INVESTOR RELATIONS INSTITUTIONAL PRESENTATION - 3Q21 - MZIQ
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Investor Relations
Institutional presentation – 3Q21
1
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATION
Forward Looking Statements
This presentation may contain certain statements that express the management’s expectations, beliefs and assumptions about future
events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data,
and on current projections about the industries B3 works in.
The verbs “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “plan,” “predict,” “project,” “target” and other similar verbs are
intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ
materially from those projected in this presentation and do not guarantee any future B3 performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of B3 services; (ii) volatility related to (a)
the Brazilian economy and securities markets and (b) the highly-competitive industries in which B3 operates; (iii) changes in (a) domestic
and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing
competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including
the implementation of enhanced functionality demanded by B3 customers; (vi) ability to maintain an ongoing process for introducing
competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in
domestic and foreign jurisdictions; (viii) ability to expand the offer of B3 products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the date they were made, and B3
undertakes no obligation to update them in light of new information or future development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of
securities where such offer or sale would be unlawful prior to registration or qualification under the securities law. No offering shall be
made except by means of a prospectus meeting the requirements of the Brazilian Securities Commission CVM Instruction 400 of 2003, as
amended.
PUBLIC INFORMATION
2
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
Agenda
B3: Where we come from and highlights
Complete multi-asset and vertically integrated model: highly critical to users
Operational excellence, product development, innovation and focus on the client: long-term drivers of
value
Solid financial profile and commitment to returning cash to shareholders
PUBLIC INFORMATION
3
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
The infrastructure that develops the market
1890 2007 2008 2010 Mar/17
Bolsa Livre Demutualization and Demutualization of Acquisition of GRV by Merger approval and
(BOVESPA's
predecessor) is IPOs of BOVESPA Cetip Cetip creation of B3
founded and BM&F
1984 1986 2008 2009 May/16
Beginning of Beginning of BM&F and BOVESPA Cetip’s IPO Agreement between
Cetip’s BM&F merger – creation of BM&FBOVESPA and
activities activities BM&FBOVESPA Cetip (shareholders’
approval)
PUBLIC INFORMATION
4
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
The infrastructure that develops the market
Diversified and vertically integrated model
Single infrastructure integrated to the
financial system
Broadly held corporation with solid
governance
R$77.9 billion in market capitalization¹
Revenue of R$9.3 billion in 2020
More than R$19.0 billion distributed to
shareholders in 10 years
¹ Updated as of September 30, 2021. 5
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
Agenda
B3: Where we come from and highlights
Complete multi-asset and vertically integrated model: highly critical to users
Operational excellence, product development, innovation and focus on the client: long-term drivers of
value
Solid financial profile and commitment to returning cash to shareholders
PUBLIC INFORMATION
6
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Diversified Business Model
Diversity of products and services and exposure to different market dynamics
Revenue breakdown Main services Drivers and dynamics
(2020)
Equity Perspectives for the economy
Listing Interest rate and FX volatility
Trading, clearing (CCP²), settlement Interest rate level
(SSS³) and depository (CSD4)
Number of issuers and investors
LISTED Securities lending
Risk appetite
Investors sophistication
FICC
Credit outstanding
R$9.3 bn Trading, clearing (CCP), settlement
International transactions (capital raising and trade)
(SSS)
Credit growth
Trade repository (with or without CCP)
OTC Volatility
Central depository (CSD) and custody
Interest rate level
Listed – equity
Liens registration and controls Vehicle sales
Listed – FICC¹ INFRASTRUCTURE
Repository and transmission of Credit penetration
OTC FOR FINANCING
information on loans Process eletronification
Infrastructure for financing
Technology, data and services
TECHNOLOGY, Platforms, connections, access and IT Number of clients and services
DATA AND services (all segments) Market sophistication
SERVICES Data and analytics (all segments) Demand for new data and analytics solutions
¹ FICC – Fixed Income, Currency and Commodities. ²CCP – Central Counterparty. ³ SSS – Securities Settlement System. 4 CSD – Central Securities Depository, 7
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONListed Market – Equity
Exposure to the economic cycle, interest rate and sophistication and risk appetite of investors
Revenue breakdown Cash equity and derivatives on single stocks
(2020) ADTV (R$ bn) Investors participation (2020) Main price dynamics
▪ Basis points (bps)
▪ Discounts by volume (day
traders and total value traded)
Stock indices futures
ADV¹ (thousand) Investors participation (2020) Main price dynamics
▪ R$ per contract (RPC)
▪ Discounts by volume
Cash– trading
Cash – post-trading Listing, depository and securities lending
Derivatives – trading and post-trading Issuers (end of period) Investors (end of period; thousand) Sec. Lending (average open positions; R$ bn)
Equity CSD
Securities lending
Listing and solutions for issuers
Other segments
¹ As of 2016 the Mini contracts volumes were weighted in its respective standard contracts. 8
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONListed Market – FICC (Interest Rates, FX and Commodities)
Exposure to volatility, market sophistication and risk appetite of investors
