Legal Entity Identification October 26, 2011 Ken Price Co-founder, CEO, Avox Limited

Agenda Avox overview LEI Overview LEI: Proposed Governance and Operating Models

3 Background UK headquarters Offices in London, Tokyo, Sydney, Singapore, Shanghai, New York and Wrexham (Wales) Wholly owned subsidiary of the DTCC Business entity data focus “Counterparty Data Provider of the Year” for three years running

Data Coverage Includes:

-Accurate: Every record is re- validated to client SLA – audit trail is made available -Timely: leverages real time business intelligence of contributors (70% of changes originated by clients) -Identified: Records are persisted with client specific ID’s and a universal Avox ID (“AVID”) -Data Ownership: Clients retain ownership of their own data – Avox just makes it better A collaborative industry utility for business entity data

DTCC – SWIFT - ISO Legal Entity Identifier (LEI) Proposal June 28, 2011

7 US-based industry owned corporation Operates on an at-cost basis Serves the global financial industry 100% owner of Avox EU-based member owned cooperative Serves the global financial industry Brings the financial community together to shape market practice and consider solutions to issues of mutual interest International standards body organization Develops and manages international standards used by financial organizations to support financial transactions

Unique Characteristics 8 Governance Structure Expertise in Financial Services Oversight by Financial Regulators Core Capabilities in Financial Industry – Numbering standards – Operations and messaging standards – Counterparty identification leader

ISO 17442: TC68 LEI Proposed Structure 20 characters – 18 alphanumeric characters plus 2 numeric check digits Check digit validation using ISO 7064, Data Processing, Check Character Systems The ISO data record attributes at a minimum includes –the official name of the legal entity as recorded in the official registers, or with the fund manager for collective investment vehicles. –The address of the headquarters of that legal entity or the address of the fund manager. –The country of incorporation denoted by ISO 3166, Codes for the representation of names of countries and their subdivisions –the date of the first LEI assignment –the date of last update of the LEI information. –the date of expiry, if applicable In addition, other relevant attributes stated by IOSCO as Identification Data such as other relevant contact information and hierarchical information concerning to the entity’s relationship to affiliates can be included in the LEI repository (subject to data privacy regulations) 9

Business Model 10 Accelerates Self-Registration – Contributing 400k relevant records for self-validation Complemented by third-party registration – From firms, NNAs, jurisdictional registration authorities, regulators Cost recovery achievable in short-term

Key Success Principles LEI data is free of cost and restriction Data quality is centrally managed Quality management standards are transparent and constantly improved LEI data and quality standards can be challenged by any user (collaboration) Scope of data fields covered is kept to a minimum until the Utility is operational 11

LEI Utility Governance 12 LEI Governance Committee LEI Utility ( SWIFT / DTCC) DTCC Facilities Management SWIFT ISO Registration Authority International Oversight ISO

Operating Model 13

Questions?