DTCC’s Advisory Boards & Working Groups Mark Vercruysse DTCC Relationsip Management Vice President I only have a few minutes to overview the work of multiple DTCC Advisory Boards so I will need to keep this at a very high level. The Advisory board presentations were specifically requested by the BDUG Steering Committee to increase awareness among the broader BDUG member community of the representation of BDUG member banks on the these various Advisory Boards & Working Committees. Going forward, the Steering Committee wants to leverage this representation to proactively raise the issues and initiatives of the BDUG membership on the whole with DTCC. From our perspective we welcome any and all communication that can guide us to serve the BDUG membership and industry better. A two way dialogue / exchange of ideas is always our objective. So, as you see trends or encounter frustrations in your shops please work with the Steering Committee and us to determine a solution as most likely other bankers see or feel it as well. (The Steering Committee will review how to work with them at the Town Hall on Wednesday morning.)

Mission Statement To advise DTCC on industry and/or DTCC specific issues and initiaitives in a proactive fashion in order to ensure that DTCC maintains its profile as an efficient and effective center for clearing, settlement and safekeeping services. Slide two – Mission Statement(s) - I aggregated the mission statements of the multiple groups as each was very similar though some based on scope of the respective Advisory Board are obviously more singularly focused.

DTCC Advisory Boards Operations Advisory Committee Asset Services Advisory Board Securities Processing Advisory Board Settlement & Underwriting Advisory Board Customer Access Working Group Alternative Investment Product Advisory Board OAC – A senior executive level board with representation from the broker/dealer, banking, asset management and other service providers. Terms are generally three years and diversity of geographic location and industry segment is always sought. The OAC meets qtrly with DTCC’s Executives to discuss all aspects of broad industry strategic issuesand specific specific DTCC development proposals. Currently BDUG Members have seven banks represented on the OAC – Northern Trust, BONY, State Street, Wachovia, Wells Fargo, Citigroup and Brown Brothers Asset Services Advisory Bd – A combination of the former Dividend & Corp Action Bds A twelve person Part Bd with Bdug Member Banks JP Morgan, Mellon, Northern, & State Street Have examined Tax Corp Actions & Dividend / P&I issues / Will look at our re-engineering efforts, on going industry post payable adjustment problems Securities Processing Advisory Bd –A participant Board of ten Participants with BDUG member banks Wells Fargo, State Street & BONY which examines issues related securities processing Recently, involved in OFAC regulations as they relate to our Custody service, paperless legals, destruction of non-transferable securities. Settlement & Underwriting Advisory – A ten firm board comprised of 4 BDUG member bank representatives JP Morgan Chase Bank,State Street Bank, Mellon/Boston Safe, & Wells Fargo Bank, N.A. They have recently focused on the Inventory Management System implementation & will also be involved in our Underwriting System re-engineering which you will more about later in the meeting. Customer Access Working Group – A user group of participants with BDUG member representation from Bank of America, US Bank, Wachovia, Wells Fargo, & Northern Trust This group has been advising and examining issues with the various automated interfaces with DTCC. In particular, PBS over the last year or so. Dan Thieke will be outlining the PBS initiatives during his session later in the meeting as well Alternative Investment Product Advisory Board Our recently formed Alternative Investment Products Advisory Committee has grown from an original group of 15 fund and broker/dealer firms to 27 firms, including several service providers and a few custodians.  All the firms are working with DTCC to develop a standard platform for processing and settling alternative investments, including hedge funds, funds of funds, managed futures, private equity/debt, and other nontraditional stock and bond instruments in an automated, centralized and streamlined environment. There will much more to come from this committee going forward & we will work with the Steering Committeeto keep the membership involved as appropriate.

Other Industry Advisory Sources BDUG SIA’s SOD Reg & Clearance CAT CAD BMA Cashier’s Association RMOA I just wanted to throw out these external sources of industry trends & initiatives. We work closeley with each to ensure that the segments that they represent are heard in DTCC during our initiative agenda development process. Mention: Rich Lanning – BDUG SOD – DF Donahue Reg & Clearance – Molloy CAT – N Morris BMA – J Mullaly Cashiers – Esposito RMOA - Molloy

BDUG and DTCC are member driven organizations – Drive Us! Final Word Leverage your Steering Committee to raise your observations on trends, issues , etc. Comment either through the Steering Committee or directly through your DTCC Account Executive on our Annual Development Agenda, SEC Rule Filings, etc. BDUG and DTCC are member driven organizations – Drive Us! Thank you – We will supply BDUG the lists of various representatives of our Advisory Boards to be posted on the BDUG website w/ the Annual Meeting presentations.