Revenue breakdown Interest rates in BRL
(2020) ADV (thousand) Investors participation (2020) Main price dynamics
▪ R$ per contract (RPC)
▪ Price differentiation according
to the contracts’ maturity
▪ Discounts by volume
Interest rates in USD
ADV (thousand) Investors participation (2020) Main price dynamics
▪ US$ per contract (RPC)
▪ Price differentiation according to
the contracts’ maturity
▪ Discounts by volume
Derivatives - Interest rates in BRL
Derivatives - Interest rates in USD FX rates
Derivatives - FX rates Investors participation (2020) Main price dynamics
ADV¹ (thousand)
Derivatives - Commodities ▪ US$ per contract (RPC)
FX spot ▪ Discounts by volume
Other segments
¹ As of 2016 the Mini contracts volumes were weighted in its respective standard contracts. 9
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONOTC Market
Exposure to the local debt market development and market sophistication
Revenue breakdown Fixed income instruments and other
(2020) Bank funding (average stock; R$ bn) Corporate bonds (average stock; R$ bn) Main price dynamics
▪ Basis points (bps) on the initial
registration (bank funding
instruments)
▪ Basis points (bps) on the
outstanding volume
▪ Incentive programs for brokers
(Treasury Direct)
▪ Discounts by volume
Treasury Direct (average stock; R$ bn) Investment funds quota (average stock; R$ bn)
Fixed income instruments
Derivatives OTC derivatives
Other Derivatives (average stock; R$ bn) Structured Notes (average stock; R$ bn) Main price dynamics
Other segments ▪ Basis points (bps) on the initial
registration and outstanding volume
▪ R$ per transaction
▪ Cap according to the size of the
transaction
▪ Discounts by volume
PUBLIC INFORMATION
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INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONInfrastructure for Financing
Exposure to credit and economy growth
Revenue breakdown National Liens System- SNG
(2020) Number of vehicles sold (MM) Number of vehicles financed (MM) Price dynamics
▪ R$ per lien
▪ Discounts by volume
▪ Revenue-linked expenses
Contracts Systems
Contracts added (MM) Market-share - B3 Price dynamics
▪ R$ per contract transmitted
▪ Discounts by volume
▪ Revenue-linked expenses
Liens - SNG
Contracts Sytems Real estate platform
Real estate Sytems
Contracts platform
Other
▪ Assessment of collaterals (integration between financial institutions and appraisers)
Other segments ▪ Connection to notary offices (registration collaterals – real estate)
▪ Connection to the regulator (compliance with regulatory obligations)
PUBLIC INFORMATION
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INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONTechnology, data and services
Business diversification – data, analytics and other services for financial markets
Revenue breakdown Technology and access
(2020) Average number of clients¹ (thousand) # electronic cash transfers (thousand) Other services
▪ Sinacor: mid and back office system for
brokerage houses
▪ Trading screens for buy side and sell
side
▪ Server Hosting (co-location)
Data and analytics
▪ Real time market data – listed market
▪ Analytics for listed and OTC markets and for the infrastructure for financing segment
▪ Historical data dashboards for different segments
▪ Index licensing
▪ B3 Plug
▪ iMercado
Technology and access
Data and Analytics Bank B3
Bank B3
▪ Settlement bank
Other ▪ Back-office services for investment funds
Other segments ▪ Custody and representation for non-resident investors
▪ Depositary institution of BDRs - Brazilian Depositary Receipts
¹ Only those participants who pay monthly utilization fees in the OTC market. 12
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONGrowth Drivers – Equity and Debt Capital Markets Activity
The capital market’s relevance shall continue to grow
Capital raised in the Brazilian market BNDES disbursements
(R$ bn) (R$ bn)
Outstanding banking credit for corporates
(R$ tn)
Source: BACEN Source: Anbima
PUBLIC INFORMATION
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INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONInvestors’ risk appetite has been growing as the interest rate falls
Attractiveness of Fixed Income has been
decreasing... ... leading investors to diversify and leave fixed income
Real Interest Rate (10-Year NTN-B) x CDI Fund-raising by Assets category
(% per year) (2016 – 2020) – in R$ billion
2016 2017 2018 2019 2020
Total: R$124 bn R$260 bn R$94 bn R$231 bn R$157 bn
Fixed Income Non-Fixed Income
INFORMAÇÃO PÚBLICA (*Generic 10 years Bond rate - Bloomberg) Non-Fixed Income includes Equities + Multimarket Funds + Pension Funds + FX + ETFs + FIDC + 14
FIP
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONAs a consequence, the volume allocated in equities has been gaining
greater relevance within the AuM of the funds
AuM of the Funds (2016 – 2020)
(R$ billion)
CAGR
Cash Equities and Equities
11% Instruments
• Equity
(15%) 27% • Options
(14%) • Others
(10%)
Fixed Income
(9%)
• Committed Operations – Covered by
(8%) Public Federal Bonds
• Committed Operations – Covered by
State and Municipal Bonds
(85%) 9% • Public Federal Bonds
(86%)
(91%)
(90%) • CDB/RDB (Bank Certificate Deposits)
(92%) • Promissory Notes/Debentures
• Credit Rights/DPGE
• CCB/CCCB (Bank Loans)
• Real Estate Instruments/Letras
Financeiras
• Foreign Invest. and Others Fixed
Dec/16 Dec/17 Dec/18 Dec/19 Dec/20 Income
Source: ANBIMA 15
INFORMAÇÃO PÚBLICA
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONGrowth Drivers– Investors Allocation
Interest rate decline - demand for diversification and greater risk exposure
Institutional investors Individuals
Investment funds (End of period; R$ bn) Number of Investors (End of period; thousand)
Pension funds (End of period; R$ bn) Investment Allocation (End of period; R$ bn)
Sources: Anbima, ABRAPP and B3 16
PUBLIC INFORMATION *Updated as of 10/2020
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONInternational Indexes – Capital Markets
Comparison with other exchanges indicates that there is still room for growth
Exchanges Turnover- 9M21
B3
Market Cap / GDP (2020)
