1. Putting STP Theory into STP Practice

2. Introductions & Agenda Agenda —Overview —Q&A

3. Introduction FMCNet is a real-time, single system solution for the communication of trade information between —Investment Managers —Brokers —Custodians Broker allocations, confirms, matching and delivery of settlement instructions across multiple instrument types FMCNet is an ASP service that provides : —Automated ETC, Local and Central Matching —Integrated SSI Database —Industry standard formats, XML and ISO 15022 —Integrated middleware, translations and format transformations —Supports trade & settlement (Omnibus) blocks

4. Hosted STP Infrastructure Manager Interested parties Custodian Broker Swift Other networks or media e.g. fax TradeSuite & MISYS FMCNet Delivery Instruction Data Base ETC, Local & Central -Match NOE Allocations Confirm NOE Allocations Confirm Pre and post match advice Match Affirm Settlement advice FIX

5. The Services You Need minus the Complexity Manager Interested parties Custodian Broker Swift Other networks or media e.g. fax TradeSuite & MISYS FMCNet Services Matching SSI Rules NOE Allocations Confirm NOE Allocations Confirm Pre and post match advice Match Affirm Settlement advice FIX Transformation Layer Non-Sequential Trade Flow

6. Instruments Processed (include) EquityBondsMBSNotesOptions Common Preferred Convertible Pref Unit Convertible Interconvertible Common Eligible Bills Forward Rate Agreement Floating Rate Agreement FX: Same Day Next Day Spot Forward Curr Swaps Sinking Fund Extendible / Retractable Convertible Perpetual Pass Through Cert Level Principal Interest Callable Single Coupon, etc Residue Only Gilts Step Serial Floating Rate Index Part of Equity Swap Floating Part of Equity Swap Swap Notional Payment in Kind Fixed Rate Adjustable Rate Interest only- Principal & Notional Principal Only Strip Graduated ABS Asset-Backed Sec Accrual Bond Principal Only Strip Interest Only (Notional & Principal) Interest Bearing Term Deposit Cert of Deposit SWAP Deposit Municipal Note Discount Loan Provisional T Bill Treasury Bill Disc Commercial Paper Disc Promisory Bearer Depository Banker’s Acceptance Short-term Inv Fund Call Loan Level Principal Interest Call & Puts for: Commodities Futures Bonds Currency American European Value Price Average FX / DealCMOMortgageIndex

7. FMCNet – SSI Database (DIDB) —Dynamic enrichment of trades with counterparty SSIs —Fully integrated and free of charge —Counterpart settlement instructions easily maintained in a single location —Fully structured and ISO 15022 compliant —Comprehensive on-line help

8. – SSI Database (DIDB)

9. The Need to Harmonize Standards Delivery Instruction Data Base Interested parties Custodian DTC* & MISYS Manager Broker Other networks or media e.g. fax SWIFT NOE Allocations Confirm Pre and post match advice Settlement advice Match Affirm Match Local -- Central FMCNet FIX 4.0-4.4 ISO 15022 Proprietary Flat file XML FIX 4.0-4.4 ISO 15022 Proprietary Flat file XML FMCNet Middleware

10. Single global post-trade solution Greater instrument & SSI support Fully integrated solution — Single development effort Enterprise wide processing from a single business unit — Business & user segregation Single ‘pipe’ from block to Custodians, sub custodians and interested parties —FMCNet moving into the pre-trade space

11. Ease & Speed of Deployment Rapid integration through FMCNet middleware ASP web-hosted solution — Global implementation with no hardware or software requirements — Leverage of existing infrastructure Single global business unit Limited client IT resource requirements Proven FMC implementation experience Web training

12. Aggregation for Omnibus Trading Trade & Settlement Blocks for program / trust / bulk / omnibus trading — Reduction – confirmation volumes — Reduction – depository & settlement costs — Reduction – FMCNet message costs — Reduction – investment manager costs 37% of 810,000 trades per day in USA

13. Flexible Web-Based Reporting Customized intra-day & inter-active reporting system that is flexible, easy to use & affordable. —Settlement Reporting —Billing Reconciliation —Affirmation Analysis —Commission Reporting —Archive Confirm Records

14. Greater Flexibility FMCNet is a non-prescriptive solution that supports the requirements of each individual client — ETC, Local or central matching (by market, by counterpart, by instrument type – ‘mix & match’) — User and market defined matching tolerances — Preferred client data formats / standards — Single or multiple business units

15. Paying For Post-Trade ETC and ETS Services Today CEO / CTO / CFO KIT IT ITOPSOtherKIT OPSOther CEO / CTO / CFO HardwareMiddlewareSoftware upgrades Network IT Support License fees Transaction costs Annual / monthly base fee SSI database IT project resource BCPTime Typical costs

16. CEO / CTO / CFO KIT IT ITOPSOtherKIT OPSOther Typical costs CEO / CTO / CFO HardwareMiddlewareSoftware upgrades Network IT Support License fees Transaction costs Annual / monthly base fee SSI database IT project resource BCPTime By outsourcing the IT process to ASP, you outsource the pain ! Not Paying For With Post-Trade Services Tomorrow Typical cost SAVINGS

17. FMCNet Contact Info  Jose Manso  Vice President, FMCNet, USA  +1 (646) 213-7178 (office)  +1 (917) 658-1131 (mobile)  jmanso@fmco.com jmanso@fmco.com  Website: www.ssctech.com