We hereby announce that BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (BVMF3) has received, as of yesterday, a notice of infraction from the Brazilian Tax Authority (the ‘Receita Federal do Brasil’ (“RFB”)), levying the Company for income tax (IRPJ) (R$ 301,686,497.55, plus fines and interest) and social contribution on net income (CSLL) (R$ 108,525,405.50 plus fines and interest) corresponding to the value of such taxes which, according to the RFB’s views, the Company would have failed to pay, in the fiscal years of 2008 and 2009, as a consequence of the amortization, for fiscal purposes, of the goodwill generated in the merger of shares issued by Bovespa Holding S.A., approved in the Extraordinary Shareholders’ Meeting of 05/08/2010. The notice of infraction is based, in short, in an alleged inconsistency of the criterion used in the evaluation of Bovespa Holding’s net assets, for the purpose of determining the value of such goodwill.
BM&FBOVESPA will contest the notice of infraction in due time, and considers, according to their legal advisors´ opinion that the chances of losses associated with this fiscal procedure are remote, reaffirming its position that the goodwill generated in the merger of shares issued by Bovespa Holding S.A. was regularly created, in close conformity with fiscal laws. The Company also understands that there are no grounds to support the claim that there would be an inconsistency in the criterion used to measure Bovespa Holding’s net assets for the purpose of calculating the value of the goodwill.
Finally, BM&FBOVESPA clarifies that it shall continue to amortize, for fiscal purposes, the aforementioned goodwill, in accordance with fiscal legislation in place.