOVESPA developed the Integrated Brokerage House Management System (SINACOR), and since then it has made this system available to market participants in order to facilitate the management of the various back, middle and front office activities carried out by the institutions participating in the BM&FBOVESPA markets. Currently 105 institutions are using the SINACOR system through more than 1,000 modules that have been installed in a total of 48 BOVESPA & BM&F segment brokerage houses, of which 35 are BOVESPA-only brokerage houses, 15 are BM&F-only brokerage houses, 5 are securities distribution companies (DTVMs) and 2 are banks. In January 2008, the Exchange initiated a modernization process to enhance the SINACOR system by updating its technology and improving its performance and security. The result of this process is the SINACOR+ system which now incorporates a variety of enhancements and new functionalities, from among which we highlight the following: Technological infrastructure enhancements Replacement of the Centura language by Microsoft.net, allowing the full modernization of the system infrastructure; Evolution of the system architecture, allowing for: the implementation of the concept of service-oriented architecture (SOA);

2 002/2010-DP.2. the increase in system capacity and performance through horizontal growth (utilization of a greater number of servers) and vertical growth (utilization of more potent servers); flexibility of implementation which facilitates adaptation to market changes; the use of various methods of installation to fit the users environments providing security, scalability and availability; easier integration with other systems and applications, as well as with user business processes; and cryptography and data security. More efficient utilization of the Oracle databank, generating performance gains and software license cost reductions; Functional enhancements Redesign of the SINACOR interfaces, making them more efficient and friendly; Pre-matching of settlement and custody information; Automation of the order registration process for the BM&F market segment, including the adoption of a drop copy mechanism in FIX format. Expansion and enhancement in the use of audit trails; Unification and enhancement of customer registration screens; Implementation of configurable operational warnings in real time; Possibility of customization of the system to fit the users visual identity; Adoption of the English and Spanish languages, in addition to Portuguese; and Possibility of integration with the imercado product. Migration timetable The SINACOR+ system will be available to users as of March 8, 2010, and its modules and functionalities will be delivered on a quarterly basis, in accordance with the timetable contained in Annex I. As of March 2010, new functionalities (unavailable in the current version) will be implemented in the SINACOR+ version. The SINACOR (current version) and SINACOR+ modules can be installed and utilized simultaneously without any additional cost. However, the

3 002/2010-DP.3. Exchange will initiate the deactivation process for the current version and its respective maintenance service in the second half of Further information about the SINACOR modules and new technology, including the infrastructure manual, may be obtained from the following extranets: and Commercial Policy The monthly adhesion and maintenance fees for the SINACOR system will be readjusted by the inflation rate of 5.727% as measured by the Extended National Consumer Price Index (IPCA) during the period of September 2008 to December The other fees, relating to services and quantity of user logins, will remain unchanged. The fees are contained in Annex II of this Circular Letter and will become effective as of April Participants that wish to install the SINACOR+ system should contact the IT Products and Services Sale Supervision Department, by telephone at (+55-11) , or the BM&FBOVESPA Help Desk (CAB), by telephone at (+55-11) (option 5 SINACOR system). Workshop BM&FBOVESPA will promote workshops, whose dates and times are yet to be announced, to provide market participants with information related to the SINACOR+ system and its innovations in relation to the current version. Edemir Pinto Chief Executive Officer

4 Annex I to External Communication 002/2010-DP SINACOR+ SYSTEM DELIVERY TIMETABLE The Sinacor+ functionalities will be made available to users throughout 2010, as described below. Order and Revenue Control Bovespa Segment Treasury Functionality Delivery Timetable March 2010 June 2010 September 2010 December 2010 Activity Control Order Opening Basic Registration - Orders Basic Registration Revenue Trade Entry Consultation of Order Occurrences Miscellaneous Consultations - Orders Revenue Positions Registration of Traders and Preferences Control of Revenue Activity Revenue Consultations Revenue Adjustments Parameters - Orders and Revenues Revenue Activity Revenue Booking Orders X Trade Consultation Brokerage Report Customer cash activity consultation Order Distribution Basic Registration - Orders Basic Registration - Revenues Manual Matching Tables / Brokerage Fee Structure Automatic Matching Allocation Monitor Uncovered Sale /Forward Coverage Order Consultation Miscellaneous Consultations Activities* Execution Customer Information Consultation Cash Balance Report Settlement SPB Statements and Activities Status Consultation