Brazil
1 Data until Aug/21. 2 2019 numbers.
INFORMAÇÃO PÚBLICA 17
Sources: The World Federation of Exchanges, World Bank
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
Agenda
B3: Where we come from and highlights
Complete multi-asset and vertically integrated model: highly critical to users
Operational excellence, product development, innovation and focus on the client: long-term drivers of
value
Solid financial profile and commitment to returning cash to shareholders
PUBLIC INFORMATION
18
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONIT Infrastructure investments
Ensuring the smooth functioning of markets Main infrastructure projects deployed
R$2.5 billion invested in the last 7 years over recent years
(2013-2020)
Operational excellence and high-quality ✓ PUMA Trading System: low-latency and high-capacity multi-
services are important competitive asset and multi-market trading platform
✓ B3 Clearinghouse: single infrastructure and risk / margin model
advantages for derivatives (listed and OTC) and equities
✓ New Data Center: scale to comprise own structure and client’s
(co-location)
✓ Relocation and consolidation of Data Centers
✓ Upgrades on IT infrastructure
Combined investment
✓ Registration platform for the Real Estate market
(R$ millions; Combined information)
✓ Registration platform for Insurance products
✓ Upgrades on trading infrastructure - PUMA (DR site)
✓ Market Data
✓ Securities Lending Electronic Trading Screen
✓ Automatic Exercising of options for equities and ETFs
✓ RLP – Retail Liquidity Provider
(2021 Budget)
✓ Renovation of corporate facilities
✓ Receivables Platform
✓ Clearing for Instant Payments service (PIX)
✓ Technological Updates
PUBLIC INFORMATION
19
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONProducts Development
Portfolio expansion; roadmap of developments aligned with clients
Segments Drivers Examples
New Tariffs for the Listed Equity Market (intermediary model)
✓ Enhancements to existing products • Lower prices for local and foreign investors
✓ New execution functionalities • New progressive table of discounts in custody
LISTED ✓ Risk management and operational efficiency • Exemption of monthly fixed depository maintenance fee for local investors
RLP expansion studies for equities
✓ Regulatory-driven adjustments
Improvements in the automatic exercise of options
Duplicate registration
✓ Risk management and operational efficiency Registration of credit card receivables
OTC ✓ Regulatory-driven adjustments CPR registration
✓ Services in the vehicles financing value chain Enhancements to the Real Estate platform
INFRASTRUCTURE FOR
✓ Real estate platform Real Estate Receivables Chambers
FINANCING
✓ Adding more value to data KYC services (surveillance)
TECHNOLOGY, DATA
✓ New analytic solutions AML services (Anti-Money Laundering)
AND SERVICES
PUBLIC INFORMATION
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INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Brasil, Bolsa, Balcão
Agenda
B3: Where we come from and highlights
Complete multi-asset and vertically integrated model: highly critical to users
Operational excellence, product development, innovation and focus on the client: long-term drivers of
value
Solid financial profile and commitment to returning cash to shareholders
PUBLIC INFORMATION
21
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONFinancial robustness
Summary of income statement¹
Net revenues Adj. expenses² Adj. EBITDA³ Recurr. net income
(R$ MM; % of change) (R$ MM; % of change) (R$ MM; % of change) (R$ MM; % of change)
+261.2% +412.0% +86.4%
+79.8%
Revenue growth, Expenses growth Strong potential Return of major
despite macro crisis below inflation for cash part of earnings
in Brazil generation to shareholders
PUBLIC INFORMATION
¹ Combined managerial information. ² Adjusted to (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) integration-related expenses; (iv) 22
revenue-linked expenses; and (iv) provisions. ³ Adjusted to: (i) integration-related expenses (ii) non-recurring provisions and (iii) other non-recurring items.
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONFocus on expense control
Historical adjusted expenses¹ 2020 adjusted expenses breakdown
(Combined information; R$ MM) (Combined information)
PUBLIC INFORMATION ¹Expenses adjusted to: (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) expenses connected to the business combination with Cetip; 23
(iv) revenue-linked expenses; and (v) provisions (Source: IBGE).INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONAppendix
APPENDIX
PUBLIC INFORMATION
24
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONManagement & Board of Directors
Board of Directors
Current BD composition
Antonio Quintella (Chairperson)
Board of Directors Former CEO of Credit Suisse Brasil and Americas; founder of Canvas Asset Management
Florian Bartunek (Vice-Chairperson)
Partner and CIO at Constellation Asset Management
Audit committee Ana Carla Abrão Costa1
Partner and Market Leader Latin America for Oliver Wyman Consulting
Claudia Farkouh Prado
Senior Member of the Board of Directors of Baker McKenzie Global Law Firm
Corporate governance and Nomination committee
Cristina Anne Betts
Financial Vice-President at Iguatemi Empresa de Shopping Centers S.A.
Product & pricing committee
Eduardo Mazzilli de Vassimon
Member of the Board of Votorantim and Totvs
Personnel and Compensation committee Guilherme Affonso Ferreira
Founder and Partner of MOS Capital
Alberto Monteiro de Queiroz Netto
Executive Vice-President of the Wealth Management segment of Banco Santander Brasil
Risk and financial committee
João Nazareth Menin Teixeira De Souza Independent members
CEO of Banco Inter
Maurício Machado de Minas
Member of the Board Banco Bradesco and IBM corporation
Linked to
Pedro Paulo Giubbina Lorenzini market participant
Executive Officer of Banco Itaú S.A. and a member of the Executive Committee of Itau-Unibanco
1 Ms. Ana Carla Abrão Costa requested temporary absence from the Board of Directors.
PUBLIC INFORMATION
25
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONManagement & Board of Directors
Statutory Board
Chief Executive Officer
GILSON
FINKELSZTAIN
Chief Chief Chief Financial Chief Product Chief Chief
Operating Operating Officer and Client Information Financing
Officer – Officer – Officer Officer Infrastructure Executive Executive Executive
Electronic Issuers, Unit Officer Director of Director of Director of
Trading and Depositary People, Governance and Products
CCP and OTC Marketing, Integrated
Communication Management
MARIO VIVIANE DANIEL JUCA RODRIGO MARCOS and Sustainability
PALHARES BASSO SONDER ANDRADE NARDONI FERREIRA
ANA EDUARDO LUIS SERGIO
BUCHAIM FARIAS KONDIC
PUBLIC INFORMATION
26
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONCorporate governance and ownership structure
Broadly-held Corporation with solid corporate governance structure
Sound corporate governance practices
Listed at Novo Mercado (voting shares only and other
shareholders’ rights, transparency, etc.)
