BME Financial Results 3Q2014 presentation. Business Performance

1. - 1 -
October 2014
Business Evolution January – September 2014
Business
Performance
January–September
2014

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- 2 -
October 2014
Disclaimer
Business Evolution January – September 2014

3. - 3 -
October 2014
Business Evolution January – September 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

4. - 4 -
October 2014
Business Evolution January – September 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

5. - 5 -
October 2014
Results
Net profit
Net profit increase of 16.2% compared to 3Q13
Business Evolution January – September 2014
+16.2% (€ Million)
33.1
38.0
42.2 41.5
38.5
3Q13 4Q13 1Q14 2Q14 3Q14

6. Net profit increase of 16.2% compared to 9M13 (Best
- 6 -
October 2014
Results
Net profit
result since 9M08)
Business Evolution January – September 2014
+16.2% (€ Million)
116.6 118.4
105.1 105.2
122.2
9M10 9M11 9M12 9M13 9M14

7. - 7 -
October 2014
Results
Net Profit before extraordinary
Adjusted Net Profit increases 21.1%
Business Evolution January – September 2014
+ 21.1%
(Million euros)
123.0
101.6
9M2014 9M2013

8. - 8 -
October 2014
Solid operating leverage
Costs Revenues Revenues not linked to volumes Ratio
Business Evolution January – September 2014
78%
90%
106% 109% 105% 103%
112%
118% 114% 116%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

9. - 9 -
October 2014
Key ratios benchmarking
• Efficiency • ROE
- BME´s data as of 30/09/2014
- Average peer Group figures are calculated using last results published and not taking
account of goodwill impairment charges
Business Evolution January – September 2014
40.1%
17.9%
BME Average Peer
Group
29.8%
48.0%
BME Average Peer
Group

10. Pay Out 82% 86%
1.972 1.972
1.016 0.986
0.956 0.986
89% 86% 86%
1.972 1.972 1.972
98%
0.372 0.372 0.372 0.372
96%
0.60 0.60 0.60 0.60 0.65
0.60 0.60 0.60 0.60 0.60
0.40 0.40 0.40 0.40 0.40 0.40
2007 2008 2009 2010 2011 2012 2013 2014
First Interim Dividend Second Interim Dividend Suplementary Dividend Extraordinary Dividend
Total Dividends
/Share
First interim dividend payment: €0.40 per share (September 12th)
Second interim dividend date: December 23th
- 10 -
October 2014
Dividends: Maximizing shareholders´ returns
Sustainability of Pay-out
Business Evolution January – September 2014
1.972
1.65

11. - 11 -
October 2014
Business Evolution January – September 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

12. - 12 -
October 2014
Business Areas
Consolidated Revenues
9M 2014 - %
Derivatives
3.7%
Information
11.0%
Clearing
5.3%
Fixed
Income
3.5%
Business Evolution January – September 2014
EBITDA
9M 2014 - %
Equity
46.3%
Derivatives
2.9%
Information
11.8%
Clearing
4.2%
Redefining Business Units
Settlement
24.6%
IT &
Consulting
5.6%
Equity
47.9%
Settlement
27.2%
Fixed
Income 2.8%
IT &
Consulting
3.2%

13. 15.8 16.4
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October 2014
Equity Market
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 35,382 32,865 7.7% 114,496 95,419 20.0%
Expenses (9,418) (9,167) 2.7% (28,943) (28,362) 2.0%
EBITDA 25,964 23,698 9.6% 85,553 67,057 27.6%
Equity (Turnover, volume and shares traded)
Business Evolution January – September 2014
158
219
191
227
197
12.6
15.5
18.0
50.8 53.0 51.4 47.0 44.2
3Q13 4Q13 1Q14 2Q14 3Q14
Miles de milones
73
36
48
92
67
60
75
51
65
79
72 76
90
44
62
29.0
7.3 14.5
31.2
11.0 10.8
26.3
12.4 12.7
22.8
10.5 13.7
26.4
6.9 11.0
4.3
3.6
4.7
6.4
4.8
4.3
7.3
5.3 5.4 5.7 5.0 5.1
6.3
4.8
5.4
7/13 8/13 9/13 10/13 11/13 12/13 1/14 2/14 3/14 4/14 5/14 6/14 7/14 8/14 9/14
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.) Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)
Growth is maintained in activity
Note: Business Unit is redefined incorporating activity, income and expenses of the Equity Listing

