11 May 2012

Co-Authors

Justin Schack

Managing Director

Joe Gawronski

President and COO

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
BVMF: Key Takeaways From Q1 Earnings

Below are what we believe to be the key takeaways from BVMF’s Q1 earnings announcement this morning. Please contact us with any questions.

• Adjusted EPS of R$0.212 +8% y/y (+16% q/q) on net revenue of R$503mn (+7% y/y and q/q) and adjusted expenses of R$125mn (-11% y/y; -31% q/q).