Turning Crisis Into Opportunity Saheed Awan, Global Head of Collateral Services at Euroclear J

Q4 2013

Carl James of BNP Paribas Dealing Services on buy-side outsourcing

Turning Crisis Into Opportunity Saheed Awan, Global Head of Collateral Services at Euroclear J. Joseph Conway, Senior Vice President of Brown Brothers Harriman Gary Probert, Managing Director at Citi, board member of ISITC Post-trade made easy

MA2936-A-collateral highway FIN IT.indd 1 12/11/13 10:25 EDITORIAL

Q4 2013 Welcome to the Q4 2013 issue of ISS which also doubles up as the event brochure for our 3rd Annual Post-trade Technology Summit. May I offer st ISS Magazine those of you reading this at the BT centre on 21 November, 2013 a very Managing Editor warm welcome. I’m sure you will both enjoy and benefit greatly from the Eddie Heaton various panel discussions and presentations that we have in store for you. [email protected] The full event agenda, with biographies of all our speakers can be found on page 10. Those of you who were unable to attend the event in person will Chief Operating Officer be able to view selected highlights in the video section of www.iss-mag. Farzana Hakim [email protected] com.

Head of Strategy and Development The theme of our Q4 issue is ‘Turning Crisis into Opportunity’ and we Anthony Heaton have an exceptional line-up of contributors and interviewees to develop [email protected] it for us; Saheed Awan, Global Head of Collateral Services at Euroclear assesses the rise to prominence of collateral in today’s financial markets, Reporter: Dan Barnes interviews Carl James of BNP Paribas Dealing Services on buy- Dan Barnes side outsourcing, J. Joseph Conway, Senior Vice President of Brown Brothers Harriman discusses how to keep up in the race for innovation and Gary Probert, who is a Managing Director at Citi and a board member of ISITC writes for us about post-trade processing. We have two articles on T2S, one from Deutsche Bank’s Audrey Favel who discusses how sub-custodians Contributors: will need to re-define themselves in a Post T2S world and an interview Saheed Awan (Euroclear), Alan with BNP Paribas’s Alan Cameron to follow up on the excellent piece he Cameron (BNP Paribas), Gary Probert penned for us in our Sibos issue. Demi Derem of BNY Mellon discusses (Citi and ISITC, Carl James (BNP future trends of distribution in Asia and we also include interviews with the Paribas), J.Joseph Conway (BBH), Andrew White (ASX), Audrey Fauvel Australian Securities Exchange’s General Manager, Andy White who gives (Deutsche Bank), N.G. Subramaniam us a view from down under and NG Subranamiam, President and CEO (TCS), Demi Derem (BNY Mellon). of Tata Consultancy Services who provides us with a vendor’s insight into how technology is helping firms to cope with those perennial regulatory pressures. Post-trade made easy For the first time this quarter we present our 2013 Global Directory and Survey of Service Providers and Technology Vendors. This comprehensive factsheet will provide vital information including contact details on over 700 providers and vendors in 93 markets. The ISS team has worked extremely hard to make sure that this information is correct at the time of press but we will be relying on market participants, service providers and vendors to keep us updated on any future changes. We intend to include updated versions of the survey in all future print issues from now on and all the information will also be viewable at www.iss-mag.com.

As this is our final print offering of the year may I take this opportunity to Published by: wish all our readers a very happy Christmas and a prosperous and joyful Capital Markets Media Ltd. 33 Taybridge Road 2014. London SW11 5PR

The information published here represents the views of the individual authors and does not Eddie Heaton represent the views of ISS or any of the institutions contributing to ISS. Managing Editor International Securities Services

International Securities Services 3

MA2936-A-collateral highway FIN IT.indd 1 12/11/13 10:25 CONTENTS

ISS MAG Q4 2013 Editorial 3

Q4 2013 The ISS MAG 3rd Annual Post-trade Technology Summit Carl James of BNP Paribas Dealing Services on buy-side outsourcing 8 Your full guide to the 2013 Summit, with the agenda, speaker biogs and information about our sponsors.

Agenda for The ISS MAG 3rd Annual Post-trade Technology Summit 10 Turning Crisis Into Opportunity Speakers’ Biographies Saheed Awan, Global Head of Collateral Services at Euroclear 12 J. Joseph Conway, Senior Vice President of Brown Brothers Harriman Gary Probert, Managing Director at Citi, board member of ISITC About our sponsors 18

A Collateral Evolution 21 Saheed Awan, Global Head of Collateral Services, Euroclear SA/NV assesses the rise to prominence of collateral in today’s financial markets.

The Dealer’s Dealer 23 Dan Barnes talks to Carl James, Head of Fixed Income and FX dealing, BNP Paribas Dealing Services.

Post-Trade Processing: Reflecting Broader Industry Changes & Challenges 24 Gary Probert, Managing Director at Citi and Board Member of ISITC looks at developments in the industry over the past 5 years.

20 21 23 24

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Versioning Forward 26 J. Joseph Conway, Senior Vice President, Head of Foreign Exchange Business Development, BBH discusses how to keep up in the race for innovation.

Developments Down Under 28 ISS talks to the Australian Securities Exchange’s General Manager of Settlement 26 Services, Andrew White.

Can Technology Help To Reduce Costs? 30 The thoughts of N.G. Subramaniam, President and CEO of Tata Consultancy Services.

T2S: The Need For Long-Term Thinking 32 Audrey Fauvel, Deutsche Bank’s Head of EMEA Sales, Global Transaction Banking, Direct Securities Services argues that the first 32 33 wave of T2S implementation will unlock the real benefits.

Opportunities In T2S 33 ISS MAG Editor, Eddie Heaton talks to Alan Cameron, Head of Global Strategic UK Broker-Dealers and Banks Relationship Management team, Member of the Client Development Management Committee, BNP Paribas.

The Current State of Play in Asia 34 Demi Derem, Head of Distribution Services, Asset Servicing at BNY Mellon discusses future trends of distribution in Asia.

34 30 28

The 2013 ISS MAG Global Survey 35 The International Securities Services Q4 2013 Global Directory and Survey of Service Providers and Technology Vendors.

6 International Securities Services smartstream-stp.com

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Trade Life Cycle Data Management Developments Collateral Management in Messaging

An analytical discussion of the What are the technical challenges as With multiple protocols for financial As new regulations are implemented technical challenges of making firms develop and deploy new, more messaging, does the industry have a around the globe it is now essential all Post-trade technical functions sophisticated cross-asset investment global standard for communication, that financial institutions and their (confirmation and affirmation, strategies. and indeed in todays landscape, what counterparties are able to source and matching and reconciliation, clearing are the benefits? instantly move collateral to the right and settlement) both interoperable place across borders, time zones and and compatible. systems.

Lee Burman, Adam Cottingham, Paul Taylor, Anthony Carey, European Head of VP, Data Management Director, Executive Market Infrastructure, Services Global Matching, Vice-President, Morgan Stanley SmartStream SWIFT State Street Corporation

“MERKEZİ KAYIT KURULUŞU ” (MKK) CENTRAL SECURITIES DEPOSITORY OF TURKISH CAPITAL MARKETS

MKK, established under the provisions of the Capital Market Law, is the central securities depository for dematerialized capital market instruments . in Turkey Besides its CSD role, MKK aims not only to fulfill its responsibilities in increasing market efficiency but also to minimize potential risks as well as meeting -‐ the global post trade industry standards. Starting from 2010, MKK is transforming into a “technology firm”, aiming to serve Turkish capital markets with its value added projects and services besides its capability in offering efficient and affordable services to its members.

TECHNOLOGY CENTRIC APPROACH in PARTICIPANT & INVESTOR SERVICES

-‐ Establishment of “e-‐MKK” Information & Technology Portal -‐

1. A single information center for MKK and participants investors, 2. Integration with the “e-‐Government” web application Turkish of Republic 3. Technology intense web-‐based nvestor I Services

MKK INVESTOR SERVICES;

e-‐GEM: Electronic General Meeting System, which is a pioneer in terms of its scope (compared to other CSDs in the world), by using this system companies are able to inform their shareholders through the e-‐MKK portal and/or MKK’s other communication platforms and conduct live general assembly meetings on the portal. Investors have remote access to general assembly meetings -‐ through the e MKK portal as well as lications mobile app and exercise their managerial rights on the electronic platform by using -‐ their electronic signatures. (e GEM)” has received the “Financial Sector Technology Award” in the “Best Use of Online Services” category.

e-‐GOVERNANCE: Corporate Governance and Investor Relations Portal enables standard and uninterrupted information exchange between shareholders and issuer companies through the use of the internet, e-‐mail, SMS and mobile communication applications. The Portal was developed to enhance te corpora governance and investor relations as well as to improve transparency and information access for market participants.

e-‐DATA: Capital Markets Data Bank project aims to gather, analyze, model and present all data concerning our capital markets from gle a sin source to make this data available to regulatory, supervisory and other governmental institutions to be used in decision-‐making mechanisms and rating agencies and academia in their analyses of the Turkish capital markets. One of the outputs of the project is Investor Risk Appetite Index (RISE), a weekly indicator for nearly 800.000 investors, which provides overall insight on recent stock market behavior.

e-‐CAS: Investor Information and Notification System aims to prevent unacknowledged transfers of shares and hence to minimize possible errors or abuses on the stock certificates kept in investor accounts by providing information on portfolio status and account movements through “automatic notification” of -‐ investors by e mail and SMS.

e-‐GEM is the Winner of “FSTech (Financial Sector Technology)

AGENDA 8.30-09.00 Registration and coffee 09.00-09.15 Chairman’s opening remarks 09.15-09.45 KEY NOTE SPEECH - Professor Alistair Milne, Professor of Financial Economics, Loughborough School of Business and Economics, Bank of Finland 09.45-10.00 P resentation - Gokce Iliris, Head International Relations and Reporting Department, MKK, CSD Turkey “Technology Intensive Solutions for CSDs: e-MKK Information Portal Services” Turkish CSD 10.00-11.00 P anel Discussion Trade Life Cycle - Moderator Chris Pickles, Head of Industry Initiatives, BT An analytical discussion of the technical challenges of making all Post-trade technical functions (confirmation and affirmation, matching and reconciliation, clearing and settlement) both interoperable and compatible. Lee Burman, European Head of Market Infrastructure, Morgan Stanley Axel Pierron, Senior Vice President, Celent’s Securities & Investments Group Alan Cameron, Head of Global Strategic UK Broker-Dealers & Banks Relationship Management Team Anthony Cole, Head of Sales and Marketing, London Stock Exchange Group 11.00-11.30 Coffee break 11.30-12.00 Presentation by Clive Triance, Global Head of Broker Outsourcing. EMEA Head Banks and Broker Dealers, HSBC 12.00-13.00 P anel Discussion Data Management (including LEIs) – Moderator Julian Baines, Senior Consultant, Investment Solutions Consultants Ltd What are the technical challenges as firms develop and deploy new, more sophisticated cross-asset investment strategies. The objective of LEIs is to identify the counterparties, customers and companies financial firms do business with. Instead of relying on multiple proprietary and third party identifiers. How will this work in practice? Chris Johnson, Head of Product Management, Market Data Services, HSBC Graeme Austin, CEO ISITC Europe Adam Cottingham, VP, Data Management Services SmartStream Paul Janssens, LEI Programme Director, SWIFT

Tim Fox, Product Manager, Avox Emma Kalliomaki, Head of SEDOL Masterfile, London Stock Exchange Group 13.00-14.00 Lunch and networking opportunity 14.00-14.30 Presentation By Mathew Keshav Lewis, Vice President, Strategy & Business Development, DTCC “Improving Collateral Efficiency Through Margin Transit: A DTCC Case Study.” 14.30-15.30 Panel Discussion Collateral Management - Moderator Kiri Self, Head of Exchanges and Market Infrastructure, Management Consulting, KPMG As new regulations are implemented around the globe it is now essential that financial institutions and their counterparties are able to source and instantly move collateral to the right place across borders, time zones and systems. What are the technical ramifications of this conundrum? Ewen Crawford, Head of Collateral Management, Nomura Anthony Carey, Executive Vice-President, State Street Corporation Fouad Estephan, Senior Collateral Management Product Manager, Euroclear Mathew Keshav Lewis, Vice President, Strategy & Business Development, DTCC 15.30-16.00 Coffee break 16.00-17.00 Panel Discussion Developments in Messaging – Moderator Graeme Austin, CEO ISITC Europe With multiple protocols for financial messaging, does the industry have a global standard for communication, and indeed in todays landscape, what are the benefits? Do we have systems that are flexible enough in order to quickly adapt to new products and business developments across the trade lifecycle? Is an increase in STP efficiency rates using modern financial standard integration technologies a realistic proposition? And why, after 20 years of post-trade automation, is there still such a high percentage of un-affirmed trades industry wide? How does this relate to the relentless push of new regulation and market best practices abounding today? Paul Taylor, Director, Global Matching, SWIFT. Fiona Hamilton, Vice-President EMEA, Volante Technologies Martin Sexton, Principal Consultant at London Market Systems 17.00-17.15 Chairman’s closing remarks 17.30 - 20.00 Networking Drinks Reception 10 International Securities Services BT 2013 AD GBFM RADIANZ FULL PAGE.pdf 1 5/14/13 7:14 AM

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Professor Alistair Milne Clive Triance Alistair Milne joined the Loughborough Clive Triance is a transformational school of Business and Economics in July thinker who has inspired and applied 2011 as professor of financial economics. methods of working through charismatic He was previously reader in banking and and innovative leadership. He joined finance at Cass Business School, City HSBC in August 2012 as Global Head of University of London and has also held Banks and Broker Dealer Outsourcing, positions at the Bank of England, the a new business within HSBC Securities University of Surrey, London Business Services offering middle and back office School, HM Treasury and the national outsourcing to banks and broker dealers. statistics office of Malawi. He previously served as chief executive In recent years his principal research has been on bank balance officer of Penson Financial Services Ltd. (PFSL), from 2010 sheet management and regulation, and its relationship to banking to 2012 where he had overall responsibility for the European performance, monetary transmission and financial stability; business. and on the network economics of financial infrastructure, including retail payments and securities and derivatives clearing and settlement. He has also worked on a variety of other issues in financial risk management, liquidity risk, central banking, Emma Kalliomaki financial regulation, housing markets, development finance Emma Kalliomaki has worked at the and macroeconomics. He is the author of The Fall of the House London Stock Exchange for 9 years and, as of Credit (Cambridge University Press, July 2009) which is a Head of SEDOL Masterfile since 2010, is comprehensive single volume account of all different dimensions responsible for integration, maintenance of the global financial crisis and has been a regular media and development of global reference data. commentator on the crisis and the response by policy makers. He Emma also holds the position of Executive is also a frequent speaker at policy and industry conferences. Secretary on the Board of the Association Since 2005 Alistair has been an annual research visitor at the of National Numbering Agencies (ANNA) Monetary Policy and Research Department of the Bank of and oversees the role of the London Stock Finland. He has been a consultant to the Houses of Parliament, Exchange for allocation & maintenance the Financial Services Authority, the European Commission, and of UK International Securities Identification Numbers (ISIN) & to several private sector institutions and trade bodies. Classification of Financial Instrument (CFI) data. Emma has a particular focus on international standards for financial services and participates in ISO working groups as a UK representative. Most recently Emma is leading the LEI project where the London Mathew Keshav Lewis Stock Exchange has been sponsored by the FCA as a Pre-Local Operating Unit (LOU) in preparation for the launch of the Vice President, Global LEI System. Strategy and Business Development The Depository Trust & Clearing Corporation Mathew Keshav Lewis is vice president, Head of European Strategy and Business Ewen Crawford Development for The Depository Trust After stints with RBS and with Cargill, and Clearing Corporation (DTCC), Ewen joined Nomura in 1996, initially to looking at new initiatives to address supervise the Fixed Income settlements changes in collateral management and the desk within London operations. By 2005 industry standardization of reference data for client onboarding. Ewen’s responsibilities had expanded In addition, Lewis is also responsible for leading and managing to include Asset Servicing, Collateral DTCC’s Loan/SERV product line globally. Management and the FX & Fund Lewis joined DTCC in August 2008 and is based in DTCC’s Operations teams supporting the business London office. flow traded by Nomura’s EMEA head office Lewis graduated from Ithaca College with a B.S. degree in Business Administration, and is currently finishing an executive In 2009, Ewen assumed the role of Global Head of Cash & MBA with the University of Chicago Booth School of Business’s Collateral Management in addition to managing the EMEA London campus. Derivative Core Operations team.

12 Axel Pierron Chris Pickles Senior Vice President Banking Chris Pickles is Head of Industry Initiatives Global Financial Services for BT Global Banking & Financial Securities & Investments Markets. His responsibilities include Axel Pierron, based in the firm’s Paris interpreting the impact of industry and office, is a Senior Vice President for technology changes and new regulations Celent’s Securities & Investments group. on BT’s customers across the financial Mr. Pierron’s expertise lies in electronic services sector globally. With over thirty- bond trading, derivatives and FX markets, five years experience in the financial market infrastructure, trade finance, and technology sector, Chris has previously claim management automation. worked as secretary-general of the European Association of Securities Dealers in Brussels, as Head Most recently Axel Pierron was featured in the Financial News of Exchange Products for Deutsche Boerse in Frankfurt, and as a 40 Under 40 Rising Stars of Trading and Technology, published marketing manager with Reuters internationally. He is a member September 2011. Mr. Pierron is also quoted regularly in the of the Executive Committee of SIIA/FISD, the global association media, including the Financial Times, Reuters, Les Echos, Le for the financial information sector, and of the Global Steering Monde, CNBC, BBC, Financial News, France 2, Daily Telegraph, Committee of FIX Protocol Ltd. and European Banker. He is a frequent speaker on technology’s impact on strategy and market organization. Mr. Pierron was a member of the Mission Ecoter within the French Senate and of the Association pour le commerce et les services en ligne (ACSEL). Adam Cottingham Before joining Celent, Mr. Pierron was an Internet research Adam Cottingham is Vice-President, Data analyst for BNP Paribas, where he conducted a variety of Management Services at SmartStream market research and projects in fields such as e-finance, global Technologies. He has previously held B2B operations, knowledge management, and CRM. He was a roles at Thomson Reuters (Misys) and member of several strategic Internet units within BNP Paribas, Asset Control. including those focused on financial markets. Previously, Mr. Pierron was an internal auditor for Leclerc, the second largest supermarket chain in France. His duties there included management of an EDI implementation project. Mr. Pierron holds an MA in financial markets from the CERAM business school in Nice, France. He is fluent in English and French and proficient in German. Julian Baines Over twenty years’ experience in Asset Management with senior operational roles Fouad Estephan responsible for Middle and Back Office, Fouad Estephan, is a Director and Senior Change Management, IT Development Product Manager for Euroclear’s collateral and Strategy Design. Roles included the management and financing services. He supplier management and risk oversight is responsible for several business aspects of outsourced activities to enable support of Euroclear’s “Collateral Highway”. In of Front Office and Sales Operations for particular, he is in charge of delivering a UK based company with Global assets strategic and innovative initiatives that supporting primarily a UK Life Company. aim to enhance the range of collateral Risk oversight included establishment of outsourced management services at Euroclear. contracts and service provision with providers for Investment Mr Estephan began his career at Euroclear Administration, Fund Accounting and Transfer Agency. in 2003 as an Operational Risk Manager. He was responsible for Providers engaged with were HSBC, JPMorgan, State Street, IFDS the implementation of operational incident reporting and the and Capita. Maintained and established policies, frameworks control self-assessment methodology employed at Euroclear and registers to recognise the risks involved in the outsourcing group level. In 2005, he transferred to the Banking division as of a service provision, dealing with challenges from Compliance, Product Manager where he analysed and improved liquidity Audit and Depositaries. management and money transfer and processes. Mr Estephan Managed numerous projects both at an individual and joined the triparty collateral management team in 2007. programme level with highlights being; building Order Mr Estephan holds an MBA from the Solvay Business School Management System for Front Office, Straight Through (1992) and a Bachelor’s degree from the Université Libre de Processing for Trade Matching (being first user of Omgeo CTM Bruxelles (Belgium). worldwide) and first to launch a PAIF in the UK.

13 Anthony Carey Graeme Austin Anthony Carey joined State Street in Graeme Austin was unanimously elected January 2008. He is an executive vice as Chief Executive of ISITC Europe president and chief operating officer in January 2010, a trade association for State Street Global Services in dedicated to promoting operational Europe, the Middle East and Africa. He efficiency in the capital markets arena. is managing director of the company’s As a member of ISITC’s LEI Working Poland operations and also a director of Group, he represents the organisation on our Italian Banking entity. Following State the FSB’s LEI Private Sector Preparatory Street’s acquisition of the Intesa San Paolo Group (PSPG), having previously sat on Securities Services business in Italy and the FSB’s Industry Advisory Group. Luxembourg in 2010, Mr. Carey assumed responsibility for the Currently, Graeme offers strategic advice to financial technology integration of the business which was successfully completed in and information services organisations with respect to product late 2012. management, sales and marketing. Mr. Carey is a fellow of the chartered association of certified During 2007-2010, he spearheaded the product management accountants (FCCA). He has more than 25 years of experience in function at Xtrakter, a leading provider of fixed income market the financial services industry, having spent eight years in public and reference data, operational risk management, trade matching practice with both KPMG in Ireland and subsequently PWC in and regulatory reporting services to the global capital markets. the Channel Islands. He was a member of the Xtrakter leadership team. Mr. Carey joined Chase Manhattan Bank in 1990 to help create Graeme has over 20 years’ senior management experience; their investment services business in Ireland following the previously he was Managing Director at STP Information local adoption of the European UCITS legislation. He stayed Services Ltd, the market leader in benchmarking, publishing with Chase, which subsequently merged with J.P. Morgan, and events in the capital markets technology arena. In this until December 2007 and held various roles during his tenure capacity, Graeme led the various areas of the business including: including managing director for Ireland and chief operating business sales, account management, product management, officer for European fund administration. as well as its professional services division. He has been Mr. Carey has participated in various industry bodies and responsible for a number of high-profile product launches held the position of chairman of the Dublin Funds Industry including benchmarking analytics services, new publications and Association, now known as the Irish Funds Industry Association. international events.

Gokce Iliris, MBA Anthony Cole Head of International Relations Head of Sales & Marketing MillenniumIT Mr. Iliris received his Bachelor’s degree from Economics (2001) and MBA degree Anthony is an experienced, senior line and on “Management Sciences” (2003) from change manager, specialising in financial the reputable universities of Turkey. In and energy markets. After leading the 2005, he started to work in Citibank successful Millennium Way change Turkey’s Securities Fund Services (SFS) programme, Anthony was appointed Head as a specialist and for the next 7 years he of Sales & Marketing at MillenniumIT. performed various managerial roles in Prior to joining MillenniumIT, Anthony this department, where he left the bank as was founder and CEO of Bryok - the Deputy Operations Manager. During his tenure at Citibank, independent trusted experts in financial, energy and derivative he had many achievements in terms of assisting operations markets with world leading expertise in market monitoring & manager in starting up new custody businesses, launching surveillance. new SFS business in other Citibank branches (cross-regional Anthony spent 22 years with Logica, where he became Managing assignments), increasing STP ratios and systems and process Director of Logica UK. He achieved strong profit growth and led improvements. Begining of 2012, he left Citibank to pursue new the company’s success in energy & utilities, the public sector and carrer opprotunites and joined Merkezi Kayit Kurulusu (MKK) outsourcing. Anthony was CEO of Logica’s continental European – the Central Securities Depostiory of Turkey, responsible for business, where he spearheaded the European integration of the management of International Relations with custodian banks Logica and CMG. and financial institutions as well as foreign CSDs and ICSDs to establish and develop new business networks and partnerships. Anthony has a strong track record of successful delivery of large and complex business and IT programmes.

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TRR-A4-Ad.indd 1 08/11/2013 17:55:31 Fiona Hamilton Kiri Self Fiona has been working in Financial Kiri is an experienced post-trade Services IT for the past 27 years, all but professional who has fulfilled a number two of which have been focussed on of operational management and senior the implementation of message based management roles on the sell-side, projects. She has delivered solutions based institutional and retail brokers, and for on SWIFT, ISO 20022, CREST, FpML, FIX market infrastructure providers. Kiri was and many other standards in Wholesale largely responsible for the implementation and Investment Banking in addition to and management of the post trade Buy side institutions in more than 30 infrastructures for high profile MTF’s countries. Fiona has held board level such as NYFIX and LSE / Baikal. roles covering responsibility for Customer Services, Professional Following a highly successful stint at the London Stock Exchange, Services, Pre-Sales, Custom Development, Quality and General Kiri became CEO of TRG Post Trade Services in April 2011. She Operations whilst maintaining a “hands on” working knowledge is currently the Head of Exchanges and Market Infrastructure at of the ever evolving standards landscape. KPMG.

Lee Burman Lee Burman is the Global head of Market Chris Johnson Infrastructure at Morgan Stanley, where Chris joined HSBC Securities Services in he is responsible for the management of August 2006 and is the Head of Product post-trade infrastructure relationships. Management, Market Data Services. Lee has worked at Morgan Stanley for 8 Chris was previously at Threadneedle years, having previously worked at RBS, Investments where he was Head of Nomura and Robert Fleming. He has a Investment Information Services. Before BSc in Economics and Sociology from then he was a Director at UBS, managing Surrey University. the business content aspects of their data management programme. Chris started work in the city with Laurie, Paul Taylor Milbank stockbrokers, in their futures and options operations team, continuing with Chase Manhattan for a further ten years, Paul Taylor joined SWIFT in May culminating in three years as head of the equity derivatives 2012. His career spans some 16 years, middle office. He was also manager of OTC derivative client predominately within investment banking valuations at Bankers Trust. Chris is a member of the Chartered operations across bulge-bracket banks. He Institute for Securities & Investment. leads Global Matching at SWIFT and is responsible for further developing SWIFT’s value proposition and strategy in Post- Trade. SWIFT offers market-leading post- trade solutions for trade confirmation/ allocation, multi-asset class matching (FX/ Tim Fox MM, cash derivatives, commodities, cash securities). Avox Limited Tim joined the company in 2013 in the role of Product Manager. Avox Martin Sexton is a specialist provider of legal entity data validation services and products, Principal Consultant, London Market and a wholly owned subsidiary of The Systems Limited Depository Trust & Clearing Corporation Martin Sexton is an Information (DTCC). His role at Avox is very much Architecture Strategist with over 20 Regulation-driven, with an emphasis on years experience in the financial sector. assisting clients to meet their regulatory In recent years he has undertaken reporting obligations. engagements for a number of tier 1 Prior to this Tim worked for Interactive Data Corporation as financial institutions and has focused Product Marketing Manager in the Pricing & Reference Data on Model Driven Architecture, Big Data Division. Previously Tim held a number of data-centric roles at deployments and making effective use of Telekurs, now SIX Financial, including managing the UK Data industry standards, including ISO 20022. Operations teams.

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Bonaire- a Broadridge Company is the leading provider of revenue and expense management solutions to the global investment community. Its marketing leading REVPORT software suite automates the calculation of fees, distributor rebates and retrocession fees, as well as receiving, reconciling and matching internal & external invoices and data sources. REVPORT™ Revenue and Expense Management Software Products include: • Fee billing and invoicing • Multi-currency & multi-lingual • Revenue and expense allocations and reconciliation (e.g. Trade execution fees with vendor invoice reconciliation and pricing comparison) • Fund/distributor rebates, invoice reconciliation, retrocessions and pay-outs • Revenue / expense modeling and forecasting analytics • PAYPORT- Receivables management and collections, with payment matching • EMPOWER BI- Business Intelligence & Management Information platform

MERKEZI KAYIT KURULUSU A.S. (MKK) CENTRAL SECURITIES DEPOSITORY OF TURKEY MKK, established under the provisions of the Capital Market Law, is the central securities depository for the dematerialized capital market instruments in Turkey. “Besides its CSD role, MKK aims not only to fulfill its responsibilities in increasing market efficiency but also to minimize potential risks as well as meeting the global post-trade industry standards.” Starting from 2010, MKK is transforming into a “technology firm”, aiming to serve Turkish capital markets with its value added projects and services in addition to its capability in offering robust and affordable services to its members. MKK INVESTOR SERVICES e-CAS: MKK believes that one of the most crucial elements in corporate governance and investor protection is to inform investors in accurate, timely, complete and instant manner. Investor Information and Notification System aims to prevent unacknowledged transfers of shares and hence to minimize possible errors or abuses on the stocks that are held in investor accounts. e-GOVERNANCE: Corporate Governance and Investor Relations Portal is a Corporate Governance application that enables standard and uninterrupted information exchange between shareholders and issuer companies through the use of the internet, e-mail, SMS and mobile communication applications. The Portal was developed to enhance corporate governance and investor relations as well as to improve transparency and information access for market participants. e-GEM: Electronic General Meeting System is a pioneer in terms of its scope and plays an important role in the improvement of corporate governance and investor relations in Turkey. By using this system companies are able to inform their shareholders through the MKK portal and/or MKK’s other communication platforms and conduct live general meetings on the portal. Investors have remote access to general meetings through the MKK portal as well as mobile applications and exercise their managerial rights on the electronic platform by using their electronic signatures. e-DATA: Capital Markets Data Bank project aims to gather, analyze, model and present all data concerning our capital markets from a single source to make this data available to regulatory, supervisory and other governmental institutions to be used in decision-making mechanisms and rating agencies and academia in their analyses of the Turkish capital markets. One of the outputs is Investor Risk Appetite Index (RISE), a weekly indicator for nearly 800.000 investors, that provides overall insight on recent stock market behavior.

18 SmartStream provides Transaction Lifecycle Management (TLM®) solutions and Managed Services to dramatically transform the middle and back-office operations of financial institutions. Over 1,500 clients, including more than 70 of the World’s top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream’s solutions. SmartStream delivers greater efficiency, automation and control to critical post trade operations including: Reference Data Operations, Trade Process Management, Confirmations and Reconciliation Management, Corporate Actions Processing, Fees and Invoice Management, Cash & Liquidity Management and Compliance Solutions. Used independently or as a suite of solutions and services, clients gain a lower cost-per-transaction whilst reducing operational risk, aiding compliance and improving customer service levels. For more information about SmartStream visit: www.smartstream-stp.com

Volante Technologies Volante Technologies – simplifying the complexity of data integration Volante Technologies is committed to helping clients around the world navigate and manage the diverse, complex and growing mass of message formats, standards and protocols throughout the lifecycle of any financial transaction. We handle the management of message complexity, so firms can take full advantage of their strategic and commercial opportunities. For more than a decade, Volante Technologies has worked with some of the world’s leading corporate treasury departments, buy and sell-side organisations, exchanges, clearing houses and financial industry utilities. Any organisation needing to transact and communicate with counterparties and customers, whether internally or externally, will benefit from Volante Technologies’ approach to transaction message management. Any counterparty to any transaction will use a variation of a message, whether following common industry protocols and standards (FpML, SWIFT, ISO standards, FIX, etc.) or messages that are proprietary to their firm. In order to transact, firms need to be able to “translate” incoming and outgoing data. By working with Volante Technologies, they can avoid the excessive costs of having to invest in or manage data integrations. Volante Technologies’ open standard architecture supports a wide variety of adapters to handle every possible combination or permutation of message and data complexity. Our integration frameworks for settlement, clearing and corporate actions are metadata-based, providing “out of the box” libraries for SWIFT based standards, ISO 20022, FpML, FIX, DTCC, T2S and Crest formats to name a few. Financial services organisations face increasing pressure to manage the impact of regulatory initiatives such as Dodd-Frank, EMIR, MiFID II and SEPA. Firms work with Volante because they can be confident that the messaging infrastructure is robust, adaptable and fully compliant. Successful organisations have to be agile. They need to adapt and adjust to the evolving financial climate, take advantage of growth opportunities and find ways to achieve greater operational efficiency. From working with firms around the world, Volante encapsulates the best practice approach to message management, whether domestically or internationally, across organisations, into new product lines or asset classes or in transacting with new customers. Volante’s approach offers the best of off-the-shelf components together with tool sets to enable in-house teams to customise and meet the specific requirements of their firms.

It’s been said that you can trade all day but if you can’t settle those trades then all of your work has been for nothing. Trading itself is just part of an overall set of processes that begins with market-moving data and ends with successful delivery into a client’s portfolio. Clearing, settlement and asset servicing are critical business functions. Messages need to arrive at their destinations securely, reliably and quicker than ever before - and delivery has to be non-repudiable. BT has been providing managed secure messaging services to the global financial community for over 16 years, securing trillions of dollars in trading value with100% reliability and serving thousands of client locations around the world that use our BT Radianz Cloud to receive and deliver financial messages, data and application services. BT Radianz Messaging delivers your messages safely, securely and reliably – every time.

19 DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide. Visit us at www.dtcc.com or follow us on Twitter @The_DTCC and on LinkedIn.

UnaVista is London Stock Exchange Group's global hosted platform for all matching, validation and reconciliation needs. It offers a range of business solutions through one interface designed to help firms become more efficient and reduce operational and regulatory risk across all asset classes. Services include: Regulatory solutions -MiFID transaction reporting for over 700 customers and 1.5 billion transaction per year, and solutions for EMIR reporting, short selling & financial transaction tax amongst others. Data Solutions – LSE is an authorised Pre-LOU to allocate LEIs via UnaVista, which also hosts SEDOL Masterfile, corporate actions, historical trading data and analytics. Post Trade Services – trade confirmation and affirmations across multiple asset classes (inc swaps) Reconciliations - cash, stock, system-system, NAV, Exchange, ETD, client money, FOBO

MDSL leads the market in proactive Trade Expense Lifecycle Management (TELM) and Market Data Management (MDM) solutions. The company is using its presence at ISS-MAG 2013 to showcase the launch of its innovative Transaction Reconciliation Reporting (TRR) service –a major development in service provision for the post-trade financial market. MDSL’s TRR service has been created to help firms manage their fixed and transactional costs, vendor contracts and profitability to meet today’s demands for transparency, automation and comprehensive business reporting – all within a single platform. Designed to meet the needs of electronic trading managers facing a wave of new regulatory and compliance requirements, TRR automates the entire process of monitoring, reconciling and approving transactions costs and provides a rapid and cost-effective means to: • Comply with Solvency II reporting requirements • Satisfy audit trail regulations • Identify over-charges and renegade spends • Reconcile fee-liable access against usage • Locate unused trading services. Deploying TRR in your organisation will enable you to improve your buy-side client satisfaction levels, cut your sell-side broker operating charges, reduce your client execution fees, optimise your contract management and gain complete visibility into your global vendor costs. With offices in New York, London, Paris, Gothenburg, Hong Kong, Macau and Tokyo, and a range of award-winning solutions covering the full lifecycle from procurement to invoice reconciliation, more than 150 customers in over 34 countries trust MDSL to manage over $6.5 billion of technology expenses annually and deliver measurable benefits to their bottom line. Established in 1995, MDSL holds ISO 27001 and Safe Harbor certification, and is a member of the Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA). More information at www.mdsl.com/trr

Electra is the proven solution for post-trade processing needs, helping institutional investment managers and hedge funds to control operational costs and risk while expanding their businesses, since 1998. An industry innovator in providing solutions for trade settlement, reconciliation, data acquistion and transformation, Electra brings unparalleled experience and expertise in delivering highly effective, easily implemented solutions that are used by more than 200 institutional investment management and hedge fund organizations.

