1 v07 ACSDA Corporate Actions David Hands Director Corporate Action Data Manager Product Management 27 October, 2005

2 v07 Corporate Action Seminar International trends and requirements to improve efficiency for information, cash and securities flows as a result of corporate actions Background to the Corporate Action Dilemma: Why are Corporate Actions a problem? Event – Complexity or Inefficient Processing? Data Element – Definition or Usage? Rules and Regulation – Lack of or Too Much? Review the current landscape for Corporate Action processing: Europe Experience US Activity Review the recommendations as discussed at CSD8, NYC April 2005 Risks in Corporate Action Processing Automation and Standardization CSD Roles in Corporate Actions Common Goal: How can CSDs work together to create a value proposition for the market?

3 v07 Corporate Action Seminar Points to consider during the presentations What can/needs to be done within the ACSDA sphere of influence? Think Globally, Act Locally What issues should be addressed as a priority? Announcement Data: Timely/Accurate/Complete details from the Issuer/Source Electronic Dissemination of Information Centralized Repository of Corporate Action Data Standards/STP Adoption and involvement in Global Securities Market Practice/ISO15022 Regulation to enforce Standards/Best Practice compliance Automation Issuer to Investor Processing Payments: Managing Credit Exposure and Corrections Elections: Error reduction Proxy Voting Limited CSD involvement

4 v07 How difficult are various markets to process a Corporate Action announcement using the US/Canada as a benchmark of 1? Average Region Value US/Canada Asia Europe Central America Africa Middle East South America Relative Volume Relative Effort This information is proprietary & confidential to DTCC.