A Superior Marketplace

1. A Superior Marketplace

2. BOVESPAHighlights • Founded in 1890 • Self-regulatory organization supervised by the Brazilian Securities and Exchange Commission – CVM • Broad Product Base • Fully accessible by international investors • State-of-the-art technology • Standard setter for corporate governance in Brazil • Vibrant IPO market • International Reference

3. EQUITY CASH Stocks BDRs REITs PRODUCTS Broad Product Base EQUITY DERIVATIVES • Stock Options • Index Options • on Bovespa Index • on IBrX Index • Forward Contracts • Warrants • ETFs • POP - Protected and Participative Investment FIXED INCOME • Debentures • Commercial Papers • Mortgage-Backed securities • Asset-backed securities (FIDC)

4. OVERALL MARKET INDICES IBOVESPA - BOVESPA INDEX Companies representing 80% of the total trading value IBrX-50 – BRAZIL INDEX 50 50 most liquid shares of the cash market IBrX - BRAZIL INDEX 100 most liquid shares of the cash market IVBX – Valor BOVESPA Index 50 companies on second tier governance issues SECTOR BASED INDICES IEE – ELECTRIC POWER INDEX Most liquid companies of the electric power sector ITEL – TELECOMMUNICATIONS INDEX All companies in the telecommunication sector INDX – INDUSTRIAL SECTOR INDEX Industry most representative stocks INDICESExtensive Benchmarking CORPORATE GOVERNANCE INDICES • IGC – CORPORATE GOVERNANCE INDEX • Companies traded in the Novo Mercado or Levels 1 and 2 • ITAG – TAG ALONG COMPANIES’ INDEX • Companies that offer tag along rights to all shares • ISE - CORPORATE SUSTAINABILITY INDEX • Companies committed to environmental, social and corporate governance issues

5. REGISTRATION AT CVM (Securities and Exchange Commission) Registration granted in 24 hours Online registration through the website Registration form required (Basic Information) REQUIREMENTS A local representative in Brazil Assets must be deposited at a recognized depository service Accounts hold under an authorized custodian Tax ID number required (CNPJ) REGULATORY OVERVIEW No restrictions in terms of the type of investments No diversification rules No minimum permanence period requirement Final beneficiary market TAXATION Exemption on capital gains for equity instruments and government bonds Exemption of CPMF tax of 0.38% on inflows and outflowsfor equity instruments Tax haven investors taxed as domestic investors INTERNATIONAL INVESTMENTSA fully accessible market

6. INVESTORS AT BOVESPAParticipation in the trading value Source: BOVESPA

7. BOVESPA IN NUMBERSDaily Average Trading Value in USD million Source: BOVESPA

8. LEADERSHIP IN LATIN AMERICA Latin American Exchanges Daily Average Trading Value in July 2007 Source: WFE – World Federation of Exchanges

9. BOVESPA IN NUMBERSOptions Market TOP 10 traded stock options in the world in 2006 Options on Equities Up to June 2007 Source: BOVESPA, WFE – World Federation of Exchanges and ISE - International Stock Exchange

10. TRADING INFRASTRUCTUREState-of-the-art technology • 100% of the trades executed electronically with specialized trading systems for Equities, Equities’ Derivatives and Corporate Bonds; • MEGA BOLSA– Order driven system operated in more than 20 exchanges around the world; • DMA Facilities (Direct Market Access) • HOME BROKER and Institutional Connection: 37% of the trades and 19% of the trading value (July/2007) • BOVESPA FIX – a platform developed specifically for bond trading; • Trading system linked electronically, in real time basis, to the clearing and settlement system – all trades are locked in for settlement;

11. Daily Average Number of Trades Registered at Megabolsa TRADING INFRASTRUCTUREA permanent challenge • More than 1200 terminals connected to Megabolsa • Our execution speed is in average fractions of a second • At peak, the system processes over 200,000 trades and 1 million orders per day In thousands 157,4 Source: BOVESPA

12. BOVESPA’S LISTED COMPANIES Market Capitalization In USD billion • 75% provide financial statements in USGAAP or IFRS • 35% voluntarily provide tag along rights and belong to Itag • 57% adhered to Novo Mercado, Level 2 or Level 1 433 Listed Companies Source: BOVESPA

13. NOVO MERCADO Shareholders’ rights Only one class of shares, with full voting rights: one share, one vote Full tag along rights Higher disclosure Standards Annual financial statements in IFRS or US GAAP Improved Quarterly Reports (ITRs), including an English version, consolidated financial statements and cash flow statements Related party transactions Trading and ownership of the company´s shares by the management and the controlling shareholders Other listing requirements Delisting: tender offer at a price based, at least,on the economic value Board of directors: a minimum of 5 members, maximum two years terms 25% minimum free-float and adoption of special procedures in public offerings to enhance the dispersion of the company´s shares Adhesion to an arbitration panel (dispute resolution) SPECIAL LEVELS OF CORPORATE GOVERNANCE Nível 1 (level 1) Higher disclosure standards of Novo Mercado Nível 2 (level 2) Higher disclosure standards of Novo Mercado Must comply with all the requirements of the Novo Mercado Exception: May continue to issue non-voting,« preferred » shares (PN), but these « preferred » shares will have voting rights in some circumstances CORPORATE GOVERNANCEA new standard is set

14. CORPORATE GOVERNANCEListing Segments • Novo Mercado’s Consolidation6 years after launching • 32% of total listed companies • 57% of total market capitalization • 68% of total trading value 139 companies Source: BOVESPA

15. BOVESPA IN NUMBERS Market Performance July 06 – July 07 IGC = + 79% ITAG = + 73% IBOVESPA = + 69% IBRX 50 = + 67% IBovespa x ITag x IGC x IBrX 50 Base 100 on Dec. 2002 Source: BOVESPA

16. CAPITAL RAISING ACTIVITY Distinctive Features • HIGHESTSTANDARDS OF CORPORATE GOVERNANCE • Most of the newcomers joined Novo Mercado • PLACEOF LISTING • Most of the listings only at BOVESPA Source: BOVESPA

17. CAPITAL RAISING ACTIVITY Capital raised through shares - Top 10 Markets US$ million – Up to July 2007 • Capital Raised by Brazilian Companies: Up to July/2007: US$23.1 billion 2006: US$16.5 billion  2005: US$ 10.9 billion 2004: US$ 3.8 billion Source: WFE – World Federation of Exchanges

18. BOVESPA IN THE WORLDThought Leadership • Chairman of the Ibero-American Federation of Exchanges • Member of the Board • Member of the SRO Consultative Committee • National Numbering Agency for ISIN Codes • OECD – Member of the Roundtable on Corporate Governance

19. For more information about BOVESPA Contact BOVESPA: Development and International Relations Department: Advisor: Cristiana Pereira – cpereira@bovespa.com.br Lucy Pamboukdjian – lpambouk@bovespa.com.br Mariana Carmo – mcarmo@bovespa.com.br David Rodrigues – dsrodrigues@bovespa.com.br Visit: www.bovespa.com.br/English Disclaimer “This presentation is provided for information purposes only. The information provided is not an invitation to purchase securities listed on São Paulo Stock Exchange. Do not copy, distribute, sell or modify this presentation without BOVESPA´s prior written consent”.

20. www.bovespa.com.br/english