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

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. OECD Russia Corporate Governance Roundtable Moscow, 25–26 November 2012 Co-sponsored by Informational partner

Brazilian Equity Market Development 3 market ARBITRATION Chamber 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 Voluntary and Enforceable Regime based on Corporate Governance Concentrated controlNon-voting sharesInequitable treatment Poor enforcement by the regulator and courts

4 market ARBITRATION Chamber

Adhesion to the Market Arbitration Chamber 5 market ARBITRATION Chamber Optional Adhesion to CAM by LISTING SEGMENTS Adhesion to CAM

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

New Rules 7 New Arbitration Rules entered into force on October 26, 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. market ARBITRATION Chamber

8 market ARBITRATION Chamber FINAL REMARKS 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.

A NDRESSA B ONDIOLI M ARKET A RBITRATION C HAMBER WWW. CAMARADOMERCADO. COM. BR BVMF. COM. BR OECD Russia Corporate Governance Roundtable Moscow, 25–26 November 2012 Co-sponsored by Informational partner market ARBITRATION Chamber