20 A Collateral Evolution Saheed Awan, Global Head of Collateral Services, Euroclear SA/NV

saheed awan

Saheed Awan, Global Head of Post global financial crisis collateral - and in Collateral Services, Euroclear particular the use of high-grade securities collateral SA/NV assesses the rise to - has become a vital and increasingly scarce building prominence of collateral in today’s financial markets. block of our capital markets.

Alongside the largest global custodians, analysis identified the real problem; the themselves obliged to post initial and international central securities depositories fragmentation of existing collateral sources. variation margins has proved to be far from (ICSDs) - such as Euroclear Bank - have Effectively, although the quantity of high- negligible. Some of the largest CCPs have successfully managed vast pools of collateral grade securities collateral in circulation already taken steps to relax their collateral for their international client base for over a is diminishing - due in no small part to eligibility criteria, albeit with high margins decade. For these institutions the importance sovereign issuance ratings being subjected to for securities such as equities. Nonetheless, it of securities collateral as a lubricant in the the scythe of ratings agencies - there is still would certainly not be stretching the truth to financial markets is nothing new. While for enough absolute supply to meet the needs of suggest that firms with fragmented securities others, it has come as a somewhat unexpected the industry. The new focal point is how to inventories face an uphill battle to meet the consequence of the financial crisis. optimise the mobilisation and allocation of collateral requirements of the modern-day A good way to understand the rise to existing collateral supplies. capital markets. prominence of collateral in today’s financial markets is to first look at how it has evolved Collateral imbalance? Optimising collateral over the past decade. Before the collapse of Financial institutions with a truly The prevailing collateral theory of ‘supply Lehman Brothers in 2008, the markets had international presence often choose to hold being sufficient to meet demand’ depends on been relatively free of turmoil and liquidity their assets across geographic locations and firms being able to source their inventories was both plentiful and easily acquired. A service providers depending on their business in a centralised and efficient manner. well-developed shadow banking system also needs. Astute business acumen supported Unfortunately, the capital markets are far existed, operating in parallel to the established the approach of using a mix of ICSDs, CSDs, from perfect and there is genuine concern means of obtaining finance, offering financial local agents and custodians to safe-keep and that there will be mismatch between where institutions an alternative source of liquidity. service assets. the high-grade collateral is held and where it Indeed, with easily available liquidity and The problem today is that firms are facing a is needed. securities lending transactions often taking potentially major impact on their business In a perfect world, securities for collateral place on an unsecured basis, there was little models through legislation such as Basel III, use would be easily tracked, sourced need for securities collateral. However, but also the influence of Dodd-Frank in the and realigned via a sophisticated and post global financial crisis collateral - US and EMIR in Europe. centralised collateral management tool. and in particular the use of high-grade After the onset of the crisis in late 2008, OTC Collateral shortages in one market would securities collateral - has become a vital and derivatives were identified by regulators as be automatically rectified by moving the increasingly scarce building block of our an unquantifiable and thus unacceptable required amount of eligible surplus collateral capital markets. source of risk. To address the issue, an from another. This change was brought about by two main attempt was made to tackle the problems The need for centralised inventory identifiable factors. First, the concept of with one proverbial stone. By requiring the management to meet an increasing number of trust in the interbank markets evaporated; bulk of OTC derivatives trading to occur cross-border collateral demands has begun in financial institutions were swept up in the within the - arguably - safe confines of a risk- earnest. A new holistic approach to inventory ‘flight to quality’ phenomenon, hoarding their averse central counterparty (CCP) serving management with coverage across collateral high-grade and liquid collateral reserves. as an intermediary and risk-centralising silos and geographic locations is becoming Second, regulators around the world began to agent, governments hoped to quantify and the new norm as capital market participants address the difficult task of restoring public thus exert a degree of control over the risks strive to ensure no asset in their inventories confidence in the financial sector. impacting the capital markets. sits idle. The only way to survive, is to make Although initial concerns suggested an The theory seemed sound. However, the all available capital reserves sweat i.e. fully outright scarcity of collateral, a more in-depth impact on financial firms suddenly finding utilise their potential.

International Securities Services 21 An important aspect of the changing to secure their loans. This has led to the valuations and securities substitutions to collateral landscape relates to the regulatory propagation of the ‘collateral upgrade’ services satisfy trading needs. And finally, firms using changes imposed on the capital markets. which have long been a staple of the capital third-party collateral management agents will Although collateralising exposures is the markets. Most repos are nothing more than expect top-notch asset servicing capabilities, crux of the issue, the liquidity as well as the an upgrade or a bond-borrowing transaction. which include the detection and reporting quality of the securities used as collateral Under normal market conditions, such of upcoming corporate actions on securities is also under scrutiny. The main reason for transactions happen all the time and in great used as collateral. the focus on liquidity stems from the events quantity. But, what would happen to this One thing seems clear. Any firm with truly that brought about the collapse of one of business if the markets became distressed international aspirations will at some stage be the biggest investment banks in the world again? faced with a choice. Either attempt to navigate in 2008. At the time when Lehman Brothers The systemic risk implications of collateral the uncertain collateral management waters needed liquidity, it became practically upgrade trades during distressed market alone, or to reach out to an experienced impossible to find. The new liquidity conditions are now getting the attention of service provider, better equipped provider to regulations are aimed at ensuring these events the regulators – and rightly so. Will they sail past the regulatory obstacles. Amongst do not reoccur, but some market experts recommend or mandate that securities the providers, global custodians will be remain sceptical. lending transaction also require a CCP, just close to the top of most firms’ shopping list. Already holding vast securities inventories Liquidity regulations require a classification as they have done for OTC derivatives? Our guess is that the transparency they seek – and boasting two decades of experience in of the various asset classes used as collateral, through more frequent and regular reporting collateral management, the advantages they however regulators have as yet been unwilling of transactions like securities lending upgrade offer potential clients are obvious. to venture too far into this sensitive domain. trades – will be the first mandatory step in This laissez-faire approach seems unlikely ICSDs are the ‘ready-made’ alternative. that direction, meaning that central trade to continue for much longer. The liquidity As systemically important infrastructure repositories for securities lending may well of a security is key in determining whether providers they fall into a category of be making their appearance in the not-too- it is deemed ‘good’ collateral by market institutions that are – arguably – too distant future. participants. important to fail. They manage massive Survival of the fittest securities inventories and boast impressively Regulatory changes require financial high ratings. Euroclear’s global Collateral institutions and corporations to hold ever- The industry as a whole has been going Highway has also attracted a number of increasing quantities of highly liquid assets on through an intense period of adaptation and banks, clearing houses and infrastructure their balance sheets. Indeed firms may hoard innovation. Triparty collateral management firms as a result of its novel approach of being these assets for use during periods of duress. providers with sophisticated systems have an open infrastructure model encouraging From a business perspective, this may create expanded their service offerings to help greater co-operation amongst financial yet bigger problems. Typically, returns on the clients meet the requirements imposed by the institutions. most liquid and high-quality government changing regulatory environment. It would be negligent to ignore the European bonds are the lowest. Simply holding these One of the first service attributes a firm Central Bank’s Target2-Securities (T2S) securities has a real opportunity cost. In order tends to look for when selecting a collateral project as it will inevitably contribute to a to compensate for lost revenues, firms may management provider is the ability to renewed focus on collateral management. be tempted to take on seemingly lucrative seamlessly track asset positions across Moreover, it will be a deciding factor when investment opportunities and thus once again geographic locations, ideally in real time. firms with an important business presence expose the financial markets to unacceptable They will also expect their provider to access in Europe start the selection process for levels of risk. most – if not all – of their existing pools their ideal service provider. T2S is at a stage in its development where firms have begun to look at how best to take advantage of the There is genuine concern that there will be mismatch opportunities it presents. Many financial between where the high-grade collateral is held and institutions are looking at ways to connect to T2S through a single provider than can where it is needed. offer all the services they need, including asset servicing, collateral management and extensive counterparty reach. Systemic risks of assets and automatically mobilise the Any way one chooses to see it, collateral appropriate assets to be used as collateral to In a similar vein, the quality of the collateral management has become deeply ingrained in the required locations, i.e. to the collateral for securities loans is also becoming our capital markets since the crisis. With the takers, in a timely manner, no matter the time increasingly important. Securities with ICSDs alone managing anywhere between zone or geographic location. higher ratings have always been popular 1.3 and 1.5 trillion EUR of collateral daily, with beneficial owners and lenders - second Once such a re-positioning of assets is regulators drafting increasingly strict controls only to cash collateral - as a means of accomplished, firms will also expect their on capital adequacy and T2S effectively service provider to be able to optimise the insurance against the default of a borrower. just round the corner, the importance of use of their collateral. In other words, using high-grade securities collateral to financial Furthermore, pre-crisis, lenders were often the firm’s entire book of available assets institutions is likely to increase. Indeed, as willing to compromise on ratings in order to to the fullest extent and, when required, Quantitative Easing by central banks recedes, increase their revenues. performing collateral upgrades, which the industry will need to continue to evolve Those times are behind us and lenders have means turning ineligible assets into eligible in order to meet the plethora of collateral resorted to asking for, and getting, more collateral. Naturally, collateral optimisation demands such as the Liquidity Coverage complex collateral schedules as an alternative builds on the provision of basic collateral Ratio and the Net Stable Funding Ratio of to receiving highly rated securities collateral management tasks like daily mark-to-market Basel III.

22 International Securities Services The Dealer’s Dealer Carl James, Head of Fixed Income and FX Dealing, BNP Paribas Dealing Services

carl james

Carl James, Head of Fixed The concept of out-sourcing buy-side dealing is new, Income and FX dealing, BNP but one that is getting more traction. For me I see it as Paribas Dealing Services, has built a service that allows asset a natural evolution of the buy-side dealing desk. managers, private banks and other institutional investors to everybody however, if you have a very good The take-up has been from a variety of outsource their dealing. desk, good people and a good platform, asset managers, insurance companies and then you need to ask why you would want institutional asset owners. Initial expectations to outsource that. Would you get a better had been that the smaller firms would be Carl James, was global head of dealing at trading outcome? Would it be cheaper for interested as they would gain the most from Fortis Investment Management, responsible you? Can you handle the upcoming regulatory both explicit cost saving and likely better for dealing for equities, fixed income, FX impact? Can you keep up with the technology outcome from the trades sent to Dealing and securities lending, with desks in Tokyo, changes? We have found talking to clients that Services. However James has seen interest Hong Kong, London, Boston, New York most have not considered the overall cost and from bigger houses in the concept, and they and Paris using a global order management impact of trading themselves. Some still allow system (OMS). James moved into BNP have recently signed up a firm with €30 billion their portfolio managers to execute their own AUM, for all of its trading. Dealing Services when Fortis was merged into orders with no post-trade analysis on either BNP, which had offered out-sourced dealing the outcome, or the broker’s performance.” “The concept of out-sourcing buy-side dealing capability since 2005. is new, but one that is getting more traction. Independent research suggests that the cost For me I see it as a natural evolution of the The merging of the two new desks accelerated of having a dealing desk can be considerable. buy-side dealing desk,” James explains. “I’ve the development of the outsourced desk, A report by research house Greenwich been involved in buy-side desks for almost 30 and Dealing Services could quickly expand Associates in the Q3 2012, surveying 232 its trading capabilities using the ready-made firms, indicated that for buy-side institutions years, and have seen the movement from floor platform and global OMS, manned with with more than US$20 billion of assets under trading to screen based trading and using experienced, professional dealers. management (AUM), typically employing five algos and SORs. “That meant my role became two-fold,” James traders and two junior traders, the average “The next evolution of technology, regulation, says. “First, was to look after the fixed income cost of running a desk is US$17.4 million a will see the need for the buy-side dealing desk desks and the execution of client orders with year. For institutions managing less than US$9 to continue to keep pace with these changes, brokers. Desks included credit, convertible billion the average budget was US$9.4 million and for some with the economics of the bonds, money market, rates, derivatives and These figures provide a compelling driver for business fundamentally changed, out-sourcing FX. My other role was to raise awareness outsourcing, James notes, but cost is only one their dealing will be a compelling option.” of the concept and develop the business issue. For some investment houses it is a lack commercially.” of expertise in money markets, FX or another Bio: Part of that strategy was to ensure that the asset class that pushes them to outsource Oct 2007 - to date: BNP Dealing Services / desks in the different geographies, became specific functions in trading. Global Head of Fixed Income and FX Dealing / Managing Director of Dealing Services UK separate legal entities allowing them to take “Some clients have expertise in a specific asset orders from anywhere - BNP AM or external class or geographic region such as European (Fortis Inv. Mngt. Global Head of Dealing - clients. Hong Kong is now a subsidiary of equity trading, and therefore they want to Equity, Fixed Income, FX, and Sec Lending) Dealing Services Paris, and London is now keep this in-house. But with other asset Jan. 2004 - Sept. 2007: Henderson Global a branch of Dealing Services Paris, which is classes such as credit or convertibles, they can Investors, Global Head of Dealing effectively the head office for the business. out-source,” James says. “Another option is to James is a member of the Management May 1994 - Jan. 2004: UBS Global Asset out-source their trading for other time-zones. Committee for Dealing Services Paris, and the Management Instead of opening up a trading centre in Asia, managing director for the UK branch. the client out-sources their Asian trading to Sept 2000 - Jan 2004 Head of Asia-Pacific “Outsourcing your dealing is a new concept us. We report directly to their head of trading. Dealing and requires some clear explanation of both The client gets real-time, live trading from the May 1994 - Sept 2000 Head of International the model and rationale for doing it,” he region from our team, and saves the cost and Dealing (including global program trading says. [Outsourcing] might not be right for hassle of setting up a trading desk in Asia.” and derivatives)

International Securities Services 23 Post-Trade Processing: Reflecting Broader Industry Changes & Challenges Gary Probert, Managing Director at Citi and Board Member of ISITC gary probert

developed market capital and trading to We will likely see trading market share As we cross the five year developing markets is driving a compression continue to shift, as those broker dealers and of these windows from T+5 to T+2. This custodians that are more adaptive and global anniversary of the Global pressures all parties involved – investment take business from those less responsive Financial Crisis and reflect on managers, their broker-dealers, the to market realities. Consolidation, and where the industry has come exchanges, custodians and technology partnerships between smaller players, is a providers. The lack of common settlement likely consequence of the global nature of from and postulate on where we cycle, communication conventions, and investing as well. are going, the post-trade space systems mean that errors and inefficiencies are inevitable. Trading message protocols Indeed, streamlined cross-border solutions offers us a noteworthy tale of the require translation into settlement messages are coming to market and attracting the broader shifts and the drivers as they pass from execution systems into attention of investment managers. Global continuing to shape change. middle and back office workflow. This results financial services firms are leveraging their in a lot of pain and expense for all parties. geographic coverage and capital to provide Cross-border trading activity, Indeed, a long held goal of many in the multi-market trade processing through capital constraints, fee pressure institutional marketplace – moving to T+1 a single point of contact, offering global from clients, and the resultant globally – encounters the most prosaic of market access and flexibility, as well as challenges, time. As Brazil looks to settle, improved and consistent quality, at costs thinning margins are the key Australia is in bed. Nevertheless, solving often lower than a model relying on the drivers of market evolution. for these challenges is necessary, as global services of multiple parties (domestic and investing will only increase over the long foreign) for execution, clearing and custody. term. Integrating and automating all aspects of Investing is increasingly a global business. While international, emerging, and frontier funds are nothing new for investors in developed markets, local allocations to these strategies are growing as the share of Investors in developed markets are making allocations global GDP and wealth rises over the long in developing nations in increasing amounts for the term. Additionally, while it is easy to fall into the trap of thinking capital is coming long term. only from a few markets, that is not the case. Though growth may be muted, economic development, the maturation of capital markets, and the increasing wealth of local So, what can be done? the trade cycle not only reduces exceptions investors are all undeniable. Investors in Trade organizations – such as ISITC, an and cost, but is also an imperative for a developed markets are making allocations industry trade group focused on standards T+2 or T+1 environment. We can expect in developing nations in increasing amounts in transaction processing and related to see more of this. Only a few truly global for the long term. And given increased communications – are seeking to create companies are able to offer a full service of liberalization, investors in developing common business standards, especially in multi product global trade execution coupled nations are no longer limited to their terms of data content and responsiveness. with transaction processing and securities domestic markets. The increasing speed of This will streamline industry operations clearing and settlement under one umbrella trading strategies and market activity is also and promote healthy functioning of the at one price. pushing this evolution. global capital markets. While much has been Capital constraints Such change has great significance for the done already, the work remains unfinished. business of trading, clearing and settlement. From a business standpoint, it behooves all Heightened regulation, low margins and One major challenge is bringing settlement parties – large and small – to participate in even lower interest rates are forcing shifts in cycles into alignment. Developed markets this consensus-building. With consensus, the post-trade execution space. As sell-side largely operate on a T+3 basis, while the market can anticipate the necessary players review their businesses and assess developing markets generally run T+5 or evolution and greater streamlining in years to where their competitive advantage resides, longer, although some have been more come. Progress won’t come without changes not to mention margins, they are looking progressive. Continued acceleration of in the makeup of the industry though. to outsource those commoditized functions

24 International Securities Services able to be better, and more cheaply, serviced While demands on capital are material and has provided additional wind in the sails for elsewhere. This is focusing attention on post- forcing creative destruction in the industry, expansion efforts by the various providers. execution trade processing. clients keenly focused on costs have emerged DTCC’s recent purchase of Thomson Reuter’s as equally, if not more, serious change agents Indeed, in 2013 we’ve begun to see the majority stake in Omgeo, making the utility in the post-trade space. sell-side outsourcing post-execution trade Omgeo’s outright owner, creates another processing. This is a business line that was The players in the post-execution trade dynamic layer to this still unfolding drama. established over 10 years ago to take this cost processing landscape – FIX, SWIFT and Previously, Omgeo was the only major from the buy-side when the profit potential, Omgeo – long held well carved niches, provider that was not fully member-owned. and headaches (e.g. local match engines and i.e. messaging language, network and Given DTCC’s standing as an industry- in-house matching lacking transparency) it language between investors and the middle owned utility, there is plentiful anticipation caused the buy-side internally, were realized. space between investment managers, that DTCC’s owners will institute a utility Long a bread and butter “must have”, capital respectively. None treaded on the other’s model for Omgeo. This could have the effect pressure and demands are refocusing sell- territory. Prompted by cost pressures and a of driving down costs, clearly in the interests side attention on what they actually do best: drive towards greater standardization, this of the utility’s owners. execution and research. started to change in recent years as market Naturally, this could take some cost pressure out of the equation, and take momentum from other providers keen to move onto the post-execution trade processing Consolidation, and partnerships between smaller space. However, with any price decrease players, is a likely consequence of the global nature and consolidation, the impact on greater standardization throughout the process, and of investing as well. amongst the providers, remains to be seen. To be sure, industry bodies will be keenly watching these developments and will To the surprise of no one, available credit participants started seeking alternatives weigh in as any decisions emerge. Industry for other areas of broker dealers’ businesses to the status quo. Specifically as market participants relish choice as this spurs is shrinking. The due diligence that must be participants scrutinized costs in the post- innovation and efficiency. conducted on counterparties and clients by execution processing arena, they sought to banks today, due to regulatory demands and trim the expenses which, whilst ubiquitous Change abounds in the post-trade scarcity of capital, is making offering such and unanimously valued, were seen as space services even more onerous. This has had the expensive in comparison to other costs in the The increasingly global-nature of the effect of limiting access to post-execution trade life-cycle. business, capital constraints, margin trade processing services that have been core FIX saw this opportunity and began offering pressure, and fee pressure are working their offerings to clients. trade processing messages that have been way down to impact the post-trade space. Today, very credible alternatives are being gaining traction. At the same time, SWIFT These challenges will no doubt continue to found and implemented. Providers in has seen some success moving upstream into present hurdles for many, but opportunities low-cost emerging markets have achieved the post-execution processing space. Beyond are plentiful as well. The ability of broker- the sophistication to handle these largely costs, market participants have sought the dealers, custodians, and message providers commoditized tasks, and to maintain simplicity of a convergence between the to develop best practices will be critical in flexibility to meet demand as it fluctuates. various messaging standards. This desire shaping the future of the industry. Additionally, providers are enjoying the benefit of standardization and a mature service that can be replicated easily. Institutions are starting to offer these solutions with little to no impact on the client. Indeed, this change will benefit all parties as costs can come down in this arena. Capital constraints and regulatory changes are also creating a drag for smaller institutional investors and high-frequency trading firms. Small trading firms can and will more adamantly argue that the cost of complying with settlement regulation and capital demands are disintermediating them and threatening their viability. The role of smaller shops in the industry, especially as speed, complexity and liquidity become ever more crucial, are undeniable. Industry bodies must, therefore, continue to pay attention to the needs and challenges of these smaller, vital players as solutions to cross-border challenges and access to services amidst capital constraints are sought.

International Securities Services 25 Versioning Forward J. Joseph Conway, Senior Vice President, Head of Foreign Exchange Business Development, BBH

business side, systems application versioning There is no doubt that Apple’s has become a foregone conclusion, which Asset managers that success has caused other most often means it is also a budget line companies to review their item. While there is generally a cost to use the OMS and upgrade, the functionality and efficiencies product strategies. Part of Apple’s that are gained can be measured and a return do not upgrade are formula is to constantly innovate on investment analysis can be performed to left behind like bell assess the expense. new versions, products and bottoms, shoulder updates. Does versioning apply to an operational process? pads or a shoe string The steady roll out of versioned products with new functionality can be viewed as True innovative push to support operational necktie. innovation push and demand pull, where processes is more abstract. An integrated demand is enhanced by perceived expiration back, middle and front office is typically of the old product. This is apparent in more than one system connected by data smell it? Probably not. Similarly, it makes consumer products like Apple’s, where the exchanges and operational processes. A full sense to regularly evaluate a process for iPhone 5 is immediately distinguishable from process change is more commonly driven improvement or to decide if it’s still good. the iPhone 4. As soon as the new version to support demand for new investment However, until people are in the practice comes out, the iPhone 4 becomes outdated, products, mandated by regulatory change, of applying this thinking to processes, they and the older 3S nearly obsolete in popular or comes about as a result of industry terms. But as Steve Jobs said: ‘If you don’t standardization such as changes to SWIFT or cannibalize yourself, someone else will.’ depository communications.

Your business strategy may not include being at the front of the latest trend, but being the last to address change or not knowing where you are could be even worse for the long term.

How does innovation push apply There is no widespread use of process to financial services and is there versioning. It is more common for a measurable impact on financial something to be done because it has “always been done that way” or at least since a operations or other processes? previous change brought in a new way of The most prolific “versioners” are the order doing things. Integrated processes, whether management system (OMS) vendors. For they are done in house or outsourced, are this segment, the updates follow a process: “point in time” and the result of years of innovations, market changes, and bug fixes evolution. Many back and middle office are rolled into numbered, future releases. workflows resemble a spider web of Asset managers that use the OMS and do connectivity rather than neat lines of an not upgrade are left behind like bell bottoms, ideal process. shoulder pads or a shoe string necktie. Managing for the future would be easier OMS vendors manage version upgrades to if operational or integrated processes had the point where there is a de facto expiration version numbers or expiration dates similar date to a system, where no upgrade may to the order management system. Would mean there is no longer support. For the you take a sip of expired milk before you joseph conway

26 International Securities Services have to use cost increases as measures of inefficiency, or competitor creep as a red flag that something isn’t working as well as it used to. For example, do you know for sure that your foreign exchange execution or corporate action processing is as efficient as it used to be, or is it time to evaluate these for updates?

What if an operational calibration was as easy to identify as ‘What Not to Wear’? Operational inefficiencies, or lack of efficiency relative to a benchmark or competitor, can build excess cost into a process. Often, this can be measured. One approach to benchmarking a process is to use performance indicators to identify a starting point for a process and then monitor future performance relative to the starting point and the designated benchmark. However defined, having an understanding of process effectiveness is crucial. For example, a transaction cost analysis of your foreign exchange executions will identify your baseline and performance relative to peers and competitors. A significant deviation from your peer group should prompt a process review to identify sources of excess cost and performance

1) assess current output, Would you take a sip of expired milk before you smell 2) benchmark performance, and it? Probably not. Similarly, it makes sense to regularly 3) set a future target to version yourself evaluate a process for improvement or to decide if it’s forward. Once you have the answers to these, you still good. can define a roadmap that will meet your needs. And keep in mind Jobs’ passion for drag. Can you identify execution efficiency? the industry insight will be valuable to help innovation: “innovation is the only way to Are developed markets executions within determine if your version is falling behind. win”. tolerance but emerging and restricted Take the time to find out if you are “4G” Joseph (Joe) Conway is a Senior Vice markets are not? Has hedging efficiency or “no G.” Your business strategy may not President, and Head of Foreign Exchange been analyzed and benchmarked? Answers include being at the front of the latest trend, Business Development at Brown Brothers to these or similar questions may uncover but being the last to address change or not Harriman. Joe’s primary responsibilities opportunities to benchmark and upgrade knowing where you are could be even worse include developing new business strategies and your operations version. for the long term. managing the Sales team. Performance, cost, and scalability all factor As a whole we are becoming more used Joe joined BBH in 1990 and has held into efficient operational processes. If the to change prompted by innovation. positions in Operations, Client Service, and operational processes are calibrated too Apple’s results show that an innovation Network Management. Prior to Foreign late, there could be errors, trading losses or push strategy can be very successful and unintended impact to performance. Exchange, he served as the Global Head of adaptations for the financial services Sales and Relationship Management for BBH How can you set your operational industry are proving to be successful as well. Infomediary®, where he expanded the client Until people think in terms of assigning version? base and broadened the existing product suite. expiration dates to processes to prompt From 2010 through 2012 Joe resided in Aside from undertaking a major consultative innovation, we must instead consider Hong Kong where he established a BBH review, the first step is to benchmark current adaptations. output and measure it regularly. Talk to Infomediary business presence in Tokyo and vendors or other asset manager users in your Once you have determined you are behind Hong Kong. While in Hong Kong, Joe served “user group”. Discuss the systems related your peers or even if you can’t determine on the Brown Brothers Harriman (Hong to components of your operational process where you fall on the innovation spectrum, Kong) Ltd. Management Committee, and and see how the industry is evolving. Even if you can start with three easy steps to define co-founded the Asia Link Network, a BBH you are not looking for a new system per se, your next steps. affinity network.

International Securities Services 27 Developments Down Under Andrew White, General Manager of Settlements Services, Australian Securities Exchange

andrew white

ISS: Tell us about your participation The objective of ASX Collateral is to provide ISS: You also note that this in Clearstream’s Liquidity Hub GO a service to users that will help reduce risk, initiative is part of a global trend. improve liquidity and drive efficiency in the Collateral Management initiative Australian financial markets. Risk will be Who else is doing this? AW: The Australian Securities Exchange reduced by enabling customers to control AW: By the end of 2013, collateral (ASX) is working with Clearstream to their own assets rather than requiring a management services using Clearstream’s develop a centralised collateral management custodial or “long box” solution. Liquidity Liquidity Hub GO system will be up service, ASX Collateral, linked to the will be improved by facilitating in a tri-party and running in Brazil, South Africa and financial market infrastructure in Australia. model repo trades that do not currently Spain, as well as Australia, with Canada This service will facilitate both tri-party repo occur in a bilateral market (either because and Singapore next in line. All of the and tri-party collateral management. ASX of counterparty availability or security Central Securities Depositories in these Collateral will leverage existing technology eligibility). Finally, efficiency will be driven countries, together with Clearstream, form provided by Clearstream, the Liquidity Hub GO system. This will offer customers enhanced operational control through an The straight-through processing of corporate actions automated collateral management solution, including a proven asset optimisation will benefit everybody: issuers, intermediaries, right algorithm – already in use in many overseas through to the end investor. markets – which ensures “the right collateral, in the right place, at the right time”. The ASX Collateral service will link to the financial by automating manual processes (mark- the Liquidity Alliance, an association of market infrastructure within ASX Group: to-market, haircuts, margining and so on) partners who share a similar approach Austraclear, which is Australia’s settlement and by taking costs out of users’ businesses to the anticipated global shortage of system and central securities depository (by substituting cash with other types of collateral. In addition to leveraging the same for the wholesale debt market; and ASX collateral). collateral management platform, we share Settlement (or CHESS), which is a fully our expertise and experience to optimise electronic securities depository for equity ISS: You mention that customers the worldwide allocation of collateral and and equity-related securities. Between the can use this service to collateralise avoid fragmentation. While the collateral management services are currently used for two depositories, the service will potentially exposures to central counterparties. mobilise AUD 2.8 trillion of assets. covering domestic exposures with domestic Can you explain that link to our collateral, they can be extended – regulatory ISS: What will customers use this readers? approval permitting – to the international market to create a single, deep pool of service for? Why does it matter to AW: The approach that ASX has taken to its liquidity for a growing global customer base. them? infrastructure in developing ASX Collateral AW: ASX Collateral will offer its customers – ensuring that this infrastructure is world- ISS: What’s ASX’s timing for this a tri-party repo solution for managing their class, customer driven, globally connected service? Who is likely to use it? short‑term funding requirements, as well and international competitive – is mirrored in its OTC interest rate derivatives clearing AW: The service went live in July 2013 for as for obtaining central bank liquidity. ASX Austraclear and will be live in mid-2014 service. This service went live for dealer-to- Collateral will also offer customers a flexible for CHESS. Twelve foundation customers dealer AUD interest rate swaps in July 2013 and scalable way of efficiently optimising the have agreed to work with ASX to build the and will be available for client clearing of collateralisation of exposures across a range first phase of the service. These customers of AUD-denominated financial instruments. those instruments in Q2 2014. There are also represent a range of market participants, As elsewhere in the world, because of key links between ASX’s OTC derivatives including Australia’s central bank, the increasing regulatory requirements and clearing service and ASX Collateral. ASX major domestic banks, and international generally higher capital costs, Australia’s Clear (Futures), the central counterparty for investment banks and securities lenders. financial market participants are focusing on this service, is a foundation customer of ASX ASX will work with these foundation optimising the use of collateral to manage Collateral, enabling its clearing participants customers to develop both the tri-party repo their risk exposures against other market to efficiently collateralise their margin and the tri-party collateral management participants and central counterparties. obligations to the central counterparty. aspects of the service.

28 International Securities Services ISS: On a different topic, can you tell our readers about opportunities Australia’s total trade with China is valued at over in RMB internationalisation AUD 120 billion per annum. AW: From an Australian perspective, the context is the sheer scale of the trade flow between Australia and China. Australia’s We actually run two settlement The initiative aims to significantly total trade with China is valued at over infrastructures or Central Securities improve the accuracy, timeliness and data AUD 120 billion per annum. China is Depositories (CSDs): Austraclear, which is comprehensiveness of the current process. Australia’s largest export market, as well as Australia’s settlement system and central The initiative is important because corporate its largest source of imports, and Australia securities depository for the wholesale action data is used to re-value investment is a major source of Chinese imports in debt market; and CHESS, or more formally portfolios and to make investment decisions. key commodities such as iron ore and coal. ASX Settlement, which is a fully electronic However, only a very small proportion of securities depository for equity and equity- The straight-through processing of Australia’s trade with China is currently related securities. Those two CSDs run corporate actions will benefit everybody: invoiced in Renminbi (RMB), with the vast different settlement models: Austraclear is a issuers, intermediaries, right through to majority invoiced in either US dollars or line-by-line model 1 settlement system for the end investor. The benefits for listed Euro. The proportion of Australia’s trade fixed income debt securities, while CHESS entities include improved compliance with invoiced in RMB will undoubtedly increase. is a model 3 net batch settlement system for the listing rules through validation, more timely delivery of data to their audience, More generally, Australia is well placed to cash equities. greater take-up of corporate plans, and assist China in the internationalisation of the The nature of our business – its vertical the ability to integrate their systems to RMB. Australia is the first major financial integration and multi-asset capability – ASX’s systems to enable a straight-through market to open each day and is open for enables us to be customer driven in our process, taking cost out of their business. much of the Chinese trading day. Its financial strategy and to build world-class and The benefits for custodians, information markets operate in a world-class regulatory internationally competitive services, vendors, share registries and end investors environment and meet the highest global which leverage our existing infrastructure. include improved accuracy and efficiency standards. Australia has the largest funds ASX Collateral and our OTC interest in data, improved timeliness in delivery, management industry, the largest interest rate derivatives clearing service are both rate futures market and the largest interest good examples of that. They also provide a richer data set, and compliance with rate swaps market in the Asia Pacific region. a foundation for our offerings to become international standards. The last of these It also has a robust banking sector and a globally connected – an example of which is enables a straight through process, allows world-class payments settlement system. our work as part of the Liquidity Alliance. easier implementation and standardisation of systems, and takes cost out of the businesses ISS: The Australian market ISS: Is there anything else you of intermediaries and end investors. consists of a single settlement are specifically focusing on at the In summary, the key benefit is that data infrastructure: tell us a little bit moment? will be released from the listed entity to the about how the separate components AW: Yes: we are also focused on the straight- end investor more quickly and efficiently to (i.e. ASX, CHESS and Austraclear) through processing of corporate actions enable more informed and timely investment interact and are there are any using the ISO 20022 standard; this initiative decisions and to reduce costs throughout the fundamental differences from other is targeted to go live in April next year. process chain. mature market infrastructures? Each year ASX-listed entities make more As I speak to my peers in the industry I AW: ASX is a multi-asset, vertically than 110,000 announcements, such as can see that JASDEC in Japan, DTCC in integrated exchange group. We have dividends, entitlement issues, capital returns the United States, and SGX in Singapore listings, trading, clearing and settlement and capital reconstructions. Currently, are undertaking similar initiatives. It is infrastructure for cash equities and for the data is manually transcribed from interesting that others obviously see the same derivatives. unstructured company announcements. kind of benefits.