Board of Directors:
• Majority independent, including the chairman (regulatory requirement)
• Other Board members are linked to market participants (not connected
to controlling group or management)
• Board of Directors and its Committees have clearly-defined activities
Management compensation aligned with Company’s
performance and strategic objectives, as well as with
shareholders’ long-term interests
Solid risk management and internal control structures and
policies
PUBLIC INFORMATION
27
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3’s Clearinghouses Safeguard Structures
Robustness that assures market integrity
B3 S.A – Brasil, Bolsa, Balcao Clearing Risk Metrics
Clearinghouses B3 (derivatives and equities)
# of clearing members (CM) 69
Margins
Total margins deposited (R$ bn) 452
Confidence level (%) 99.96%
Futures contracts 2-10 days; listed options 5 days; OTC derivatives 10 days; cash equity,
At risk / close-out period
forwards and securities lending 2-10 days
Cash BRL, Brazilian government bonds, gold, stocks and publicly traded share (unit)
Type of collateral eligeble for margins certificates traded on B3, Brazilian deposit receipts (BDR) , banks LC and CD, bank letter of
guarantee, ETF, shares in selected funds1
Margining system CORE - CloseOut Risk Evaluation
Calculates margin at the investor level (individuals who hold positions directly or funds). The
Margin calculation level
clearing member's house position is deemed as an additional single client portfolio
¹ Non-resident principals are also allowed to deposit as collateral: US dollar, ADR, US Treasury securities and German Treasury securities. For non-resident principals
PUBLIC INFORMATION under Resolution 2,687, the only assets eligible for collateral are US dollars and US Treasury securities. 28
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3’s Clearinghouses Safeguard Structures (Cont’d)
Robustness that assures market integrity
B3 S.A – Brasil, Bolsa, Balcao Clearing Risk Metrics
Clearinghouses B3 (derivatives and equities)
Clearing funds (CF)
The Clearing Fund, which is part of the safeguard structure, is composed by variable
contributions made by clearing members, (proportional to risk exposure) and fixed
General approach for calibrating the size of the contribution made by B3. The BM&FBOVESPA Board conducts credit stress tests to assess
guaranty funds the level of protection of the safeguards structure, which should be at least sufficient to cover
the 2 largest exposures.
1) defaulting customer guarantees: linked to the defaulting broker and MC; (2) defaults from
the defaulting customer linked to other brokers and / or other MCs, upon their authorization;
(3) guarantees from the defaulting broker linked to the defaulting MC, including the minimum
non-operating guarantee; (4) guarantees from the defaulting MC; (5) defaulting MC's
Waterfall order
contribution to the settlement fund; (6) B3's contribution to the settlement fund; (7)
contribution from other defaulting MCs to the settlement fund; and (8) B3 housing
exclusively dedicated to the chamber.
The total amount of contributions made by the participant for reconstitution of the fund in any
period of 20 working days is limited to 3 times the amount of the individual contribution
requested by the participant. If the contributions of the defaulting participants are used, the
Default fund replenishment following a default
contributions made to replenish them may not be used to cover losses arising from or prior
to the default in question.
Default experience None
PUBLIC INFORMATION B3 also owns and manages the Clearing House whose required guarantees represents only 0.13% of the total guarantees required by the BM&FBOVESPA Clearinghouse.
29
As Of August, 2019 INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Goodwill from the business combination of BM&F and Bovespa
Status of the ongoing discussions
Administrative level
Judiciary
Notional amount under CARF CARF
Tax year DRJ (three levels)
(notices received) discussion (IRS appeal - lower (IRS appeal - higher
(R$ bn – includes fines and interest)
(local IRS)
chamber) chamber)
2008-2009 10/21/2011 05/09/2014 04/05/2017 05/18/2020
R$1.3 billion (1st instance)
(11/29/2010) (partial impugnation) (3x3 votes) (4x4 votes) (Unfavorable Decision)*
2010-2011 04/27/2016 06/21/2017 09/11/2019
R$2.7 billion (partial impugnation) (5x3 votes)
(04/02/2015) (5x5 votes)
2012-2013 08/03/2018 10/16/2019
R$3.5 billion (partial impugnation) (7x1 votes)
(09/21/2017)
2014-2016
R$4.4 billion
(10/18/2019)
2017
R$204.3 million
(10/26/2021)
*note: 05/18/2020 – Material Fact - https://apicatalog.mziq.com/filemanager/v2/d/5fd7b7d8-54a1-472d-8426-eb896ad8a3c4/4856ebae-dfe5-3ab4-d001-b1a2cb2df734?origin=2 30
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – Marka and Fontecindam Administrative Improbity and Citizen Lawsuits
Summary of discussions
Procedural Information Judiciary Levels
Compliance
Updated Amounts (Jun-21) 1st Federal 1st Region - Superior Court of with the
Justice (STJ) and judgement
Lawsuits Instance – Regional Supreme Federal
Material Damages Fine Distrito Federal Federal Court Court (STF)
Marka Improbity 03/2012 – 07/2017 – 11/2020 – Appeal
Action R$9.3 bn R$9.3 bn Unfavorable Favorable Decision received. Waiting
(01/14/1999) Decision (4x1) for judgment.
