1. Footer to have copyright, data and page numbers Only on the title slides Arial, 10 points, Color - black Tata Logo on right hand top – cannot be changed Tata Consultancy Services Logo on right hand top – cannot be changed Watermark of binaries Arial Narrow, 36-40 points, Bold not to go beyond 2 lines of copy. Color - blue Arial Narrow, 21-25 points, Bold not to go beyond 3 lines of copy. Color - black © Tata Consultancy Services Ltd.1 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Need for Standardization and Interoperability in the Transformation of Capital markets R Vivekanand Head, eClearSettle Tata Consultancy Services

2. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 2 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Our Lineage : TATA Group  India’s Largest Conglomerate - 91 operating companies across 7 industry sectors  Represents Excellence & Integrity  Trusteeship Concept  Pioneering Spirit  Leaders in multiple businesses  Total Market Cap - Rs. 196,422 Crs. ($ 42.8 bn.) as of 30th June 2006

3. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 3 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates About TCS  FY 2006 revenue of USD 2.97 Billion  Over 71,000 employees  Global presence - Operations in 47 countries, 169 offices  1st Company in the world to be assessed at Level 5 for integrated enterprise-wide CMMI and PCMM  First and Largest  Software R&D Centre in India  Software Exporter in India  Awarded triple certification for  Quality (ISO 9001:2000)  Security (BS 7799-2:2002)  Services (BS 15000-1:2002)

4. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 4 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Truly Global Presence Sales Office Delivery Centres  169 Offices in 35 countries  41 Delivery Centres in 11 countries N. America 51 Iberoamerica APAC India Europe UK & Ireland ME & Africa 4 76 42 6722 82 192 13 3 As on 30 June 2006

5. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 5 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates TCS BFS Solutions

6. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 6 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates CSD Expertise gained in 21 markets has helped us build a global perspective TCS continues to be the only Indian Vendor to build large scale securities processing platforms globally. DTCC CDS Deutsche Bourse SEGA XClear KCC DIFX Saudi Arabia Korea Depositary Philippines Depositary Singapore Depositary Malaysian Depositary Taiwan Depositary NDC, Moscow China Clear NSDL NSCCL CCIL NCDEX RBI STRATE, South Africa Product Implementation / Solution Development Consulting

7. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 7 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Agenda  Business Drivers, Trends in the CSD space  Path to Transformation  Benefits of Global Standards  Need for interoperability  Local Practices  Technology  Market Transformation Model  STRATE – A case study

8. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 8 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Trends in the CSD space  Globalisation - links  End investor services  Integrated Registry  Automated Corporate actions Key Business Drivers  Operational Efficiency  Risk Reduction  Increased Volumes / Liquidity  Access to Information  Cost Reduction Compliance to Standards Retaining Local PracticesRight Technology MARKET TRANSFORMATION

9. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 9 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Path to Transformation Global Standards - BIS, G30, ISO 15022 Security, Best Practice Systems – Hardware, Networks, Links, Software Products, Solutions, Frameworks Local Practices – Regional, National Rules, Legislation, Procedures, Practice Regulations Financial Products

10. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 10 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates The Standards Dilemma ISSA IOSCO G30 Recommendations SMPG Giovannini ISO 15022 Regional Practices Regulations Local Business RulesReligious Rules Legislations National Policies Global Standards Local Practices FIX BIS

11. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 11 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Benefits of Global Standards  Familiarity and attractiveness to Global investors  Ready connectivity to the world to local participants  Lower software TCO  Products can be implemented instead of turnkey projects  Incorporate the lessons learnt by the rest of the world  Risk Management best practices  Settlement models  CSD / ICSD Links But no two markets are alike

12. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 12 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Local Practices Consolidation and Harmonization Pre Validation Gross settlement Retail Markets Distinct Practices Yet Successful and suits the local market

13. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 13 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Need for Interoperability  Expand reach to Global markets  Easy connectivity, Improve STP  Leverage investments made using technology  Service oriented architecture – Software as a service  Eliminate duplication of networks, infrastructure, software  Reduce operation costs

14. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 14 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Technology  Multi Tier technology – Move away from monolithic tightly coupled systems  Interoperability, Service Oriented Architecture  Multiple Access Channels – Web, Phone, Mobile, Email  High availability and redundancy without high cost  Seamless Integration to external systems – to achieve STP

15. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 15 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates Market Transformation Model Global Standards - BIS, G30, ISO 15022 Security, Best Practice Systems – Hardware, Networks, Links, Software Products, Solutions, Frameworks Local Practices – Regional, National Rules, Legislation, Procedures, Practice Regulations Financial Products

16. Footer to have copyright, data and page numbers Only on the title slides Arial, 10 points, Color - black Tata Logo on right hand top – cannot be changed Tata Consultancy Services Logo on right hand top – cannot be changed Watermark of binaries Arial Narrow, 36-40 points, Bold not to go beyond 2 lines of copy. Color - blue Arial Narrow, 21-25 points, Bold not to go beyond 3 lines of copy. Color - black © Tata Consultancy Services Ltd.16 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates CASE STUDY A market revolution - STRATE, South Africa

17. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 17 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates South African Market - 1998 Regarded as a market with high Settlement Risk by GSCS Benchmarks (Minus 1.28 rating) Low Foreign Investments, Flight of capital Transactions could take weeks to settle or would fail Major companies were moving their primary listing to London May 1998 contract for system implementation signed with TCS Dematerialization and Electronic settlement revolutionized the market The new SAFIRES application was one of the first in the world to be ISO 15022 compliant - 1998 Early adopter of SWIFTNet - 2002

18. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 18 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates South African Market - 2002 Guaranteed Settlement Heightened levels of Foreign Investment Increased Liquidity Reductions in Risk and increased efficiency Easy connectivity to Global custodians Standards and secure networks led to increased investment – trade volumes doubled 19981999200020012002 South Africa(-1.28)0.1436.4158.48 98.13 Full Demat Full system live SWIFT+Local Nw Full move to SWIFT Source = GSCS Benchmarks Settlement risk includes factors such as : Interest rate and overall cost of failed trades

19. TCS. And Base line. Right hand bottom – cannot be changed Watermark of binaries Arial Narrow, 36 points, not to go beyond 2 lines of copy. Color - blue Arial Narrow, 24-32 points, Color - black AVs should have a maximum height of 5 inches and should be aligned to the centre of the slide (vertically) Page number in yellow (position not to be changed) Sub-titling for the AV/picture captions, if required, to come here. 18 points, Arial, Bold. Diagrams or images can be used in the text area only 19 Text in blue and black can be changed Positions in Blue text cannot be altered Text in black can be altered in position and sizes if need be Text in yellow ochre is meant for legal matters and updates THANK YOU