International Securities Services 29 Can Technology Help to Reduce Costs? N.G. Subramaniam, President and CEO of Tata Consultancy Services

N.G. Subramaniam

together to see that there is a common That’s the fundamental thing. It’s a question The thoughts of N.G. system of surveillance. Each bank is sending of that there is no option but to do it, you Subramaniam, President a mass of data to the regulators, in paper make money or you do not make money. form and in data form and then banks So I’m not sure if return on investment is and CEO of Tata Consultancy and regulators have to try to assimilate all the right measure for that. But having said Services. of this data and make sense of it all. It is that, in my opinion, every one of these surely viable to build a common system compliance issues, whether it is MIFID, where market participants feed data in and whether it is FATCA or something else, ISS: How can technology help the regulator uses technology to use ‘big creates certain other efficiencies in terms in the battle against increasing data’ and other emerging technologies to of streamlining your processes, in terms of regulatory pressure and the need to harness this data from the various banks and putting in additional checks and balances then take bank specific, market specific or which contributes to sharpening up consolidate and streamline in order industry specific information out of such a processes and to certain operational risks to reduce costs? NGS: Every bank invests a lot of money, a lot of time, a lot of effort in building compliant Unfortunately market participants don’t do analysis solutions in and outside their firms. In my view it is essential for the banks to identify on return on compliance investment in the way they areas which can be shared in order to reduce costs. For example, with regard to do it for larger systems. This is a shame because most anti-money laundering issues such as ‘know banks with whom we work spend two thirds of their your customer’ (KYC). This is the kind of regulation that can certainly be shared budgets on compliance. across systems. There is a commonality of purpose here across the banks. It is really not necessary that such technologies are invested solution. I think the opportunity is there and being mitigated. So it is in that context that in, maintained and supported by each and the technology is there to make that possible. market participants reap the benefits. I’m not every bank. The opportunity is there to sure if any bank or industry-wide analysis create utilities that will comply in a standard ISS: Market practitioners are faced on the return on investment on technology manner across a number of banks. I think with extra technology costs in order solely for regulatory and compliance aspects the opportunity is there to grow that into a to comply with new regulation. At has taken place but I think it’s a good idea to very comprehensive utility. do it. Market participants receive intangible what point, if ever, do you think It is also imperative to ensure that banks, benefits like mitigating risk and improving technology providers and regulators work they will start to see a concrete processes etc. Unfortunately market return on their investment? participants don’t do analysis on return on NGS: Return on investments comes compliance investment in the way they do it There are people out from many facets, it could be due to the for larger systems. This is a shame because efficiencies that the new technologies most banks with whom we work spend two there who are willing thirds of their budgets on compliance. produce, it could be due to the increased to take on a client’s growth that those technologies provide or it ISS: What steps, from a technology could be due to new market opportunities back office and run it that are created. So I think that return point of view, should firms take as their front office, …. on investment is a discussion that needs in terms of ‘future proofing’ their to be taken along with all of these three business? that, in my opinion, is dimensions. I’m not sure that market NGS: It’s very important to invest in the best way to isolate participants really worry about return on customer facing technologies. If a bank investment on compliance or regulatory invests in customer facing technologies that technology risks. aspects, to continue to do business they creates efficiencies which in turn creates a absolutely need to make that investment. return on investments.

30 International Securities Services For the purposes of this discussion I’d like the issue is how to get that information made in terms of technology and I’m going to split banks into three categories. The first online, because that’s where the customer to make sure that whatever service they are category are banks who have made no recent will benefit. But so long as these technologies providing is reasonably current. “ have been implemented this category of technology replacement whatsoever, they You can call that business service banks have found a nice way of linking their have just stuck to their old ways, some of provisioning or managed service past with the technological future. them are outsourcing from vendors which provisioning or whatever else but, in are running what might be termed the legacy The third and final category of banks have conclusion, it means that the vendors and of vintage systems. This category of banks made some remarkable achievements. service providers who are doing that are are going to find it very difficult to adapt to Typically they have adopted managed utilising their front office as the back office the tsunami of changes that is taking place. services where they have entered into for the customer. So if you can find a service provider, and there are people out there who are willing to take on a client’s back office Every one of these compliance issues, whether and run it as their front office, this will mean that you are going to get a business process it is MIFID, whether it is FATCA or something outcome in which banks are sourcing from vendors and that, in my opinion, is the else, creates certain other efficiencies in terms of best way to isolate technology risks. On streamlining your processes. top of all the other very good contracts and agreements that are in place this will make sure that the right governance is involved, to make sure that these banks continue to be The next category has either replaced their an agreement with a service provider by successful. set of systems or built adapters to work which they say “I’m going to manage my By doing that, what you are doing is paying with their existing systems that are relevant customers, I’m going to manage my front for the right service and not getting bogged to their customers’ needs and so are able of the business. I’m going to buy a business down with all the technology complexities. to provide a better customer experience, service from the vendors and whatever You manage your business. You manage your whether, for example, by tablet technology technology they provide. I’m locking them in clients. You get the services you need to help or a technology that gives them instant to excellent service levels. I’m locking them them grow and then your business will also visibility to corporate announcements. Now in to a continual investment that needs to be grow.

International Securities Services 31 T2S: The Need for Long-Term Thinking Audrey Fauvel, Head of EMEA Sales, Global Transaction Banking, Deutsche Bank

Audrey Fauvel

While questions about In order to meet the requirements of this game- connectivity, operational models, liquidity and collateral are changing event, sub-custodians will need to redefine legitimate in the run-up to 2015, themselves in order to provide the functionality the partnering with a provider with market demands in the post-T2S world. a vision of the years beyond the first wave of T2S implementation liquidity and collateral with more operational relief. Market studies suggest that Basel III will unlock the real benefits, efficiencies to emerge. will result in something like a EUR 300bn capital shortfall for banks, but T2S liquidity argues Audrey Fauvel, Deutsche Although the impact of T2S will not be efficiencies may in time yield capital savings. Bank’s Head of EMEA Sales, confined to Europe, the project is certainly Global Transaction Banking, born of the Eurozone. This is where Deutsche Despite its goal of harmonizing European Bank’s market position and leadership can securities settlement, the inter-connectedness Direct Securities Services. benefit clients. As the number one euro of financial markets means that T2S will affect clearer in the world, we can share our other parts of the world, notably Asia Pacific. There is still much uncertainty in the market expertise, among many other euro-centric In this context, T2S can act as a “bridge” to about TARGET2-Securites (T2S) and a issues, around both liquidity and collateral Asia. As Europe evolves, Asia is developing growing appetite for pragmatic information management. in parallel with post-trade harmonization as the first milestone in 2015 approaches. Our own T2S offering is driven by a state- projects such as the Exchanges Trading One thing is crystal clear: T2S will change of-the-art technical T2S connectivity hub Link in the ASEAN zone and there is talk the face of the securities settlement industry in Frankfurt, supported by local market – in Europe and beyond. So it is vital that of lowering settlement costs across the client centric service centers that deliver everyone, from banks and other financial region. And as fresh liquidity gets distributed settlement, clearing, custody, cash and value institutions to globally-operating corporate globally, the longer-term benefits of T2S added solutions. This approach balances clients, gains a clear understanding of how will transcend all regions; our footprint the economies of scale from consolidated T2S will impact them, not just in its initial complements our client’s challenges and settlement volumes whilst leveraging the wave, but also in the waves ahead, when opportunities in these evolving regions. local market expertise that is at the heart significant benefits are more likely to be of Deutsche Bank’s DNA. Our overall T2S T2S may seem very complex, but it is a major realized. service is bespoke, flexible and complete. step forward in the creation of a single market Engagement with our clients suggests It is built around our clients’ needs, follows in the European Union. Deutsche Bank has that many of them have concerns about a consultative approach and uses tailored long recognized the need to take a more connectivity, operating models, liquidity and modules that offer a best in class service. holistic approach to its client relationships collateral. We’ve been raising awareness of This comprehensive approach is driven and we have a strong track record in helping the project through client interaction and by awareness that, in order to meet the them navigate challenging transitional market road shows, explaining how clients requirements of this game-changing periods such as TARGET2 and the ongoing can exploit the opportunities, and we’ve also event, sub-custodians will need to redefine dialogue around SEPA. This equips us very provided strategic, insightful advice that will themselves in order to provide the well to handle the idiosyncrasies of T2S. help our clients navigate the broader complex functionality the market demands in the Its broad scope, and its far-reaching impact regulatory environment. post-T2S world. on the securities industry, not just in Europe In the short-term, T2S will allow market Further afield, there are multiple benefits that but also worldwide, means that financial participants to reap the benefits of will become more obvious with time, such as institutions need to partner with a provider lowering costs for cross-border securities cash-pooling and collateral optimization. For that not only offers the provision of high settlement within the euro area, thanks to example, T2S will provide the opportunity to quality services but also the vision and global the economies of scale that will be derived centralize cash funding, enabling participants network that can help realize benefits that will from consolidating settlement volumes to net-off cash payment obligations and come to during the T2S journey. The message from many platforms onto a single technical achieve reduced liquidity consumption, is clear: make the wrong choices, and T2S platform. Savings will also be made around which in turn will provide some Basel III could be a case of lost opportunities.

32 International Securities Services Opportunities in T2S Alan Cameron, Head of Global Strategic UK Broker- Dealers and Banks Relationship Management team, Member of the Client Development Management Committee, BNP Paribas

alan cameron

AC - I think things will get better for those global custodians who have scale and can To paraphrase JFK, ISS talks to Alan Cameron, keep investing in the staff, systems and Head of Global Strategic UK facilities that they need. Unfortunately, you shouldn’t be asking Broker-Dealers and Banks throughout transaction banking and not just what T2S can do for Relationship Management in the case of global custodians, there are still a lot of banks in businesses who will struggle you but what you can team, Member of the Client to make the commitments required. Some Development Management have been in it for years without being fully do for T2S. Committee, BNP Paribas. committed. For them, things are just going to get harder and harder. So it depends who you are – it will get better for a few and worse for most. access’ with a number of your ISS: The European post-trade clients and have received very infrastructure is still viewed ISS: Are there some hidden benefits positive feedback but that it’s hard as being too complicated and from T2S? to conclude these discussions as expensive, especially when AC: There are many encouraging aspects so little is known about the CSD compared to the US. Will this around T2S and there are also some unknown pricing for T2S. When will this remain the case even post T2S? factors that could really play in our favour become clearer? AC: I think it’s a case of firms having to and decrease costs. I think that the most AC: About one minute past midnight. change their own operating procedures and encouraging aspect is that it seems to be on Perhaps it won’t even be clear once T2S goes systems to take advantage of T2S. But T2S, budget and, while not exactly on its original go live because some of the CSD’s will find just by itself, without further action, will schedule, it’s on track for its revised schedule that they’ve got their pricing wrong for the not really get us to where we need to be. To - so the project seems to be well managed new paradigm that’s being unleashed. You paraphrase JFK, you shouldn’t be asking what and we are pleased with that. A lot of the cost will really only have a good idea of what the T2S can do for you but what you can do for issues will be to do with volumes and how the CSD pricing is a couple of years into T2S. So T2S. And if we answer that question correctly Eurosystem chooses to allocate the costs. It even once pricing is given out we will just not and make the right changes we’ll get the costs could be that they’re lucky and volumes come know enough to be able to determine how down. Unfortunately, the original comparison back. Nobody knows. If that is the case then it’s really going to settle down. The balance of 15 cents and 3 Euros was somewhat everyone will be very pleased. misleading as it compared what was really a between asset servicing and settlements will systems cost with a fully loaded transaction There are some areas where there may be be particularly interesting. cost. I think that has raised expectations to a bigger bonus for the industry than we unreasonable levels. have anticipated. Nobody really knows ISS: You say ‘Once T2S is up-and- running we will all need to look You will really only have a good idea of what the ahead once again to the next project to improve our post-trade world. CSD pricing is a couple of years into T2S. After all, even if we all make T2S a great step forward, there is still a ISS: You state in your article on the effect that T2S will have on collateral long way to go.’ What are the next steps likely to be? T2S in the Q3 2013 issue of ISS that and particularly the beneficial effects of improved auto-collateralisation. We won’t AC: I think the next area to be addressed Europe has become a graveyard really know the full effect until it goes live, it’s must be asset servicing – an area that T2S for Global Custodians, that they such a complicated subject. We can’t really will leave relatively untouched. For this to operate in a very competitive predict the effect of the improved settlement improve we need legislative changes in a lot market with diminishing margins. optimisation algos. of European markets. But corporate actions are too complicated, and too manual and can Do you foresee things getting better ISS: You state in your article that lead to big losses - I think that’s probably the for them or worse? you have discussed ‘sponsored remaining challenge for us all.

International Securities Services 33 The Current State of Play in Asia Demi Derem, Head of Distribution Services, Asset Servicing, BNY Mellon

demi derem

of a number of distribution channels and Will distribution platforms have enjoyed varying degrees of success, Simply being added become key in the investment depending on the country. The size and diversity of the region makes it difficult to to a platform does not process in Asia along the lines of generalise, but some useful insights can be the European business model? gleaned by focusing on one market and a guarantee sales. single investor type: Singapore local investors. navigate their investment choices. This is Within Europe, distribution platforms are Singapore is a melting pot of expatriate in contrast to the move in Europe towards nowadays seen as common currency and the and local investors and this in turn dictates larger numbers of open architecture non- advantages are obvious, especially for the investment habits in this market. Given advised platforms. Accordingly, despite the product provider. In an environment of cost the presence and success of large private advantages of global platforms – low fees control whilst trying to expand distribution banks and the high proportion of UCITs and convenience – in Singapore the lack of and grow assets, platforms can remove funds being distributed, locally-operated direct investment advice leads to a lack of the administration burden, reduce costs fund platforms at present tend to eclipse investor confidence in those platforms. Brand of distribution, allow greater distribution the larger global platforms. Therein lays the familiarity is also much more important in of product, typically increase assets more conundrum regarding future growth and Singapore than it is in Europe when it comes quickly and allow access to markets to the expansion in Singapore. to investing. This begs the question as to lesser known boutiques. In fact, it’s difficult whether global distribution platforms can The global platforms are mainly used by the to identify distribution strategies where flourish in an Asian market environment platforms do not play a part. However, simply global players, such as private banks and being added to a platform does not guarantee insurance companies; accordingly these Ultimately, then, we expect platforms to sales – there is still a responsibility from the distributors may deem the market too small become a more important distribution fund provider to invest in their brand to to enter, thus allowing the local players to channel and gain traction, However support their distribution ambitions. dominate without much competition for expectations need to be managed. Any shift in the foreseeable future. In addition, investors local sentiment will take time and the speed who buy funds directly from platforms tend of transition will be dictated by many factors Local investors on the to be more sophisticated and understand including political, financial and social. The investments. Mutual funds locally are still very next generation of investors will be wealthier, whole still prefer to much seen by investors as being associated more sophisticated and will demand more have an adviser to help with short-term ‘investments’ rather than a from their fund providers and will accordingly source of longer-term wealth building. be looking for new distribution channels them navigate their and lower cost access. Fund providers will Above all, there is the issue of advised versus be forced to react to these changes and in so investment choices. non-advised. Local investors on the whole doing will need to look at fresh approaches to still prefer to have an adviser to help them enhance access to their products.

Fund platforms come in different shapes and sizes, from the institutional to the retail fund supermarket. 82% of European platforms offer full open architecture and the emphasis is on the investor, not on the advisor. Investor demand for open architecture has been one of the primary accelerants of platform growth, and this trend looks set to continue. So what is the current state of play in Asia? The most successful distributors of funds at present across the region are still the banks. Although platforms are important, whether they are aimed at institutional or retail clients, they are still merely seen as just one

34 International Securities Services The 2013 ISS MAG Global Survey and Directory

directory front page.indd 1 11/11/2013 16:30 The International Securities Services Q4 2013 Global Directory and Survey of Service Providers and Technology Vendors

Address: Toronto Service Providers North America Web: www.citigroup.com Bank of America Merrill Lynch BermuDA Technology Vendors North America Clarity Systems Bermuda Stock Exchange and William Stanton Bermuda Securities Depository Tel: +1 416 2505500 Bank of America Merrill Lynch Address: 2 Sheppard Avenue East, Suite 800, M2N Tel: 1.646.855.2802 Web: www.bsx.com 5Y7, Toronto, Ontario, Canada Mail Code: Ny1-100-34-05 Service Providers Web: www.claritysystems.com Address: Bank Of America Tower, One Bryant Park, New York Ny 10036 Apex Fund Services Copp Clark Limited Latin America Tel: +1 441-292-2739 Tel: + 1 905 8898458 Thomas Avazian Address: 31 Reid Street, Hamilton, Bermuda, Address: 113 Babcombe Drive, L3T 1M9, Bank of America Merrill Lynch HM11 Thornhill, ON, Canada Tel: 1.305.347.2806 Web: www.apex.bm Web: www.coppclark.com Mail Code: FL7-410-06-07 Butterfield Trust Bermuda Ltd EXPERTUS Address: Bank Of America, 701 Brickell Ave, May W.O’Mara Tel: + 514 842 7508 Miami Fl 33131 Vice President Address: 2055 Peel, Suite 260, H3A 1V4, Bnp Paribas Securities Services Tel: 441 299 1616 Montréal, Québec, Canada Christina Feicht Email: [email protected] Web: www.expertus.ca Tel: 1 212 841 2096 Address: P.O.Box HM 195,Hamilton, HMAX, SmartStream Technologies Email: [email protected] Bermuda Address: 787 Seventh Avenue, 30th Floor, New Web: www.butterfieldbank.com Tel: +1 416 921 5000 Address: Suite 400, 1235 Bay St, Toronto, ON York City, NY HSBC M5R 3K4, Canada Web: www.bnpparibas.com Wendy Gazzard BNY Mellon Head of HSBC Securities Services, Bermuda Mexico Joseph Keenan Tel: + 1 (1) 441 2995 206 Managing Director, Sales - Investor Services, Email: [email protected] Bolsa Mexicana de Valores (BMV) Americas Web: www.hsbcnet.com/hss Web: www.bmv.com.mx/ Tel: +1 212 635 7150 Address: Hsbc Bank Bermuda Limited, 2nd Floor, 6 Front Street, Bermuda Service Providers Email: [email protected] Address: One Wall Street, 25th Floor, New York, HSBC Canada NY 10286 Eduardo Pinto Web: www.bankofny.com Tel: 525557213471 Toronto Stock Exchange Brown Brothers Harriman Email: [email protected] Tel: (416) 947-4670 Address: HSBC México, S. A., Av. Paseo de la Andrew Tucker Tel: (888) 873-8392 Reforma 347, Piso 3, Col. Cuauhtémoc, Partner and Head of Investor Services Europe Address: The Exchange Tower, 130 King Street Tel: +1 212 483 1818 West, Toronto, ON, M5X 1J2 C.P. 06500, México, D.F. Web: www.hsbcnet.com/hss Email: [email protected] Web: www.tmx.com/en/index.html Address: 40 Water St. Boston, MA 02109, CDS Clearing and Depository RBC Investor Services United States Services Inc Brent Wilkins Web: www.bbh.com Head, Americas, Sales & Relationship Management Tel: 416.365.8400 Citi Tel: 416-955-2495 Fax: 416.365.0842 Craig Dudsak Address: 85 Richmond Street West, Toronto, ON, Email: [email protected] Managing Director in Product Management M5H 2C9 Address: 155 Wellington Street West, 7th Floor, Tel: +1 212 816 6529 Web: www.cds.ca/cdsclearinghome.nsf/Pages/- Toronto, ON M5W 3L3 Fax: +1 212 816 6512 EN-Welcome?Open Web: www.rbcis.com Email: [email protected] Service Providers USA Address: 388 Greenwich Street/14th Floor, New York, New York 10013 CIBC Mellon The Depository Trust Company (DTC) Web: www.citigroup.com Barbara Barrow Web: www.dtc.org/dtcpublic/html/lob2/ HSBC Vice President, Business Development prod4/ Tel: 416-643-6361 Paulomi Shah Fax: 416-643-6409 National Securities Clearing Corporation (NSCC) Head of HSBC Securities Services, Americas Email: [email protected] Web: www.dtcc.com/about/subs/nscc.php Tel: 212-525-6318 Address: 320 Bay Street, P.O. Box 1 Toronto, Fixed Income Clearing Corporation (FICC) Email: [email protected] Ontario M5H 4A6 Canada Web: www.dtcc.com/about/subs/ficc.php Address: HSBC BANK USA, N.A., 452 5th Avenue, New York, NY 10018 Web: www.cibcmellon.com Euroclear Web: www.hsbcnet.com/hss Citi Janet McGrath Ajmal Asif Tel: +1 646 835 5400 J.P.Morgan Securities Country Manager Email: [email protected] Christopher Lynch Tel: +1 416 947 5444 Address: 40 Wall Street, 39th floor, New York, Managing Director Email: [email protected] N.Y., 10005, United States of America Tel: +1 212 552 2938

36 International Securities Services Email: [email protected] Web: www.banktrade.com Web: www.inforeachinc.com Address: 1 Chase Manhattan Plaza, 19th floor, Correlix Worldwide Headquarters Isis Financial Systems NYC 10005-1401 Web: www.jpmorgan.com Tel: +1 212 487 9626 Tel: +1781-209-0262 Address: 100 William Street, Suite 305, New York, Address: 14 Felton Street, Waltham, United States, MJE Advisors NY 10038, United States 02453 Barry Emen Web: www.correlix.com Web: www.isisFS.com President Dovetail Investment Technology Group Tel: 973-765-9400 Email: [email protected] Tel: +973 882 9922 Company Headquarters Address: 130 Clinton Road, 07004, Fairfield, New Tel: +1.212.588.4000 Technology Vendors Jersey, United States Address: 380 Madison Avenue, 4th floor, New Aleri Web: www.dovetailsystems.com York, NY 10017, United States Web: www.itg.com Tel: +1 312 5400100 Equinix, Inc Address: 2 Prudential Plaza, 41st Floor, 60601, One Lagoon Drive Koger Chicago, Illinois, United States 4th Floor Tel: +1-201-291-7747 Web: www.aleri.com Redwood City, CA 94065 Address: 12 Route 17 North, Suite 111, Paramus, Asset Control United States United States, NJ, 07652 Tel: +1 650 598 6000 Web: www.kogerusa.com Tel: + 1 212 4451076 Web: www.equinix.com Address: 1450 Broadway, 19th Floor, 10018, New Liquidnet, Inc. York, United States Equipos Inc. Tel: +1-646-674-2000 Web: www.asset-control.com Headquarters, North America Address: 498 Seventh Avenue, 15th floor, New AT&T Tel: +1 617 273 8033 York, NY 10018, United States Tel: +1 800 4220499 Address: 470 Atlantic Avenue (4th Floor), Boston Web: www.liquidnet.com MA 02210, United States Address: 208 S. Akard St., TX 75202-2233, Dallas, Metabit Web: www.equiposgroup.com United States Tel: +1 212.656.3000 Web: www.att.com/business ICO Address: NYSE Technologies, NYSE Euronext, 11 BankServ Tel: +888 342 6336 Wall Street, New York, NY 10005, United Tel: + 1 415 2779900 Address: 901 Marquette Avenue, Suite 3200, States Address: 333 Bush Street, 26th Floor, 94104, San 55402, Minneapolis, MN, United States Web: www.nysetechnologies.nyx.com/metabit Web: www.fico.com Francisco, CA, United States Microsoft Corporation Web: www.bankserv.com/products/corporate- Fiserv Tel: + 425 882 8080 overview.html Tel: +262 8795000 Address: One Microsoft Way, 98052, Redmond, Bonaire – A Broadridge Company Address: 255FiservDrive, 53045, Brookfield WI, WA, United States Tel: 1-617-338-0107 United States Web: www.microsoft.com/financialservices Address: 320 Congress Street, 7th Floor, Boston, FlexTrade Systems, Inc. Millennium IT (USA) Inc MA 02210 USA Tel: +1 516 627 8993 Tel: +1 617 444 8480 For Sales Information Contact: Address: 111 Great Neck Road, Suite 314, Great Address: 245 First Street, 18th Floor, Cambridge, Scott Fitzpatrick Neck, NY 11021, United States MA 02142, United States Bonaire Software Solutions, LLC Web: www.flextrade.com Web: www.milleniumit.com Vice President - Sales Tel: 1-617-338-0107 ext. 116 FTEN MONTRAN Corporation Fax: 1-617-338-9846 Tel: +1 (212) 808-8440 Tel: + 1 212 6845214 Email: [email protected] Address: One Liberty Plaza, 50th Floor, New York, Address: 60 East 42nd Street, Suite 464, 100165, or [email protected] NY 10006, United States New York, United States For General Information Contact: Web: www.ften.com Web: www.montran.com Tel: 1-617-338-0107 Fundtech Corporation MSCI Email: [email protected] Tel: +1 201 2156556 Tel: 1.888.588.4567 Bottomline Technologies Address: 30 Montgomery Street, Suite 501, 07302, Address: One Chase Manhattan Plaza, 44th Floor, Tel: +1 603 4360700 Jersey City, New Jersey, United States New York, NY 10005, United States Address: 325 Corporate Drive, 03801, Portsmouth, Web: www.fundtech.com Web: www.msci.com New Hampshire, United States GlobeTax Norman Technologies Web: www.bottomline.com/banking Tel: + 1 212 7479100 Tel: + 1 704 8960128 Calypso Technology Address: 90 Broad Street, 10004, New York, NY, Address: 630 Davidson Gateway Drive, Suite 250, Tel: +1 212 9050705 United States 28036, Davidson, North Carolina, United Address: 595 Market Street, 94105, San Francisco, Web: www.globetax.com States Web: www.normantech.com CA, United States Golden Source Web: www.calypso.com Tel: + 44 20 79776000 OneMarketData Capgemini Financial Services Address: 22 Cortlandt Street, NY 10007, New Tel: +1 201 710 5977 Tel: +1 847 3846100 York, United States Address: Baker Waterfront Plaza, 2 Hudson Place, Address: 6400 Shafer Court, 60018, Rosemont, IL, Web: www.thegoldensource.com Suite 100, Hoboken, NJ 07030, United States United States IBM Web: www.capgemini.com/financialservices Web: www.onetick.com Tel: +1 914 4991900 Chi-Tech Address: 1 New Orchard Road, 10504-1722, Oracle Tel: 212.310.3900 Armonk, New York, United States Tel: + 1 650 5067000 Web: www.chi-x.com/sub_pages.asp?pid=35 Web: www.ibm.com/banking Address: 500 Oracle Parkway, 94065, Redwood Shores, CA, United States Complex Systems Inc. (CSI) InfoReach, Inc. Web: www.oracle.com Tel: + 1 201 4353251 Tel: +1 212 269 2722 Address: 1 Exchange Place 8th Floor, 07304, Jersey Address: 48 Wall Street, 11th Floor, New York, NY Pegasystems Inc. City, NJ, United States 10005, United States Tel: 1 617 3749600

International Securities Services 37 Address: 101 Main Street, 02142, Cambridge, MA, Tel: + 1 925 2365000 Head of Custody and Clearing United States Address: One Sybase Drive, 94568, Dublin, Tel: 54 11 4344 3317 Web: www.pega.com California, United States Email: [email protected] Web: www.sybase.com/fsi Address: HSBC Bank Argentina S.A., Bouchard Pinnacle Solutions Incorporated Tethys Technology, Inc. 680, 9th. Floor, C1106ABJ Buenos Aires, Tel: + 1 973 2580909 Argentina Address: 673 Morris Avenue, 07081, Springfield, Tel: +1 212-509-5600 Web: www.hsbcnet.com/hss New Jersey, United States Address: 17 Battery Place, 7th floor, New York, NY Web: www.psi-nj.com 10004, United States Standard Bank Argentina S.A. Web: www.tethystech.com Portware Valeria Nagel Thomson Reuters Team leader of TPS & Sales Tel: +1.212.425.5233 Tel: 5411 4820 2116 Address: 233 Broadway, 24thFloor, New York, NY Tel: 1 646.223.4000 Email: [email protected] 10279, United States Address: 3 Times Square, New York, NY 10036, Address: Della Paolera 265 – 14 floor, 1001 Buenos Web: www.portware.com United States Aires Web: www.thomsonreuters.com Pragma Web: www.standardbank.com.ar Tel: 212.897.0940 Volante Technologies Address: 360 Park Avenue South, 20th Floor, New Tel: +1 (212) 905-6231 Bolivia York, NY 10010, United States Address: 41 East 11th Street, 11th Floor, New Bolsa Boliviana de Valores SA Web: www.pragmatrading.com York, NY 10003 No. 142 Central Street PO Box: 12521 Tel: +1 (908) 810-0220 Princeton Financial Systems, LLC Tel pilot: (591-2) 2443232 Address: 2386 Morris Ave, 2nd Floor, Union , NJ Tel: +1.609.987.2400 Fax: (591-2) 2442308 07083 Address: 600 College Road East, Princeton, NJ La Paz - Bolivia 08540, United States Central and South America Web: www.bbv.com.bo/ Web: www.pfs.com BrazIL Progress Software Corporation Argentina Tel: 1-781-280-4000 Mercado de Valores (MERVAL) BM&FBOVESPA Tel: 1-800-477-6473 (Toll Free) Tel/Fax: (54 11) 6000 4316 Ne w York Address: 14 Oak Park Drive, Bedford, MA 01730, Marcelo Gualda United States Address: Market of Buenos Aires SA (Nasdaq), 25 May 359, floor 8 °, 9 ° and 10 ° Tel: 212-750-4197 Web: www.progress.com (C1002ABG) Buenos Aires Argentina Email: [email protected] Princeton Financial Systems Web: www.merval.sba.com . ar Address: 61 Broadway, 26th Floor, Suite 2605, 10006 Corporate Headquarters Buenos Aires Stock Exchange Web: www.bmfbovespa.com Tel: +1 609 987 2400 Web: www.bcba.sba.com.ar/home/index.php Address: 600 College Road East, Princeton, United Xangai States, 08540 Service Providers Helen Yao Web: www.pfs.com Banco Itaú Tel: 86-21-5037-2886 Redi2 Email: [email protected] Alexis Marcarian Address: 200 Yincheng (M) Rd, Suite 404, Pudong Address: 1771 Broadway Securities Services Manager New Area, 200120 Oakland, CA 94612 Tel: 54 11 4378 8406 United States Email: [email protected] São Paulo Tel: +1 (510) 834-7334 Address: Cerrito 740, 4 floor C1010AAP, Buenos International Business Development Department Web: www.redi2.com Aires Tel: 55-11-2565-7846 RealTick Web: www.bankboston.com.ar Address: Praça Antonio Prado, 48, Rua XV de Tel: +44 (0) 20 7786 5080 Banco Santander Rio Novembro, 275, CEP: 01010-010 Web: www.realtick.com Sebastián Martín Rio de Janeiro RIMES Head of Custody & Securities Services, Argentina Tel: 55 21 2223-9600 Tel: (+ 54) 11 4341 1318 Tel: +1 212 334 6866 Address: Rua do Mercado, 11 - Centro, CEP: Email: [email protected] 20010-120 Address: 84 Wooster Street, New York, NY 10012,, Address: Bartolomé Mitre, 480 Piso 8 Buenos United States Aires, Argentina CETIP Web: www.rimes.com Web: www.santanderrio.com.ar São Paulo SafeNet, Inc. Citi Tel: (11) 4152.9370 (11) 3336.7310 Tel: + 443 327 1178 Email: [email protected] Raul Paterno Address: Av. Brigadeiro Faria Lima, 1663, 1º andar, Address: 4690 Millennium Drive, 21017, Belcamp, Securities Country Manager MD, United States Jardim Paulistano São Paulo - SP, CEP: Tel: +54 11 4329 1463 01452-001 Web: www.safenet-inc.com Email: [email protected] Alphaville SmartStream Technologies Address: Bartolomé Mitre 530, 1036AAJ Buenos Aires Argentina Address: Av. Dr. Dib Sauaia Neto, 227, Centro de Tel: +1 212 763 6500 Web: www.citigroup.com Apoio I - Alphaville, Santana de Parnaíba Address: 61 Broadway, Suite 710, New York, NY - SP, CEP: 06541-010 10006, USA Deutsche Bank Rio de Janeiro SmartStream Technologies Carlos Pineyro Address: Av. República do Chile, 230, 11º andar, Head of Product & Client Management Address: 2025 Gateway Place, Suite 238, San Jose, Centro – Rio de Janeiro/RJ, CEP: 20031- Tel: 54 11 4590 2864 CA 95110, USA 919 Fax: 54 11 4590 2990 Sterling Commerce Email:c [email protected] Service Providers Tel: +1 800 8769772 Address: Tucumán 1 – 14th Floor, (C1049AAA) Banco Bradesco S.A. Address: 4600 Lakehurst Court, PO Box 8000, C.A.B.A., Argentina Edson Franca de Avellar Filho 43016-2000, Dublin, Ohio, United States Web: www.tss.db.com Head of Product Management Web: www.sterlingcommerce.com HSBC Tel: 55 11 3684 7979 Sybase Inc Hugo Arbat Email: [email protected]