Marka Class
03/2012 – 07/2017 – 11/2020 – Appeal
Action Favorable Decision
R$1.6 bn R$ - Unfavorable received. Waiting
(01/14/1999 and Decision Will only occur in a
(4x1) for judgment.
01/19/1999) case of an
unfavorable
decision from the
Fontecindam 03/2012 – 07/2017 – Higher Courts.
Improbity Action Favorable Decision Waiting to receive the
R$5.4 bn R$5.4 bn Unfavorable
appeal.
(01/14/1999) Decision (4x1)
Fontecindam 07/2017 –
Class Action 03/2012 – Dismissal Favorable Decision Waiting to receive the
R$ - R$ - without prejudice appeal.
(01/14/1999) (4x1)
Total R$16.4 bn R$14.8 bn
INFORMAÇÃO PÚBLICA 31
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONOPERATING PERFORMANCE
32 32
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONListed – Equities
ADTV1 Stock indices futures – ADV and RPC
Average annual market cap and Turnover Velocity2 Investor Participation in volumes¹
PUBLIC INFORMATION
¹ Includes: cash and derivatives (options and forward) on equities. 2 Ratio of cash equities trading volume in the period to the average overall market capitalization in the same period. 33
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONListed – FICC
Average Daily Traded Volume – ADV Revenue Per Contract – RPC
(Thousand of contracts) (BRL)
Investor Participation in volumes1 Open Interest of derivatives contracts2
¹ Considers mini-contracts 2As of 2016 it does not consider OTC volume and starting from Jan/17, Mini contracts were weighted in its respective standard contracts: Equities, FX 34
PUBLIC INFORMATION and Commodities.
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONOTC
Fixed Income – Volume Derivatives – Volume
(BRL trillion) (BRL trillion)
Others – Volume Treasury Direct
(BRL trillion)
PUBLIC INFORMATION
35
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONInfrastructure for Financing and Technology, Data and Services
Infrastructure for Financing
0.0% 5.0% 56.6% 68.2% 65.4% 59.7% 66.5% 70.8% 73.6% 71,4% 62.7% 58.8% 57.6% 52.1%
Contracts System’s market-share
Technology, Data and Services
Number of cash transfers (TED) processed (thousand) Average number of participants in OTC Market (thousand)
PUBLIC INFORMATION
36
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – New pricing policies for the cash equities market (1/3)
Intermediate tariffs were be implemented in February-21, while new policies announced in
January-20 will have a schedule defined with the market (1/2)
Trading
ATÉmodel
Previous JAN/21
until Jan/21 A PARTIRModel
Intermediate – from Feb/21
DE FEV/21 Final Model (implementation to be defined)
Previous Rates (bps) Intermediate Rates (bps) Announced Rates (bps)
Local Local All of the investors
Other Other
Institucionals Institucionals
investors investors
Investors Investors Trading 0.60
Trading 0.50 0.50 Trading 0.50 0.50 CCP 2.14
Post- Trading Post-Trading TTA* 0.26
2.00 2.75 1.80 2.50
(CCP and CSD) (CCP and CSD) Total 3.00
Total 2.50 3.25 Total 2.30 3.00
Changes: Changes:
▪ Lower Rates for local funds
▪ Fixed table based on how much ▪ Equalized tariffs for all investors, with
▪ Progressive discount for all investors based customers were paying + discounts; end of progressive discount per customer based
on the total Market ADTV in the previous the progressive discount based on the on each investor’s ADTV
month total Market ADTV in the previous month ▪ Segmentation in clearing (CCP) and
▪ Unified post-trading tariffs ▪ Unified post-trading tariffs remains Depositary (TTA) rates*
▪ New table of additional discounts for day ▪ New fee for the process of withdrawing
trade operations assets from the depository: 0.67% of the
withdrawn asset’s value
▪ Introduction of charging for the processing
of financial earnings
▪ Incentive program for large day traders
* PUBLIC
Not validINFORMATION
to day trade
37
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – New pricing policies for the cash equities market (2/3)
Intermediate tariffs were be implemented in February-21, while new policies announced in January-20
will have a schedule defined with the market (2/2)
Custody
Previous
ATÉ model
JAN/21until Jan/21 Intermediate Model
A PARTIR DE – from Feb/21
FEV/21 Final Model (implementation to be defined)
Previous Rates Intermediate Rates Announced Rates
Up to R$9.28/month Exempt for Custody account
Zero
for residents residents maintenance fee
Custody account Custody account
maintenance fee Progressive table
maintenance fee R$115.83/month
R$115.83/month for Value in custody fee (same as
non-residents for non-residents intermediate policy)
Progressive table New progressive 0.12% of payout
(residents) table (residents) Fee for processing
Value in custody fee Value in custody fee financial earnings (cap of
Exempt (non Exempt (non R$5.000/payout)
residents) residents)
Fee for processing Fee for processing
Zero Zero
financial earnings financial earnings
▪ End of monthly custody account
maintenance fee
▪ Account maintenance fee in custody for ▪ Fee on the amount in custody charged
locals and foreigners from a new progressive table, with
▪ Tariff on the amount in custody charged exemption for investments of up to
from a new progressive table, with R$20 thousand
▪ Fee on the value in custody charged from a exemption for investments of up to
progressive table, with exemption for ▪ Beginning of the charging of fees on the
R$20 thousand processing of earnings, with a cap of
individuals with investments up to R$300
thousand and foreign investors R$5,000 and exemption for applications
of up to R$20,000
*Resident or non-resident investors with an account without movement or position for more than 60 months start to pay R$7.63 from 61st month 38
PUBLIC INFORMATION
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONB3 – New pricing policies for the cash equities market (3/3)
Intermediate tariffs were be implemented in February-21, while new policies announced in
January-20 will have a schedule defined with the market
Progressive table of trading and CCP tariffs (Non-day Trade) Reduction table for day trade operations
Monthly ADTV(R$) Trading CCP TTA Total *The value of the TTA will be
From To tariff tariff (year 1)* From To determined for each year, based on
the global ADTV of non-day trade
0.01 100,000,00 0.600 2.140 3.00 operations of the previous year:
Final Model (implementation to be defined)
