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2. VAN-NSP Project governance In compliance with the Licence Agreement, the Eurosystem (BdI) and the two selected VAN-NSP (SWIFT and SIA-Colt) have designated their own Project Managers and nominated three senior representatives to two Steering Committees. The two Steering Committees meet quarterly to assess the progress of the implementation activities which are carried out by two Groups that meet at least on monthly basis: The Technical Group, chaired by the Project Managers, and The Business-Operational Group composed by experts of both parties. Tripartite meeting are organized to deal with topics of a common interests (e.g. DEP specifications, Network Acceptance Tests, etc.) 2

3. VAN-NSP Project Milestones MilestoneDeadlinesStatus 1Availability of a written description of the Solution for PoC Test Feb 2012Done 2Successful Completion of PoC Test (in 2 regions, 2 sites) Aug 2012Done 3Availability of the Network and the Connectivity Services in 2 Test Environments (in 2 regions, for sites) that are only available to 4CB Jan 2013Done 4Availability of the Network and the Connectivity Services in up to 4 Test Environments (in 2 regions, 4 sites) that are available to DiCoAs Apr 2013Done 5Availability of the Network and the Connectivity Services in Production (full bandwidth in 2 regions, 4 sites) Oct 2013Done 6Successful Completion of Eurosystem Network Acceptance Tests (ENAT) Oct 2013Done 3

4. VAN-NSP ENAT Preparation The ENAT requirements are documented in the Licence Agreement (Attachment 6) The Eurosystem (BdI) and the two licensed VAN-NSP (SWIFT and SIA- Colt) have agreed: to map the 148 technical requirements into 142 acceptance test cases to group the test cases into 6 sections –General Service Description –Network Connectivity –Messaging Services –Security Services –Operational Services –Implementation 4

5. VAN-NSP ENAT Execution Definition of Tools and Methodologies (Oct 2012 - Nov 2012) Deployment of DiCoA footprint in each T2S site (Dec 2012 - Mar 2013) ENAT Execution (Apr 2013 - Sep 2013) –SWIFT successfully completed the tests on Sep 27th –SIA Colt successfully completed the tests on Sep 29th 5

6. VAN-NSP T2S Connectivity Services Agreement The Licence Agreement states that: The Network Service Providers shall offer to T2S Actors to enter into agreements regarding the provision of the Connectivity Services (each such agreement a "T2S Connectivity Services Agreement") (art 7.1) The Network Service Provider shall be free to negotiate the terms and conditions of the T2S Connectivity Services Agreements with the T2S Actors, provided that the terms and conditions are clear and transparent, ensure equal treatment of the Directly Connected T2S Actors, and further provided that each T2S Connectivity Services Agreement meets the minimum requirements more specifically described in, and be otherwise consistent with, this Agreement (including its Attachments) and the Specifications. (art 7.2) 6

7. VAN-NSP T2S Connectivity Services Agreement In order to ensure compliance with such provisions, the Eurosystem (BdI) is conducting an assessment of the contractual documentation of the two licensed VAN-NSP (SWIFT and SIA-Colt) The assessment is considering in particular: the perimeter of the connectivity services offered by the two VAN-NSP, the non-discriminatory access to their offerings, the clarity and transparency of their contractual documentation and the compliance with their obligations regarding maximum prices, services availability, failure resolution times and liability. The assessment is almost completed and the results will be communicated by the Eurosystem in due course. 7