38 International Securities Services Address: Cidade de Deus, Predio Amarelo, 2 de Chile Volante Technologies andar, Osasco-SP, Brasil -06029-900 Web: www.itau.cl Tel: +52 (55) 1105 0536 Web: www.bradesco.com.br/ Banco Santander, Chile Address: Gmo. González Camarena, 1450 P-7, Santa Fe, Mexico, DF, 01210 Banco Itau Unibanco S.A. Edward W. Garcia Lai Ling Head of Custody & Securities Services Chile Head of International Securities Solutions Tel: +56 2 2320 8067; +56 2 2320 8210 panama Tel: 55-11-2797-1839 Email: [email protected] Bolsa de Valores de Panama (BVP) Fax: 55-11-2797-4194 Address: Bandera 140, Piso 4, Santiago, Chile Email: [email protected] Web: www.santander.cl Tel: +507 269-1966 Address: Av. Eng. Armando de Arruda Pereira, Fax: +507 269-2457 Citi 707 10º andar Address: Federico Boyd Avenue and Calle 49, Web: www.itau-unibanco.com.br Antonio D. Blazquez Stock Exchange Building Panama, Securities Country Manager Panama, Republic of Panama Banco Santander Brasil Tel: +56 2 338 8530 Web: pa.panabolsa.com/en/ Danilo Christófaro Barbieri Email: [email protected] Central Latinoamericana De Head of Custody & Securities Services Brazil Address: Santiago Valores, SA (Latinclear) Tel: +551130125775 Web: www.citigroup.com Email: [email protected] Tel: (507) 214-6105 Address: Av. Juscelino Kubitschek, 2235, 26º andar Colombia Fax: (507) 214-8175 / 04543-011 / São Paulo - SP – Brasil Email: [email protected] Web: www.santander.com.br Bolsa de Valores de Colombia (BVC) Address: Federico Boyd Avenue and 49th Street, Panama Stock Exchange Building Web: http://en.bvc.com.co/pps/tibco/portalbvc BNP Paribas Securities Services POBox: 0823-04673, Panama, Republic of Nelson Fernandes DECEVAL Panama Head of BNP Paribas Securities Services in Brazil Address: Avenida Calle 26 No59 -51, Torre 3 Tel: 55 11 3841-3604 Office 501, Bogota, Colombia peru Fax: 55 11 3841-4088 Web: www.deceval.com.co/portal/page/portal/ Bolsa de Valores de Lima (BVL) Email: [email protected] Home Address: Presidente Juscelino Kubitschek, Avenue Tel: (511)619 3333 nr. 510 – 9º floor, Itaim – Zip code: Service Providers Address: Lima Stock Exchange SA, Acuna Passage 04543-906 – São Paulo – SP – Brazil Citi 106 – Lima 100 Web: www.securities.bnpparibas.com Web: www.bvl.com.pe Armanda Mago Vicentelli Citi Securities Country Manager CAVALI Marcio Veronese Tel: +57 1 4854000 Address: Office 143 Avenida Santo Toribio 501, Securities Country Manager Email: [email protected] San Isidro Tel: +55 11 4009 2751 Address: Bogota Web: www.cavali.com.pe Email: [email protected] Web: www.citigroup.com Address: São Paulo Service Providers Web: www.citigroup.com Costa Rica Banco de Credito del Peru Deutsche Bank Bolsa Nacional de Valores (BNV) José Manuel Peschiera Manager of Security and Trust Services Dirk Reinicke Web: www.bolsacr.com/principal/ Tel: 54 11 4590 2890 Tel: 511 205 9190 ext. 32182 Central de Valores SA (CEVAL) Email: [email protected] Email: [email protected] Address: Av.Brigadeiro Faria Lima, 3900, 14 andar Web: www.dcv.cl/en/ Address: Calle Centenario 156, Lima 12 Web: www.viabcp.com CEP 04538-132, Sao Paulo Banco Central de Costa Rica Web: www.tss.db.com Citi Web: www.bccr.fi.cr/ HSBC Gonzalo Pereyra Service Providers Roberto Cortese Securities Country Manager Head of HSBC Securities Services, Brazil Banco BCT Tel: +511 215 2236 Email: [email protected] Address: HSBC CTVM S.A., Avenida Brigadeiro Natalia García Address: Citibank del Peru S.A. (Subsidiary), Av. Faria Lima, 3064 - 2nd floor - 01451-000 Head of International Custody Canaval y Moreyra # 480, 8th Floor, San - São Paulo - Brazil Tel: 506 2212 8046 Isidro, Lima 27, Peru Tel: +55 (11) 3847-9369 Email: [email protected] Web: www.citigroup.com Email: [email protected] Address: Calle 55, Edificio BCT. San Jose Web: www.hsbcnet.com/hss Scotiabank Peru S.A. J.P.Morgan EQUADOR Edward Patsias Mella Global Transaction Banking Head Web: www.jpmorgan.com DECEVALE Tel: 511 211 5938 Chile Web: www.decevale.com/ Email: [email protected] Address: Dionisio Derteano 102 p.4 San Isidro, Bolsa de Comercio de Santiago JAMAICA Lima 17 Web: www.scotiabank.com.pe Web: www.bolsadesantiago.com/index.aspx Jamaica Stock Exchange and Jamaica The Deposito Central de Valores Central Securities Depository Uruguay (DCV) Limited (JSCD) Web: www.dcv.cl/en/ Tel: (876) 967- 3271 Central Bank of Uruguay (CBU) Fax: (876) 922 - 6966 Web: www.bcu.gub.uy Service Providers Web: www.jamstockex.com/index.php Service Providers Banco Itaú Chile Address: P.O. Box 1084, 40 Harbour Street, Kingston Ximena Jiles BANCO ITAÚ S.A. Relatioship Manager Securities Services Ludmila Lubomirsky Tel: 562-6860624 mexico Relationship Officer Email: [email protected] Tel: +598 291 601 27 ex. 340 Address: Enrique Foster Sur 20, 5th floor, Santiago Technology Vendors Email: [email protected]

International Securities Services 39 Address: Zabala 141463, Mongevbao Europe and CEE Web: www.securities.bnppparibas.com Web: www.bancoitau.com.uy Tel: 49 69 1520 5571 Citi Email: [email protected] venezuela Address: Zweigniederlassung, Europa-Alle 12, Warren Thorsen Frankfurt am Main Securities Country Manager Bolsa de Valores de Caracas Tel: +31 76 5438 263 Citi Tel: (58 212) 905.55.11 Email: [email protected] Address: Edificio Atrium, Piso 1, Calle Sorocaima, Maike Bechtel Address: Breda, Netherlands entre Avenidas Tamanaco y Venezuela, Securities Country Manager Web: www.citigroup.com Tel: +49 69 1366 1349 Urbanización El Rosal, Caracas Deutsche Bank Web: www.caracasstock.com/eng/index.jsp Email: [email protected] Address: Frankfurt, Germany Jan Treuren Caja Venezolana de Valores (CVV) Web: www.citigroup.com Head of Product & Client Management Tel: 31 20 555 4302 Address: Sorocaima Avenue, between Av and Av Deutsche Bank Venezuela Tamanaco, Atrium Bldg, Floor Email: [email protected] 1, Suite 1, Urbanisation El Rosal, Chacao Peter Peschek Address: Herengracht 450, 1017 CA Amsterdam Head of Direct Securities Services Austria Municipality. Caracas ING Bank NV Web: www.cajavenezolana.com/cvv/indexs.asp Tel: +43 (1) 53181 422 Fax: +43 (1) 53181 436 Peter Goossens Service Providers Email: [email protected] Account Management & Client Support Tel: + 32 2 738 27 82 Banco de Venezuela – Grupo Address: Fleischmarkt 1, 1010 Vienna, Austria Email: [email protected] Santander Erste Bank Address: ING Belgium, Cours Sant-Michel 60, Manuel Guzmán Alexander Schleifer 1040 Brussels, Belgium Head - Global Securities Head of Custody & Network Management Web: www.ing.be Tel: +58 212 501 33 58 Tel: +43 50100 15146 Email: [email protected] Fax: +43 50100 915146 KBC Securities Address: Avda. Universidad, Esq. Sociedad - Edif. Email: [email protected] Didier Moens Banco de Venezuela - Caracas Venezuela Address: Erste Group Bank AG, Börsegasse 14, Global Relationship Manager Web: www.bancodevenezuela.com A-1010 Vienna Tel: 32 2 429 30 36 Citi Web: www.erstebank.com Email: [email protected] Raiffeisen Bank International AG Address: Havenlaan 12, 1080 Brussels Oscar Pagani Web: www.kbcsecurities.com Securities Country Manager Jüergen Sattler Tel: +58 212 7052474 Head of Custody RBC Investor Services Email: [email protected] Tel: +43 1 71707 1882 Marc Vermeiren Address: Av. Casanova Centro Comercial El Email: [email protected] Managing Director, Belgium Recreo. Torre Norte. Piso 19. Sabana Address: Am Stadtpark 9, 1030 Vienna Tel: 32 2 222 5504 Grande. Caracas 1050. Venezuela Web: www.rbinternational.com Email: [email protected] Web: www.citibank.com.ve UniCredit Address: RBC Dexia Investor Services, Place Rogier 11, 1210 Brussels Venezolano de Credito Tomasz Grajewski Web: www.rbcis.com Carolina Sanchez Global Head of Global Securities Services Transfer Agent and Securities Tel:+48 22 5245867 Technology Vendors Tel: 58 212 806 6468 Email: [email protected] Clear2Pay Email: [email protected] Address: UniCredit Bank Hungary Zrt., Szabadság Address: Av. Alameda, Urb. San Bernardino, tér 5-6., Tel: +32 15 795200 Caracas 1010 HU-1054 Budapest Address: Schaliënhoevedreef 20A, 2800, Web: www.bankaustria.at Mechelen, Brussels, Belgium Western Europe Web: www.clear2pay.com belgium FRSGlobal austria Euronext Tel: +32 2 416 2400 Wiener Börse Web: www.nyx.com/en/who-we-are/history/ Address: Head Office: Kleine Kloosterstraat 23, Tel: +43 1 531 65-0 brussels B-1932 St. Stevens-Woluwe, Belgium Fax: +43 1 532 97 40 Web: www.frsglobal.com The Banque Nationale de Belgique Address: Wiener Börse AG, Wallnerstraße 8, (NBB) Orfival P.O.Box 192, A-1014 Vienna Tel: +32(0)10 470650 Web: http://en.wienerborse.at/ General Contact Point Tel: +32 2 221 21 11 Address: Avenue J.E. Lenoir 2A, 1348 Louvain-la- OEKB Email: [email protected] Neuve, Belgium Tel: +43 1 53127-0 Address: Boulevard de Berlaimont 14, 1000 Web: www.orfival.be Fax: +43 1 53127-5262 Brussels, Belgium, Swallow Tech Address: Oesterreichische Kontrollbank VAT BE 0203.201.340, RLP Brussels Tel: + 322 385 1465 Aktiengesellschaft, Web: www.nbb.be/pub/home.htm?l=en Address: 378, Chaussée de Bruxelles, 1410, Am Hof 4; Strauchgasse 3, 1011 Vienna, Euroclear Waterloo, Belgium Austria Web: www.swallowtech.com Web: www.oekb.at/en/Pages/default.aspx Contact: Valérie Urbain Tel: 32 2 337 5111 SWIFT CCP.A Address: 6, Avenue de Schipol, 1140 Brussels, Tel: + 32 2 6553111 Address: CCP Austria Abwicklungsstelle für Belgium Address: Avenue Adele 1, B-1310, La Hulpe, Börsengeschäfte GmbH, Strauchgasse Belgium 1-3, A-1010 Vienna, Austria Service Providers Web: www.swift.com Web: http://en.ccpa.at/ BNP Paribas Securities Services Viveo Service Providers Renaud Vandenplas Head of BNP Paribas Securities Services, Belgium Tel: + 0032 27 252599 BNP Paribas Securities Services Tel: 32 2 510 84 45 Address: Avenue Reine Astrid 92, 1310, La Hulpe, Gerald Noltsch Email: [email protected] Belgium Head of BNP Paribas Securities Services, Northern Address: 489 av. Louise, 1050 Brussels Web: www.viveo.com

40 International Securities Services Fax: +357 22812130 Tel: +4 722 485 000 cyprus Email: [email protected] Email: [email protected] Cyprus Stock Exchange (CSE) Address: 39 Arch. Makarios Iii Ave. Cy-1065 Web: www.nordea.com/custody Nicosia Cyprus SEB Tel: (357) 22 712300 Web: www.laiki.com Fax: (357) 22 570308 Ulf Norén Email: [email protected] NBG Cyprus Global Head of Sub-Custody Client Relations Address: Cyprus Stock Exchange, 71-73 Lordou Stefanos Tefos Tel: 4793420380 Vironos Avenue, 1096, P.O.BOX 25427, Assistant Director, Head of Custody Relations Email: [email protected] Nicosia 1309 Cyprus Tel: 30 210 947 7755 Web: www.seb.se Central Depository and Central Email: [email protected] Registry Cyprus Address: 330 El. Venizelou Ave., Europa Plaza finland Building, 176 75 Kallithea, Athens, Web: www.cse.com.cy/en/csd/introduction.asp Greece Euroclear Finland Service Providers Societe Generale Securities Services Contact: Yannic Weber Tel: 358 20 770 6000 Bank of Cyprus Mathieu Maurier Address: Pl 1110, 00101 Helsinki, Finland Christos Xaghas Global Head of Sales and Global Relationship Head of Custody Dept Management Service Providers Tel: + 33(0)1 41 45 98 65 Tel: +30 210 647 7330 Danske Banke Email: [email protected] Email: [email protected] Address: L Alexandras Ave 170, 11521 Athens, Address: SGSS, 189 rue d’Aubervilliers, 75886 Tom S. Jensen Greece Paris cedex 18, France Head of Group Trading and Investment Support Web: www.bankofcyprus.gr Tel: 45 4514 3850 denmark Email: [email protected] BNP Paribas Securities Services Address: Holmens Kanal 2-12, DK1092 Athens VP SECURITIES reception: Copenhagen K, Denmark Alex Kartalis Tel: +45 4358 8888 Handelsbanken Custody Services General Manager Tel: 302,107,468,540 CSD Services Petter Kjellevold Fax: 302,107,468,579 Tel: +45 4358 8800 Head of Handelsbanken Custody Services Email: [email protected] Fax: +45 4358 8810 Tel: 46 8 701 28 88 Address: 94 V.Sofias Avenue & 1 Kerasountos Str. Email: [email protected] Fax: 46 8 701 29 90 115 28 Athens, Greece Custody Services Email: [email protected] Web: securities.bnpparibas.com Tel: +45 4358 8899 Address: Blasieholmstorg 12, 106 70 Stockholm, Sweden Citi Fax: +45 4358 8890 Web: www.handelsbanken.se Menelaos Demetriou Email: [email protected] Nordea Securities Country Manager Issuer & Corporate Action Services Tel: 30 210 329 2160 Tel: +45 4358 8855 Anne-Lise Kristiansen Email: [email protected] Fax: +45 4358 8810 Head of Sub-custody and Clearing Address: Citibank Intl Plc Greece Branch, 8 Email: [email protected] Tel: +47 2248 6238 Othonos St., 10557 Athens, Greece Opening hours - all 3 service centres: 8 a.m. - 5 p.m. Email: [email protected] Web: www.citigroup.com CET. Web: www.nordea.com Eurobank Investor Services Pohjola Bank Dimitri Vassiliou Tel: +45 4358 8866 Kirsi Sakki Manager - Head of Sales & Relationship Management Fax: +45 4358 8867 Head of Custody Tel: +302103523384 Email: [email protected] Tel: 358 10 252 4132 Fax: +302103523650 Opening hours: 8 a.m. - 4 p.m. CET Email: [email protected] Email: [email protected] Address: P.O. Box 308, FI-00013 Pohjola Address: 8 Iolkou & Filikis Etairias Street IT-Operations Web: www.eurobank.gr Tel: +45 4358 8877 SEB Fax: +45 4371 2003 Hellenic Bank Ulf Norén Email: [email protected] Global Head of Sub-Custody Client Relations Charis Phokas Opening hours: 6:30 a.m. - 8 p.m. CET Tel: 47-22-827078 Manager – Head of Sales & Relationship Service Providers Email: [email protected] Management Address: PO BOX 1843 Vika, Filipstad Brygge 1, Tel: 357 22 500823 Danske Bank NO-0123 OSLO, Norway Email: [email protected] Ulla Hoyer Web: www.seb.se Address: c/o Hellenic Bank, P O Box 24747, 1394 Tel: +45 43 39 48 11 Nicosia Email: [email protected] Technology Vendors HSBC Address: Holmens Kanal 2-12, 1092 Copenhagen, Tieto Denmark Anna-Maria Spyropoulou Tel: +358 207 2010 Web: www.danskebank.com Senior Client Relationship Manager Address: Kutojantie 6-8, P.O. Box 156, FI-02630, Tel: 30 210 696 1560 Handelsbanken Custody Services Espoo, Finland Fax: 30 210 692 9336 Petter Kjellevold Web: www.tieto.com/financialservices Email: [email protected] Head of Handelsbanken Custody Services Address: HSBC Securities Services, Greece, 109- Tel: 46 8 701 28 88 france 111, Messoghion Ave, Athens 115 26, Fax: 46 8 701 29 90 Greece Email: [email protected] NYSE Euronext Web: www.hsbcnet.com Address: Blasieholmstorg 12, 106 70 Stockholm, Web: www.boursedeparis.fr/ Marfin Popular Bank Public Sweden Euroclear Company Limited Web: www.handelsbanken.se Contact: Valérie Urbain Elena Melanthiou Nordea Bank Securities Services Tel: 33 1 5534 5534 Head Custody Services Anne-Lise Kristiansen Address: 66 Rue de la Victoire, 75009, Paris, Tel: +35722812127 Head of Sub-Custody and Clearing France

International Securities Services 41 Service Providers STET Dirk Loscher Tel: + 33 153 157400 Securities Country Manager BNP Paribas Securities Services Address: 52, rue Taitbout, 75009, Paris, France Tel: +49 69 1366 2216 Geraud De Saint Vincent Web: www.stet.eu Email: [email protected] Head Of Euronext Markets Address: Frankfurter Welle, Reuterweg 16, 60323 Sword FircoSoft Tel: +33 1 42 98 68 34/ 331 42 98 53 02 Frankfurt Email: [email protected] Tel: + 33 1 44672441 Web: www.citigroup.com Web: www.securities.bnppparibas.com Address: 37 rue de Lyon, 75012, Paris, France Commerzbank AG Web: www.sword-fircosoft.com CACEIS Uwe Loose Systar Valéry THERY Commerzbank AG Head of Client Relationship Address: 171 Bureaux de la Colline, 92213, Saint Group Markets Operations Tel: 00.33.1.57.78.11.20 Cloud, France Funds & Custody Services Fax: 00.33.1.57.78.11.97 Tel: + 33 14 9114500 Address: 60261 Frankfurt am Main Email: [email protected] Web: www.systar.com Office Address: Immeuble Valhubert, 1-3 place Valhubert Address: Theodor-Heuss-Allee 50, 60486 75206, PARIS, France germany Frankfurt am Main Web: www.caceis.com Tel: +49 69 136 24200 Deutsche Börse Fax: +49 69 405652418 Citi Tel: +49-(0) 69-2 11-0 Mobile: + 49 172 6733034 Fabrice Novel Fax: +49-(0) 69-2 11-1 20 05 Web: [email protected] Securities Country Manager E-mail: [email protected] Deutsche Bank Tel: +33 1 7075 5166 Postal Dieter Bernhard Email: [email protected] address: 60485 Frankfurt am Main, Germany Head of Domestic Markets – Germany Address: Citibank Intl Plc, 1-5 Rue Paul Cezanne, Business Tel: 49 (69) 910 63134 75008 Paris address: Mergenthalerallee 61, 65760 Eschborn, Email: [email protected] Web: www.citigroup.com Germany Address: Floor 12 OG, Alfred-Herrhausen-Allee Deutsche Bank Clearstream Banking Frankfurt – 16-24, Eschborn CBF Jan Treuren HSBC Head of Product & Client Management Web: www.clearstream.com/ci/dispatch/ Christine Lindenschmidt Tel: 33 1 7037 8320 en/kir/ci_nav/6_customers/020_ Head of HSBC Securities Services, Germany contact/010_by_location/20_ Email: [email protected] Tel: + 49 (0) 211 9102 583 frankfurt?displayText=footerIMP Address: 105, rue Réaumur, F-75002 Paris Email: [email protected] Euroclear France Eurex Clearing Address: HSBC Trinkaus & Burkhardt AG, Philippe Bertholle Tel: +49-69-211-0 Konigsallee 21-23, Dusseldorf, D40212, Director Address: Eurex Frankfurt AG | Eurex Clearing Germany Web: www.hsbcnet.com/hss Tel: +33 1 55 34 5546 AG, D- 60485 Frankfurt Email: [email protected] Euroclear KAS Bank Web: www.euroclear.com Contact: Katherine Starks Mark van Weezenbeek RBC Investor Services Tel: 49 69 2980 2880 Director, Head of Sales & Business Development Tel: + 31 20 5575483 Jean-Christophe de Coninck Email: [email protected] Email: [email protected] Head, Sales & CRM Address: Börsenplatz 5, 60313 Frankfurt-am- Address: Biebricher Allee 2, 65187 Wiesbaden Tel: 33 1 7037 8320 Main, Germany Web: www.kasbank.com Email: [email protected] Service Providers Address: 105, rue Reaumur, F-75002 Paris SEB BNP Paribas Securities Services Web: www.rbcis.com Renate Wenner Gerald Noltsch Societe Generale Securities Services Client Relations Depotbank SEB AG Merchant Head of BNP Paribas Securities Services, N.Europe, Banking Custody Services Mathieu MAURIER CEE Tel: +49 69 258-5575 Global Head of Sales and Global Relationship Tel: 49 69 1520 5571 Fax: +49 69 258 5577 Management Email: [email protected] Email: [email protected] Tel: + 33(0)1 41 45 98 65 Address: Zweigniederlassung, Europa-Allee 12, Address: Postfach, 60283 Frankfurt, Ulmenstrasse Email: [email protected] 60327 Frankfurt am Main 30, 60325 Frankfurt/Main Address: SGSS, 189 rue d’Aubervilliers, 75886 Web: www.securities.bnppparibas.com Web: www.seb.se Paris cedex 18, France BNY Mellon Asset Servicing Web: www.sg-securities-services.com Societe Generale Securities Services Juergen Scharfenrth Jochen Meyers Technology Vendors Head of Relationship Management and Business Head of Sales, Germany Linedata Development Germany & CEE Tel: +49 89 3303 34700 Tel: +49 69 12014 1050 Address: 19 rue d’Orléans, 92 523 Neuilly-sur- Email: [email protected] Email: [email protected] seine Cedex, France Address: Societe Generale Securities Services, Address: Messeturm, Friedrich-Ebert-Anlage 49, Tel: +33 (1) 47 77 68 25 SGSS KAG mbH, Apianstraße 5, 85774 60327 Frankfurt am Main, Germany Unterföhring, Germany Web: www.linedata.com Web: www.bnymellonassetserv.com Web: www.sg-securities-services.com MUREX CACEIS Bank Deutschland GmbH Technology Vendors Tel: + 33 1 44053200 Marco Wilms EFiS - Finance Solutions Address: 8 Rue Bellini, 75016, Paris, IDF, France Head of Business Development & Sales Web: www.murex.com Tel: +49 89 5400 1870 Tel: +49 61 03987720 SLIB Fax: +49 89 5400 381870 Address: Am Weiher 3, 63303, Dreieich, Germany Web: www.efis.de Tel: + 33 1 70 36 97 00 Email: [email protected] Address: 10/12 Avenue Winston Churchill, 94677 Address: Lilienthalallee 34-36, D-80939 Munich; INTERCOPE Germany Charenton-le-Pont Cedex, France Tel: +49 40 514520 Web: www.caceis.com Email: mailto:[email protected] Address: Himmelstrasse 12-16, 22299, Hamburg, Web: www.slib.com Citi Global Markets Deutschland AG Germany

42 International Securities Services Web: www.intercope.com Web: www.citigroup.com Web: www.arion.is pdv Financial Software GmbH Eurobank Ergasias S.A. Glitnir (Formerly Islandsbanki) Tel: + 49 40 69213283 Web:www.eurobank.gr Sigridur Maria Torfadottir Address: Dorotheenstr. 64, 22301, Hamburg, Relationship Manger, Treasury Eurobank Germany Tel: Sími: +354 440 4666, GSM: + 354 844 Web: www.pdv-fs.de Dimitri Vassiliou 4666 Manager - Head of Sales & Relationship Management Fax: +354 440 4660 SOFTWARE AG Tel: +302103523384 Email: [email protected] Tel: + 49 61 51920 Fax: +302103523650 Address: Kirkjusandi 2 - 155 Reykjavík, Iceland Address: Uhlandstrasse 12, 64297, Darmstadt, Email: [email protected] Web: www.glitnir.is Germany Address: 8 Iolkou & Filikis Etairias Street Web: www.softwareag.com Web: www.eurobank.gr Landsbankinn hf Arna H. Palsdottir Swissrisk Financial Systems GmbH Geniki Bank Securities Services Relationship Management Tel: + 49 69 509520 Anna Fakiola Tel: +354 410 7986 Address: Holzhausenstr. 44, 60322, Frankfurt am Head of Sales and Relationship Manager Fax: (354) 410 3002 Main, Germany Tel: 00302106976074 Email: [email protected] Web: www.swissrisk.com Fax: 00302106976080 or [email protected] Email: [email protected] SYRACOM AG Address: NBI hf., Custody Services, Main floor, Address: 16, Laodikeias & 1-3 Nymfaiou Athens Thorvaldsenstraeti 4, IS-155 Reykjavik Tel: + 49 6122 91760 115 28 Greece Iceland Address: Otto-von-Guericke-Ring 15, Wiesbaden, Web: www.geniki.gr Web: www.landsbankinn.is 65205, Hessen, Germany HSBC Web: www.SYRACOM.com ireland John Avgeris Van den berg AG Client Relationship Manager LCH.Clearnet Ltd Tel: +492406954520 Tel: 30 210 696 1529 Web: www.lchclearnet.com Address: Im Strasser Feld, 352134, Herzogenrath, Fax: 30 210 692 9336 Germany Email: [email protected] SIX x-clear Web: www.vdb.de Address: HSBC Securities Services, Greece, 109- Tel: +41 58 399 4311 111, Messoghion Ave, Athens 115 26, Fax: +41 58 499 4311 greece Greece Address: SIX x-clear Ltd, Brandschenkestrasse 47, Athens Exchange Web: www.hsbcnet.com P.O. Box 1758, CH-8021 Zurich Web: www.six-securities-services.com/en/ Millenium Bank Information Services: [email protected] home.html Web: www.ase.gr/default_en.asp George Katsoulis Service Providers HELEX SA Head of Custody Tel: 30 210 955 7028 Bank of Ireland Securities Services Web: www.helex.gr/web/guest/home Email: [email protected] Fearghal Woods Bank of Greece Address: 182, Syggrou Avenue, Kallithea 17671 Director -Head of Business Development Address: 21 E. Venizelos Avenue, GR 102 50 National Bank of Greece SA Tel: +353 1 673 7512 Athens Stefanos Tefos Email: [email protected] Tel: +30 210 320 1111 Assistant Director, Head of Custody Relations Address: New Century House, Mayor Street Telefax: +30 210 323 2239 , +30 210 323 2816 Tel: +30 210 947 7755 Lower, IFSC, Dublin 1, Ireland Telex: 215752BNGR GR Email: [email protected] Web: www.boiss.com Telegrams: BANGRECE Address: 330 El.Venizelou Ave., Europa Plaza BNP Paribas Securities Services Reuters Building, 176 75 Kallithea-Athens Lilias Martin Monitor: BOG/GOLD2, BOG/GOLD3, Web: www.nbg.gr BOGFIXING Head of external communications Swift code: BNGRGRAA. Technology Vendors Tel: +33 1 57 43 83 36 Email: [email protected] Service Providers PROFILE S.A. Web: www.bnpparibas.com Address: 199, Syngrou Avenue, 171 21, Athens, Bank of Cyprus Citi Greece Koufaki Vasiliki Tel: + 30 210 9301200 Peter Stewart Head of Custody Web: www.profilesystems.eu Senior Market Specialist Tel: 30 210 7765200 Tel: +44 207 500 2959 Email: [email protected] iceland Email: [email protected] Address: Fidippidou str.26, 11527 Athens, Greece Address: Citi Centre, Canary Wharf, London E14 Web: www.bankofcyprus.gr NASDAQ OMX Iceland hf. 5LB BNP Paribas Securities Services Tel: +354 525 2800 Web: www.citigroup.com Georgia Farmaki Fax: +354 525 2888 HSBC Email: [email protected] Product Manager Brian McCabe Address: Laugavegi 182, 105 Reykjavik, Iceland Tel: +30 210 746 8528 Head of HSBC Securities Services Ireland Web: www.nasdaqomxnordic.com/bonds/ Fax: +30 210 746 8579 Address: HSBC Securities Services (Ireland) Ltd, iceland Email: [email protected] 1 Grand Canal Square, Grand Canal Address: 94 V.Sofias Avenue & 1 Kerasountos Str. Icelandic Securities Depository Ltd Harbour, Dublin 2, Ireland 115 28 Athens, Greece Web: http://en.vbsi.is/ Tel: + 353 1 635 6738 Web: securities.bnpparibas.com Email: [email protected] Service Providers Citi Web: www.hsbcnet.com/hss Alexia Kazakou Arion Custody Services RBC Investor Services Product Manager Salome Birgisdottir Padraig Kenny Tel: +30 210 32 92 162 Executive Director Managing Director, Ireland Email: [email protected] Tel: 354 528 2829 Tel: 35 3 1613 0400 Address: Citibank Intl Plc Greece Branch, 8 Email: [email protected] Email: [email protected] Othonos street, 10557 Athens Address: Armuli 13, 108 Reykjavik Address: George’s Quay House, 43 Townsend

International Securities Services 43 Street, Dublin 2 Tel: + 33(0)1 41 45 98 65 Simon Shapland Web: www.rbcis.com Email: [email protected] Head, Europe, Sales & Distribution Address: SGSS, 189 rue d’Aubervilliers, 75886 Tel: 352 2605 2667 Societe Generale Securities Services Paris cedex 18, France Email: [email protected] Mathieu MAURIER Address: 14, Porte de France, L-4360 Esch-sur- Global Head of Sales and Global Relationship Technology Vendors Alzette, Luxembourg Management SIA-SSB Group Web: www.rbcis.com Tel: + 33(0)1 41 45 98 65 Email: [email protected] Tel: + 39 02 60844906 Societe Generale Securities Services Address: SGSS, 189 rue d’Aubervilliers, 75886 Address: Via Taramelli, 26, 20124, Milan, Italy Mathieu MAURIER Paris cedex 18, France Web: www.siassb.eu Global Head of Sales and Global Relationship Value Team Management ITALY Tel: + 39 02 83125646 Tel: + 33(0)1 41 45 98 65 Email: [email protected] Monte Titoli Address: Viale Cassala 14/A, 20146, Milan, Italy Web: www.valueteam.com Address: SGSS, 189 rue d’Aubervilliers, 75886 Web: www.montetitoli.it/home/homepage. Paris cedex 18, France en.htm luxembourg Technology Vendors Cassa di Compensazione e Garanzia Bourse de Luxembourg Tel: + 352 26 458255 (CC&G) Address: Power Payments Technologies, 1, Rue Web: www.bancaditalia.it/sispaga/sms/ Société De La Bourse De Luxembourg Jean-Pierre Brasseur, 1258, Luxembourg postrading/cassacomp;internal&action=_ société anonyme Web: www.powerpayments.eu setlanguage.action?LANGUAGE=en Tel: (352) 47 79 36 - 1 Fax: (352) 47 32 98 MALTA LCH.Clearnet Email: [email protected] Web: www.lchclearnet.com Address: 11, av de la porte -neuve, l-2227 MALTA STOCK EXCHANGE plc luxembourg Banca d’Italia Tel: (+356) 21 244 051 Mailing Freephone: (+356) 8007 2287 (between 8am & 4pm) Tel: +39 06 47921 address: B.p. 165, l-2011 luxembourg, www. (+356) 25 696 316 Address: Via Nazionale, 91, 00184 Roma bourse.lu Email: [email protected] Web: www.bancaditalia.it/bancaditalia Client Relationship Management Address: Garrison Chapel,, Castille Place,, Valletta Service Providers (CRM) VLT 1063, Malta BNP Paribas Securities Services Tel: +352 47 79 36 - 529 CSD (Malta) plc Fax: +352 26 26 51 - 269 Allesandro Gioffreda Web: www.borzamalta.com.mt/index. Email: [email protected] Head of BNP Paribas Securities Services, Italy php?option=com_content&view=article Tel: 39 02 7247 4251 LUX CSD &id=61&Itemid=26 Email: [email protected] General business MaltaClear Address: Via Ansperto 5, 20123 Milan Tel: +352-243-32542 Web: www.securities.bnppparibas.com Web: www.centralbankmalta.org/site/ Email: [email protected] domestic_sss.htm Citi Issuance information Marcello Topa Tel: +352-243-27091 Service Providers Securities Country Manager Email: [email protected] HSBC Tel: +39 02 8647 4387 Customer support team Email: [email protected] Tel: +352-243-32820 Pierre Mifsud Address: Milano Fax: +352-243-632820 Manager, Custody Operations Web: www.citigroup.com Email: [email protected] Tel: 356 2597 2295 Email: [email protected] Deutsche Bank The London Stock Exchange Group is establishing a new central securities depositary in Address: 80, Mill Street, Qormi, Malta, Qm03 Danila Bernardi Luxembourg, Web: www.hsbcnet.com Head of Direct Securities Services Italy Tel: 0039 02 4024.2718 Service Providers netherlands Fax: 0039 02 4024.3055 CACEIS Email: [email protected] Euroclear Nederland Olivier Storme Address: [email protected] Contact: Valérie Urbain Head of Business Development Web: www.db.com Tel: 31 20 552 1500 Tel: + 352 47 67 2306 Address: Euroclear NIEC, LCH.Clearnet SA, De Intesa SanPaolo Email: [email protected] Nederlandsche Bank, Herengracht 459- Address: 5, allée Scheffer, L-2520 Luxembourg Mario Recchia 469, 1st floor, 1017 BS Amsterdam, The Web: www.caceis.com Head of Sub-custody and Broker/Dealer Clearing Netherlands Solutions HSBC Tel: +39 02 87943595 Service Providers Email: [email protected] Brenda Petsche ABN AMRO Clearing Address: Piazza della Scala, 6—20121 Milano Head of HSBC Securities Services, Luxembourg Web: www.group.intesasanpaolo.com Tel: + 352 40 4646 455 Geert Vanderbeke Email: [email protected] Head of Sales Europe RBC Investor Services Address: HSBC Securities Services (Luxembourg) Tel: +32 22 211 0481 Stefano Pileri SA, 16 Boulevard D’Avranches, PO Box Email: [email protected]. Director, Sales & Relationship Management 413, L-2014, Luxembourg com Tel: 39 0 233 623 3 45 Web: www.hsbcnet.com/hss Web: www.abnamroclearing.com Email: [email protected] KBL Bank Web: www.nl.abnamro.com Address: Via Vittor Pisani, 26, 20124 Milano George Timmer Web: www.rbcis.com Didier Moens Global Relationship Manager Director, Senior Sales Manager Societe Generale Securities Services Tel: 32 2 429 30 36 Tel: 31 2 05 27 11 45 Email: [email protected] Mathieu Maurier Email: [email protected] Address: PO Box 243, 1000 AE Amsterdam Global Head of Sales and Global Relationship Address: Havenlaan 12, 1080 Brussels, Belgium Management RBC Investor Services BNP Paribas Securities Services

