Track: 4 Title: Innovations in the credit chain Speaker: Fritz Witt – June 25 th 2009

Speech on behalf of Datev and URA Rating Agency® The URA Rating Agency is convinced that the accountant will be the most important player within the rating industry in the near future. Because only an independent and neutral intermediary such as an accountant is able to deliver the quality of the data that banks and CAI’s (credit assessment institutions) need to produce a reliable rating within a transparent rating process.

External Financial Reporting Business Operations Internal Financial Reporting Investment Lending, Regulation Processes Participants Auditors Trading Partners Banks Financial Publishers and CAI’s Regulators Software Vendors Management Accountants Companies Economic Policymaking XBRL Central Banks

4 Source DNB

Company Banks PR internal external Management Buyers Suppliers Capital market Information Insurance Credit conditions Purchasing Participations intangible assets working capital Access capital market and private equity Risk and performance management Marketing purposes Asset management Credit scoring Supplier ratings Buyers cooperative The influence of Basel II on companies

AccountantClientBank Value chain ClientBank AccountantClientBank Value chain AccountantClientBankIntermediary Value chain

Credit applications against lowest costs integrated with the front offices of the banks (term sheets execution etc.) Bank Intermediary or accountant Alternatives: Grants Private Equity Mezzanine Mediation: Other kind of loan Other bank Risk PD / LGD Monitoring Credit advice

Accountan t ClientURA Rating factory Value chain Financial advisor Bank assessed XBRL reports unassessed XBRL raports

 Summarizing: ◦ Together with local players Datev /URA is able to reduce considerable regulatory burden and processing cost. ◦ Improvement of the quality of the data by means of several assessment techniques like:  Data level assessments  Process controlls  Quality level agreements of the XBRL reports  Reference ratings according to world class standards

Fritz Witt CRA Phone: +31 (0)