0. ACSDA General Assembly 2011 Bermuda
Taking Action on Asset Servicing
ACSDA General Assembly 2011 Bermuda
This information is provided for informational purposes only and should not be interpreted as legal, financial or other form of advice and no legal or business decision should be based on its content.
March 25, 2011

1. Broadridge / Euroclear Proxy Voting Service
On October 5, 2010 we announced the signing of a Memorandum of Understanding that Euroclear and Broadridge planned to jointly offer end-to-end shareholder voting
We were looking into forming an alliance to jointly strengthen shareholders’ governance rights by making it easier for investors to vote electronically at company general meetings
When Euroclear operates the CSD, the close relationship they have with issuers and local market shareholders, coupled with Broadridge’s international reach and leading-edge voting technologies, makes for a compelling choice for voting services
Through this alliance, Broadridge and Euroclear are uniquely positioned to accelerate the delivery of advanced electronic solutions to the benefit of all constituents throughout the proxy vote processing lifecycle

2. Who is Broadridge Listed in the NYSE (Ticker: BR)
Spun off from ADP in April 2007
Over $2.2 billion (USD) annual revenues*
$217 million in net earnings*
Over 5,000 employees worldwide
Capabilities include
Processing of more than $3 trillion in fixed-income and equity trades per day
Securities processing capabilities for over 50 markets
Distribution of over 1 billion investor communications annually
Multiple language voting platforms available in approx 90 countries
Complete electronic shareholder communications services for Issuers, brokers, custodians and Institutions
* Fiscal year 2010

3. Broadridge’s Role in Proxy Processing
In the United States Broadridge provides proxy voting services to over 90 per cent of the beneficial market where by regulation companies must communicate with all their shareholders
Internationally we provide a fully automated, electronic product supporting straight-through processing from account collection and agenda distribution through vote processing in over 100 markets
Broadridge provides international proxy services to 9 of the top 10 global custody banks, in addition to another 30 custody banks and brokers
The global cross-border proxy voting business is primarily institutional with over 3,000 institutional investors worldwide using Broadridge’s proprietary voting platform, ProxyEdge®
Broadridge processes voting for over 30,000 non-North American meetings annually in almost 100 countries

4. Euroclear is a market infrastructure
providing clearing, settlement and issuer services
Central Securities Depositary
in France, the Netherlands, Belgium, the UK, Ireland, Sweden and Finland
Coverage: more than 65% of Eurotop equity market capitalisation
3,900 listed issuers
International Central Securities Depositary
With 1,350 clients from more than 90 countries
Not a traditional commercial organisation
owned and governed by its client users
Euroclear Finland
Euroclear Sweden
Euroclear UK & Ireland
Euroclear Nederland
Euroclear Belgium
Euroclear Bank
Euroclear France
Employs 4,000 people

5. About Euroclear User owned and user governed
The Euroclear group comprises:
The international central securities depository Euroclear Bank, based in Brussels,
As well as the national central securities depositories
Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland.
Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system.
In 2009, the Euroclear group settled the equivalent of EUR 514 trillion in securities transactions, representing 180 million domestic and cross-border transactions, and held more than EUR 20 trillion in assets for clients.

6. The Framework of European Legislation is Becoming Clearer
The Shareholder Rights Directive
Establishes a more uniform framework for shareholder meetings and voting across Europe
Most barriers to shareholder participation in shareholder meetings will be addressed and removed when the transposition is complete
Has been transposed into law in many European markets
Market Standards for General Meetings
Released by the European Issuers Federation in September 2010 and endorsed to varying degrees by the full range of market participants, including banks, issuers, regulators, market infrastructure providers and investor representatives
Securities Law Directive
The first draft explicitly states that it is based on the recommendations in the Market Standards report
The key recommendation is that the intermediaries in the chain of communications will be obliged to support the process in both directions

7. Future European landscape
Global
Custodian
Issuer
Local
Custodian
CSD
Investors
Issuers pass on AGM notification, full agenda, agenda items and vote options
CSDs transmit all information from issuers to custodians and all registrations and votes from investors to the issuers through the chain of intermediaries
Local custodians and global custodians will soon have the obligation to transmit information to investors and back
Securities Law Directive
standard electronic format
market standards
the information will be channelled right from the source to all shareholders
consistent information and wide reach of holders
efficient process and wide participation . 7

8. Services to be Offered by the Alliance
Disseminating general meeting information
Managing pre-meeting registration for shareholders (where applicable)
Making available the technology to collect voting instructions from shareholders
Transmitting voting instructions to issuers
Performing integrity checks on voting instructions
Providing vote confirmation of exercised votes
Eliminating many manual procedures involved in the voting process today

9. Update on our Status
Since announcing our alliance Euroclear and Broadridge have jointly met with most market participants in Euroclear markets where the support for the alliance has been very positive
We will be moving forward together in Holland where we expect to be live later in 2011
We are currently analyzing the possible business model in Euroclear markets with local stakeholders
Both Broadridge and Euroclear remain committed to the relationship
Further developments will be communicated in due course

10. Thank You James O’Regan General Manager
Investor Communication Solutions, International
51 Mercedes Way
Edgewood, NY 11717