44 International Securities Services Erwin Reyes Web: www.bolsasymercados.es/ing/home.htm Head of BNP Paribars Securities Services, Ne portugal IBERCLEAR Tel: 31 20 550 12 51 Euronext Lisbon Email: [email protected] Web: www.iberclear.es/esp/Contacto.aspx Web: https://europeanequities.nyx.com/ Address: 9, rue du Débarcadére-93500 Pantin Bank of Spain Web: www.securities.bnppparibas.com markets/nyse-euronext/lisbon Address: Banco de España, C/ Alcalá, 48, 28014 Citi Interbolsa Madrid Bob Folmer Interbolsa - Sociedade Gestora de Sistemas de Tel: +(34) 91 338 50 00 Liquidação e de Sistemas Centralizados de Valores Securities Country Manager Service Providers Tel: 31 76 5438259 Mobiliários, S.A. Email: [email protected] Tel: +351 22 615 84 00 Banco Bilbao Vizcaya Argentaria SA Address: Breda Fax: +351 22 610 30 29 Tel: +34 913 74 63 31 Web: www.citigroup.com Fax CVM: +351 22 618 98 26 Email: [email protected] Address: Avenida da Boavista, 3433 - 4100-138 Address: BBVA S.A., C/ De la Fresneda 4, 28050, Deutsche Bank Porto - Portugal Madrid - Spain Jan Treuren Banco de Portugal Website: www.bbvacib.com Head of Product and Client Management Contacts: José Manuel Barcia Tel: 31 20 555 4302 Email: [email protected] Address: R. do Comércio, 148 (1100-150 Lisboa) Head of Institutional Custody Email: [email protected] Tel: +34 91 374 79 59 Address: Herengracht 450-454, Amsterdam 1017 Service Providers Email: [email protected] CA Banco Espírito Santo SA Fernando García Rojo Euroclear Nederland Global Sales & Client Relation Europe Celeste Costa Tel: +34 913 74 83 52 Christian Goossens Senior Vice President Email: [email protected] Director Tel: 00351 21 3508843 Tel: +31 20 552 1532 Email: [email protected] José Luís Morante Email: [email protected] Address: Avenida da Liberdade, 195 – 13rd floor, Client Relation Europe & Investment Funds Address: Herengracht 459-469, 1017 BS 1250-142 Lisboa, Portugal Tel: +34 913 74 68 83 Amsterdam,The Netherlands Web: www.bes.pt Email: [email protected] Web: www.euroclear.com Banco Santander Totta S.A. Citi KAS Bank NV Martinha Costa Rafael Gonzalez-Aller Mark van Weezenbeek Senior Relationship Manager Director of Sales Director, Head of Sales & Business Development Tel: +351 21 370 53 58 Tel: +34 91 538 4238 Tel: + 31 20 5575483 Fax: + 351 21 370 59 13 Email: [email protected] Email: [email protected] Email: [email protected] Web: www.citigroup.com Address: P.O.Box 24001, 1000 DB Amsterdam, The Address: Centro Totta - Rua da Mesquita nº 6, Deutsche Bank Netherlands Piso 2, Torre B, Porta A,1070-238 Lisboa Thomas Steimann Web: www.kasbank.com Web: www.santandertotta.pt Head of Custody Services, Spain norway BNP Paribas Securities Services Tel: 34 91 782 8569 Fabrice Segui Email: [email protected] Address: Paseo de la Castellana, 42 – 3rd floor, Service Providers Head of BNP Paribas Securities Services, Portugal Tel: 351 210 44 2186 28046 Madrid Danske Bank Email: [email protected] RBC Investor Services Spain Tom S.Jensen Address: 9, rue du Débarcadére - 93500 Pantin, Jaime Asian Head of Group Trading and Investment Support France Director, Business Development Spain Tel: 45 45 14 38 50 Web: www.securities.bnppparibas.com Tel: +34 91 360 9900 Email: [email protected] Citi Email: [email protected] Address: Holmens Kanal 2-12, DK-1092 Address: Fernando el Santo, 20, CP-28010 Madrid Copenhagen K, Denmark Giselle Toloi Web: www.rbcis.com Web: www.danskebank.dk Securities Country Manager Tel: 351 21 311 6352 Santander DNB Bank ASA Email: [email protected] Mr. Joaquín Alfaro Garcia Bente I. Hoem Address: Lisbon MD / Head of Custody & Securities Services Head of Products & Network Web: www.citigroup.com Tel: (34) 91 289 10 05 Tel: +47 23268226 Deutsche Bank Email: [email protected] Fax: +47 22482846 Web: www.gruposantander.com Email: [email protected] Jan Treuren Address: Stranden 21, NO-0021 Oslo, Norway Head of Product and Client Management Societe Generale Securities Services Web: www.dnb.no/custody Tel: 31 20 555 4302 Monica Gonzalo Email: [email protected] Nordea Head of Sales, Spain Address: Herengracht 450; 1017 CA Amsterdam, Tel: 34 915 89 36 12 Nina Groth Netherlands Email: [email protected] Head of Sub-custody and Clearing Millennium BCP Address: Société Générale Madrid, SGSS, Tel: 45 3333 6124 International Division - Financial Institutions Cardenal Marcelo Spinola, 8-4. a Planta . Email: [email protected] 28 016 Madrid ESPANA Address: Nordea, P.O.Box 850, 0900 Copenhagen C Group Web: www.nordea.com Tel: + 351 211137420 Email: [email protected] and dint@ sweden SEB millenniumbcp.pt NASDAQ OMX Stockholm Ulf Norén Web: www.millenniumbcp.com Global Head of Sub-Custody, GTS Banks Address: 105 78 Stockholm, Sweden Tel: +47 9342 0380 SPAIN Visiting address: Tullvaktsvägen 15 Email: [email protected] Tel: +46 8 405 60 00 Address: Filipstad Brygge 1, NO-0123 Oslo Bolsas y Mercados Españoles, Fax: +46 8 405 60 01 Web: www.seb.se Holding de Mercados y Sistemas Web: www.nasdaqomx.com/contactus/ Financieros regionaloffices

International Securities Services 45 Euroclear Sweden AB Cinnober Financial Technology AB Michael Elber Head of Global Network Yannic Weber Tel: +46 8 503 047 00 Tel: 46 8 402 90 00 Tel: +41 58 887 4459 Address: Kungsgatan 36, SE-111 35, Stockholm, Email: [email protected] Address: PO Box 191, 101 23 Stockholm, Sweden Sweden Address: P.O. Box 8010 Zurich, Switzerland Web: www.cinnober.com Sveriges Riksbank Web: www.juliusbaer.com Tel: +46 8 787 00 00 ORC Software RBC Fax: +46 8 0821 05 31 Tel: +46 8 506 477 00 Marco Siero Email: [email protected] Address: P.O.BOX 7742, SE-103 95, Stockholm, Managing Director, Switzerland Press Sweden Tel: 41 44 405 97 39 service: +46 8 08 787 02 00 Web: www.orcsoftware.com Postal Email: [email protected] address: SE-103 37 Stockholm CMA Address: Badenerstrasse 567, P.O. Box 101, CH Visiting Tel: + 46 8 56630800 8066 Zürich address: Brunkebergstorg 11 Address: CMA Small Systems AB, Hälsingegatan Web: www.rbcis.com 40, Box 6463, 11382, Stockholm, Sweden Service Providers Six Securities Group Web: www.smallsystems.cma.se Amy H Gutschenritter Citi Neonet Head of Global Client Relations Ola Mjorud Tel: +46 8 454 15 00 Tel: 41 58 399 42 16 Securities Country Manager Address: Kungsgatan 36, Stockholm, Sweden Email: [email protected] Tel: +46 8723 3467 Web: www.neonet.com Address: SIX Securities Services, Fax: +46 611 4843 Brandschenkestrasse 47, CH 8022, Email: [email protected] switzerland Zürich Address: Box 1422, SE-111 84 Stockholm, Sweden SIX SIS Web: www.citigroup.com SIX SIS Peter Hubli Danske Bank Web: www.six-securities-services.com/en/ Head of Customer Relationship Management home.html Tom S Jensen Tel: +41 44 288 45 76 Head of Group Trading and Investment Support SIX Swiss Exchange Fax: +41 44 288 55 76 Tel: 45 45 14 38 50 Tel: +41 58 399 5454 Email: [email protected] Email: [email protected] Fax: +41 58 499 5455 Address: SIX SIS Ltd, Brandschenkestrasse 51, Address: Holmens Kanal 2-12, DK 1092 Address: SIX Swiss Exchange Ltd, Selnaustrasse CH-8022 Zürich Copenhagen K, Denmark 30, Postfach, CH-8021 Zurich, Web: www.six-sis.com DNB Switzerland Societe Generale Securities Services Web: www.six-swiss-exchange.com/index_ Bente I. Hoem Elisabeth Schmidt en.html Head of Products & Network Head of Sales, Switzerland Tel: +47 23268226 Swiss National Bank Tel: +352 22 88 51 1 Fax: +47 22482846 Tel: +41 44 631 31 11 Email: [email protected] Email: [email protected] Fax: +41 44 631 39 11 Address: SGSS, 16, Boulevard Royal, L-2449 Address: Stranden 21, NO-0021 Oslo, Norway S.W.I.F.T: SNBZCHZZ80A Luxembourg, Luxembourg Web: www.dnb.no/custody Email: [email protected] UBS AG Handelsbanken Custody Services Address: Swiss National Bank, Börsenstrasse 15, P. Markus Urben O. Box, Petter Kjellevold Head Global Custody Financial Institutions CH - 8022 Zurich Head of Handelsbanken Custody Services Tel: 41 44 235 35 68 Web: www.snb.ch/en/ Tel: 46 8 701 28 88 Email: [email protected] Fax: 46 8 701 29 90 Service Providers Address: Badenerstrasse 574, P.O.Box, CH-8098 Email: [email protected] Zurich BNP Paribas Securities Services Address: Blasieholmstorg 12, 106 70 Stockholm, Web: www.ubs.com Sweden Neil Collins Web: www.handelsbanken.se Head of Sales & Relationship Management Technology Vendors Nordea Tel: +41 58 212 6320 BBP AG Fax: +41 58 212 6360 Tel: +41 56 2039630 Nina Groth Email: [email protected] Address: Bahnhofstrasse 28, 5401, Baden, Head of Sub-Custody and Clearing Address: Limmatquai 4, P.O. Box 732, CH-8024 Tel: 45 3333 6124 Zurich, Switzerland Switzerland Email: [email protected] Web: www.securities.bnppparibas.com Web: www.bbp.ch Web: www.nordea.com Citi Incentage SEB Louise Krohn Tel: +41 43 3558600 Ulf Noren Securities Country Manager - Switzerland Address: Muelistrasse 18, CH-8320, Fehraltorf, Global Head of Sub-Custody Client Relations Tel: +49 69 1366 1600 Zurich, Switzerland Tel: +4793420380 Email: [email protected] Web: www.incentage.com Email: [email protected] or [email protected] Address: Citi Global Markets AG & Co. KGaA, Perago Address: PO BOX 1843 Vika, Filipstad Brygge 1, Reuterweg 16, 60323 Frankfurt am Main, NO-0123 OSLO, Norway Tel: + 41 41 7509750 Germany Web: www.seb.se Address: Seestrasse 8, CH-6314, Oberaegeri, Web: www.citigroup.com Switzerland Swedbank Custody Credit Suisse Web: www.perago.com Carl-Magnus Brustrom Markus Bhend PROFIDATA AG SERVICES Head of Client Relations Director , Global Execution & Securities Services Tel: +46 8 58 59 36 27 Tel: +41 44 736 47 47 Tel: +41 44 333 6909 Email: [email protected] Address: In Luberzen 40, 8902 Urdorf, Switzerland Email: [email protected] Address: Swedbank AB - Custody E63 - 105 34 Web: www.profidatagroup.com Address: P.O.Box 100, Giesshubelstrasse 30, CH- Stockholm, Sweden 8070 Zurich Sterci SA Web: www.swedbank.com Web: www.credit-suisse.com Tel: + 41 22 7080202 Technology Vendors Julius Baer Address: 33 Rue des Bains, 1205, Geneva,

46 International Securities Services Switzerland HSBC London, SW19 4EA, United Kingdom Web: www.sterci.com Alistair Jones Web: www.acesw.com TEMENOS Head of Custody, Europe Activ Financial Address: HSBC Bank plc, Level 29, 8 Canada Tel: + 41 22 7081150 Tel: +44 203 178 3608 Square, London, E14 5HQ Address: Temenos Headquarters SA, 18 Place Address: 60 Lombard Street, London, EC3V 9EA, Tel: + 44 (0)20 7991 0238 des Philosophes, CH - 1205, Geneva, United Kingdom Email: [email protected] Switzerland Web: www.activfinancial.com Web: www.hsbcnet.com/hss Web: www.temenos.com Advent Carl Andrews united kingdoM Head of HSBC Securities Services, Scotland Tel: +442076319240 Address: HSBC Bank plc, 1-2 Lochside Way, Address: 1 Bedford Ave, London, WC1 3AU, London Stock Exchange Edinburgh Park, Edinburgh, EH12 9DT, United Kingdom Tel: 020 7797 1000 Scotland Web: www.advent.com Address: 10 Paternoster Square London EC4M Tel: + 44 (0) 131 338 2005 Algo Technologies Ltd. Email: [email protected] 7LS Tel: +44 203 301 6399 Web: www.hsbcnet.com/hss Web: www.londonstockexchange.com/home/ Address: Dashwood House, 69 Old Broad Street, homepage.htm Investment Education PLC London, LCH.Clearnet Michael Stern EC2M 1QS Web: www.algotechnologies.com Tel: +44 (0) 20 7426 7000 Chief Executive Address: Aldgate House, 33 Aldgate High Street, Tel: +44 161 832 3800 Allied Testing Fax: +44 161 835 2070 London Address: 36 St.George Street, London, UK W1S Email: [email protected] EC3N 1EA 2FW, United Kingdom Address: Oddfellows House, 40 Fountain St, Web: www.lchclearnet.com Tel: + 44 (0) 20 7529 1479 Manchester M2 2BE Web: www.alliedtesting.com Computershare Investor Services Web: www.InvestmentEducation.net Plc BI-SAM Ltd J.P.Morgan Tel: 44 (0) 870 889 3105 Tel: + 44 203 0085830 Francis Jackson Address: The Registrar, Computershare Investor Address: 1 Cornhill, London, EC3V 3ND, United Services PLC, The Pavilions, Bridgwater Managing Director Tel: +44 (0) 207 7325 3742 Kingdom Road, BRISTOL BS99 6ZZ, United Web: www.bi-sam.com Kingdom Email: [email protected] Address: 60 Victoria Embankment, Floor 4, Bloomberg EMSX Euroclear UK & Ireland Limited London, EC4Y 0JP Tel: +44 207 3307500 Contact: John Trundle Web: www.jpmorgan.com Address: London, United Kingdom Tel: 44 20 7849 0000 KAS Bank Web: www.bloomberg.com/enterprise/ Address: 33 Cannon Street, London EC4M 5SB, Mark van Weezenbeek trading_solutions/ United Kingdom Business Development Manager Bloomberg Tradebook Service Providers Tel: + 31 20 5575483 Tel: +44 207 3307099 Email: [email protected] Bank of America Merrill Lynch Address: London, United Kingdom Address: 10 Old Broad Street, London EC2N 1AA, Web: www.bloombergtradebook.com EMEA United Kingdom Rita Cordes Web: www.kasbank.com Bonaire – A Broadridge Company Bank of America RBC Gary Liley Tel: +44(0)2079951282 Bonaire UK Limited Address: RBC Investor & Treasury Services, Mail Code: 473-808-03-01 Sales Director Riverbank House - 2 Swan Lane, London, Address: Mlfc Main, 2 King Edward St, London, Tel: 00-44-207-763-6102 UK EC4R 3AF, United Kingdom Ec1a 1Hq, United Kingdom Email: [email protected] Web: www.rbcits.com BBVA Address: 1 Royal Exchange Avenue, London, Societe Generale Securities Services EC3V 3LT Sergio Ricardo Liporace Gullo Tel: 44-2033-793-980 Andrew Duffin Bravura Solutions Senior Sales and Global Relationship Management Email: [email protected] Tel: +44 207 9973000 Executive Address: 4th Floor, One New Change, London, Address: Austin Friars House, 2 - 6 Austin Friars, Tel: 44 (0) 207 762 4064 EC4M 9AF London, EC2N 2HD, United Kingdom Email: [email protected] Web: www.bravurasolutions.com BNP Paribas Securities Services Address: Societe Generale - 3rd Floor- 5 Jason Nabi Devonshire Square, Cutlers Gardens, Broadridge Financial Solutions Coverage - Financial Institutions London EC2M 4YD, UK Tel: +44 207 5513000 Tel: +44 207 595 1640 Technology Vendors Address: The ISIS Building, 193 Marsh Wall, Email: [email protected] London, E14 9SG, United Kingdom Address: 55 Moorgate, London EC2R 6PA AboveNet Web: www.broadridge.com Web: www.securities.bnppparibas.com Tel: + 44 20 72203800 BT BNY Mellon Address: Brandon House, 180 Borough High Street, London, SE1 1LW, United Tel: +44 77 75768172 Avere Hill Kingdom Address: 81 Newgate Street, London, EC1A 7AJ, Managing Director Web: www.abovenet.co.uk United Kingdom Tel: +44 207 964 6105 Web: www.bt.com/globalservices Email: [email protected] Accuity Web: www.bankofny.com Tel: + 44 20 70143480 Burns Statistics Citi Address: 1 Quality Court, Chancery Lane, Tel: +44 (0)20 8525 0696 London, WC2 1HR, United Kingdom Address: 4-b Jodrell Road, London, E32LA, Richard Barber Web: www.AccuitySolutions.com United Kingdom Director of Sales Web: www.burns-stat.com Tel: +44 207 500 5462 Ace Software Solutions Email: [email protected] Tel: + 44 208 9719550 C24 Technologies Web: www.citigroup.com Address: 53 St George’s Road, Wimbledon, Tel: +44 20 7117 0024

International Securities Services 47 Address: Marc House, 13-14 Great St Thomas Tel: + 44 20 72209700 Address: PO Box 242, Reading, RG6 6BA, United Apostle, London, EC4V 2BB, United Address: 21 New Street, Bishopsgate, London, Kingdom Kingdom EC2M 4TP, United Kingdom Interactive Data Corporation Web: www.c24.biz Web: www.earthport.com Tel: +44 (0)20 7825 8000 Cadis ERi Banking Software Address: Fitzroy House, 13-17 Epworth Street, Tel: +44 207 0338888 Tel: + 44 20 79874859 London EC2A 4DL, United Kingdom Address: 1st Floor Charlotte House, 47 - 49 Address: Exchange Tower, Building 1 Suite 6.01, Web: www.interactivedata.com Charlotte Road, London, EC2A 3QT, Harbour Exchange Square, London, E14 Kurtosys United Kingdom 9GE, UNITED KINGDOM Web: www.cadisedm.com Web: www.eri.ch and www.olympic.ch Tel: +44 (0)20 8605 9770 Address: Tuition House, 27-37 St Georges Road, Calastone euNetworks Fiber UK Ltd London SW19 4EU, United Kingdom Tel: +44 207 3675920 Tel: +44 20 7952 1300 Web: www.kurtosys.com Address: King’s House, 36-37 King Street, London Address: 15 Worship Street, London EC2A 2DT, Logica EC2V 8BB, United Kingdom United Kingdom Web: www.calastone.com Web: www.eunetworks.com Tel: +44 20 74464141 Address: 250 Brook Drive, Green Park, Reading, CashFac Exponential-e Limited RG2 6UA, United Kingdom Tel: +44 20 79200617 Tel: +44 (0) 845 230 6001 Web: www.logica.com Address: 14 Austin Friars, London, EC2N 2HE, Address: Central House, 25 Camperdown Street, Lombard Risk United Kingdom London, E1 8DZ, United Kingdom Tel: +44 (0)20 7384 5000 Charles River Development, Ltd. Web: www.finance.exponential-e.com Address: 21st Floor, Empress State Building, Tel: + 44 207 3976800 Factbook Lillie Road, London, SW6 1TR, United Address: Sixth Floor, 6 Devonshire Square, Tel: +44 20 7036 0309 Kingdom London, EC2M 4YE, United Kingdom Address: London City Office, 5, St Helen’s Place, Web: www.lombardrisk.com Web: www.crd.com London, EC3A 6AU, United Kingdom Manifest City Networks Web: www.factbook.co.uk Tel: +44 (0)1376 503500 Tel: +44 20 76281260 Fidessa Address: 9 Freebournes Court, Newland Street, Address: 386 Salisbury House, London Wall, Tel: +44 (0) 20 7105 1000 Witham, CM82BL, United Kingdom London, EC2M5UP, United Kingdom Address: One Old Jewry, London, EC2R 8DN, Web: www.manifest.co.uk Web: www.citynetworks.co.uk United Kingdom Microgen plc CLS Web: www.fidessa.com Tel: + 44 20 7496 8100 Tel: +44 20 79715700 Financial Tradeware Address: Old Change House, 128 Queen Victoria Address: Exchange Tower, One Harbour Exchange Tel: +44 (0)20 7493 2773 Street, London, EC4V 4BJ, United Square, London, E14 9GE, United Address: 31 Dover Street, London, W1S4ND, Kingdom Kingdom United Kingdom Web: www.microgen.com Web: www.cls-group.com Web: www.f-tradeware.com Milestone Group Corero Fingertip Developments Tel: +44 20 7019 7190 Tel: +44 (0) 207 392 1300 Tel: +44 (0)20 7100 9280 Address: 68 Upper Thames Street, Vintners’ Place, Address: 17 - 29 Sun Street, London, United Address: 7 Curtain Road, London, EC2A 3LT, London EC4V 3BJ, United Kingdom Kingdom, EC2M 2PT United Kingdom Web: www.milestonegroup.com.au Web: www.corero.com Web: www.fingertip-developments.com Corvil Misys Fixnetix Tel: +44 207 1531954 Tel: +44 20 33205000 Tel: +44 (0) 203 008 8990 Address: 15th Floor, City Point, 1 Ropemaker Address: One Kingdom Street, Paddington, Address: Headquarters, 33 Grosvenor Place, Street, London, EC2Y 9HT, United London, W2 6BL London SW1X 7HY, United Kingdom Kingdom Web: www.misys.com Web: www.fixnetix.com Web: www.corvil.com MoneyMate GATElab CQG Tel: +353 1 671 6911 Tel: +44 (0)20 3178 4726 Tel: +44 207 8278270 Address: Trinity Technology & Enterprise Address: Head Office, 9 Devonshire Square, Address: 21 St. Thomas Street, London, SE1 9RY, Campus, Pearse Street, Dublin 2, Ireland, London EC2M 4YF, United Kingdom United Kingdom United Kingdom Web: www.gatelab.com Web: www.cqg.com Web: www.moneymate.com GL Trade Dow Jones Netik Tel: +44 207 665 620 Address: Commodity Quay, East Smithfield, Tel: +44 (0)20 7293 8400 Address: Cheapside House, 134-147 Cheapside, London, E1W 1AZ, United Kingdom Address: Broken Wharf House, 2 Broken Wharf, London, EC2V 6BJ, United Kingdom Web: www.fis.dowjones.com/products/risk. High Timber Street, London EC4V 3DT, Web: www.gltrade.com html United Kingdom Web: www.netik.com DST Global Solutions Gresham Computing Plc Odyssey Tel: +44 207 6281234 Tel: + 44 20 76530200 Address: 4th Floor, 17 Dominion Street, London, Address: 28 Queen Street, EC4R 1BB, London, Tel: +44 (0)20 7621 5800 EC2M 2EF, United Kingdom United Kingdom Address: Martin House 5, Martin Lane, London, Web: www.dstglobalsolutions.com Web: www.gresham-computing.com EC4R ODP, United Kingdom Web: www.odyssey-group.com Eagle Investment Systems Horizon Software UK Ltd. Tel: +44 (0)20 7163 5700 Tel: +44 (0)207 831 2279 Omgeo Address: The Bank of New York Mellon Financial Address: 3 Dyers Buildings, London, EC1N2JT, Tel: 44.20.3116.2424 Centre, 160 Queen Victoria St, London, United Kingdom Address: Aldgate House, 33 Aldgate High Street, EC4V 4LA, United Kingdom Web: www.hsoftware.com London EC3N 1DL, United Kingdom Web: www.eagleinvsys.com ICMA Centre Web: www.omgeo.com Earthport plc Tel: +44 (0)118 378 8239 Patsystems

48 International Securities Services Tel: +44 (0)20 7940 0490 Web: www.synergy-fs.com Address: Riverside House, 2A Southwark Bridge bulgaria TAG Road, London, SE1 9HA, United Central Depository AD Kingdom Tel: +44 (0)20 7788 7438 Mariana Bogdanova Web: www.patsystems.com Address: 26 York Street, London, W1U 6PZ, United Kingdom Tel: + 359 2 939 19 89 Peter Evans Web: www.tagaudit.com Email: [email protected] Tel: +44 (0)29 20402200 Web: http://193.22.248.196/EN_site/index. Tbricks Address: New Broad Street House, 35 New Broad php?menu=home Street, London, EC2M 1NH, United Tel: +44 (0) 20 709 789 77 Bulgarian National Bank (BNB) Kingdom Address: Citypoint, 1 Ropemaker Street, EC2Y Tel: (+3592) 91459 (Switchboard) Web: www.peterevans.com 9HT, London, United Kingdom Telefax: (+3592) 980-24-25; (+3592) 980-64-93 Web: www.tbricks.com QuantHouse EUROPE/ASIA S.W.I.F.T.: BNBGBGSF Tel: +44 (0) 203 107 1676 Trace Financial Reuters: BNBB Address: 10 Foster Lane, London, EC2V 6HR, Tel: + 44 20 78251000 Email: [email protected] United Kingdom Address: 224-232 St John Street, London, EC1V Address: 1, Knyaz Alexander І Sq., 1000 Sofia, Web: www.quanthouse.com 4QR, United Kingdom Bulgaria Web: www.tracefinancial.com BNB Cash Centre Address: 10, Mihail Quod Financial HQ Tenev Str., Poligona, 1784 Sofia, Bulgaria Tel: +44 20 7997 7020 VocaLink Service Providers Address: 45 Moorfields, Moorgate, London EC2Y Tel: + 44 158 2813204 9AE, United Kingdom Address: Drake House, Three Rivers Court, CITI Web: www.quodfinancial.com Homestead Rd, Rickmansworth, Yavor Dojdevski Rapid Addition Limited Hertfordshire, WD3 1FX, United AD, Head of Securities Services and Financial Kingdom Institutions Tel: +44 20 7993 9906 Web: www.vocalink.com Tel: + 359 2 917 6581 Address: International House, 1-6 Yarmouth Place, Address: 49B Bulgaria Blvd, Entr. A, floor 7, 1404 Volante Technologies London W1J 7BU, United Kingdom Sofia, Bulgaria Web: www.rapidaddition.com Tel: +44 (0)20 3178 2970 Web: www.ing.bg Reliance Global Address: 9 Devonshire Square, London, EC2M 4YF, United Kingdom Eurobank Bulgaria Tel: +44 (0) 208 636 1700 Daniela Georgieva World-Check Address: Units 1 & 2, Great West Plaza, Riverbank Head of Custody department Way, Brentford, Middlesex, TW8 9RE, Tel: + 44 20 76478500 Tel: +359 2 8166238 United Kingdom Address: 39 Dover Street, W1S 4NN, London, Fax: +359 2 9888131 Web: www.relianceglobalcom.com United Kingdom Email: [email protected] Web: www.world-check.com S1 Enterprise Raiffeisenbank Bulgaria EAD Tel: + 44 19 32574700 XSP Bettina Janoschek Address: Culverdon House, Abbots Way, Chertsey, Tel: + 44 20 79592400 Head of GSS Sales & Relationship Management KT1L 9LE, United Kingdom Address: 68 King William Street, London, EC4N Tel: +43 1 717 0 7 1820 Web: www.s1enterprise.com 7DZ, United Kingdom Email: [email protected] Sectech Web: www.xsp.com Address: 1030 Vienna, Am Stadtpark 9, Austria Tel: +44 (0) 20 8289 8174 Radoslav Ivanov Address: 204-206 High Street, Bromley, Kent, BR1 Head of GSS Bulgaria Sales & Relationship 1PW, United Kingdom Central and Eastern Europe Management Web: www.sectech.com bosnia herzegovina Tel: +359 2 94 34 407 Simcorp Email: [email protected] Address: Sofia 1504, Str. Gogol 18-20 Tel: +44 (0)20 7260 1900 Service Providers Societe Generale Securities Services Address: 100 Wood Street, London, EC2V 7AN, Raiffeisen BANK d.d. United Kingdom Nikolay Nikolov Bettina Janoschek Web: www.simcorp.com Head of Domestic & Cross-Border Operations Head of GSS Sales & Relationship Management Tel: 359 52 686 281 Singularity Tel: +43 1 717 0 7 1820 Email: [email protected] Tel: +44 (0)20 7826 4470 Email: [email protected] Address: 4th Floor, 101 Moorgate, London, EC2M Address: 1030 Vienna, Am Stadtpark 9, Austria UniCredit 6SL, United Kingdom Veselin Stefanov Boris Miskic Web: www.singularity.co.uk Head of Global Securities Services GSS Bosnia Sales & Relationship Management Tel: +359 2 923 2818 SmartStream Tel: +387-33-287-778 Fax: +359 2 923 2501 Email: [email protected] Tel: + 44 20 78980600 Email: [email protected] Address: St Helen’s, 1 Undershaft, London, EC3A Address: Zmaja od Bosne bb, 71000 Sarajevo United Bulgarian Bank 8EE, United Kingdom Unicredit Web: www.smartstream-stp.com Vanya Mladjeva Lejla Sabljica Securities Broker, Investment Banking Division StatPro Ltd. Head of Global Securities Services Bosnia Tel: 359 2 811 3751 Tel: +44 20 8410 9876 Tel: +387 33 491 777 Email: [email protected] Address: StatPro House, 81-87 Hartfield Road, Fax: +387 33 491 823 Wimbledon, London SW19 3TJ, United Email: [email protected] croatia Kingdom Vojvodjanska banka a.d. Novi Sad Web: www.statpro.com SKDD d.d, the Central Depository & Tel: +381 21 4886 705, 4886-715, 4886-710 Clearing Company Inc Synergy Financial Systems Fax: +381 21 613 283 Address: Heinzelova 62a, p.p. 409, 10002 ZAGREB Tel: + 44 115 9677990 Email: [email protected] Address: Synergy House, Highfields Science Park, or [email protected] Secretariat University Boulevard, Nottingham, NG7 Address: Custody Manager Department, Trg Tel: (+385) 01 4607 330 2RF, United Kingdom slobode 7, 21000 Novi Sad, Serbia Fax: (+385) 01 4677 696

International Securities Services 49 Email: [email protected] Richard Baran Ulf Norén Web: www.skdd.hr/ Head of the Custody Department Global Head of Sub-Custody Client Relations Tel: +420 224 995 950 Tel: 47-22-827078 Croatian National Bank Email: [email protected] Fax: 47-22-827171 Tel: + 385 1 45 64 555 Email: [email protected] Citi Fax: + 385 1 45 50 726 Address: Filipstad Brygge 1, PO BOX 1843 Vika, SWIFT: NBHRHR2X Jaromir Javurek NO-0123 OSLO, Norway Address: Trg hrvatskih velikana 3, 10002 Zagreb, Head of Securities Services Web: www.seb.ee Croatia Tel: +420 257 474 343 Web: www.hnb.hr/eindex.htm Fax: +420 257 474 421 Swedbank Address: Nadrazni 25, 150 00 Prague 5, Czech Tiina Norberg Service Providers Republic Head of Securities Services Erste & Steiermärkische Bank dd Web: www.ing.cz Tel: +372 613 1809 Fax: +372 613 1822 Anamarija Smolic CSOB Email: [email protected] Head of Custody Services Radovan Tlamsa Tel: +385 62 37 1344 Address: Liivalaia 10, Tallinn 15040 ESTONIA Tel: +420 261 359 131 Web: www.swedbank.ee Fax: +385 62 37 1905 Email: [email protected] Email: [email protected] Web: www.csob.cz hungary Raiffeisenbank Austria d.d. Deutsche Bank Budapest Stock Exchange (BSE) Bettina Janoschek Ales Polasek Tel: +36-1-429-6700 Head of GSS Sales & Relationship Management Head of Direct Securities Services Czech Republic Info line: +36-1-429-685 Tel: +43 1 717 0 7 1820 Tel: +420 221 191 351 +36-40-233-333 Email: [email protected] Fax: +420 221 191 353 Fax: +36-1-429-6800 Address: 1030 Vienna, Am Stadtpark 9, Austria Email: [email protected] E-mail: [email protected] Web: www.tss.db.com Ana Jaklin Address: H - 1364 Budapest, Pf. 24. Head of GSS Croatia Sales & Relationship Raiffeisenbank a.s. Management KELER Ltd. RBI offers Securities Services covering 15 markets Tel: +385 1 6174 137 Mr. György Dudás in the CEE region. RBI acts as local expert on behalf Email: [email protected] Chief Executive Officer of its clients in the domestic markets supported by a Address: Magazinska 69, 10 000 Zagreb, Croatia Tel: (+36-1) 483-6116 central regional set-up. The long-term commitment Email: [email protected] Societe Generale Securities Services to the business, sustainable client relationships and Web: www.keler.hu Marina Šonje Tomorad client satisfaction are the Group’s prime objectives. Sales Manager Bettina Janoschek National Bank of Hungary (NBH) Tel: +385 1 6327 986 Head of GSS Sales & Relationship Management Magyar Nemzeti Bank (the central bank of Fax: +385 21 433 294 Tel: +43 1 717 0 7 1820 Hungary) Email: [email protected] Email: [email protected] 1054 Szabadság tér 8/9 Web: www.sg-securities-services.com Address: 1030 Vienna, Am Stadtpark 9, Austria Tel: +36 1 428-2600 Zagrebacka Banka d.d. (unicredit) Vit Cermak Telefax: +36 1 429-8000 Head of GSS Czech Republic General information: +36 1 428-2752 Snjezana Bruncic Address: 1850 Budapest Head of Relationship Management Tel: +420 234 40-1481 Tel: +385 1 6305 400 Email: [email protected] Meeting with investors and analysts Email: [email protected]. Address: Hvězdova 1716/2b, 140 78 Praha 4 Email: [email protected] hr Societe Generale Securities Services Web: http://english.mnb.hu/Root/ENMNB/ Monetaris_politika/market-information/ Web: www.zaba.hr Mathieu Maurier organising-meetings-with-investors-and- Global Head of Sales and Global Relationship analysts czech republic Management Central Securities Depository Tel: + 33(0)1 41 45 98 65 Communications Department Prague Email: [email protected] Tel: +36 1 428-2751 Telefax: +36 1 429-8000 Rybna 14, 110 05 Praha 1e-mail: [email protected] UniCredit Email: [email protected] data box: 9ffs4yk Michal Stuchlik Information for securities owners (legacy, coupon Head of Global Securities Services - Czech Republic Service Providers Tel: +420 955 960 780 books, etc.): BNP Paribas Securities Services Tel: +420 221 832 175, Email: [email protected] Theofilos Mitsakos +420 221 832 416, +420 221 832 162, Web: www.unicreditgroup.cz General Manager +420 221 832 177 estonia Tel: +36 1 374 61 61 Information for shareholders: Fax: +36 1 302 09 16 Tel: +420 221 832 182, +420 221 832 234, NASDAQ OMX Tallinn Email: [email protected] +420 221 832 236, +420 221 832 237 Information about registry services Address: Roosevelt ter 7/8, H-1051 Budapest, CEO office: +420 221 832 803 Tel: +372 640 8840 Hungary Burza cennych papiru system, the Fax: +372 640 8801 Web: www.securities.bnpparibas.com CNB’s cash Clearing Centre Email: [email protected] Citi Web: www.e-Register.ee Telephone numbers: Hajnalka Bor Switchboard: +420 221 831 111 Head of Securities Services Information about CSD services Secretariat: +420 221 832 204 Tel: + 36 1 235 8764 Tel: +372 640 8870 Trading Dept: +420 221 832 146 Fax: + 36 1 235 8798 Fax: +372 640 8801 Email: [email protected] / marketdataservices@ Email: [email protected] Email: [email protected] ceeseg.com Address: H-1068 Budapest, Dózsa György út Web: www.e-register.ee Address: Prague Stock Exchange, Rybna 14, 84/b., Hungary Address: Tartu mnt 2, Tallinn 10145, Estonia Prague 1, 110 05 Web: www.ing.hu Service Providers Service Providers Deutsche Bank Ceska Sporitelna AS SEB Katalin Bota

