ALTERNATIVE DISPUTE RESOLUTIONS IN THE SECURITIES MARKET OECD Russia Corporate Governance Roundtable Moscow, 25–26 November 2012 ALTERNATIVE DISPUTE RESOLUTIONS IN THE SECURITIES MARKET market ARBITRATION Chamber Co-sponsored by Informational partner

OECD Russia Corporate Governance Roundtable Moscow, 25–26 November 2012 Disclaimer: The views expressed in this presentation are those of the author and do not necessarily represent the opinion of the OECD Russia Corporate Governance Roundtable, the OECD or its Member countries, or of the Moscow Exchange. Co-sponsored by Informational partner

Brazilian Equity Market Development ARBITRATION Chamber Institution of Market Arbitration Chamber in July 2001 Corporate Governance Instrument Appropriate forum for the solution High quality of the decisions of issues related to the Capital Markets Short time to rule over a case Special Listing Segments Voluntary and Enforceable Regime based on Corporate Governance Brazilian Equity Market in early 2000s Concentrated control Non-voting shares Inequitable treatment Poor enforcement by the regulator and courts

market ARBITRATION Chamber

Adhesion to the Market Arbitration Chamber Adhesion to CAM Adhesion to CAM by LISTING SEGMENTS Optional

Development of Arbitration Arbitration in Brazil 2002 New York Convention 2011 2012 2010 Consolidation 2001 Decision STF Constitutionality 1996 Arbitration Act Learning Period 2007 Development of Arbitration 1824 Brazilian First Constitution Institution of Market Arbitration Chamber Seminars, events, meetings New Rules market ARBITRATION Chamber

New Rules market ARBITRATION Chamber New Arbitration Rules entered into force on October 26, 2011. Main innovations in the field of corporate arbitration: 1. Modernity, simplicity and flexibility to the Rules; 2. Granting of urgent interim or conservatory measures by an emergency arbitrator before the constitution of the Arbitral Tribunal; 3. Joinder of parties; and 4. Consolidation of proceedings.

FINAL REMARKS market ARBITRATION Chamber Arbitration is not an alternative dispute resolution method. It is an adequate dispute resolution method especially in securities market; Arbitration being broadly spread and accepted in Brazil is thanks: (i) legal security; (ii) proper legal environment; e (iii) the strong support from the Courts to institute of arbitration. We are sure to be offering a modern, efficient instrument of corporate governance to the companies that can surely add value to their shares and security to the shareholders;   BM&FBOVESPA is very enthusiastic about arbitration in the Market Arbitration Chamber. The limited number of proceedings can only be interpreted in light of the development of arbitration in Brazil; Arbitration has an economical value in the generation of investments.

OECD Russia Corporate Governance Roundtable Moscow, 25–26 November 2012 ANDRESSA BONDIOLI MARKET ARBITRATION CHAMBER WWW.CAMARADOMERCADO.COM.BR SECRETARIACAM@BVMF.COM.BR market ARBITRATION Chamber Co-sponsored by Informational partner