100,000.01 200,000,00 0.583 2.077 3.00 2.96
200,000.01 1,000,000,00 0.567 2.023 2.96 2.87 Global ADTV
TTA
1,000,000.01 20,000,000,00 0.534 1.906 2.87 2.71 (R$ Bn)
(bps)
20,000,000.01 150,000,000,00 0.468 1.672 2.71 2.44 From To
150,000,000.01 600,000,000,00 0.403 1.437 0.26 2.44 2.19 0 12 0.260
600,000,000.01 1,000,000,000,00 0.359 1.281 2.19 2.07 12 16 0.225
1,000,000,000.01 2,000,000,000,00 0.337 1.203 2.07 1.94 16 20 0.190
2,000,000,000.01 3,000,000,000,00 0.294 1.046 1.94 1.82 20 24 0.170
Trading
3,000,000,000.01 4,000,000,000,00 0.261 0.929 1.82 1.73 24 28 0.140
Acima de 4,000,000,000.00 0.217 0.773 1.73 - Over 28 0.135
Table of Incentive Program for Large Day Traders
Custody
▪ To participate in the program, the investor must
formally request B3 to be included, via the Intermediate Model – from Feb/21
customer service system
Progressive Rate on Custody Value
▪ The investor’s approval and maintenance in the
program is subject to compliance with minimum
requirements:
▪ Mantain na ADTV of at least R$100 million
▪ At least 90% in day trade operations
▪ If the investor fails to comply with the minimum
ADTV requirement while enrolled in the Program,
he will not have access to the differentiated table
PUBLIC INFORMATION
39
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATION3Q21 EARNINGS
PRESENTATION
November 11, 2021
40
INFORMAÇÃO
INFORMAÇÃO PÚBLICA
INTERNA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Forward looking statements
This presentation may contain certain statements that express the management’s expectations, beliefs and
assumptions about future events or results. Such statements are not historical fact, being based on currently available
competitive, financial and economic data, and on current projections about the industries B3 operates in.
The verbs “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “plan,” “predict,” “project,” “target” and other similar
verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could
cause actual results to differ materially from those projected in this presentation and do not guarantee any future B3
performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of B3 services; (ii)
volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries in which
B3 operates; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the
financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to
keep up with rapid changes in technological environment, including the implementation of enhanced functionality
demanded by B3 customers; (vi) ability to maintain an ongoing process for introducing competitive new products and
services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and
foreign jurisdictions; (viii) ability to expand the offer of B3 products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the date they
were made, B3 undertakes no obligation to update them in light of new information or future development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there
be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the
securities law. No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian
Securities Commission CVM Instruction 400 of 2003, as amended.
41
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Highlights
M&A
▪ Announced the acquisition of 100% of Neoway*, a technology company specialized in big data analytics
and artificial intelligence. The closing of the deal is subject to approval by the CADE (Anti-trust
Commission), CVM (Brazilian Securities Commission), and the Extraordinary General Meeting (to be held
on December 09, according to the Call Notice)
▪ Approval from CADE and CVM, concluding the investment of R$600 million in Dimensa, in which it now
holds a 37.5% interest, while TOTVS holds a 62.5% interest.
▪ Investment of US$10 million in Pismo Holdings in October, a fintech that offers a platform for processing
financial services in the cloud
Capital Structure
▪ Issuance of a sustainability-linked bond in the amount of US$700 million, diversifying the Company’s
sources of financing and providing in advance the funds required for payments scheduled for 2022
Regulatory
▪ Approval of the Brazilian Corporation Law amendment, that authorizes the adoption of the “super vote”,
which makes it possible to create new classes of shares with rights to multiple votes in companies that
intend to go public
*Click here to access the presentation from Oct-21 regarding the acquisition
42
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Highlights – Operational Performance
3Q21 3Q21 / 3Q20
Listed – Equities
ADTV (R$ millions) 31,532.1 +9.6%
Equities
Average Fee (bps) 3.493 -0.499 bps
ADV (thousands of contracts) 4,249.1 +59.8%
Stock Indices
Average RPC (R$) 0.877 -11.7%
ADV (thousands of contracts) 4,636.6 +16.3%
Listed – Derivatives
Average RPC (R$) 1.970 -8.0%
OTC
New issues (R$ bn) 3,568.6 +2.9%
Fixed Income
Outstanding volume (R$ bn) 3,793.7 +9.9%
New transactions (R$ bn) 2,528.1 +4.9%
Derivatives
Outstanding volume (R$ bn) 5,236.4 +26.6%
43
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Highlights – Financial Performance
R$ million 3Q21 3Q21 / 3Q20
Total Revenues 2,513.2 -0.9%
Listed 1,751.5 +4.1%
OTC 292.4 +11.3%
Infrastructure for financing 123.6 +10.8%
Technology, data and services 345.4 +18.9%
Others1 0,3 -99.8%
Net Revenues 2,254.7 -1.5%
Adjusted expenses2 (343.3) +21.0%
Recurring EBITDA2 1,820.2 +9.3%
Recurring EBITDA margin2 80.7% +149 bps
Financial result3 20.5 -
Recurring net income2 1,291.6 +13.0%
1 Revenues from non-recurring reversal of provisions. 2 See reconciliation on 44
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATION
slide 16/17. 3Negative result in 3Q20.RESULTS 3Q21
Performance by segment
LISTED – EQUITIES (1/2)
3Q21 (R$ million) Δ 3Q20 Δ 2Q21 46% of total revenues
1,166 +4% -4%
Highlights 3Q21 / 3Q20:
▪ 9.6% increase in cash equities ADTV stock
indices future contracts ADV up by 59.8%
▪ In the cash equities market, the increase
reflects the higher average market
capitalization, influenced by the IPOs from the
last 12 months and recovery in the value of
shares listed
▪ Revenues from cash equities market and
depository affected by the intermediary pricing
policy implemented in Feb/21, consistent with
B3’s strategy to share its operating leverage
gains
Cash equities post-trading Cash equities trading Equity derivatives (trd. and post-trd.)
