1. National Instrument 24-101 A perspective from a Sell-side Firm Kris Sanker Manager, Trade Settlements/Securities Lending BMO Nesbitt Burns March 13, 2007

2. 2 Impact of NI 24-101 Four Key Aspects Mutual dependency Integrated approach Upgraded applications and processes Industry Best Practices and Standards

3. 3 Mutual Dependency Dealers Institutional Clients Custodians Partners

4. 4 Integrated Approach Front / Middle / Back Office Cooperation Client Relationship Issues Client Documentation

5. 5 Process Improvement and Application Upgrades Desire for Improved Processing Cost Constraints / Conflicting Priorities Mandate to be more efficient Marketplace Awareness / Involvement

6. 6 Industry Best Practices and Standards CCMA Best Practices Standard Data Elements

7. 7 Issues and Challenges Compliance / Internal Reporting Systems Changes Documentation Gathering Client Relationship Issues Custodian Block Settlement

8. 8 Next Steps Determine current status Engage your team Review internal processes Develop an action plan Use CCMA Internal Resources

9. National Instrument 24-101 A perspective from a Sell-side Firm Kris Sanker Manager, Trade Settlements/Securities Lending BMO Nesbitt Burns March 13, 2007