50 International Securities Services Head of Product & Client Management The Central Securities Depository of Bank Pekao is among Poland’s leading securities Tel: +36 1 301 3774 Lithuania (CSDL) services providers in terms of assets under custody. Email: [email protected] Tel: +370 5 263 85 10 It is the most experienced local custodian, chosen Web: www.tss.db.com Fax: +370 5 272 16 76 equally by international and domestic clients. As a clearing agent for the remote members of Warsaw Erste Bank Hungary Address: Lvovo g.25, LT-09320 Vilnius, Lithuania Stock Exchange the Bank offers cash and derivatives Magdolna Nagy Settlement Centre of the Bank of clearing and securities lending and is an active Head of Custody Services Lithuania participant in the Polish Custodian Banks Council. Tel: 36 1 235 5812 Tel: +370 5 268 0029 Mariusz Piekos Email: [email protected] Fax: +370 5 268 0038, 212 1501 Director of Foreign Clients Office Address: Nepfurdo u. 24-26, Budapest, Hungary Email: [email protected] Tel: +48 22 524 5852 H-1138 Address: Totoriu str. 4, 01121 Vilnius Web: www.erstebank.hu Fax: +48 22 535 7714 Communications Department Email: [email protected] KBC Securities Services Tel: +370 5 268 0071, 268 0074 Address: Bank Pekao SA, Head Office Lipowy Daniel Kormoczi Fax: +370 5 268 0863 Office Park ul.Zwirki i Wigury 31 02-091 Vice President Email: [email protected] Warsaw, Poland Tel: +361 483-4051 Service Providers Web: www.pekao.com.pl Fax: +361 483-4001 Bre Bank S.A. Email: [email protected] SEB Address: 1051 Budapest Roosevelt ter 7/8. Gintautas Girzadas Agnieszka Sowinska Web: www.khb.hu Tel: 70 5 268 1469 Vice Director Tel: +48 22 829 04 06 Raiffeisen Bank Zrt. Email: [email protected] Web: www.seb.lt Email: [email protected] Bettina Janoschek Address: 21 Marynarska Str., 02-674 Warsaw Head of GSS Sales & Relationship Management Swedbank Web: www.brebank.pl Tel: +43 1 717 0 7 1820 Tiina Norberg Citi Email: [email protected] Head of Securities Services Address: 1030 Vienna, Am Stadtpark 9, Austria Tel: +372 613 1809 Artur Binkiewicz Securities Country Manager Babett Pavlics Fax: +372 613 1822 Email: [email protected] Tel: +48 22 657 7600 Head of GSS Hungary Email:a [email protected] Tel: +36-1-484-4395 Address: Liivalaia 10, Tallinn 15040 ESTONIA Web: www.swedbank.ee Address: Warsaw Email: [email protected] Web: www.citigroup.com Address: 1054 Budapest, Akadémia u. 6 poland Deutsche Bank UniCredit Warsaw Stock Exchange Piotr Zaczek Lívia Mészáros Head of Direct Securities Services Deputy Head of Gss, Senior Relationship Manager Książęca 4 Tel: 48 (22) 579 9280 Tel: +36 1 301 1921 00-498 Warsaw Email: [email protected] Fax: +36 1 475 3043 Tel: (4822) 628 32 32 Address: UL.Armii Ludowej 26, 00-609 Warsaw Email: [email protected] Fax: (4822) 628 17 54 Web: www.tss.db.com Address: H-1054 Budapest, Szabadság tér 5-6. Email: [email protected] Web: www.unicreditbank.hu Public Relations Euroclear Bank Branch Office Office: (48 22) 537 74 71 Tel: 48 12 3639 710 latvia Web: www.gpw.pl/root_en Contact: Geert Desmedt KDPW Address: Poland (Spółka Akcyjna), Ul. Puszkarska Latvijas Centralais Depozitarijs (LCD) 7H, 30-644 Krakow, Poland Web: www.nasdaqomxbaltic.com/lv/csds/ Katarzyna Borkowska Director KBC Securities Services Bank of Latvia (BOL) Tel: (+48 22) 537 93 15 Konrad Makowiecki Web: www.bank.lv/en/ Fax: (+48 22) 627 31 14 Vice President Securities Services Email: [email protected] Tel: 48 22 581 0884 NASDAQ OMX Web: www.kdpw.com.pl Email: [email protected] Web: www.nasdaqomx.com/contactus/ National Bank of Poland (NBP) Address: Chmielna 85/87, 00-805 Warsaw regionaloffices Web: www.kbcsecurities.pl Tel: +48 22 653 10 00 Service Providers Fax: +48 22 620 85 18 Raiffeisen Bank Polska S.A. SEB Address: 00-919 Warszawa, ul. Świętokrzyska Bettina Janoschek 11/21 Andis Artmanis Head of GSS Sales & Relationship Management Head of Custody Services Latvia Krajowa Izba Rozliczeniowa (KIR) Tel: +43 1 717 0 7 1820 Tel: +371 – 67 21 57 33 Email: [email protected] The Management Board Secretary’s Office Address: 1030 Vienna, Am Stadtpark 9, Austria Fax: +371 – 67 77 98 09 Tel: + 48 (22) 545-55-09 Email: [email protected] Fax: +48 (22) 545-55-99 Societe Generale Securities Services Address: Unicentrs, Valdlauci, Kekavas Pag, Rigas Email: [email protected] Marek Rudnik raj., LV-1076, Latvia Address: Krajowa Izba Rozliczeniowa S.A., 02-781 Head of Custody Sales, Poland Web: www.seb.lv Warszawa, ul. rtm. W. Pileckiego 65 Tel: 48 22 528 42 81 Email: [email protected] Swedbank Service Providers Tiina Norberg Address: Société Générale, Saski Point, ul. Bank Millennium SA Head of Securities Services Marszalkowska 111 00-102 Warsaw, Tel: +372 613 1809 Janusz Brzeziński POLAND Fax: +372 613 1822 Head of Custody Department Web: www.sg-securities-services.com Email: [email protected] Tel: 4822 5983387 Address: Liivalaia 10, Tallinn 15040 ESTONIA Email: janusz.brzeziń[email protected] romania Address: UI.Żaryna 2a, 02-593, Warsaw Web: www.swedbank.ee DEPOZITARUL CENTRAL S.A. Web: ww.bankmillennium.pl lithuania Informatii generale: Bank Pekao Unicredit Tel: (021) 408.58.00

International Securities Services 51 Informatii Detinatori de instrumente financiare: Tel: +43 1 717 0 7 1820 Ulf Norén Tel: (021) 408.58.60; (021) 408.58.40; Email: [email protected] Global Head of Sub-Custody GTS Banks (021) 408.58.66; (021) 408.58.19 Address: 1030 Vienna, Am Stadtpark 9, Austria Tel: +47 9342 0380 Address: Bulevardul Carol I nr 34 - 36, etajele Email: [email protected] 3,8 si 9, sector 2, cod postal 020922, Andrei Mezdrea Address: Filipstad Brygge 1, NO-0123 Oslo, Bucuresti Head of GSS Romania Norway Tel: +40 21 306 12 89 Web: www.sebbank.ru Bucharest Stock Exchange Email: [email protected] Tel: +40 (21) 307 95 00 Address: 246D Calea Floreasca, 014476, Bucharest Societe Generale Securities Services Fax: +40 (21) 307 95 19 1, Romania Anatoly Matukhin Email: [email protected] Societe Generale Securities Services Deputy Head of Rosbank Securities Services Address: Bulevardul Carol, Nr34 – 36, etaj 14, Tel: +7 495 440 78 92 Sector 2, cod postal 020922 , Bucuresti, Mathieu Maurier Fax: +7 495 725 76 98 Romania Global Head of Sales and Global Relationship Email: [email protected] Management National Bank of Romania (NBR) Address: 6 Veresaeva Street, 121357 Moscow, Tel: + 33(0)1 41 45 98 65 Russia Banca Nationala a Romaniei, 25 Lipscani Street, Email: [email protected] Sector 3, 030031 - Bucharest, Romania - Map Address: SGSS, 189 rue d’Aubervilliers, 75886 UniCredit Tel: (+4) 021 313 04 10, (+4) 021 315 27 50 Paris cedex 18, France Alexander Nazarov Public information: Relationship Manager UniCredit Extensions: 2455, 2454, 2474 Tel: +7 495 258 7258 - 2830 Fax: (+4) 021 312 38 31 Irina Savastre Address: 9, Prechistenskaya Emb., 119034 Email: [email protected] Head of Global Securities Services - Romania Moscow, Russia Tel: 0040212002670 Sibex Web: www.unicreditbank.ru Fax: 0040212002672/82 Tel: +40 269-211.798, +40 269-211.799, +40 Email: [email protected] VTB 369-401.498 Address: 1F, Expozitiei Blvd. 012101, Bucharest 1, Nadezhda Ushakova Fax: +40 269-211.153 Romania Senior Vice President - Head of Custody Email: [email protected] Web: www.unicredit-tiriac.ro Tel: 7 495 739 7739 Address: 9-10, Aurel Vlaicu Square 3rd Floor, Fax: 7 495 783 1333 550377 Sibiu, Romania, Nr. O.R.C.: Technology Vendors Email: [email protected] J32/28/1994, CUI: RO 658 4502 Business Information Systems (BIS) Address: 43, Vorontsovskaya str. Moscow, 109044, Web: www.sibex.ro Russia Tel: + 40 21 2554577 Web: www.vtb.ru Service Providers Address: 23C, Calea Vitan, 3rd floor, 031281, ZAO Raiffeisenbank Banca Comerciala Romania Bucharest, Romania Web: www.bisnet.ro Bettina Janoschek Cristian Pascu Head of GSS Sales & Relationship Management Head of Securities Back-Office Treasury Department ruSSIA Tel: +43 1 717 0 7 1820 Tel: +40728851312 Email: [email protected] Fax: +40.21.302.1986 Micex Address: 1030 Vienna, Am Stadtpark 9, Austria Email: [email protected] Web: moex.com/en/ Address: Bd. Regina Elisabeta 5, Sector 3, Evgenia Klimova Bucharest, Romania The National Settlement Depository Head of GSS Russia Web: www.bcr.ro (NSD) Tel: +7(495) 221 98 58 Banca Romaneaska Hotlines: +7 (495) 234-48-27 Email: [email protected] +7 (495) 745-81-22 Address: 119071 Moscow, Leninsky Prospekt 15 Roxana Plugaru Fax: +7 (495) 956-09-38 A, office 1716 Manager Treasury Back-Office, Custody & Cash Email: [email protected] Operations Dep. Address: 12, Spartakovskaya St., Moscow 105066, SERBIA Tel: 40 21 305 9490 Russia Email: [email protected] Service Providers Address: 35 Unirii Blvd, bl. A3, District 3, 030822 Web: www.nsd.ru/en/ Erste Bank Serbia Bucharest Service Providers Web: www.brom.ro Sasa Mandic Citi Bancpost S.A. (Eurobank Group) Head of Custody Department, Alexei Fedotov Tel: +381 (0)11 201 5055, Victor Popescu Securities Country Manager Email: [email protected] Manager of Post-trading Services and Custody Tel: +7 495 642 7665 Eurobank Division Email: [email protected] Tel: +4021 365 61 07 Address: ZAO Citibank (Subsidiary), 8-10 Danijela Rankovic Fax: +4021 330 42 02 Gasheka Street, 125047 Moscow, Russia Head of Custody Email: [email protected] Web: www.citigroup.com Tel: +381 11 2022163 Address: Bancpost S.A., 6A Dimitrie Pompeiu Email: [email protected] Blvd, District 2, 020337 Bucharest, Deutsche Bank Address: Milutina Milankovica 7v, 11000 Belgrade Romania Ekaterina Kalinina Web: www.eurobankefg.rs Web: www.bancpost.ro Head of Product & Client Management Raiffeisen banka a.d. Citi Tel: +7 495 797 5253 Web: www.tss.db.com Bettina Janoschek Cristian Agalopol Head of GSS Sales & Relationship Management Securities Country Manager SBERBANK Tel: +43 1 717 0 7 1820 Tel: +40 21 203 5215 Yury Dubin Email: [email protected] Email: [email protected] Director, Custody Services Address: 1030 Vienna, Am Stadtpark 9, Austria Address: 8, lancu de Hunedoara Blvd., 712042, Tel: +7 495 7473765 Ivana Novakovic Sector 1, Bucharest Fax: +7 495 9575765 Head of GSS Serbia Sales & Relationship Management Web: www.citigroup.com Email: [email protected] Tel: +381 11 220 7572 Address: 19 Vavilova St., 117997 Moscow, Russia Raiffeisen Bank S.A. Email: [email protected] Web: www.sberbank.ru Bettina Janoschek Address: Bulevar Zorana Djindjica 64a, 11070 Head of GSS Sales & Relationship Management SEB Novi Beograd

52 International Securities Services Societe Generale Securities Services Slovenská Sporitel’ňa, a.s. Vanda Močnik Kohek Marko MARKOVIC Mariana Juhászová Head of Custody Services Department Slovenia Head of Custody Sales, Serbia Head of Bank relations, Custody & Funds Tel: +386 1 58 76 450 Tel: 381 11 222 1 226 Administration Fax: +386 1 58 76 485 Email: [email protected] Tel: +421 2 4862 5479 Email: [email protected] Address: SGSS, Bld Avnoja 50 B 11070 NOVI Fax: +421 24862 7014 Address: UniCredit Banka Slovenija d.d., Wolfova Beograd, Serbia Email: [email protected] 1, SI-1000 Ljubljana Web: www.unicreditbank.si UniCredit Address: Tomášikova 46, Bratislava 832 37, Slovakia Jasmina Radičević Web: www.slsp.sk Ukraine Head of Global Securities Services - Serbia Tel: +381 11 3028 611 UniCredit National Bank of Ukraine Fax: +381 11 2169 631 Matej Letko Tel: 253-01-80 Email: [email protected] Custody Manager Fax: 230-20-33, 253-77-50 Address: SGS, Bld Avnoja 50 B 11070 Novi Tel: +421 2 4950 3701 Address: 01601, 9 Instytutska St., Kyiv 01601, Beograd Email: [email protected] Code АМТС 044 Web: www.unicreditbank.rs Address: UniCredit Bank Slovakia A.S., Šancová Web: www.bank.gov.ua VOJVODJANSKA BANK AD NOVI SAD 1/A, 813 33 Bratislava The National Depository Web: www.unicreditbank.sk Predrag Milosevic of Ukraine (NDU) Head of Custody Slovenia Address: 3, B.Grinchenka Str., Kyiv, Ukraine, Tel: +381 21 4886 705 01001 Fax: +381 21 6613 283 Ljubljana Stock Exchange (LjSE) Tel: (044) 279-65-40, 279-13-25 Email: [email protected] Fax: (044) 279-13-22 Tel: + 386 1 471 0211 Address: Trg Slobode 7, 21000 Novi Sad, Serbia Web: www.csd.ua/index.php?lang=en Fax: 386 1 471 0213 Web: www.voban.co.rs Email: [email protected] Service Providers Address: Ljubljanska borza, d. d., Ljubljana slovak republic Citi (Ljubljana Stock Exchange), Slovenska Gennadiy Zhurov Centralny depozitar cennych 56, 1000 Ljubljana, Slovenia Tel: + 38-044-230-30-05; +38-044-230-30-30 papierov SR, a.s. Web: www.ljse.si Fax: +38-044-230-30-40 Tel: +421(2) 52968751 / +421(2) 59 39 51 25 National Bank of Slovenia (NBS) Email: [email protected] Fax: + 421 (2) 52 96 87 55 Tel: +386 1 471 90 00 Address: ING Bank Ukraine, 30a Spaska str, Kiev, Email: [email protected] Fax: +386 1 251 55 16 04070, Ukraine Address: Ul. 29. augusta 1/A, 814 80 Bratislava, Address: Slovenska 35, 1505 Ljubljana, Slovenija Web: www.ingukraine.com Slovak Republic KDD d. d. Raiffeisen Bank Aval JSC National Bank of Slovakia Address: Tivolska cesta 48, 1000 Ljubljana, Bettina Janoschek Address: Narodna banka Slovenska, Imricha Slovenija Head of GSS Sales & Relationship Management Karvasa 1, 813 25 Bratislava, [email protected] Tel: +386 1 307 35 00 Tel: +43 1 717 0 7 1820 Service Providers Fax: +386 1 307 35 07 Email: [email protected] Email: [email protected] / [email protected] Address: 1030 Vienna, Am Stadtpark 9, Austria Citi Web: www.kdd.si Andrey Porada Filip Zahorik Head of GSS Ukraine Securities Country Manager Service Providers Tel: +38044-495-40-03 Tel: +421 2 33061 472 NLB DD Ljubljana Email: [email protected] Email: [email protected] Sanja Breznik Address: 01011 Kiev, 9 Leskova Str. Address: Citibank (Slovakia) a.s. Bratislava Branch Head of Custody Services (Subsidiary) , Mlynske nivy 43, 825 01 SEB Tel: +386 1 476 52 53 Bratislava, Slovakia Email: [email protected] Larisa Lapina Web: www.citigroup.com Address: Nova Ljubljanska banka d.d., Copova 3, Head of Custody Services Ukraine CSOB-Ceskoslovenska Obchodna 1520 Ljubljana Tel: 380442358516 Banka Web: www.nlb.si Fax: 380442358516 Email: [email protected] Rastislav Capkovic Raiffeisen Banka d.d. Address: 10 Chervonoarmiyska Str, Kiev UA- Head of Custody Bettina Janoschek 01004, Ukraine Tel: +421 2 5966 8415 Head of GSS Sales & Relationship Management Web: www.seb.ua Fax: +421 2 5441 4811 Tel: +43 1 717 0 7 1820 Email: [email protected] UniCredit Email: [email protected] Address: Michalska 18, 815 63 Bratislava, Slovak Address: 1030 Vienna, Am Stadtpark 9, Austria Bohdana Yefremova Republic Head of Global Securities Services - Ukraine Web: www.csob.sk Primoz Kovacic Tel: +38 044 230 33 41 KBC Head of GSS Slovenia Fax: +38 044 235 97 37 Tel: +386 2 2293 119 Email: bohdana.yefremova@unicreditgroup. Bettina Janoschek Email: [email protected] com.ua Head of GSS Sales & Relationship Management Address: Zagrebška cesta 76, 2000 Maribor, Address: 14-A, Yaroslaviv Val Str, Kyiv 01030, Tel: +43 1 717 0 7 1820 Slovenia Ukraine Email: [email protected] Web: www.unicredit.com.ua Address: 1030 Vienna, Am Stadtpark 9, Austria Societe Generale Securities Services Tatra banka, a.s. Vojislav KECOJEVIC Africa Head of Financial markets & custody back-office, Katarina Markova-Rusnakova Slovenia Head of GSS Slovakia Botswana Tel: 386 1 471 51 88 Tel: +421-2-5919 1882 Email: [email protected] Central Securities Depository of Email: katarina_markova-rusnakova@ Address: SKB BANKA, Ajdovssecina 4, 1513 Botswana (CSDB) tatrabanka.sk Ljubljana, Slovenia Web: www.bse.co.bw/csd.php Address: Hodžovo nám. 3 / P.O.Box 42 - SR 850 05, Bratislava UniCredit Botswana Stock Exchange (BSE)

International Securities Services 53 Tel: +267 318-0201 , Email: [email protected] Fax: +267 318-0175 Malawi Address: Units 6A and 6B, 6th Floor, Raffles Address: Exchange House, Office Block 6, Plot Tower, Lot 19, Cybercity, Ebene 64511, Fairgrounds, Private Bag 00417, Service Providers Web: www.sc.com Gaborone Botswana Standard Bank Malawi Namibia Bank of Botswana Wilson Kuyokwa Tel: 360 6000 241 0450 / 240 0400 Custody Manager Namibia Stock Exchange (NSX) Headquarters: Francistown Branch, 17938, Tel: 265 1 820 144 Ext 2132 Tiaan Bazuin – Chief Executive Officer Khama Crescent, Gaborone, Email: [email protected] Manda Steynberg – Operations Manager Botswana, Francistown, Botswana Address: 1st floor Kaomba House, Cnr Glyn Jones Johene Saal – Information Officer Postal: Private Bag 154, Gaborone, Botswana, Road & Victoria Avenue, Blantyre John D Mandy Private Bag F212, Francistown, Botswana Standard Bank Malawi Tel: +264 61 227 647 Stanbic Bank Botswana Ltd David Nkhwazi Fax: +264 61 248 531 Email: [email protected] Predrag Milošević Head of Custody Address: Namibian Stock Exchange, Robert Head of Custody Tel: +265 1 820 144 x2154 Mugabe Avenue No 4, Entrance from Tel: 381 21 4886 705 Email: [email protected] Burg Street, P.O.Box 2401, Windhoek, Email: [email protected] Address: Cnr Victoria Avenue and Glyn Jones Namibia Address: Trg Slobode 7, 21000 Novi Sad, Serbia Road, P O Box 111, Blantyre, Malawi Web: http://nsx.com.na Web: www.standardbank.com Web: www.standardbank.com Namclear Standard Chartered Bank Mauritius Tel: +264 61 375 250 Augustine Kwakye-Agyekum Fax: +264 61 375 274 Director, Transaction Banking, Investor & Stock Exchange of Mauritius (SEM) Address: Rieks House, C/O Feld Street and Rieks Intermediaries, Africa Sunil Benimadhu Van De Walts, Ausspannplatz, Windhoek Tel: 27 (0)11 217 6792 Chief Executive Web: www.namclear.com.na/ Email: [email protected] Address: 4th Floor, One Cathedral Square Address: P.O.Box 496, Gaborone Building, 16 , Jules Koenig Street, Port Bank of Namibia Web: www.sc.com Louis, Republic of Mauritius Head Office: Email: [email protected] Tel: +264 61 283 5111 Kenya Tel: (230) 212-9541 Fax: +264 61 283 5067 Fax: (230) 208-8409 Address: 71 Robert Mugabe Ave, Windhoek, Nairobi Securities Exchange (NSE) Web: www.stockexchangeofmauritius.com/ Namibia, PO Box 2882, Windhoek, Tel: +254 20 2831000 Namibia Fax: +254 20 2224200 The Central Depository and Oshakati Branch: Address: 55 Westlands Road, P O Box 43633 Settlement Co. Ltd (CDS) Tel: +264 65 220027 Nairobi 00100 Kenya Web: www.stockexchangeofmauritius.com/ Fax: +264 65 220023 Email: [email protected] introduction Address: 909 Sam Nujoma Rd, Oshakati, Namibia, Web: www.nse.co.ke Bank of Mauritius (BOM) Private Bag 5566 The Central Depository Settlement Tel: (230) 2023800, (230) 2023900 Web: www.bon.com.na/ Corporation (CDSC) Fax: 230 2089204 Service Providers Tel: +254 (20) 2912000, 2229407/08 Telex: 4253 MAUBNK IW - 4253 B MAUBNK Fax: +254 20 222 9405 IW Nedbank Cell: 0724256130, 0733222033 Email: [email protected] Hilda Van Wyk Email: [email protected] Official Communications: Manager, Treasury Back Office Address: Nation Center, 10th Floor, Kimathi [email protected] Tel: 264 6 1 295 2102 Street, P.O. Box 3464-00100 Gpo Governor’s Office: Email: [email protected] Nairobi [email protected] Address: P O Box 1, Windhoek, Namibia Web: www.cdsckenya.com/ Address: Sir William Newton Street, Port Louis, Web: www.nedbank.com.na Mauritius The Central Bank of Kenya Web: www.bom.mu/ Standard Bank Namibia (Pty) Limited Tel/Fax: +254-20-2860000 Grace Mate Email: [email protected] Service Providers Relationship Manager Address: Haile Selassie Avenue, P.O Box 60000- HSBC Tel: +264 61 294 2564 00200, Nairobi, Kenya Michel Rayeroux Fax: +264 61 294 2495 Email: [email protected] Service Providers Custody and Clearing Officer Tel: +230 403 1438 Address: P.O. Box 3327, Windhoek, Namibia, 9000 CFC Stanbic Bank Email: [email protected] Web: www.standardbank.com Karen Mwanza Address: 6th Floor, HSBC Centre, 18, Cybercity, Head of Custody Ebene Nigeria Tel: +254 20 3 268 240 Web: www.hsbcnet.com Central Securities Clearing System Fax: +254 20 246 180 (CSCS) Email: [email protected] Standard Bank (Mauritius) Limited Address: Stanbic Kenya Ltd, Kenyatta Avenue, P O Laksham Bheenick Tel: +234 702 576 8449 Box 30550, 00100, Nairobi, Kenya Head of Investor Services Email: [email protected] Web: www.standardbank.com Tel: 230 207 9673 Address: The Managing Director, Central Email: [email protected] Securities Clearing System Plc, 1st Floor, Standard Chartered Bank Address: 6th Floor Medine Mews Building La Stock Exchange House, 2/4 Customs Simon Cleary Chaussee Street Port Louis Street, Lagos, Lagos, Nigeria Director, Transaction Banking, Global Product Web: www.standardbank.mu Web: www.cscsnigeriaplc.com/web/guest/home Management Nigerian Interbank Settlement Tel: 65 6596 4115 Standard Chartered Bank System (NIBSS) Email: [email protected] Augustine Kwakye-Agyekum Address: Barclays Plaza, Mezzanine 3, Loita Director, Transaction Banking, Investor & Tel: 234-1-2716071-4 Streets, Nairobi Intermediaries, Africa Fax: 234-1-2716075 Web: www.sc.com Tel: 27 (0)11 217 6792 Email: [email protected]

54 International Securities Services Address: Plot 1230, Ahmadu Bello Way, Bar Strate Tel: +268 408 2000 Beach, Victoria Island, P. M. B. 12617, Tel: +27 (0) 11 759 5300+ 27 Fax: +268 404 0063 Lagos Fax: (0) 11 759 5500 Email: [email protected] Web: www.nibss-plc.com Email: [email protected] Postal Address: P.O. Box 546, Mbabane, Swaziland Central Bank of Nigeria (CBN) Address: 1st FloorPO Box 786089 Fricker Road, Sandton, Illovo Boulevard 2146, Illovo, Physical Address: General Enquiries: Email: South Africa Address: Umntsholi Building, Mahlokohla Street, [email protected] Web: www.strate.co.za Mbabane Media Relations: Email: [email protected] Web: www.centralbank.org.sz JSE Address: Plot 33, Abubakar Tafawa Balewa Way, Service Providers Central Business District, Cadastral Address: One Exchange Square, Gwen Lane, Zone, Abuja, Federal Capital Territory, Sandown, 2196, Private Bag X991174, Stanbic Bank/Standard Bank Nigeria, P.M.B. 0187, Garki Abuja. Sandton, 2146, Republic of South Africa Louis Von Wissell Nigeria Web: www.jse.co.za Head Global Markets Web: www.cenbank.org/Default.asp The South African Reserve Bank Tel: (268)4041544 Fax: (268)4047776 Abuja Securities and Commodity (SARB) Email: [email protected] Exchange Plc (ASCE) Physical Address: 370 Helen Joseph Street, Pretoria, Address: P.O.Box A294, Swazi Plaza, Mbabane, 0002 Tel: 234-9-6710828 / 234-9-6708997 Swaziland Postal Address: P.O. Box 427, Pretoria, 0001 234-9-6700923 / 234-9-6716950 Web: www.standardbank.com 234-9-6700761 / 234-9-6714904 Tel: +27 12 313-3911 0861 12 SARB (0861 12 7272) 234806680004 / 2348056008000 Uganda Fax: 234-9-2347196 Fax: +27 12 313-3197 / +27 12 313-3929 Email: [email protected] Web: www.resbank.co.za Uganda Securities Exchange Ltd. Address: Abuja Securities & Commodity Service Providers Address: Plot 71/73, Kampala Road,Prism Exchange, 397, Muhammadu Buhari Building, 4th Floor, P.O.Box 23552, Citi NA South Africa Way, Central Business District, P. M. B. Kampala, Uganda 404, Garki Abuja. Irma Calitz Tel: +256 414 -259 585, 342 818 Web: www.abujacomex.com/ Securities Country Manager +256 312 - 370 815, 370 817, 370 818 Tel: +2711 9440310 Service Providers Fax: +256 - 414 - 342-841 Email: [email protected] Email: [email protected] CITI Address: 145 West Street, Sandown, Sandton, 2196 Web: www.use.or.ug Web: www.citigroup.com Kemi Adewole The Bank of Uganda (BOU) Securities Country Manager FNB Custody Services Tel: 234 1 279 8573 Head OfficeAddress: Plot 37/45 Kampala Road Linda Laubscher Email: [email protected] Postal Address: P.O Box 7120, Kampala, Uganda Network and Relationship Manager Address: 27 Kofo Abayomi Street. Victoria Island. Telex: 61059 Tel: (+27(0)87) 577 8716 Lagos Tel: +256-414-258-441/6 Fax: (+27(0)86) 055 7775 Web: www.citi.com +256-414-258-060/9 Email: [email protected] +256-414-259-090 FIRST Bank of Nigeria Address: Corporate and Investment Banking, +256-417-302-000 Lucky Adaghe Mezzanine Floor, 3 First Place BankCity, +256-312-392-000 Tel: (234) 1-3052008, 08023117681 Cnr Simmonds and Jeppe Streets, Fax: + 256-41-4230878 Email: [email protected] Johannesburg +256-41-4233818 Address: First Bank of Nigeria Plc Head Office, 35, Web: www.fnb.co.za Email: [email protected] Marina Lagos Nedbank Investor Services SWIFT: UGBA UG KA Web: www.firstbanknigeria.com Hilda Van Wyk Service Providers First City Monument Bank Manager, Treasury Back Office Stanbic Bank Uganda Bola Alakija Tel: 264 6 1 295 2102 Birungi Bagenda Analyst Email: [email protected] Head of Custody Tel: 234 1461 2620 Address: P.O. Box 1, Windhoek, Namibia Tel: +256 31 222 4 346 Email: [email protected] Web: www.nedbank.co.za Fax: +256 414 230 608 Address: Primore Towers. 17a Tinubu Street, Societe Generale Securities Services Email: [email protected] Lagos Perry Rungasamy Address: Stanbic Bank Uganda, Crested Towers Web:www.firstcitygroup.com Head of Sales, South Africa Building, 10th floor, Short Tower, Stanbic Bank Nigeria Ltd Tel: 27 11 448 88 11 17 Hannington Road, Kampala Cyril Utoro Email: [email protected] Web: www.stanbicbank.co.ug Address: Société Générale, 2nd floor, 160 Head, Custody Operations Standard Chartered Bank Tel: +234 1 270 9660-70 Ext- 270 Jan Smuts Avenue, Rosebank, 2096 Augustine Kwakye-Agyekum Fax: +234 1 461 6616 Johannesburg / - PO Box 6872 Director, Transaction Banking, Investor & Email: [email protected] Johannesburg, 2000 South Africa Intermediaries, Africa Address: Plot 688, Amodu Tijani Close, Victoria Standard Bank Tel: 27 (0)11 217 6792 Island, Lagos Nigeria Rajesh Ramsundhar Email: [email protected] Web: www.standardbank.com Head, Business Development Address: 5 Speke Road, P.O. Box 7111, Kampala UBA Plc Tel: +27 11 631 2187 Taiwo Sonola Email: [email protected] Zambia Head Business Development & Relationship Manager Address: P.O. Box 2453, Johannesburg, 2000 Lusaka Stock Exchange (LuSE) Tel: + 234 1 2807335 Web: www.standardbank.co.za Fax: +234 1 2800099 Tel: +260 211 228391/ 22853 Email: [email protected] Swaziland Address: 3rd Floor Exchange Building, Cairo Address: UBA House, 57, Marina, Lagos, Nigeria Road, Central Park, P.O Box 34523, Swaziland Stock Exchange (SSX) Web: ubagroup.com Lusaka, Zambia Web: www.ssx.org.sz/ Bank of Zambia South Africa The Central Bank of Swaziland Tel: 228888/ 228903-20

