1. ACSDA Issuer Services Survey 2008

2. CDSs that responded the Issuer Services Questionnaire CDS - Canada DTCC – United State INDEVAL – México CBLC – Brasil BOLSA DE VALORES NACIONALES - Guatemala LATINCLEAR - Panamá CENTRAL NICARAGUENSE DE VALORES – Nicaragua CEDEVAL – El Salvador BERMUDA SECURITIES DEPOSITORY – Bermuda EASTERN CARIBBEAN CENTRAL SECURITIES DEPOSITORY – Eastern Caribbean CAJA VENEZOLANA DE VALORES – Venezuela DECEVAL – Colombia CAVALI – Perú CAJA DE VALORES – Argentina EDV – Bolivia DCV – Chile STRATE – South Africa Bolsa de Valores de Costa Rica CEVALDOM –Dominican Republic CETIP- Brazil Jamaica Securities Depository N=21

3. Category 1: Corporate actions Category 2: Issue administration services Category 3: General Assembly meeting administration services Category 4:Other services SERVICES Issuer Services Survey– ACSDA 2008 SERVICES

4. Study Methodology

5. Corporate Action Section

6. Issuer Services Survey– ACSDA 2008 Corporate actions section

7. Way service is provided: Mainly Direct and Wholesale Interfaces: Mainly Proprietary network, paper, commercial network

8. Issuer Services Survey– ACSDA 2008 Corporate actions section Way service is provided: Mainly Wholesale Interfaces: Mainly Proprietary network

9. Issuer Services Survey– ACSDA 2008 Corporate actions section Way service is provided: Mainly Wholesale. Low direct. Interfaces: Proprietary network, browser base, paper, commercial network

10. Issuer Services Survey– ACSDA 2008 Corporate actions section Way service is provided: Mainly Wholesale Interfaces: Mainly Proprietary network

11. Issue Administration Services Section

12. Issuer Services Survey– ACSDA 2008 Issue Administration Services Section

13. Way service is provided: Mainly Direct and Wholesale Interfaces: Mainly Proprietary network. Also browser base, paper, commercial network

14. Issuer Services Survey– ACSDA 2008 Issue Administration Services Section Way service is provided: Mainly Direct and Wholesale Interfaces: Mainly Proprietary network, browser base, commercial network

15. Issuer Services Survey– ACSDA 2008 Issue Administration Services Section

16. Ordinary and Extraordinary General Meeting Services

17. Issuer Services Survey– ACSDA 2008 Ordinary or Extraordinary General Meeting Services Section

18. Way service is provided: Mainly Direct. Follows Wholesale Interfaces: Mainly Proprietary network, browser base and paper

19. Issuer Services Survey– ACSDA 2008 Ordinary or Extraordinary General Meeting Services Section Way service is provided: Mainly Wholesale Interfaces: Mainly paper, Proprietary network, browser base

20. Issuer Services Survey– ACSDA 2008 Ordinary or Extraordinary General Meeting Services Section

21. Other Services

22. Issuer Service Survey – ACSDA 2008 OTHER SERVICES

23. Way service is provided: Mainly Direct. Follows Wholesale Interfaces: Mainly Proprietary network. Also browser base and paper.

24. Issuer Service Survey – ACSDA 2008 OTHER SERVICES Way service is provided: Mainly Wholesale Interfaces: Mainly Proprietary network, browser base, paper, commercial network

25. The principal channel is the proprietary network. Issuer Service Survey – ACSDA 2008 OTHER SERVICES

26. This chart shows that beneficiary account model is not a relevant factor in the offer to issuers services. Example: CDS Canada vs. CBLC Brazil

27. An important business opportunity has being identified for CSDs. Corporate action services, issue administration services, and General Meeting Services are a possibility for growth and diversification of products and services. Is also an important revenue stream for many CSDs. Nevertheless, in certain traditionally exclusive services, depositories have competition Group of services associated with tax administration services, also have opportunities for growth, uptream and downstream. Depositories also have an important role to play in General Meeting administration services. FINAL CONCLUSIONS Issuer Service Survey – ACSDA 2008

28. Traditional clients of the CSD`s are the issuers, failing to take advantage of the potential that exists in investors. The most important interface to provide services is the proprietary one. Current trends shows the WEB to be an important media too. We see paper is also being used. Depositories must work to offer value added services to issuer and investor to produce more income. Tax administration services, General Assembly services are good busness opportunities. Issuer Service Survey – ACSDA 2008