Depository Securities lending Listing and services for issuers
45
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Performance by segment
LISTED – EQUITIES (2/2)
Equities Depository Breakdown
Avg Balance (R$ billion)
Highlights 3Q21 / 3Q20:
▪ 35% growth of the average balance in the equities’
depository (from R$2.5 to R$3.4 trillion), influenced
by the IPOs carried out in the last 12 months, as
well as by the recovery in the value of shares listed
in the segment
Investors’ Share of Cash Equities ADTV – 3Q21
Local Institutional
▪ Increase in the % share of local institutional
Others Individuals
Investors
Foreign Investors investors
46
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Performance by segment
LISTED - FICC
3Q21 (R$ million) Δ 3Q20 Δ 2Q21 23% of total revenues
586 +4% -1%
Highlights 3Q21 / 3Q20:
▪ 16.3% growth in total ADV, reflecting increase in
volumes traded in all products
▪ Total average RPC decreased by 8.0%:
i) 3.1% depreciation of US$ against BRL,
which decreased the RPC of FX and Interest
Rate in US$ derivatives
ii) greater concentration of day trade on
future contracts of Interest Rate in BRL
trading, resulting in lower RPC for this
product
Interest rate in BRL Interest rate in US$ Spot FX and
FX derivatives
derivatives derivatives commodities
47
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Performance by segment
OTC
(R$ milhões)
3Q21 (R$ million) Δ 3Q20 Δ 2Q21 12% of total revenues
292 +11% +4%
Highlights 3Q21
Desempenho 1T20): +38,2%
/ 3Q20:
(vs.
Fixed income instruments
▪ 12.1% increase in this revenue:
i) growth of issuances and stock of bank
funding instruments
ii) greater corporate debt outstanding
balance
iii) increase in the revenues of Tesouro
Direto
Derivatives and structured transactions
▪ 10.5% increase in this revenue: higher
issuances volume and higher average
financial volume in the derivatives and
structured operations stock
Fixed Income Derivatives Others
48
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Performance by segment
INFRASTRUCTURE FOR FINANCING
(R$ milhões)
3Q21 (R$ million) Δ 3Q20 Δ 2Q21 5% of total revenues
124 +11% +6%
Highlights 3Q21 / 3Q20:
National Liens System (SNG)
▪ Number of vehicles sold grew 7.9% in 3Q21,
reflecting the recovery of this market from
the pandemic impacts
▪ Number of additions to the National Liens
System (SNG) increased by 2.4%, despite the
less favorable macroeconomic environment
for financing
Contracts System
▪ Decrease in the number of transactions by
13.8%: in Feb/21, Integra+ was replaced by
SEND – Sistema de Envio de Dados, a new
product that changes our contract data
availability model, adapting to Contran
Contracts System (loans) SNG (liens) Others resolution 807
Revenue-linked expenses¹
Contracts System (loans) SNG (liens) and others
¹ Considers only the revenue-linked expenses related to the Infrastructure 49
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATION
for financing segment.RESULTS 3Q21
Performance by segment
TECHNOLOGY, DATA AND SERVICES
(R$ milhões)
3Q21 (R$ million) Δ 3Q20 Δ 2Q21 14% of total revenues
345 +19% +1%
Highlights 3Q21 / 3Q20:
▪ 15.5% increase in Technology and Access
revenue: increase in customers accessing OTC
platforms, and annual adjustment of prices
according to inflation (IPCA)
▪ Average number of customers of Monthly
Utilization from the OTC segment increased by
15.9%, due to the fund industry’s growth in
Brazil
▪ 21.2% growth in Data and Analytics revenue,
explained by the Market Data revenues growth
Technology and access Bank Others Data and analytics
50
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Adjusted expenses1
(R$ million) Adjusted Data processing Third-party Others³
personnel² (+44.8%): services (+18.8%): (-0.5%)
(+16.1%): annual intensification of higher spending
correction of projects to increase on consulting
capacity
wages and hiring
28.2 28.4 3.1
(0.1) 343.3
283.8
21.0%
(in R$ million and % of Adjusted Data Third-party Others
total adjusted
expenses)
personnel processing services
3Q21 203.4 (59.2%) 91.7 (26.7%) 19.8 (5.8%) 28.5 (8.3%)
3Q20 175.2 (61.7%) 63.3 (22.3%) 16.6 (5.9%) 28.7 (10.1%)
¹ Adjusted to exclude (i) depreciation and amortization; (ii) long-term stock-based compensation (principal + payroll taxes); (iii) integration-related expenses; (iv) provisions and (v) revenue-linked expenses; and
(v) non-recurring expenses with Contract Termination as disclosed through Notice to the Market on April 29th, 2021. ² Excludes the long-term stock-based compensation (principal + payroll taxes). 3 Includes
expenses with communication, maintenance, taxes, board and committee members compensation and others.