International Securities Services 55 Fax: 221722/ 237070 Service Management Head - Investors & Tel: (202) 35316300/400 Telex: ZA 41560 Intermediaries Address all queries and comments to: Email: [email protected] Tel: + 263 4 252640-5 Ext 5112 [email protected] Address: Bank Square, Cairo Road, P.O. Box Mobile: + 263 772 433291 Web: www.egx.com.eg/English/HomePage.aspx 30080, Lusaka 10101 Fax: + 263 4 791202 Misr Company for Central Clearing, Email: [email protected] Service Providers Depository & Registry (MCDR) Wilson Karombo Head office: Stanbic Bank Head - Securities Services Operations 70 elGamhouria Street Cairo P.O Box 1536 Tel: +263 4 252640-5 ext 5145 David Chanda Tel: (202)25971 581 Mobile: +263 772 281 211 Operational Manager Fax: (202)25971 523 Cairo Tel: + 260 1229 071 Email: [email protected] Heliopolis Branch : 117 Al Thawra Street, Email: [email protected] Owen Bandama Heliopolis, Cairo Address: Woodgate House, Cairo Road, P O Box Head - Investors & Intermediaries, Zimbabwe 31995, Lusaka, Zambia Tel: + 263 4 252640-5 Ext 5106 Alex Branch: Web: www.standardbank.com Mobile: + 263 772 513173 4 Ebn El Sayeg st. from El Horriya st. Tel: (03) 4849901 - 4849902 Standard Chartered Bank Fax: + 263 4 791202 Email: [email protected] Fax: (03) 4875838 Alex Augustine Kwakye-Agyekum Web: www.mcsd.com.eg/MCDR/English/ Director, Transaction Banking, Investor & showpage.aspx?pageid=75 Intermediares, Africa Middle East Tel: 27 (0)11 217 6792 Service Providers Bahrain Email: [email protected] Citi Address: 1st Floor, Standard House, Cairo Road, Central Bank of Bahrain (CBB) Mona ElShafei Lusaka Securities Country Manager Web: www.sc.com Tel: +973 1754 7777 Fax: +973 1753 0399 Tel: +202 2791 0640 Zimbabwe Address: Central Bank of Bahrain, PO Box 27, Email: [email protected] Manama, Kingdom of Bahrain Web: www.citigroup.com Reserve Bank of Zimbabwe (RBZ) Web: www.cbb.gov.bh/index.php HSBC Physical Address: 80 Samora Machel Avenue, Bahrain Bourse Amr Sonbol Harare Tel: +973 17261260 Head of HSBC Securities Services, Egypt Postal Address: Box 1283, Harare, Zimbabwe Fax: +973 17256362 Address: HSBC Bank Egypt S.A.E, 306, Corniche Tel: +263 4 703000 El Nil Street Maadi, Cairo, Egypt Address: Bahrain Financial Harbour, Harbour Telefax: +263 4 707800 / +263 4 706450 Tel: 00 202 25298350 Mall (4th Floor), P.O. Box:3203, Manama Telex: 26033/26075 RESZIM ZW Email: [email protected] - Kingdom of Bahrain Email: [email protected] Web: www.hsbcnet.com/hss Web: www.rbz.co.zw/ Public Relations & Marketing Tel: +973 17108823 National Bank of Egypt Chengetedzai Depository Company Settlement & Central Depository Marwa Amr Ltd Tel: +973 17108833 Client Service Manager Tel: +263 0 4 782869 / +263 0 4 782872 Web: www.bahrainbourse.net/bhb/default. Tel: +202 33330542 Fax: +263 0 4 782 869 asp?language=en Email: [email protected] Email: [email protected] Address: National Bank of Egypt Head Office Address: 1st Floor, 1 Armagh Avenue, Eastlea, Service Providers Cairo Plaza Tower 1187 Cornione El Nile Harare HSBC Boulak, Cairo, Egypt Web: http://chengetedzai.com/ Vineet Iyer Web: www.nbe.com.eg Zimbabwe Stock Exchange (ZSE) Head of HSBC Securities Services, Bahrain Israel Tel: +263 4 701420/ 701096 Address: HSBC Bank Middle East Limited, Fax: +263 4 762348 1st Floor, Head Office Building, Building Tel Aviv Stock Exchange (TASE) Address: 4th Floor, 101 Union Avenue Building, No 2505, Road No 2832, Al Seef 428, Kingdom of Bahrain Web: www.tase.co.il/Eng/Pages/Homepage. Kwame Nkrumah Avenue, CBD Harare, aspx Harare, Zimbabwe Tel: +973 1756 9499 Web: www.zimbabwe-stock-exchange.com/ Email: [email protected] Tel Aviv Stock Exchange Clearing Web: www.hsbcnet.com/hss House (TASECH) Standard Chartered Bank Web: www.tase.co.il/eng/tradingandclearing/ Service Providers Keith Bryan clearingandsettlement/taseclearinghouse/ Stanbic Bank Director, Transaction Banking, Investor & services/Pages/Services.aspx Joshua Tapambgwa Intermediaries, MENA Bank of Israel Managing Director Tel: 973 1720 4097 Jerusalem Tel: +263 4 759471 Email: [email protected] Tel: 02-655-2211 Fax: +263 4 772126 Address: Building 180, Road 383, Block 315, (From abroad: 972-2-655-2211) Email: [email protected] P.O.Box 0029, Manama Fax: 02-652-8805 Address: Harare, Zimbabwe, P.O. Box 300 Web: www.sc.com (From abroad: 972-2-652-8805) Web: www.standardbank.com Address: Bank of Israel Street (Corner of Kaplan Standard Chartered Bank Egypt St.) in the Government complex. Direct Line – Sales: +263 4 793425 Egyptian Exchange (EGX) Mail: P.O.Box 780, 91007 Jerusalem, Israel Direct Line – Operations: +263 4 252060 Address: 4A, El Sherifien St., Postal Code Tel Aviv Fax: +263 4 791202 11513, P.O. Box 358 Mohamed Farid, Address 1: 37, Lillienblum St. (Corner of Nachalat SWIFT: SCBLZWHXSSU Downtown, Cairo Benjamin St.) Email: [email protected] Tel: (202) 23928698 / 23921402 / 23921447 Address 2: 20, Yavne St. (Banking Supervision and Physical address: Fax: (202) 23924214 Computer Dept.) Mezzanine Floor, Africa Unity Square Building, Smart Village Address: Mail: P.O.Box 1604, 61015 Tel-Aviv 68 Nelson Mandela & Conner Sam Nujoma Street, Financial District, Building B 135, Smart Village, Tel: 03-564-0610 Harare, Zimbabwe KM 28 Cairo- Alexandria Desert road, 6th of Fax: 03-570-3518 Kumbirai Kutiwa October, Egypt, P.O Box 47 Smart Village Media Enquiries

56 International Securities Services Tel: 02-655-2712 HSBC Web: www.aeg-mea.com Fax: 02-652-8812 Mohammad Aburoub Email: [email protected] Head of HSBC Securities Services, Jordan, Lebanon Morocco and Palestine Service Providers Maroclear Phone Int: +962 6 551 8090 Bank Hapoalim Email: [email protected] Web: www.maroclear.com/ Eddie Lemel Address: HSBC Bank Middle East Limited, SBVC, the Casablanca Stock Vice President Financial Institutions Group Custody Zahran Street, Fifth Circle, Amman - Exchange Services–Product Development Jordan Tel: (212) 522 45 26 26/27 Tel: 972-3-5674476 Web: www.hsbcnet.com/hss Fax: (212) 522 45 26 25 Fax: 972-3-5675757 Email: [email protected] Email: [email protected] Technology Vendors Address: Angle Avenue des Forces Armées Royales Address: 46 Rothschild Blvd., Tel Aviv, 66883, et Rue Arrachid Mohamed, Casablanca- Israel ProgressSoft Corporation Maroc Web: www.bankhapoalim.com Tel: + 962 6 5623000 Web: www.casablanca-bourse.com/bourseweb/ Address: 87, Queen Rania Street, P.O. Box: 802, en/index.aspx 11941, Amman, Jordan Bank Leumi Le-Israel Bm Web: www.progressoft.com Bank Al-Maghrib Carine Wiener Tel: (212) 0 537 8181 81 CFA, Senior Relationship Manager Kuwait Fax: (212) 0 537 78 24 Tel: 972-3-514-7327 Address: Bank Al-Maghrib, 277, Avenue Fax: 972-3-514-8548 Service Providers Mohammed V Boîte postale 445 – Rabat Email: [email protected] HSBC Web: [email protected] Address: Bank Leumi Le-Israel B.M.-Custody and Subramanian Seshadri Cash Relations Dept., Capital Markets Service Providers Head of HSBC Securities Services, Kuwait Division, 35 Yehuda Halevi Street, Tel Office: + 965 22230794 Attijariwafa Bank Aviv 65316, Israel Email: [email protected] Web: www.leumi.co.il Youssef Bellamine Address: HSBC Bank Middle East Limited, Relationship Manager & Network Manager Citi Hamad Al- Saqr Street, Qibla Area, Tel: +212 522 54 42 14 David Levy Kharafi Tower, G/1/2, P.O. Box 1683, Email: [email protected] Securities Country Manager Safat 13017, Kuwait Address: 163 Avenue Hassan II, Casablanca Tel: +972 3 684 2732 Web: www.hsbcnet.com/hss Web: www.attijariwafabank.com Email: [email protected] BMCI Address: Citibank, NA (Branch) Platinum Lebanon Building 21 Ha arba a Street, Tel Aviv, Sylvie Nouri Midclear 64739 Israel Head of BMCI Securities Services (BNP Paribas Web: www.citigroup.com Custodian and Clearing Center of Financial Group) Instruments for Lebanon and the Middle East Tel: 212 522 46 13 32 Israel Discount Bank Ltd (Midclear) S.A.L. Email: [email protected] Yeheskel Shiri Tel: +961 1 759200 Address: 26, Place des Nations-Unies, Casablanca Head of Foreign Banks & Institutions Address: ARESCO Center, Justinien Street, Web: www.bmcinet.com Tel: +972 3 514 6905 Sanayeh, P.O.Box: 11-7971, Beirut, BNP Paribas Securities Services Fax: +972 3 514 6940 Lebanon Email: [email protected] • Operations - 14th Floor Francesco Rossini Address: Yehuda Halevy Street 48 Tel Aviv, Israel • I.T. - 15th Floor Head of Sales & Relationship Management of BMCI 65136 • General Management and Accounting - Securities Services Web: www.discountbank.net 16th Floor Tel: 00 212 522 46 12 27 0039 02 7247 4462 Mizrahi Tefahot Bank Ltd Web: www.midclear.com.lb Mobile: 0039 335 132 1377 Shalom Cohen Service Providers Fax: 00 212 522 29 94 03 Manager of Operation of Foreign Securities Dept. HSBC Email: [email protected] Tel: +972 3 755 9438 Address: 26, Place des Nations Unies - Casablanca Mohammad Aburoub Email: [email protected] – Morocco Address: 7 Jabotinsky St. Ramat Gan, Israel Head of HSBC Securities Services, Jordan, Lebanon Web: www.umtb.co.il and Palestine CITI Phone Int: +962 6 551 8090 Asmaa Hallouty Jordan Email: [email protected] Securities Country Manager Address: HSBC Bank Middle East Limited, Tel: 212 224896 06 SDC Zahran Street, Fifth Circle, Amman - Email: [email protected] Tel: +962 6 5672788 Jordan Web: www.citi.com Web: www.hsbcnet.com/hss Fax: +962 6 5672590 Societe Generale Securities Services Address: The Hashemite Kingdom of Jordan, MIDCLEAR Mathieu Maurier Capital Market Building Al - Mansour Joseph Khoderchah Bin Abi Amer Street, Al-Madina Al Global Head of Sales and Global Relationship IT Manager Management - Riyadiya District Al-Abdali Area, Tel: +961 174 9594 ex. 222 Amman The Hashemite Kingdom of Tel: + 33(0)1 41 45 98 65 Email: [email protected] Email: [email protected] Jordan Address: ARESCO Center - 15th Floor Justinien Web: www.sdc.com.jo Address: SGSS, 189 rue d’Aubervilliers, 75886 Street Sanayeh P.O. Box 11-7971 Beirut, Paris cedex 18, France Central Bank of Jordan (CBJ) Lebanon Web: www.sgmaroc.com Tel: +962 6 4630301/10 (10 Lines) Web: www.midclear.com.lb Fax: +962 6 4638889 Technology Vendors Oman Telex: 21250 Bankazi Jo; 21476 Bakazi Jo; 21766 Bakazi Jo. Allied Engineering Group Muscat Securities Market (MSM) Swift code: CBJOJOAX Tel: + 96 11 791002 Information Center Department Address: P.O. Box (37) Amman-11118-Jordan Address: Verdun, Assaf Center, 8th Floor, Tel: +968-24823600 ext. 645/610/620 Web: www.cbj.gov.jo 113-6005, Beirut, Lebanon Fax: +968-24823706

International Securities Services 57 Email: [email protected] Email: [email protected] BIAT-Banque Internationale Arabe de Address: P.O Box 3265 Postal Code 112, Ruwi Address: HSBC Bank Middle East Limited, Tunisie Sultanate of Oman Zahran Street, Fifth Circle, Amman - Abdellatif Hlioui Information & Awareness Department Jordan Head of Custody Tel: +968-24823600 ext. 884/881/889 Web: www.hsbcnet.com/hss Tel: 216 71 131 217 Fax: +968-24823652 Email: [email protected] Email: [email protected] Qatar Address: 70-72 Avenue Habib Bourguiba, 1002 Address: P.O Box 3265 Postal Code: 112 Ruwi, Tunis Qatar Exchange Sultanate of Oman Tel: +974 44333666 Turkey Muscat Clearing and Fax: +974 44319233 Depository(MCD) P.O.Box: 22114 Merkezi Kayit Kurulusu A.S. Address: PO Box 952 Ruwi, P.C: 112, Sultanate of Address: Al Dana Tower, West Bay ; Doha – Qatar Tel: (212) 334 57 00 Oman Email: [email protected] Fax: (212) 334 57 57 Operator: 00968 24822222 Web: www.qe.com.qa Email: [email protected] Financial & Administration Dept Qatar Central Bank Address: Askerocagi Cad. Süzer Plaza No:1-15 Tel: +968 24822223 Kat:2 34367 Elmadag-Sisli / Istanbul Address: P.O. Box No. 1234, Doha, Qatar Email: [email protected] Web: www.mkk.com.tr Tel: + (974) 4445-6456 Web: www.mkk.com.tr/wps/portal/MKKEN Operations Dept Web: www.qcb.gov.qa/English/Pages/default. Tel: +968 24822260 aspx Central Bank of Turkey (CBT) Email: [email protected] Service Providers Tel: +90 312 507 50 00 Lien and Restriction Dept Address: Istikial Cad. 10 Ulus, 06100 Ankara, Tel: +968 24822204 HSBC Turkiye Email: [email protected] Shreen Abeysekera Web: www.tcmb.gov.tr/yeni/eng/ I.T Department Head of HSBC Securities Services, Qatar Service Providers Tel: +968 24822210 Address: HSBC Bank Middle East Limited, Email: [email protected] P.O.Box: 57, Doha, State of Qatar. BNP Paribas Website Administrator Tel: +974 44383345 Ertunc Gurson Tel: +968 24822210 Email: [email protected] Head of Sales Email: [email protected] Web: www.hsbcnet.com/hss Tel: +90-216-6352371 Electronic call system Standard Chartered Bank Fax: +90-216-6363215 Email: [email protected] Tel: +968 24818151- Keith Bryan Address: TEB Kampus Saray Mah. Kucuksu Cad. Director, Transaction Banking, Investor & Call center Sokullu Sok. No: 7 Umraniye 34768 Intermediares, MENA Tel: 24822237 968+ / 24822239 968+ Istanbul/ Turkey Tel: 9714 508 2725 Web: www.csdoman.co.om/mds/Default.aspx Web:www.teb.com.tr Email: [email protected] Service Providers Address: Abdullah Bin Jasim Street, P.O.Box 29, Citi HSBC Doha Gunsel Topbas Web: www.sc.com Madhur Bhandari Securities Country Manager Tel: +90 212 319 4360 Head of HSBC Securities Services, Oman Saudi Arabia Tel: +968-2494 7084 Email: [email protected] Web: www.citigroup.com Email: [email protected] HSBC Address: HSBC Bank Oman S.A.O.G, 2nd Floor , Zafar U Khan Deutsche Bank Al Khuwair, PO Box 1727, PC 111, Seeb, Head of HSBC Securities Services, Saudi Arabia Hakan Ulutas Muscat Tel: +966 (0) 11 299 2336 Head of Direct Securities Services Web: www.hsbcnet.com/hss Email: [email protected] Tel: +90 212 317 0171 Standard Chartered Bank Address: HSBC Saudi Arabia, HSBC Building, 2nd Fax: +90 212 319 0493 Keith Bryan Floor, Olaya Road, Al-Murooj, P O Box Email: [email protected] Director, Transaction Banking, Investor & 9084, Riyadh 11413, Saudi Arabia Address: Eski Buyudere, Caddesi Tekfen Tower, Intermediaries, MENA Web: www.hsbcnet.com/hss No 209, 4.Levent, Istanbul, Turkey Tel: 9714 508 2725 Web: www.tss.db.com Email: [email protected] Tunisia Eurobank Tekfen Address: Bait Hoor Building, CBD Area, P.O.Box Societe Tunisienne Tanju Kara 2353, P.C.112, Ruwi, Oman Interprofessionnelle de Head of Securities Services Web: www.sc.com Compensation et de Depot des Tel: +90 212 371 3616 Fax: +90 212 357 0833 Palestine Valeurs Mobilieres (STICODEVAM) Tel: +216 71 193 593 Email: [email protected] Palestine Exchange / The Palestine Fax: +216 71 193 620 / +216 71 193 621 Address: Eskibuyukdere Cad. No : 209 Tekfen Clearing Depository and Settlement Email: [email protected] Tower Floor : 22, 4.Levent / Istanbul – department (CDS) Address: Les Jardin du Lac II, 1053 Les Berges du Turkey 34330 Web: www.tekfenbank.com Tel: +970 (or +972) 9 239 0999 Lac Fax: +970 (or +972) 9 239 0998 Web: www.sticodevam.com/site/en/ Finansinvest Email: [email protected] Electronic Clearing Interbank Egemen Erden Email: [email protected] Company (SIBTEL) Executive Vice President, Institutional Sales and Address: P.O.Box 128, Nablus – Palestine Tel: +216 71 901.233 Trading Web: http://www.p-s-e.com Fax: +216 71 901 372 / 909 460 Tel: 90 212 336 7102 Email: [email protected] Service Providers Email: [email protected] Address: Maison du Banquier, Khaireddine Pacha HSBC HSBC avenue B.P. 41, Montplaisir city 1073 Ibrahim H. Yurtlu Mohammad Aburoub Tunis, Tunisia Manager, Custody and Clearing Head of HSBC Securities Services, Jordan, Lebanon Tel: +90 212 366 14 03 and Palestine Service Providers Fax: (90 212) 366 3330 Phone Int: +962 6 551 8090

58 International Securities Services Email: [email protected] Tel: +971 4 4236111 Email: [email protected] Web: www.hsbcnet.com Email: [email protected] Web: www.citigroup.com Address: HSBC Bank Middle East Limited, Emaar T IS Bankasi HSBC Square, Level 3, Building 5, PO Box A. Begum Ulutan 502601, Dubai, United Arab Emirates Andrew Bastow Assistant Manager Web: www.hsbcnet.com/hss Head of HSBC Securities Services, Australia and New Tel: 90 212 316 34 82 Zealand Email: [email protected] Standard Chartered Bank Tel: +61 2 9006 5563 Address: Is Kuleleri Kule 1, 4. Levent 34330 Keith Bryan Email: [email protected] Istanbul Director, Transaction Banking, Investor & Address: HSBC Centre, 580 George Street, Sydney, Intermediares, MENA Australia 2000 United Arab Emirates Tel: 9714 508 2725 Web: www.hsbcnet.com/hss Email: [email protected] J.P.Morgan Borse Dubai Ltd Address: Dubai Int.Financial Centre, Building Registered office: No1, 4th fl., Sheikh Zayed Road, Bur Lachlan Allardice Level 7, Precinct Building 5, Gate District, PO Box Dubai Executive Director, Sales & Client Management 506690, Dubai International Financial Centre, Web: www.standardchartered.com Tel: +613 9633 4277 Dubai, United Arab Emirates Email: [email protected] Technology Vendors Tel: +971 4 305 5000 Address: Locked bag 20049, Melbourne Vic 3001, Fax: +971 4 331 4924 EastNets Australia Web: www.jpmorgan.com National Bank of Dubai Tel: + 0097 143 912888 Address: Dubai Internet City, Building #2, Office National Australia Bank Address: Al Barsha 1 - Dubai - United Arab G02, P.O.Box 500135, Dubai, United Emirates Suzanne Smith Arab Emirates General Manager, Sales & Relationships Tel: +971 4 341 3888 Web: www.eastnets.com Web: nbad.com Tel: +61 (03) 8641 2954 Volante Technologies Email: [email protected] Dubai Financial Market (DFM) Address: Level 35, 500 Bourke Street, Melbourne Tel: +971 (0)4 379 4199 VIC 3000 Address: Dubai Financial Market - World Trade Address: Jumeirah Lake Towers, PO Box 943303, Web: www.assetservicing.nabgroup.com Center, Dubai Dubai, UAE Tel: +971 4 305 5555 - Fax +971 4 305 5191 RBC Investor Services Email: [email protected] Asia Pacific Web: www.dfm.ae/Default.aspx David Travers Managing Director, Australia Abu Dhabi Securities Exchange (ADX) Australia Tel: 61 2 8262 5000 Tel: +971 2 6277777 Australian Securities Exchange Email: [email protected] Fax: +971 2 6128728 Address: 2 Park Street, Level 17, Sydney, NSW, Tel: Within Australia – 131 ASX (131 279) Toll Free: 800239 Australia 2000 Overseas - +61 2 9338 0000 Email: [email protected] Web: www.rbcis.com Fax: 029227 0885 Address: Al Ghaith Tower, Hamdan Street, Service Providers Abu Dhabi Sydney Mail: P.O.Box: 54500 - Abu Dhabi Exchange Centre, 20 Bridge Street, Sydney NSW Distra Web: www.adx.ae 2000 Tel: + 61 2 92120826 NASDAQ Dubai (formerly the Dubai Australian Liquidity Centre Address: Level 2 Ballarat House, 15 Foster Street, International Financial Exchange 5 Broadcast Way, Gore Hill NSW 2065 2010, Surry Hills, NSW, Australia - DIFX) Melbourne Web: www.distra.com Address: The Exchange Building, No.5, Level Level 4, North Tower, Rialto, 525 Collins Street, Milestone Group Melbourne VIC 3000 7, P.O.Box 53536, Dubai, United Arab Tel: +61 2 8224 2600 Emirates Perth Address: Level 21, 9 Castlereagh Street, Sydney, Tel: +971 4 305 5455 Level 8, Exchange Plaza, 2 The Esplanade, Perth NSW 2000, Australia WA 6000 OneVue Limited ICSDs Chicago 155 North Wacker Drive, Suite 4229, Chicago, IL Tel: + 61 02 80227400 Euroclear Dubai 60606 USA Address: Level 2, 1 Castlereagh Street, 2065, Bernard Ferran Tel: 312 803 5840 Sydney, NSW, Australia Web: www.onevue.com.au Tel: 971 4 455 2500 London Address: Al Fattan Currency House, Tower 1, New Broad Street House, 35 New Broad Street, Bangladesh Level 3, Unit 1, Dubai International London, EC2M 1NH Financial Center (IFDC), PO Box Tel: +44 203 09 3375 Dhaka Stock Exchange 482073, Dubai, United Arab Emirates Mobile: +44 7799 066842 Tel: 88-02-9564601, 9576210-18 Web: www.asx.com.au/index.htm Service Providers Fax: +88-02-9564727 / +88-02-9569755 Email: [email protected] Deutsche Bank Service Providers Address: Stock Exchange Building, 9/F Motijheel BNP Paribas Securities Services Mike Cowley C/A, Dhaka Bangladesh Head, Direct Securities Services - MENA Pierre Jond Web: www.dsebd.org/ Tel: +9714 3199 564 Head of BNP Paribas Securities Services, Australia Fax: +9714 3199 515 and NZ Chittagong stock exchange Email: [email protected] Tel: 61 2 9222 0002 Tel: +88 0 31 714632 3 / +88 0 31 720871 Address: Deutsche Securities and Services, Email: [email protected] Fax: +88 0 31 714101 Emirates Tower, Level 27, Office B, P. Address: Level 6, 60 Castlereagh Street, Sydney Email: [email protected] O. Box 504902, Dubai, United Arab NSW 2000 Address: CSE Building, 1080, Sk. Mujib Road Emirates Web: www.au.bnpparibas.com Agrabad, Chittagong, Bangladesh Web: www.tss.db.com Web: www.cse.com.bd Citi HSBC Martin Carpenter Central Depository of Bangladesh Georges Cattan Securities Country Manager Limited (CDBL) Head of HSBC Securities Services, UAE Tel: +612 8225 2411 Address: Central Depository Bangladesh Ltd.

International Securities Services 59 (CDBL), BDBL Bhaban (18th Floor), 12 Services Address: 5th Floor, Building No.3, No. 699-8 Xuan Kawran Bazar, Dhaka - 1215, Bangladesh Tel: 86 10 6759 5034 Wu Avenue, Xuan Wu District, 210042, Address: Data & Disaster Recovery Center Email: [email protected] Nanjing, P.R.C., China (DDRC) of CDBL, BGIC Tower (6th Address: No.25 Finance Street, China Web: www.chinasystems.com Floor), 34, Topkhana Road, Dhaka-1000 Construction Bank headquarters, Beijing Web: [email protected] 100032 Hong Kong Web: www.ccb.com Service Providers Hong Kong Securities Clearing China Merchants Bank HSBC Company (HKSCC) Sun Yuni Tel: (852) 2522 1122 Sadique Reza Product Manager, Custodian Department, China Division Head, Institutional Banking and Securities Fax: (852) 2295 3106 Merchants Bank Email: [email protected] Services Tel: 0086 755 8307 8502 Tel: 88 01713 019 452 Registered Office: 12/F., One International Finance Fax: 0086 755 61337050 Centre, 1 Harbour View Street, Central, Hong Kong Email: [email protected] Email: [email protected] Address: Anchor Tower, 7th fl., 108 Bir Uttam Address: 4th Floor, China Merschants Bank Tower, HKEx Representative Office in Beijing C.R.Dutta Road, Dhaka-1205 No.7088,Shennan Boulevard,Shenzhen Tel: (8610) 8519 0288 Web: www.hsbcnet.com Web: www.cmbchina.com Fax: (8610) 8518 3288 Standard Chartered Bank Citi Email: [email protected] Peter Christmas Registered Office: Suite 1002, Level 10, Tower Alvin Goh W2, The Towers, Oriental Plaza, No.1 East Chang Director, Transaction Banking, Investor & Securities Country Manager Intermediaries, S.Asia An Avenue, Dong Cheng District, Beijing 100738, Tel: +86 21 2896 6569 China Tel: 65 6596 4342 Email: [email protected] Email: [email protected] Web: www.citigroup.com Hong Kong Monetary Authority Address: 18-20 Motijheel Commercial Area, (HKMA) DBS Bank Ltd Dhaka -1000 Tel: (852) 2878 8196 Web: www.standardchartered.com Peter Yeung Fax: (852) 2878 8197 Vice President Telex: 74776 XFUND HX China Tel: 852 3668 1335 Email: [email protected] Email: [email protected] Address: 55th Floor, 2 International Finance China Securities Depository and Address: 11/F North Somerset House, Taikoo Centre, 8 Finance Street, Central Hong Clearing Corporation Limited (SD&C) Place, 979 King’s Road, Hong Kong Kong Web: www.chinaclear.cn Web: www.dbs.com Hong Kong Interbank Clearing Shanghai Stock Exchange Deutsche Bank Limited (HKICL) Address: 528 South Pudong Road, Shanghai Tim Liu Tel: (852) 2533 1111 200120, PR China Head of Domestic Markets-China Customer Services: (852) 2533 1110 Email: [email protected] Tel: 886 (2) 2192 4276 Fax: (852) 2533 1122 Web: www.sse.com.cn Email: [email protected] Email: [email protected] Address: Floor 3, 296 Jen-Ai Rd.,Sec.4, Taipei, Shenzhen Stock Exchange Address: Unit B, 25/F, MG Tower, 133 Hoi Bun Taiwan Road, Kwun Tong, Kowloon, Hong Kong Tel: 0755-82083333 Web: www.tss.db.com Web: www.hkicl.com.hk/en_index.jsp Fax: 0755-82084004 Email: [email protected] HSBC Address: 5045 Shennan East Road, Shenzhen, Andy Ng Computershare Hong Kong Investor China 518010 Head of HSBC Securities Services, China Services Limited (CHIS) Logistic Services Co., Ltd Tel: +86 (21) 3888 2380 Address: Hong Kong – Futura Plaza, How Ming Email: [email protected] Street, 111-113, Kwun Tong, Hong Kong Tel: 0755 25918420 Address: 33F HSBC Building, Shanghai ifc, 8 Fax: 0755 82083177 Century Avenue, Pudong, Shanghai, Euroclear Shenzhen Securities Communication Co., Ltd 200120, China Olivier Grimonpont Tel: 0755 83183333 Web: www.hsbcnet.com/hss Tel: 852 3966 5555 Fax: 0755 83851029 Industrial Commercial Bank of Email: [email protected] China Address: 20F Central Plaza, 18 Harbour Road, Shenzhen Securities Information Co., Ltd Wan Chai, Hong Kong Tel: 0755 83991662 Cui Yan Fax: 0755 83202232 Head of Global Service Division Service Providers Tel: +8610 6610 5759 Bank of America Merrill Lynch Service Providers Fax: +8610 6610 5753 Email: [email protected] APAC Euroclear Bank representative Pauline Banks offices Address: China Overseas Property Mansion, No.96 Taipingqiao Street, Xicheng Bank of America Tracy Chen district, Beijing, China Tel: +852.2847.6808 Tel: 86 10 58 54 3266 Web: www.icbc.com.cn Mail Code: 737-605-41-01 Address: Suite 505 Excel Centre, No 6 Wudinghou Address: Two International Finance Centre, Street, Xicheng District, Beijing, 100140 Standard Chartered Bank 8 Finance Street, Hong Kong China David Gilmour BNP Paribas Securities Services Bank of China Managing Director, Transaction Banking, North East Asia Barnaby Nelson Michelle Zhang Tel: 852 2821 1991 Head of Client Development, Asia (Banks, Brokers Cross-Border Product Manager Email: [email protected] and Issuers) Tel: +8610 6659 4862 Address: SC Tower, 15th Floors, 388 Kwun Tung Tel: +852 3197 3318 Email: [email protected] Road, Kowloon, Hong Kong Email: [email protected] Address: No.1,Fuxingmen Nei Dajie, Beijing Web: www.standardchartered.com Address: 21/f PCCW Tower, 979 Kings Road, Web: www.boc.cn Quarry Bay, Hong Kong Technology Vendors Web: securities.bnpparibas.com China Construction Bank Sean Xu China Systems Citi Assistant Senior Manager, Custody & Investor Tel: + 86 25 85582112 Tel: +852 2868 7306

60 International Securities Services Email: [email protected] Tel: (022) 2499 4200 Saurabh Mittal Address: Cheeping Yap, Securities Country Fax: (022) 2497 6351 Vice President Manager Address: Trade World, A wing, 4th & 5th Floors, Tel: 91 22 6752 8348 Web: www.citigroup.com Kamala Mills Compound, Lower Parel, Email: [email protected] Mumbai - 400 013. Address: 6th floor, Nicholas Piramal Tower, DBS Bank (Hong Kong) Limited Peninsula Corporate Park, Ganpatrao CDS India Mr Peter Yeung Kadam Marg, Lower Parel, Mumbai - 400 Vice President Regd. Office: 17th floor, P J Towers, Dalal Street, 013, India Tel: [852] 3668 1335 Mumbai – 400001 Web: www.db.com Email: [email protected] Web: www.cdslindia.com/contactus/ Address: DBS Bank Ltd, 17/F The Center, 99 contactlist-mum.html HSBC Queen’s Road Central, Central, Hong Kapil Seth Reserve Bank of India Kong Head of HSBC Securities Services, India Web: www.dbs.com Web: www.rbi.org.in/home.aspx Tel: +91 22 4035 7471 Email: [email protected] Deutsche Bank National Stock Exchange (NSE) Address: The Hongkong and Shanghai Banking Tel: (022) 26598100 - 8114 Nico Torchetti Corporation Limited, Shiv Building, 2nd Fax: (022) 26598120 Head of Domestic Markets – Hong Kong floor, HSBC Securities Services, Western Address: National Stock Exchange of India Ltd., Tel: 852 2203 7333 Express Highway, Sahar Junction, Vile Exchange Plaza, Plot no. C/1, G Block, Email: [email protected] Parle (East), Mumbai 400 057, India Bandra-Kurla Complex, Bandra (E), Address: Floor 57, International Commerce Web: www.hsbcnet.com/hss Center, 1 Austin Road West, Kowloon Mumbai - 400 051 Web: www.nseindia.com/index_nse.htm J.P.Morgan HSBC Bombay Stock Exchange Ltd (BSE) Ramakrishna Sundaram Dan Massey Tel: +91 22 66492514 Tel: 91-22-22721233/4, 91-22-66545695 Regional Head of Sales and Business Development Email: ramakrishna.x.sundaram@jpmorgan. (Hunting) Tel: +852 2822 4966 com Fax: 91-22-22721919 Email: [email protected] Web: www.jpmorgan.com Address: HSBC Securities Services, Asia Pacific, Address: BSE Limited, Phiroze Jeejeebhoy Towers, Level 30, HSBC Main Building, 1 Queen’s Dalal Street, Mumbai- 400001 Kotak Mahindra Road Central, Hong Kong Web: www.bseindia.com/ Rajiv Gurnani Web: www.hsbcnet.com/hss Clearing Corporation of India Ltd Executive Vice President - Financial Institutions Group J.P.Morgan (CCIL) Tel 91 9820289233 Tel: 61546200 Elvis Goh Email: [email protected] Address: The Clearing Corporation of India Ltd., Tel: +852 28001535 Address: 5th Floor, Dani Corporate Park, CST CCIL Bhavan, College Lane, off S K Bole Email: [email protected] Road, Santacruz East, Mumbai Road, Dadar (West), Mumbai - 400 028 RBC Investor Services Web: www.ccilindia.com Polaris Brent Reuter National Securities Clearing Ramesh Ramakrishnan Managing Director, Hong Kong Corporation Limited (NSCCL) Sr.Marketing Manager Tel: 852 2978 5555 Tel: 07961726762 Web: www.nscc.com Email: [email protected] Email: [email protected] Address: 51st Floor, 18 Harbour Road, Wanchai Indian Clearing Corporation Web: polaris.co.in Hong Kong Limited (ICCL) Web: www.rbcis.com Societe Generale Securities Services See bse Jyoti Rai Standard Chartered Bank Web: www.icclindia.com/ Head Business Development, Sales & Marketing, David Gilmour Service Providers Senior Vice President Managing Director, Transaction Banking, North East Tel: +91 22 42066138 BNP Paribas Securities Services Asia Email: [email protected] Tel: 852 2821 1991 Viraj KULKARNI Address: SBI custodial Services Pvt Ltd - Jeevan Email: [email protected] Head of BNP Paribas Securities Services, India Seva Extension Building, Ground Floor, Address: SC Tower, 15th Floor, 388 Kwun Tung Tel: +91 22 6196 5050 S.V. Road, Santacruz (W), Mumbai - 400 Road, Kowloon, Hong Kong Fax: +91 22 6650 1606 054 – India Web: www.standardchartered.com Email: [email protected] Web: www.sgss.socgen.com Address: 9/F, BNP Paribas House, 1North Avenue, Technology Vendors Maker Maxity, Bandra Kurla Complex, Standard Chartered Bank Serisys Solutions Ltd Mumbai - 400 051, India Peter Christmas Tel: + 85 23 23763232 Web: securities.bnpparibas.com Director, Transaction Banking, Investor & Intermediaries, Southern Asia Address: 1201-02 Jubilee Centre, 18 Fenwick Citi Street, Wanchai, Hong Kong Tel: +65 6596 4342 Debopama Sen Web: www.serisys.com Email: [email protected] Securities Country Manager Address: Marina Bay Financial Centre Tower 1, TIBCO Software Inc. Tel: +91 22 4029 6200 Level 23, 8 Marina Boulevard, Singapore Tel: + 852 2264 0835 Email: [email protected] 018981 Address: Room 3301, The Lee Gardens, 33 Hysan Web: www.citigroup.com Web: www.standardchartered.com Avenue, Causeway Bay, Hong Kong DBS Bank Ltd Technology Vendors Web: www.tibco.com Saurabh Mittal Nucleus Software Wealthcraft Systems Inc. Vice President Tel: + 91 120 4031400 Tel: + 852 35 868232 Tel: 91 22 6752 8348 Web: www.nucleussoftware.com Address: Unit A, 9/F, On Hing Building, On Hing Fax: 91 22 67528368 Terrace, Central, Hong Kong Email: [email protected] Polaris Software Lab Ltd Address: DBS Bank Ltd, Fort House, 221, Dr D N Web: www.wealthcraft.com Tel: + 91 44 27435001 Road, Fort, Mumbai 400 001, India Address: Polaris Software Lab Ltd, 34,Foundation, Web: www.dbs.com India IT Highway, Navalur, 600006, Chenna, Deutsche Bank AG Tamilnadu, India NSDL Web: www.polaris.co.in