14. - 14 -
October 2014
Equity Market
• Listing activity
Investment flows channeled to the Exchange (€ Million)
New issues New listings
11,110
6,215 5,791 6,547
6,102 6,349
5,216
4,180
Business Evolution January – September 2014
8,054
4,636
113 198
1,036
3,056
1,155
3Q13 4Q13 1Q14 2Q14 3Q14
• In the first nine months funds
raised in new admissions
increased 379.6% over 2013,
to €5,247 million.
• The "scrip dividend" issuance
continue at a high rate of
emission. During the third
quarter scrips were issued by
€2.9 billion, up 1% on the
previous year. In the year to
date, scrips reached 8.1 billion,
3% more than in the same
Source: FESE (Federation of European Stock Exchanges) period of 2013.

15. Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 19,676 18,364 7.1% 60,821 61,829 -1.6%
Expenses (4,128) (3,266) 26.4% (12,201) (10,198) 19.6%
EBITDA 15,548 15,098 3.0% 48,620 51,631 -5.8%
Securities under custody: Volumes
(€ Billion)
2,159 2,190 2,202 2,234 2,217
616 676 710 754 751
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October 2014
Business Evolution January – September 2014
12.1
13.8 13.6 12.9 12.4
3Q13 4Q13 1Q14 2Q14 3Q14
1,543 1,514 1,492 1,480 1,466
3Q13 4Q13 1Q14 2Q14 3Q14
Nominal registered in FI Market cap registered in Equity
Settlement & Registration
Settlement: Number of trades settled
(Million of trades)
Revenue growth in settlement compensates the fall in registration

16. - 16 -
October 2014
Market Data & Information
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 8,960 8,070 11.0% 27,254 24,513 11.2%
Expenses (1,960) (1,752) 11.9% (6,110) (5,477) 11.6%
EBITDA 7,000 6,318 10.8% 21,144 19,036 11.1%
Information: Subscribers to primary market sources (Average for the
period in thousands of subscribers and millions of accesses per quote)
87
96
107 113 112
3.9 3.9 4.1
Business Evolution January – September 2014
3.5 3.2
3Q13 4Q13 1Q14 2Q14 3Q14
Subscribers (Thous.) P.Quote (Mill.)
Continued positive trend in users and connections

17. Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 4,120 3,785 8.9% 13,060 11,424 14.3%
Expenses (1,725) (1,080) 59.7% (5,471) (4,028) 35.8%
EBITDA 2,395 2,705 -11.5% 7,589 7,396 2.6%
Turnover MEFFREPO (€ Million) Volume (Mwh) traded in Energy market (Thousand)
- 17 -
October 2014
Clearing
Business Evolution January – September 2014
7,845
11,144
10,364 10,239
5,051
3Q13 4Q13 1Q14 2Q14 3Q14
356,724
314,932
397,583
233,375 237,474
3Q13 4Q13 1Q14 2Q14 3Q14
Good behavior of the derivatives segment

18. - 18 -
October 2014
Derivatives
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 2,808 2,700 4.0% 9,060 8,677 4.4%
Expenses (1,223) (1,653) -26.0% (3,953) (4,363) -9.4%
EBITDA 1,585 1,047 51.4% 5,107 4,314 18.4%
Stock Index derivatives contracts traded derivatives contracts traded
(Thousand of contracts)
(Thousand of contracts)
IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options
Business Evolution January – September 2014
2,770 2,303
10,391 10,766
5,814 5,515
18,477 18,144
3Q13 3Q14 9M13 9M14
1,305
1,638
4,053
4,907
456 701
1,444
2,006
1,207
1,741
3,631
5,480
3Q13 3Q14 9M13 9M14
Growth in Ibex 35 ® contracts
Note: Business Unit is redefined excluding revenue from clearing and settlement and now are recognized in the Clearing Business Unit

19. Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 2,659 2,755 -3.5% 8,709 9,043 -3.7%
Expenses (1,286) (1,292) -0.5% (3,795) (3,981) -4.7%
EBITDA 1,373 1,463 -6.2% 4,914 5,062 -2.9%
MARF (Alternative Fixed Income Market) activity
after 9 months:
•17 Market Members and 17 registered Advisers
• 5 issues maturing in 5 to 7years (€231 million)
• 5 promissory note issue programmes
(máximum balance of €249.9 million) and 19
promissory note payments (€149.9 million)
•1 issue of securitization (€10 million). Open for
a maximum amount of €500 million
- 19 -
October 2014
Fixed income
249
281
192 212
380
304
352
241
Business Evolution January – September 2014
204
102
57
69
76
111
102
3Q13 4Q13 1Q14 2Q14 3Q14
Growth in revenues from listing
AIAF – Turnover (Billion €)
Repo Cash
Note: Business Unit is redefined incorporating activity, income and expenses of the Fixed Income Listing

20. - 20 -
October 2014
IT & Consulting
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 5,144 3,932 30.8% 13,749 13,306 3.3%
Expenses (2,657) (2,385) 11.4% (8,091) (7,477) 8.2%
EBITDA 2,487 1,547 60.8% 5,658 5,829 -2.9%
Business Evolution January – September 2014

21. - 21 -
October 2014
Breakdown by business areas
Revenues
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Equity 35,382 32,865 7.7% 114,496 95,419 20.0%
Settlement 19,676 18,364 7.1% 60,821 61,829 -1.6%
Clearing 4,120 3,785 8.9% 13,060 11,424 14.3%
Information 8,960 8,070 11.0% 27,254 24,513 11.2%
Derivatives 2,808 2,700 4.0% 9,060 8,677 4.4%
Consulting & IT 5,144 3,932 30.8% 13,749 13,306 3.3%
Fixed income 2,659 2,755 -3.5% 8,709 9,043 -3.7%
Business Evolution January – September 2014

22. Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Equity 25,964 23,698 9.6% 85,553 67,057 27.6%
Settlement 15,548 15,098 3.0% 48,620 51,631 -5.8%
Clearing 2,395 2,705 -11.5% 7,589 7,396 2.6%
Information 7,000 6,318 10.8% 21,144 19,036 11.1%
Derivatives 1,585 1,047 51.4% 5,107 4,314 18.4%
Consulting & IT 2,487 1,547 60.8% 5,658 5,829 -2.9%
Fixed income 1,373 1,463 -6.2% 4,914 5,062 -2.9%
- 22 -
October 2014
Breakdown by business areas
EBITDA
Business Evolution January – September 2014

23. - 23 -
October 2014
Business Evolution January – September 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

24. - 24 -
October 2014
Balance sheet
as of September, 30th
(Thousands of €) 2014 2013
Goodwill 80,619 82,190
Other non-current assets 91,573 83,552
Cash and cash equivalents 204,349 243,088
Current financial assets 110,683 53,433
Non-Group current financial assets 25,459,077 36,160,066
Other current assets 45,427 38,295
Total assets 25,991,728 36,660,624
Owners' Equity 427,469 403,610
External Partners 0 161
Non-current liabilities 17,805 18,628
Current liabilities 25,546,454 36,238,225
Total equity and liabilities 25,991,728 36,660,624
Business Evolution January – September 2014

25. - 25 -
October 2014
Business Evolution January – September 2014
P/L
Thousands of € 3Q 2014 3Q 2013 % 9M 2014 9M 2013 %
Revenues 79,505 72,537 9.6% 249,035 225,918 10.2%
Expenses (24,237) (23,652) 2.5% (74,195) (74,435) -0.3%
EBITDA 55,268 48,885 13.1% 174,840 151,483 15.4%
EBIT 53,668 47,162 13.8% 170,030 146,224 16.3%
Financial results 397 506 -21.5% 1,908 2,911 -34.5%
Share of profit (loss) of associates 326 (161) 302.5% 1,058 (404) 361.9%
EBT 54,391 47,507 14.5% 172,996 148,731 16.3%
Net Profit 38,495 33,142 16.2% 122,229 105,160 16.2%