5 002/2010-DP ii Treasury Order and Revenue Control BM&F Segment Functionality Delivery Timetable March 2010 June 2010 September 2010 December 2010 Groupings (TED, FX, Checks) Reconciliations Blocked Customers Event Accounts and Accounting Events Current Account SPB Liquidating Application / Redemption Banks Payment x Receipt Historical data Settlement Profile Activities Control Projection Recalculation Customers Orders Opening Trades Consultation Import / Export Specification Message Matching Orders Distribution Registration Margin Import - Trades and Positions Trade Consultation Processes - Orders Activity Trade Entry Basic Registration Import Commodity Registrations Maintenance Fee Adjustment Trader Registration Registration Position Brokerage Notice Import Correspondent Indicator Registration Import Reconciliation Maintenance Brokerage Fee Maintenance Income Tax Adjustment Adjustment Agent Registration Registration Collateral Import General Customer Registration Registration Accounting Scalper BM&F Order Automation Automation of Intention Routines - Trade Consultation

6 002/2010-DP iii Order and Revenue Control BM&F Segment Basic Registration and Customer Registration Current Accounts Registration Brokerage fee New Standard Group Processes - Revenues Functionality Delivery Timetable March 2010 June 2010 September 2010 December 2010 Unified Registration** Customer Transfers XFB Message Customer Release and Recovery Back office Special Customers Institutional Customer SFP Release Person - Relationship Registration of Support Tables Standard Customer Parameters BM&F Registration via XML Import/Export Basic Registration / Support Information Basic Registration - Access Control Customer Deactivation Entry Generation Miscellaneous Consultations Historical Consultation Parameters

7 002/2010-DP iv Current Accounts Accounts payable Requests Earnings Calculation Functionality Delivery Timetable March 2010 June 2010 September 2010 December 2010 Table Registration Statement Generation LOG Generation of Accounting Entries Processes Entries (Future, Day) Opening Basic Registration / Parameters Processes Activities Prematch Basic Registration / Parameters Requests Tesouro Direto SISAR Process Prematch Cash Entries Customer Activities Investment Club Collateral To be defined To be defined To be defined Custody To be defined To be defined To be defined Accounting To be defined To be defined To be defined * Report, Customer, Transfer, Payment X Receipt, Fixed Income, Unblocking, Future. ** Unified Registration contemplating all Customer Registration screens and relationships between accounts..

8 Annex II to External Communication 002/2010-DP COMMERCIAL POLICY The fees for the SINACOR and SINACOR+ systems are described below and will become effective as of March SINACOR modules Adhesion fee Monthly fee (BRL) (BRL) Limit Follow-up Earnings Calculation 1, Basic Registration and Customer Registration Accounting 1, Accounts Payable 1, Current Accounts 1, Order Control BM&F Segment 1, Order Control Bovespa Segment 1, Custody 1, Database Marketing (DBM) BTC Revenue BM&F Segment Revenue 1, Bovespa Segment Revenue 1, Quarterly Financial Information (IFT) Treasury 1, Accounting 1. For the first CNPJ ID number, the monthly maintenance fee will be BRL Starting with the second CNPJ ID number belonging to the same financial group or to an investment fund with the same the administrator, the monthly fee will be BRL IFT 1. For the first CNPJ ID number, the monthly maintenance fee will be BRL

9 002/2010-DP Starting with the second CNPJ ID number belonging to the same financial group or to an investment fund with the same the administrator, the monthly fee will not be charged. 3. SINACOR user logins Quantity of User Logins Fee (BRL/login) From the 1 st to the 20 th login - From the 21 st to the 50 th login From the 51 st login onwards Services Service Extended Phone Support (from 8:00 a.m. to 9:30 p.m.) Extra Contractual Phone Support Installation of operational system and databank in customer-owned equipment, to be delivered to/received from BM&FBOVESPA (São Paulo) by each customer Consulting (development projects, process consulting, etc.), as per proposal. Additional training in the SINACOR modules, provided at customers facilities in the city of São Paulo. Fee (BRL) /month /call 1,934.00/equipment /hour /hour