International Securities Services 61 Tata Consultancy Services HSBC Citi Tel: + 91 80 67253000 Cindralela Darsia Gregory Ellis Address: Unit 6, No. 78, 79 & 83, Whitefield, 560 Head of HSBC Securities Services Account Manager, Vice President 066, Bangalore, India Tel: 62 21 5291 4988 Tel: +81 3 6270 9509 Web: www.tcs.com Email: [email protected] Email: [email protected] Address: Menara Mulia, 19th floor, JI. Jend. Gatot Address: Shin-Marunouchi Building, 5-1, Indonesia Subroto kav 9-11 Jakarta 12930 Marunouchi 1-Chome, Tokyo 100-6517 Web: www.hsbcnet.com Web: www.citigroup.com The Indonesian Central Securities Depository (KSEI) PT Bank CIMB Niaga Tbk HSBC Tel: (+62 21) 515 2855 Charisma Siasi Rajesh Atal Fax: (+62 21) 5299 1199 Regional Custody Division Head Head of HSBC Securities Services, Japan Toll Free: 0800-186-5734 Tel: 6221 30020646 Tel: +81 (3) 5203 3686 Email: [email protected] Email: [email protected] Email: [email protected] Address: Indonesia Stock Exchange Building 1st Address: Graha Niaga, 7th Floor, JI. Jendral Address: The Hongkong and Shanghai Banking Tower 5th Floor, Jl. Jend. Sudirman kav. Sudirman Kav 58, Jakarta 12190 Corporation Limited, HSBC Building, 3-11-1 Nihonbashi, Chuo-ku, Tokyo 103- 52-53, Jakarta 12190, Indonesia Standard Chartered Bank Web: www.ksei.co.id/ 0027, Japan Peter Christmas Web: www.hsbcnet.com/hss Bank Indonesia (BI) Director, Transaction Banking, Investor & Mizuho Corporate Bank Ltd Tel: (+62)21 2981-7317, 500-131 Intermediares, S.Asia Email: [email protected] Tel: 65 6596 4342 Masaaki Yamaguchi Address: Bank Indonesia Public Relation, Jl. MH. Email: [email protected] Senior Vice President, Head of Customer Service Thamrin 2 Jakarta 10350 Indonesia Address: Menara Standard Chartered, 5th floor, Tel: 81-3-3532-9534 Web: www.bi.go.id/web/en JI.Prof.Dr.Satrio No.164, Jakarta 12930 Email: [email protected] Web: www.standardchartered.com Address: 4-16-13, Tsukishima, Chuo-ku, Tokyo PT Kliring Penjaminian Efek 104-0052 Indonesia (KPEI) Japan Web: www.mizuhocbk.co.jp KPEI Customer Care: 0800-100-5734 (Toll Free) Standard Chartered Bank Tel: (6221) 515 5115 Japan Securities Depository Centre Fax: (6221) 5155120 (JASDEC) David Gilmour Address: Gedung Bursa Efek Indonesia Tower I, Tel: +81-3-3661-0139 Managing Director, Transaction Banking, North East Lantai 5, Jl. Jendral Sudirman Kav. 52-53, Address: 5th Floor, Daini-Shoken Kaikan Bldg, Asia Jakarta 12190, Indonesia 1-1, Nihombashi-Kayaba-cho 2-chome, Tel: 852 2821 1991 Web: www.kpei.co.id/ Chuo-ku, Tokyo Email: [email protected] Web: www.jasdec.com/en/ Address: Sanno Park Tower, 21st Floor, 2-11-1 The Indonesia Stock Exchange Nagata-cho, Chiyoda-ku, Tokyo 100- (Bursa Efek Indonesia, IDX) Bank of Japan (BOJ) 6155 Tel: +6221 5150515 Tel: +81-3-3279-1111 Web: www.stanchart-custody.com Fax: +6221 5150330 Email: [email protected] Sumitomo Mitsui Banking Corp Address: Indonesia Stock Exchange Building, 1st Web: www.boj.or.jp/en/ Tower, Jl. Jend. Sudirman Kav 52-53, Mitsushiro Kaminishizono Japan Securities Clearing Jakarta Selatan 12190, Indonesia Assistant Vice President Corporation (JSCC) Web: www.idx.co.id/index-En.html Tel: 81 3 4333 6196 Web: www.jscc.co.jp/en/ Email: [email protected]. Service Providers co.jp; smbc_cust_business_promotion@ JASDEC DVP Clearing Corporation rn.smbc.co.jp Citi (JDCC) Address: 2-3, Otemachi 1-Chome, Chiyoda-ku Daniel Wijono Tel: +81-3-3661-0139 Tokyo 100-0004 Securities Country Manager Address: 5th Floor, Daini-Shoken Kaikan Bldg, Web: www.smfg.co.jp/english/ Tel: +62 21 5290 8956 1-1, Nihombashi-Kayaba-cho 2-chome, Email: [email protected] Chuo-ku, Tokyo The Bank Of Tokyo-Mitsubishi UFJ Ltd Address: Citibank Tower,6th Floor, Jl. Jendral Web: www.jasdec.com/en/ Shinya Hirota Sudirman kav. 54-55 Jakarta Selatan Deputy General Manager, Head of Custody Japan Securities Settlement and 12910, Indonesia Relationship Management Custody Inc (JSSC) Web: www.citigroup.com Tel: +813 5404 2701 Web: www.jscc.co.jp/en/ DBS Bank Ltd Email: [email protected] Tokyo Stock Exchange Address: 11-3, Hamamatsucho 2-Chome, Minato- Endang Triningsih ku, Tokyo 105-0013, Japan Web: www.tse.or.jp/english/index.html Vice President Web: www.bk.mufg.jp Tel: 62 21 3040 2090 Euroclear Email: [email protected] Technology Vendors Ryo Kosuda Address: Plaza Permata, 12th Floor, Jl.M.H. NEC Corporation Thamrin Kav.57, Jakarta 10350, Tel: 813 5501 7711 Indonesia Email: [email protected] Tel: +81 3 57463881 Web: www.dbs.com Address: Sanno Park Tower 13F, 2-11-1 Address: 20-10, Ooi 1-chome, Shinagawa-ku, 140- Nagatacho, Chiyoda-Ku, Tokyo 100- 0014, Tokyo, Japan Deutsche Bank 6113, Japan Web: www.nec.com Elwin Karyadi Service Providers NTT DATA CORPORATION Head of GTB and Direct Securities Services, Indonesia BNP Paribas Tel: + 81 50 55462382 Address: Toyosu Center Building,3-3, Toyosu Tel: +62 21 3189 102 Nobuya Shida 3-chome, Koto-ku, 135-6033, Tokyo, Fax: +62 21 3189 130 Head of Securities Services, Japan Japan Email: [email protected] Tel: +813 6377 1263 Web: www.nttdata.co.jp/en Address: Deutsche Bank AG, Jakarta Branch, Fax: +813 5218 5940 Deutsche Bank Building 7th floor, Jl. Email: [email protected] Malaysia Imam Bonjol No. 80 Jakarta 10310, Address: 39/F, Gran Tokyo North Tower, Indonesia 1-9-1Marunouchi, Chiyoda-ku, Tokyo Bursa Malaysia Berhad Web: www.tss.db.com 100-6741, Japan

62 International Securities Services Address: LG Floor, Exchange Square, Bukit MayBank Web: www.au.bnpparibas.com Kewangan, 50200 Kuala Lumpur Roslin Mohd Jaafar Citi Tel: (603) 2026 5099 Head, System and Product Development Martin Carpenter Fax: (603) 2026 4122 Tel: 603-2074 8077 Securities and Funds Services Head Web: www.bursamalaysia.com/market/ Fax: 603-2032 1572 / 603-2070 0966 Tel: 612 8225 2411 Email: [email protected] MyClear Email: [email protected] Address: 4th Floor, Menara Maybank, 100 Jalan Tel: +603.2264.8600 Web: www.citigroup.com Tun Perak, 50050 Kuala Lumpur Fax: +603.2264.8601 Web: www.maybank2u.com.my HSBC Email: [email protected] Address: Malaysian Electronic Clearing RBC Heshani Perera Supervisor Corporation Sdn Bhd, Wisma Air Dominique Draux Products, Tower 2A, Avenue 5, Bangsar Tel: 64 9368 8826 Managing Director, Malaysia Email: [email protected] South, 8 Jalan Kerinchi, 59200 Kuala Tel: 65 6823 5000 Lumpur Address: HSBC House, 1 Queen Street, Auckland Email: [email protected] Web: www.hsbcnet.com Web: www.myclear.org.my/ Address: Wisma RBC Dexia, Block 3544, Persiaran Bank Negara Malaysia (BNM) Apec, 63000 Cyberjaya J.P.Morgan Web: www.rbcis.com Lachlan Allardice Jalan Dato’ Onn Head of Sales & Client Management, Treasury & P.O. Box 10922 Standard Chartered Bank Securities Services, Melbourne & New Zealand 50929 Kuala Lumpur Simon Cleary Tel: +613 9633 4277 Tel: 603-2698-8044 Director, Transaction Banking, Global Product Email: [email protected] Fax: 603-2691-2990 Management Address: Level 2, 1 Victoria Street, Wellington Telex: MA 34137 / MA 34138 Tel: 65 6596 4115 6001 Web: www.bnm.gov.my/ Email: [email protected] Web: www.jpmorgan.com Address: Menara Standard Chartered, 30 Jalan Service Providers Sultan Ismail, 50250 Kuala Lumpur National Nominees Ltd CIMB Group Web: www.standardchartered.com Richard Coia Jobina Ho United Overseas Bank BHD Managing Director, Sales, Asset Servicing Head, Client Management Tel: 61 (03) 8641 1633 Kaycee Wong Keng Choy Tel: +603 2084 8398 Email: [email protected] Manager & Team Leader Fax: +603 2093 4933 Address: Level 12/500 Bourke St., Melbourne VIC Tel: +603 2031 0476, 603 2772 8283 Email: [email protected] 3000 Email: [email protected] Address: Level 7 Wisma Amanah Raya, Jalan Web: www.nationalncs.com Address: Level 9,Bagnuann UOB, 10-12 Medan Semantan, Damansara Heights, 50490 Pasar, 50050 Kuala Lumpur Trustees Executors Limited Kuala Lumpur Web: www.uob.com.my Mark Rosevear Web: www.cimb.com Head of Business Development CIMB Investment Bank Berhad New Zealand Tel: +64 21 343 919 Chung Siew Foong Email: [email protected] New Zealand Clearing and Associate Director and Head, Securities Services - Address: Trustees Executors Limited, PO Box 10- Depository Corporation Limited Custody 519, Wellington 6143, New Zealand (NZCDC) Tel: 603 -2084 8349 Web: www.trustees.co.nz Fax: 603 – 2093 3720 Tel: +64 4 472 7599 Email: [email protected] Fax: +64 4 496 2893 Pakistan Address: 7th Floor, Wisma Amanah Raya Berhad, For queries regarding settlement, corporate Central Depository Company (CDC) Jalan Semantan, Damansara Heights, actions or entitlements please contact: 50490 Kuala Lumpur Andrew Martin: +64 4 495 5059 Tel: (92-21) 111-111-500 Web: www.ib.cimb.com Jocasta Walsh: +64 4 495 2838 Fax: (92-21) 34326031 Nicola Reid: +64 4 496 2871 Email: [email protected] Citi Address: CDC House, 99-B, Block ‘B’, S.M.C.H.S., For risk management please contact: Benedict Ler Main Shahra-e-Faisal, Karachi - 74400. Jennifer Zhu: +64 9 309 3649 Securities Country Manager Web: www.cdcpakistan.com/ Charmaine Lim: +64 9 3681376 Tel: +603 2383 2638 Sasha Srivastava: +64 4 498 0056 State Bank of Pakistan (SBP) Email: [email protected] Mandy Simpson: +64 4 495 2465 Address: Citibank Berhad (Subsidiary), Level 42, Tel: 111-727-111 Email: [email protected] Menara Citibank 1, 65 Jalan Ampang , Email: [email protected] Address: Level 2, NZX Centre, 11 Cable Street, PO 50450 Kuala Lumpur, Malaysia Address: Central Directorate, I.I. Chundrigar Box 2959, Wellington, New Zealand Web: www.citigroup.com Road, Karachi, Pakistan Web: www.nzclearingcorp.com/ Web: www.sbp.org.pk/ Deutsche Bank Reserve Bank of New Zealand (RBNZ) National Clearing Company of Mohd Ridzal Sheriff Tel: +64 4 472 2029 Pakistan Ltd (NCCPL) Head of Direct Securities Services Fax: +64 4 473 8554 Tel: (92-21) 32460811-19 Tel: +603 2053 6737 Email: [email protected] Fax: (92-21) 32460827 Email: [email protected] Address: Reserve Bank of New Zealand, 2 The Email: [email protected] Address: Deutsche Bank (Malaysia)Berhad, Level Terrace, PO Box 2498, Wellington 6140, Address: 8th Floor, Karachi Stock Exchange 20, Menara IMC, 50250 Kuala Lumpur New Zealand Building, Stock Exchange Road, Karachi Web: www.tss.db.com - 74000, Pakistan Service Providers HSBC Web: www.nccpl.com.pk/ BNP Paribas Securities Services Bee Heong ON Service Providers Head of HSBC Securities Services, Malaysia Hugh Stevens Tel: +603 20753800 Head of BNP Paribars Securities Services, New Citi Email: [email protected] Zealand Uzma Ladak Address: HSBC Bank Malaysia Berhad, 12F, South Tel: 64 4 439 2167 Securities Country Manager Tower, 2, Leboh Ampang, 50100 Kuala Email: [email protected] Tel: +92 21 263 8357 Lumpur Address: Level 2, 1 Victoria Street, Wellington Email: [email protected] Web: www.hsbcnet.com/hss 6001 Address: Citibank, N.A. (Branch), AWT Plaza,

International Securities Services 63 I.I. Chundrigar Road, P.O. Box 4889, Standard Chartered Bank Singapore 117439 Karachi74200, Pakistan Peter Christmas Web: www.hsbcnet.com/hss Web: www.citigroup.com Director, Transaction Banking, Investor & RBC Investor Services Intermediaries, S.Asia Deutsche Bank Diana Senanayake Tel: 65 6596 4342 K. Hammad Izz-e-Hamid Managing Director, Singapore Email: [email protected] Head of Direct Securities Services Tel: 352 2605 2995 Address: 5th Floor, 6788 Ayala Ave, Makati City Tel: +9221 3520 7340 Email: [email protected] 1200 Fax: +9221 3565 8314 Address: 20 Cecil Street, Equity Plaza #28-01, Web: www.standardchartered.com Email: [email protected] Singapore 049705 Address: Deutsche Bank, Karachi Branch, Direct Web: www.rbcis.com Securities Services, 242 – 243 Avari Singapore Standard Chartered bank Plaza, Fatima Jinnah Road, Karachi Central Depository Pte Ltd (CDP), 75530, Pakistan Peter Christmas Tel: (65) 6236 8888 Web: www.tss.db.com Director, Transaction Banking, Investor & Fax: (65) 65356994 Intermediares, S.Asia Standard Chartered Bank Address: 2 Shenton Way, N0. 19-00 SGX Centre 1, Tel: 65 6596 4342 Peter Christmas Singapore 068804 Email: [email protected] Director, Transaction Banking, Investor & Web: www.sgx.com/ Address: 7 Changi Business Park Crescent, Level Intermediares, S.Asia Monetary Authority of Singapore 3, Singapore 486028 Tel: 65 6596 4342 (MAS) Web: www.standardchartered.com Email: [email protected] Tel: (65)-6225-5577 United Overseas Bank Ltd Address: Box 4896 Ismail Ibrahim, Chundrigar Fax: (65)-6229-9229 Rd, Karachi 74000 Susan Liew Pik Yoong Address: 10 Shenton Way MAS Building, Web: www.standardchartered.com Vice President - Head of Custody Singapore 079117 Tel: +60 3277 26628 Philippines Web: www.mas.gov.sg/ Email: [email protected] Service Providers Address: Custody Services Dept, Level 9 Menara Philippine Stock Exchange (PSE) UOB, Jalan Raja Laut, 50350 Kuala Euroclear Tel: (632) 819-4100 Lumpur Fax: (632) 891-9004 Chee Kiang Ng Web: www.uobgroup.com Address: 80 Raffles Place #30-22, UOB Plaza 2, Address: Philippine Stock Exchange Plaza, 2/F Technology Vendors Ayala Triangle, Ayala Avenue, Makati Singapore 048624 City 1226 Philippines Tel: 65 650 7770 BCS Information Systems Web: www.pse.com.ph Email: [email protected] Tel: +65 642 46000 Bangko Sentral ng Pilipinas BNP Paribas Securities Services Address: 11 Tampines Central 1, OCBC Tampines Elizabeth CHIA Centre One, #08-00, 529542, Singapore Tel: (632) 708.77.01 Web: www.bcsis.com Address: A. Mabini St. cor. P. Ocampo St., Malate Head of Client Development, Asia Asset Owners, Manila, Philippines 1004 Asset Managers & Alternatives Decillion Group Email: [email protected] Tel: +65 6210 1736 Tel: + 65 65 088088 Fax: +65 6210 4954 BSP - Security Plant Complex Address: 39 Robinson Road #16-03 $, Robinson Email: [email protected] Point, 068911, Singapore East Ave., Quezon City Address: 20 Collyer Quay, #04-01, Tung Centre, Web: www.decilliongroup.com Tel: (632) 988.4800 Singapore 049319 Email: [email protected] Web: securities.bnpparibas.com Hewlett-Packard Address: www.bsp.gov.ph/index.asp Citi Tel: + 65 65 723549 Address: 450 Alexandra Road, 119960, Singapore Service Providers Adeline Tan Web: www.hp.com/go/fsi Citi Director, Regional Sales Tel: +65 6328 5614 Integro Technologies Pte Ltd Sari Mortel Email: [email protected] Tel: + 65 62 554925 Securities Country Manager Web: www.citigroup.com Address: No 1 Lorong 2 Toa Payoh, Yellow Pages, Tel: +632 894 7557 Building #05-01, Singapore Email: [email protected] DBS Bank Ltd Web: www.integrosys.com Address: 8741 Paseo de Roxas, Makati, Metro Chang Chee Siong Manila Senior Vice President Kofax Web: www.citigroup.com Tel: 65 6878 2375 Tel: + 65 627 87662 Deutsche Bank AG Email: [email protected] Address: 205 Henderson Road #08-02, 159549, Address: 6 Shenton Way, DBD Building Tower Henderson Industrial Park, Singapore Celia D. Orbeta One (S) 068809, Singapore Web: www.kofax.com Head, Direct Securities Services Web: www.dbs.com Tel: +63 2 894 6970 NCS Group Deutsche Bank Fax: +63 2 894 6977 Tel: + 65 65 568000 Email: [email protected] Christina Ang Address: 5 Ang Mo Kio Street 62, NCS Hub, Address: 23F Tower One and Exchange Plaza, Director, Head of Direct Securities Services, Singapore 569141, Singapore Ayala Triangle, Ayala Avenue, Makati Branch Web: www.ncs.com.sg or www.ncsi.com.cn City, Philippines 1226 Tel: 65 6423 6578 Web: www.db.com Fax: 65 6423 6537 OpenLink Tel: + 65 65 930800 HSBC Email: [email protected] Address: One Raffles Quay, #16-00 South Tower Address: 6 Temasek Boulevard, #27-03A Suntec Maris Flores Tower 4, 038986, Singapore HSBC Head of Securities Services, Philippines Web: www.olf.com Tel: +63 2 581 8200 Tony Lewis Email: [email protected] Head of HSBC Securities Services, Singapore Perot Systems Address: 7F HSBC Centre, 3058 Fifth Avenue Tel: (65) 66580228 Tel: + 65 62 364630 West, Bonifacio Global City, Taguig City Email: [email protected] Address: #10-03 Robinson Center, 61 Robinson 1634 Philippines Address: 20 Pasir Panjang Road, East Lobby, Road, 068890, Singapore Web: www.hsbcnet.com/hss Mapletree Business City #12-21, Web: www.perotsystems.com

64 International Securities Services Singapore Telecommunications Ltd Aloysius Wee Deutsche Bank (SingTel) Head of HSBC Securities Services, Korea Tyrone Hannan Address: 31 Exeter Road, Comcentre, 239732, Tel: (82 2)2004 0598 Head – Global Transaction Banking / Direct Singapore Email: [email protected] Securities Services Web: www.info.singtel.com/business Address: The Hongkong and Shanghai Banking Tel: +94 11 4791114 Corporation Limited, 37, Chilpae-ro, Fax: +94 11 2343336 SUNGARD Jung-gu, Seoul, Korea (HSBC Building Email: [email protected] Tel: + 65 62 276400 #25, 1-Ka, Bongrae-Dong) Address: Deutsche Bank AG, Colombo Branch, Address: 8 Temasek Boulevard, #39-02/03, Suntec Web: www.hsbcnet.com/hss 86, Galle Road, Colombo 3, Sri Lanka Tower 3, 038988, Singapore Kookmin Bank Web: www.tss.db.com Web: www.sungard.com Sang-Bum Lee HSBC Korea (South) Team Head Kelum Edirisinghe Tel: +82 2 2073 5181 Vice President, Custody and Clearing Korea Securities Depository (KSD) Fax: 822-2073-5199 Tel: (94 11) 479 3370 Tel: 82-2-3774-3430 Email: [email protected] Fax: (94 11) 243 8585 Email: [email protected] Address: Foreign Custody Team of Kookmin Email: [email protected] Bank, 10/F, Sewoo Bldg., 10, Yeoido- Web: www.hsbcnet.com General inquiries, Visits to KSD, International dong, Youngdeungpo-gu, Seoul, Korea relations and cooperation, Global Securities Web: www.kbstar.com Standard Chartered Bank Services Department Korea Exchange Bank (KEB) Peter Christmas Tel: 82-2-3774-3570 Director, Transaction Banking, Investor & Email: [email protected] Mr. Jung-Ryeal Hong Intermediares, S.Asia Global Custody Team I Head of Cross-border Custody Team Tel: 65 6596 4342 Tel: 82-2-3774-3465 Tel: +82 2 729 0466 Email: [email protected] Email: [email protected] Fax: +82 2 776 9307 Address: 37, York Street, Colombo 01 Email: [email protected] Network management of KSD’s foreign Web: www.standardchartered.com Address: 22nd Fl. KEB Bldg., 181, 2ga Euljiro, custodians, Planning and research on global Jung-gu, Seoul 100-793, Korea custody services, Global Custody Team II Taiwan Web: www.keb.co.kr Tel: 82-2-3774-3460 Taiwan Depository and Clearing Email: [email protected] Standard Chartered Bank Corporation (TDCC) Global custody operations for foreign securities, David Gilmour Web: www.tdcc.com.tw/english Global Investment Services Team Managing Director, Transaction Banking, North East Tel: 82-2-3774-3450 Asia Taiwan Stock Exchange (TWSE) Email: [email protected] Tel: 852 2821 1991 Tel: 886-2-27 Address: 4Gil 23 Yoinaru, Youngdeungpo-gu, Email: [email protected] Email: [email protected] Seoul 150-948, Korea, Global Business Address: 7th Floor, 100, Kongpyung-dong, Address: 363, Fushin N. Rd, Taipei, Taiwan, R.O.C Department Chongro-gu, Seoul, 110-702 Web: www.twse.com.tw/en/about/company/ Web: www.ksd.or.kr/eng/main.home Web: www.standardchartered.com contact.php95403 Korea Exchange (KRX) Sri Lanka Gre Tai Securities Market (GTSM) Web: http://eng.krx.co.kr/ Tel: +886-2-2369-9555 Central Depository Systems (Pvt) Address: 15F, No.100, Sec.2, Roosevelt Road, Bank of Korea (BOK) Limited (CDS) Taipei, Taiwan, 10084 Tel: 82-2-759-4114 Tel: +94 11 2356456 Web: www.gretai.org.tw/en/index.php Fax: 82-2-759-4060 Fax: +94 11 2440396 Email: [email protected] Address: #04-01, West Block, World trade Center, Service Providers Address: 9 Namdaemunno (110, 3-Ga, Echelon Square, Colombo 01, Sri Lanka Bank of Taiwan Namdaemunno), Jung-Gu, Seoul 100- Web: www.cds.lk 794, Korea Maxine Chang Web: www.bok.or.kr/eng/engMain.action LankaSecure – Central Bank Assistant Vice President of Sri Lanka (CBSL) Tel: 886-2-2314-1565 Service Providers Tel: 94 -11 -2477000 / 94 -11 -2440330 Email: [email protected] Address: 49 Wu Chang Street, Sec. 1, Taipei, Citi 94 -11 -2330220 Email: [email protected] Taiwan 100, R.O.C. Hee-Jin Kim Web: www.bot.com.tw Securities Country Manager Address: Central Bank of Sri Lanka, P.O. Box 590, Tel: +82 22 2077 4391 30, Janadhipathi Mawatha, Colombo 01, Citi Email: [email protected] Sri Lanka Datong K. Chang Web: www.citigroup.com Centre for Banking Studies Securities Country Manager Tel: +886 2 277 77561 Deutsche Bank Tel: 94 - 11 2477840 Fax: 94 -11 2867384 Email: [email protected] Minsoo Kyung Address: Citibank, N.A. (Branch), 8th Floor, No. Head of Product & Client Management Email: [email protected] Address: No. 58, Sri Jayewardenepura Mawatha, 169, Jen Ai Road, Sec. 4, Taipei, Taiwan Tel: +82 2 724 4670 Web: www.citigroup.com Email: [email protected] Rajagiriya Web: www.tss.db.com Web: www.cbsl.gov.lk Deutsche Bank Tim Liu Hana Bank Service Providers Head of Direct Securities Services Kyoung Ho Park Citi Tel: +8862-21924276 Manager Mihiri Krishnamoorthy Fax: +8862-21924278 Tel: 822 – 3788 – 5144 Securities Country Manager Email: [email protected] Fax: 822 – 754 – 9705 Tel: +94 114 794 728 Address: 3/F, 296 Ren-Ai Road Sec. 4, Taipei 106, Email: [email protected] Email: [email protected] Taiwan Address: 6F, 140, Da-Dong, Chung-Gu, Seoul, Address: Citibank, N.A. (Branch), 65C Dhamapala Web: www.tss.db.com 100-180, Korea.S Mawatha, Colombo 7, Sri Lanka www. HSBC Web: www.hanabank.com citigroup.com Shirley Tsai HSBC Web: www.citigroup.com

International Securities Services 65 Head of HSBC Securities Services, Taiwan Web: www.tss.db.com Vietnam Securities Depository (VSD) Tel: +886 2 66312345 HSBC Tel: (84.4) 3 9747 123 Email: [email protected] Fax: (84.4) 3 9747 120. Utumporn Viranuvatti Address: HSBC Bank(Taiwan) Limited, 16/F, Address: 15 Doan Tran Nghiep Street, Le Dai Head of HSBC Securities Services, Thailand No.3-1 Yuan Qu Street, Nankang Hanh ward, Hai Ba Trung District, Ha Tel: 662 614 4500 District, Taipei, 115 Taiwan, Republic of Noi, Viet Nam. Email: [email protected] China Web: http://vsd.vn/en/home.htm Web: www.hsbcnet.com/hss Address: The Hongkong and Shanghai Banking Corporation Limited, HSBC Building, Joint Stock Commercial Bank for J.P.Morgan 968 Rama 4 Road, Silom, Bangrak, Investment and Development of Richard Lin Bangkok 10500, Thailand Vietnam Tel: +886 2 27259479 Web: www.hsbcnet.com/hss Tel: (+84-4) 22205544 Email: [email protected] Kasikornbank Public Company Ltd Fax: (+84-4) 22200399 Web: www.jpmorgan.com Address: BIDV Tower, 35 Hang Voi, Hoan Kiem, Decha Ngamthanaphaisarn Ha Noi Standard Chartered Bank Department Head – Securities Services Department Web: http://bidv.com.vn/default.aspx David Gilmour (First Vice President) Managing Director, Transaction Banking, North East Tel: (662) 470 1940-1 State Bank of Vietnam (SBV) Asia Fax: (662) 470 1996-7 Address: 49 Ly Thai To, Ha Noi, Vietnam. Tel: 852 2821 1991 Email: [email protected] Website permanent group: Email: [email protected] Address: 400/22 Phahon Yothin Avenue, Samsen Tel: 844.9343327 - Fax 04.9349569 Address: Room B, 7F, 168 Tun Hwa North Road nai, Phaya Thai, Bangkok 10400 Email: [email protected] or Web: www.standardchartered.com Web: www.kasikornbank.com [email protected] Siam Commercial Bank Public Service Providers Thailand Company Limited Thailand Securities Depository Co. Thanakrit Tiancharoen Citi Ltd (TSD) Vice President, Custody Services – Overseas Clients Ha Thu Nguyen Tel: (66 2) 229 2800 Tel: +662 544 3930 Securities Country Manager Fax: (66 2) 359 1259 Fax: +662 544 7475 Tel: +84 482 51950 ex 449 Tsd Call Center : (66 2) 229 2888 Email: [email protected] Email: [email protected] Address: 62 The Stock Exchange of Thailand Address: Siam Commercial Bank PCL Head Address: Citibank, N.A, Hanoi Branch (Branch), Building, Rachadapisek Road, Klongtoey, Office, 7th Floor Zone A 9 Ratchadapisek 17 Ngo Quyen Street, 1st Floor, Hanoi, Bangkok 10110, Thailand Rd., Jatujak Bangkok 10900 Thailand Vietnam Web: www.tsd.co.th Web: www.scb.co.th Web: www.citigroup.com Stock Exchange of Thailand (SET) Standard Chartered Bank Deutsche Bank Web: www.thaiclearing.com/en/contact.html Peter Christmas Mai Bich Lien Director, Transaction Banking, Investor & Client Service Officer Service Providers Intermediares, S.Asia Tel: + 84-8-3914 7397 Ext: 307 Fax: + 84-8-3824 4602 Bangkok Bank Tel: 65 6596 4342 Email: [email protected] Email: [email protected] Benjawan Vichitthanarurk Address: Sathorn Nakorn Tower, 14th Floor, Zone or [email protected] Vice President and Manager B, 90 North Sathorn Rd, Bangkok 10500 Address: Saigon Center, 14 Floor, 65 Le Loi Tel: +66 2 626 3791 Web: www.standardchartered.com Boulevard, District, 1, Ho Chi Minh City, Fax: +66 2 626 4545 Vietnam TMB Bank Public Company Limited Email: [email protected] Web: www.tss.db.com Address: Securities Services Department, 333 Weerachai Amornrat-Tana Silom Road, Bangkok 10500 Thailand Executive Vice President HSBC Web: www.bangkokbank.com Tel: +662 242 3984-5 Vinith Rao Head of HSBC Securities Services, Vietnam CIMB Thai Bank Public Company Ltd Fax: +662 242 3946 Email: [email protected] Tel: +84-3520-6160 Boonyapak Wanichpan Address: Agent and Securities Services Email: [email protected] Senior Team Head, Investor Services Department Level 10, Building A 3000 Address: HSBC Bank (Vietnam) Ltd, 13th Floor, Tel: 66 02 6267099, 66 081 9217728 Phahonyothin Road, Chomphon, Centre Point Building, 106, Nguyen Van Email: [email protected] Chatuchak Bangkok 10900 Troi Street, District Phu Nhuan, Ho Chi Address: Langsuan Buildnig 44, 15th Floor, Web: www.tmbbank.com Minh City, Vietnam Langsuan Road, Lumpini, Bangkok 10330 Web: www.hsbcnet.com/hss Citi Vietnam Standard Chartered Bank Dol Watanasri Ho Chi Minh City Stock Exchange Peter Christmas Securities Country Manager (HOSE) Director, Transaction Banking, Investor & Tel: +662 232 2679 Intermediares, S.Asia Email: [email protected] Tel: (84-8) 38217713 Fax: (84-8) 38217452 Tel: 65 6596 4342 Address: Citibank, N.A. (Branch), 15-17th Floors, Email: [email protected] Citibank Tower, 82 North Sathorn Road, Hotline: 08.38218662 Email: [email protected] Address: Hanoi Towers, Unit 8-01, 49 Hai Ba Bangkok 10500, Thailand Trung, Hanoi Web: www.citigroup.com Address: 16 Vo Van Kiet St., #1 Dist., HCMC, Vietnam Web: www.standardchartered.com Deutsche Bank Web: www.hsx.vn/hsx_en/default.aspx Jaroungpon Hoonsiri Hanoi Stock Exchange (HNX, Head, Direct Securities Services, Thailand formerly HASTC) Tel: 662 646 5353 Fax: 662 651 5313 Tel: (84-4) 39412626 Email: [email protected] Fax: (84.4) 39347818 Address: Deutsche Bank AG, Bangkok Branch, Email: [email protected] Direct Securities Services, 27th Floor, Address: No. 02, Phan Chu Trinh Street, Hoan Athenee Tower, 63 Wireless Road, Kiem District, Hanoi Bangkok 10330 Thailand Web: http://en.hnx.vn/en/web/guest/home

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