CIRCULAR LETTER. To: BM&FBOVESPA Market Participants BOVESPA and BM&F Segments

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1 March 31, /2016-DP CIRCULAR LETTER To: BM&FBOVESPA Market Participants BOVESPA and BM&F Segments Re: Incentive Program for Commodity Option Contracts. BM&FBOVESPA hereby informs you that as of April 2016 it will promote the one-year Incentive Program for Commodity Option Contracts. This Program is part of a series of initiatives discussed with market participants and BM&FBOVESPA Advisory Boards, seeking to increase the liquidity of this market. To this end, BM&FBOVESPA will grant quarterly cash awards - equivalent to 80% of the net earnings per Eligible Product for the Program - to Full Trading Participants (PNP) and/or Trading Participants (PN) that obtain better performances in accordance with criteria, conditions and time frames for participation in the Incentive Program for Commodity Option Contracts, as set forth in the Annex to this Circular Letter. Further information may be obtained from the Distributor Relationship Department by phone at (+55 11) Edemir Pinto Chief Executive Officer Eduardo Refinetti Guardia Chief Product Officer 1

2 Annex to Circular Letter 022/2016-DP RULES OF THE INCENTIVE PROGRAM FOR COMMODITY OPTION CONTRACTS BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA), a Corporation headquartered in this the Capital of the State of São Paulo, at Praça Antonio Prado, n 48, 7 th floor, with corporate taxpayer number CNPJ / , will effect throughout national territory, the Incentive Program for Commodity Option Contracts between April 2016 and March 2017, in accordance with the terms and conditions set forth in these Rules. 1. PARTICIPANTS Full Trading Participants (PNP) and Trading Participants (PN) will only be considered as Participants of the Incentive Program for Commodity Option Contracts if they formally adhere to the Incentive Program by filling out and signing the relevant Declaration of Adhesion to the Incentive Program for Commodity Option Contracts, in accordance with the template contained in the Annex to these Rules. The above mentioned Declaration of Adhesion shall be duly filled out with all of the data of the Participant Investor and signed by its legal representative and submitted to BM&FBOVESPA at bvmfsolution@bvmf.com.br. Submission of the duly filled out Declaration of Adhesion qualifies the Participant Investor to participate until the end of this Program. However, investors that fail to adhere within business ten days before the final calculation date of the determined quarter will be considered ineligible for the 1/6

3 award in that quarter and only be eligible in the following quarters - if the Program remains in force. 2. ELIGIBLE PRODUCTS For the purposes of the Incentive Program, the contracts described below are considered Eligible Products: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) Options on the Cash-Settled Crystal Sugar Futures Contract (ACF) Options on the Cash Settled Live Cattle Futures Contract (BGI) Options on the 4/5 Arabica Coffee Futures Contract (ICF) Options on the 6/7 Arabica Coffee Futures Contract (KFE) Options on the Cash Settled Hydrous Ethanol Futures Contract (ETH) Options on the Anhydrous Fuel Ethanol Futures Contract (ETN) Options on the Cash-Settled Corn Futures Contract (CCM) Options on the Cash-Settled Mini Crude Oil Futures Contract at the Price of the CME Group Light Sweet Crude Oil (WTI) Futures Contract Options on Spot Gold (OZ1) Options on the Cash Settled Soybean Futures Contract (SFI) Options on the Cash-Settled Soybean Futures Contract at the Price of the CME Group Mini-Sized Soybean Futures Contract (SJC) 3. TIME FRAME The Incentive Program will last for one year, between April 2016 and March 2017, extendable at the sole discretion of BM&FBOVESPA. If the time frame is extended, BM&FBOVESPA will publish a communication to the market giving the new time frames. 2/6

4 4. CONDITIONS FOR CALCULATION OF THE INCENTIVE The award foreseen in this Program will be calculated based on BM&FBOVESPA s total net earnings from transactions executed with the Eligible Products. For the purposes of the present Incentive Program, net earnings encompasses BM&FBOVESPA earnings from exchange fees, registration fees and permanence and settlement fees of the eligible products, discounting the PIS, COFINS and ISS values. The performance assessment of the Participant Investors will be effected in quarterly cycles: 1 st cycle: April 2016 to June 2016; 2 nd cycle: July 2016 to September 2016; 3 rd cycle: October 2016 to December 2016; 4 th cycle: January o March CALCULATION AND PAYMENT OF THE INCENTIVE BM&FBOVESPA will calculate the value of the incentive quarterly and, seeking to identify those entitled to receive it, check the contribution of each of the Participants to the quantity of contracts traded in new and reactivated accounts. All accounts that are new and reactivated as of the time that the Incentive Program goes into effect may be considered for calculation of the quantity of traded contracts, with this being the only condition for the Participant s adhesion to this Incentive program. It should be noted, however, that the quantity of contracts traded in the new accounts and reactivated in a determined quarter will not accumulate into the following quarters. 3/6

5 Of the amount of total net earnings calculated in the Eligible Products, 80% (eighty per cent) will be destined to the five (5) Participants that obtain the largest quantity of contracts traded, exclusively in new or reactivated accounts, within the calculation period, in the following manner: Participant s Classification Percentage Distributed 1st 35% 2nd 25% 3rd 20% 4th 15% 5th 5% Payment to awardees will be made until the second month after the closing and the ascertainment of the six months of calculation and will be net of any withholding tax for payment of the award s value, pursuant to the prevailing legislation. The credit shall be made exclusively into a bank account in the name of the Participant Investor, which shall be designated by this same party at the moment that the award is announced by BM&FBOVESPA. If the Participant Investor does not designate a current account within ten days of the announcement of the award, it will lose the right to receive the incentive. 6. GENERAL PROVISIONS In the case of a Participant s merger or takeover during the Incentive Program, the right to receive an incentive that has already been calculated and/or the quantity of trades effected with the Eligible Contracts in a determined quarter will be transferred to the successor investor of the Participant that has been taken over, pursuant to the prevailing legislation. In the case of an equity carve-out by one Participant with a write-off of the portion spun off to another Participant, the transfer of the right to receive the incentive that will be calculated and/or the quantity of trades executed with 4/6

6 Eligible Products in a determined quarter will be subject to analysis by BM&FBOVESPA. Bankruptcy, liquidation, out-of-court liquidation, or bankruptcy protection proceedings will result in automatic and immediate disqualification of the Participant from the Incentive Program, while upholding the right to any incentive that may have been calculated and not yet paid, as long as Participant has no obligation outstanding with the BM&FBOVESPA Clearinghouse. Any cases not covered herein will be resolved by BM&FBOVESPA. 5/6

7 Annex to the Rules of the Incentive Program for Commodity Option Contracts DECLARATION OF ADHESION TO THE INCENTIVE PROGRAM FOR COMMODITY OPTION CONTRACTS By the present instrument, [CORPORATE NAME OF THE PARTICIPANT INVESTOR], headquartered at [ADDRESS], with individual/corporate taxpayer number CPF/CNPJ [INCLUDE CPF/CNPJ NUMBER], duly represented hereby, declares (i) knowledge of what is set forth in the Rules of the Incentive Program for Commodity Option Contracts; and (ii) its interest in adhering to the Incentive Program and participating in it, committing to respect and comply with all of the procedures and rules contained in it, being aware that noncompliance with these procedures and rules will result in the loss of the right to receive the award and corresponding cash incentive. [place], [date] [Name and signature] 6/6