51
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Financial highlights
Cash and Financial Investments Financial Leverage and Debt Schedule
(R$ million) Debt Amortization Schedule (R$ billion)
9,793 1,214 8,578 26,764 16,971 3Q21
8,630 1,321 7,310 21,379 12,749 2Q21
5,545 948 4,597 16,373 10,828 3Q20
Indebtedness includes:
Third-party Total Restricted and
unrestricted - Cetip Lux Loans of US$ 100 million and US$ 50 million: maturity in Aug/22 and
Sep/23
Market participants’ cash colateral and others 1
- Debenture of R$ 1.20 billion: maturity in May/22
B3 Bank 2
- Bank loans of R$1.25 billion: maturity in July/23
B3’s cash position 3 - Debenture of R$3.55 billion: maturity in Aug/22, Aug/23 and Aug/24
- Debenture / CRI of R$205 million: maturity in Dec/28, Dec/29 and Dec/30
Third-party cash of R$8.6 billion is not considered as B3’s own cash, but - Debenture of R$3.0 billion in two series: maturity in May/24, May25 and May/26
the Company earns interest on most of this cash balance
- Bond of US$700 million: maturity in Sep/314
A R$600 million investment was made in Dimensa on October 1st
Gross indebtedness at the end of September was 1.9x recurring LTM EBITDA
1 Includes earnings and rights on securities in custody. 2 Primarily composed of B3 Bank clients’ deposits. 3 Does not include investments in Bolsa de Comercio de Santiago, Bolsa de Valores de Colômbia, Bolsa de
Valores de Lima and B3 Inova. 4 Bond has hedge accounting – see note 9 of Financial Statement.
52
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Financial highlights
Cash Generation – 9M21 Cash Destination – 9M21
(R$ million) (R$ million)
9M21 9M20 14,753
(284)
11,223
Adj. net cash from operating
activities¹
8,202 5,723 (2,718) (528)
Net cash from investment
101 1,079
activities²
Net cash from financing
activities 6,451 1,247
before distributions³
Cash generation (before
distributions, capex and 14,753 8,049 9M21 Cash Capex Distributions Share buyback Cash
Generation related to the related to the generated
acquisitions) fiscal year 2021 fiscal year 2021 and retained
in the period
¹ Cash flow from operating activities, adjusted by the variation of financial investments and third-parties collateral. ² Cash flow from investment activities other than capex and acquisitions. ³ Cash flow from
interest and amortization paid and debt issued in the period.
53
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONAppendix
INFORMAÇÃO PÚBLICA 54
INFORMAÇÃO PÚBLICA – PUBLIC INFORMATION 54RESULTS 3Q21
Financial Statements
Adjusted expenses reconciliation
3Q21/3Q20 3Q21/2Q21
(In R$ millions) 3Q21 3Q20 2Q21
(%) (%)
Expenses (706.8) (648.5) 9.0% (749.3) -5.7%
(+) Depreciation and amortization 272.3 264.3 3.0% 264.8 2.8%
(+) Long term stock-based compensation 34.4 40.0 -14.1% 34.8 -1.2%
(+) Provisions (recurring and non-recurring) (4.1) 4.1 - 13.9 -
(+) Revenue-linked expenses 60.9 56.2 8.4% 63.1 -3.5%
(+) Extraordinary expenses with contract termination - - - 48.4 -
Adjusted expenses (343.3) (283.8) 21.0% (324.4) 5.8%
EBITDA
(In R$ millions) 3Q21/3Q20 3Q21/2Q21
3Q21 3Q20 2Q21
(%) (%)
EBITDA 1,820.2 1,904.7 -4.4% 1,933.2 -5.8%
(+) Recovery of non-recurring expenses - - - (112.3) -
(+) Reversal of non-recurring provisions - (239.0) - (16.0) -
(+) Extraordinary and non-recurring expenses with contract termination - - - 48.4 -
Recurring EBITDA 1,820.2 1,665.7 9.3% 1,853.3 -1.8%
Recurring EBITDA margin 80.7% 79.2% 149 bps 80.9% -22 bps
55
INFORMAÇÃO PÚBLICA INFORMAÇÃO PÚBLICA – PUBLIC INFORMATIONRESULTS 3Q21
Financial Statements
Net income reconciliation
3Q21/3Q20 3Q21/2Q21
(in R$ millions) 3Q21 3Q20 2Q21
(%) (%)
Net income (attributable to shareholders) 1,176.1 1,137.0 3.4% 1,193.3 -1.4%
(+) Non-recurring provisions - (239.0) - (16.0) -
(+) Non-recurring recovery of expenses - - - (150.2) -
(+) Tax impacts from non-recurring items - 57.8 - 40.1 -
(+) Extraordinary expenses with contract termination - - - 48.4 -
(+) Amortization of intangibles (Cetip combination) 115.5 119.6 -3.5% 115.5 -
(+) Provision for impairment - 67.7 - - -
Recurring net income 1,291.6 1,143.2 13.0% 1,231.0 4.9%
(+) Deferred Tax (goodwill from Cetip combination) 119.6 119.6 - 119.6 -
Recurring net income adjusted by goodwill tax benefit 1,411.2 1,262.8 11.8% 1,350.7 4.5%
Note: amortization of intangible amount net of taxes, calculated at a rate of 34% applied to the deductible portion.
56
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