Issuer Services Survey Comparison between AMEDA, ACSDA and ECSDA PRESENTED BY: Steve Everett DATE: 28 April, 2010 PLACE: 11 th AMEDA Conference- Beirut, Lebanon

Background Initiative to compare the three regional surveys in terms of Issuer Services. Construction of comparison performed by Mr. Ahmed Mowafak from MCDR. Strate worked closely with Egypt to refine the comparison and develop a methodology for interpretation of the results. Findings of the three surveys were consolidated into one presentation to compare Issuer Services from different regions. Notable preliminary findings of the survey are sampled as part of the presentation, 2 samples per category were selected. 2

Methodology used in comparing AMEDA, ECSDA, ACSDA The information used in this comparison was gathered from the Issuer Services questionnaire completed in the three relevant regions: ECSDA, AMEDA and ACSDA This functional approach was based on a description of members services to Issuers on four categories of actions in the securities life-cycle:  Category 1 : Corporate Actions Services.  Category 2 : Information Services.  Category 3 : Annual General Meeting (AGM) Services.  Category 4 : Other Issuer Services The regions had to be compared in terms of the same mathematical approach, i.e. nominal respondents were converted to percentage based data to ensure comparability The top two preliminary findings were arranged per category. 3

Category 1: Corporate Actions Services Preliminary Findings Tax services: ACSDA members are more involved in tax related services than other regions, who are either fully or partly involved. Obligatory Use of Services: ACSDA members are more likely to be obliged to use CSDs for corporate actions services. 4

Category 1: Corporate Actions Services Preliminary Findings Obligatory Use of Services: ECSDA members are more likely to be obliged to use CSDs for voluntary corporate actions services. Payments Services: The more mature markets of ACSDA and ECSDA have a significantly higher percentage of CSDs which offer payment services to the issuer. 5

Category 2: Information Services Preliminary Findings: Issue Administration Services Section (Registrar Services) CSD to investor direct link: More than half of ECSDA and ACSDA members have an automated link with the investors. Registrar Services: Approximately half of the CSDs in each region offer these services. 6

Category 2: Information Services Preliminary Findings: Issue Administration Services section (Tax redemption of mutual funds) Automated Link: No regional members have an automated link with the investors. Mutual Funds Tax redemption: ACSDA is the only region which offers this service. 7

Category 3: Annual General Meeting (AGM) Services. Preliminary Findings: Ordinary or Extraordinary Meeting Services Section Electronic Proxy Voting : There is an equally low involvement in each region in this service. Proxy Voting: Half of ACSDA members offer this service directly from the CSD while the other regions are potentially outsourcing this function. 8

Category 3: Annual General Meeting (AGM) Services. Preliminary Findings: Ordinary or Extraordinary Services used by CSD to Issuers (web, proprietary, other) Electronic and Administration Services: In general a low percentage of CSDs offer these services in each region, it can be inferred that these services are either offered by the issuer agent or are outsourced. 9

Category 4: Other Issuer Services to the Issuers Preliminary Findings: Other Services Section (Other services offered by CSD to Issuer). Information to Authorities: The majority of AMEDA and ACSDA members provide voluntary or mandatory information to authorities. National Numbering Agent: The majority of CSDs in each region are the appointed national numbering agent, in other instances this could be the Exchange for example. 10

Category 4: Other Issuer Services - Downstream Intermediaries Preliminary Findings: Other Services Section (Other services offered by CSD to Investor) Information to Authorities: The majority of AMEDA and ACSDA members provide voluntary or mandatory information to authorities about downstream intermediaries. National Numbering Agent: The majority of CSDs in each region provide national numbering information to downstream intermediaries. 11

Questions? Thank you 12