26. - 26 -
October 2014
Comparison with 9M 2013
Revenues 9M 2014/2013 Costs 9M 2014/2013
[€ Mill.] [€ Mill.]
+ 10.2% - 0.3%
249.0 225.9
9M 2014 9M 2013
74.2
74.4
9M 2014 9M 2013
EBITDA 9M 2014/2013 [€ Mill.] Net Profit 9M 2014/2013 [€ Mill.]
Business Evolution January – September 2014
Margins
+ 15.4% + 16.2%
174.8 151.5
9M 2014 9M 2013
122.2 105.2
9M 2014 9M 2013

27. - 27 -
October 2014
36.5% 33.1%
40.1%
34.7%
3Q14 3Q13 9M14 9M13
Cost/EBIT Ratio Evolution Efficiency Ratio Evolution
Business Evolution January – September 2014
30.5% 32.6% 29.8% 32.9%
3Q14 3Q13 9M14 9M13
45.2% 50.2%
43.6%
50.9%
3Q14 3Q13 9M14 9M13
67.5% 65.0% 68.3% 64.7%
3Q14 3Q13 9M14 9M13
Efficiency & Profitability
ROE Evolution EBIT/Revenues Ratio Evolution
% ROE % EBIT/Revenues
% Cost/EBIT % Efficiency

28. - 28 -
October 2014
Business Evolution January – September 2014
Index
A. Results
B. Business Overview
C. Financials
D. Business Drivers

29. - 29 -
October 2014
Business drivers: Highly liquid market
• Spanish blue-chips among the most liquid stocks in the EMU
Source: Bloomberg 1) As of 30/09/14
Business Evolution January – September 2014
RK
9M14
1
2
3
4
5
6
7
8
9
10
22
27
33
Company
Daily avg. 9M14
Turnover (€ Biilion)
105.6
99.6
91.5
86.9
81.4
71.8
68.4
67.5
66.6
64.3
47.6
41.6
36.4
20
21
28
0.55
0.52
0.48
0.46
0.43
0.38
0.36
0.35
0.35
0.34
0.25
0.22
0.19
Relative weight at
EuroStoxx50 (%)1)
4.460%
1.660%
2.720%
1.560%
2.470%
2.650%
2.770%
1.660%
6.220%
3.330%
0.900%
1.470%
1.180%
Turnover (€ Biilion)

30. - 30 -
October 2014
Business drivers: Highly liquid market
Business Evolution January – September 2014
4Q13
1.193%
1.029%
1.021%
1.037%
1.010%
0.984%
0.927%
0.988%
1.022%
0.960%
1.095%
1.303%
1.102%
0.359%
0.332%
0.336%
0.359%
0.304%
0.290%
0.275%
0.271%
0.273%
0.249%
0.304%
0.322%
0.289%
0.070%
0.062%
0.063%
0.068%
0.066%
0.068%
0.064%
0.062%
0.061%
0.058%
0.059%
0.062%
0.056%
201309
201310
201311
201312
201401
201402
201403
201404
201405
201406
201407
201408
201409
The average spread continue
to narrow in increasing
liquidity:
– IBEX 35® average spread
falling by 1.4 basis points
from September 2013
–Medium and small cap
companies have improved
the average spread 7.0 and
9.1 basis points respectively
• Quality of spreads and best market impact for Spanish stocks
Source: Market annual and monthly reports
Avg.Spread (%) Avg.Spread (%) Avg.Spread (%)

31. Diversified market
• Distribution by markets of business volume of the IBEX 35® companies (2008 – 1H14)
- 31 -
October 2014
Spain EU OCDE Rest
Source: Interim Reports from listed companies obtained from CNMV
Business Evolution January – September 2014
25%
20%
19%

32. - 32 -
October 2014
Business Evolution January – September 2014
Q&A