Efficiency without compromise Annual Review 2009 1 SWIFT Annual Review 2009

SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 9,000 banking organisations, As the whole financial securities institutions and corporate customers in 209 countries. SWIFT enables its users to exchange automated, standardised financial information securely industry came to and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT terms with continued also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest. uncertainty, the need for efficiency was paramount. This year we have produced an Annual Review rather than an Annual Report. This slimmer document is consistent with But determination to our corporate social responsibility commitment to respect the environment by reducing the number and size of printed documents we produce and distribute. The change in format take out cost cannot be has also allowed us to focus more effectively on our business performance and achievements for 2009. We have still met at the price of quality our obligation to publish a full set of financial accounts which can be downloaded at www.swift.com. It is also available from any of our offices. or reliability. SWIFT has worked for the Contents community to make its 02 — 03 12 — 13 19 30 — 31 Achievements Setting the framework Securing a sustainable future Oversight at SWIFT and highlights for growth 20 — 23 32 — 35 04 — 05 14 — 15 Facts and figures Security audit statement and operations more efficient Reinforcing core values Making business simpler Financial performance A few words from our Chairman and more streamlined 24 — 25 Executive Committee 36 06 — 07 16 — 17 SWIFT Business Offices Efficiency without compromise Uncompromised robustness, 26 — 27 Perspectives from the CEO investment in the core Board of Directors 37 and set the framework SWIFT Partners 08 — 11 18 28 — 29 2009 in context Shaping a bolder future for Governance at SWIFT our community for future growth. 3rd 400+ operating centre opened organisations have ordered Alliance Lite AchievementsThe world of SWIFT and highlights 3.76 billion 209 99.999% FIN messages exchanged countries and territories availability of FIN and SWIFTNet in 2009 5,782 attendees at Sibos in Hong Kong, the biggest ever Sibos in Asia

451 new institutions connected to SWIFT during 2009, making a total of 9,281 20,000+ 23 13,531 laptops funded so far for the One Laptop Per Child organisation offices worldwide – Seoul members of swiftcommunity.net, 221 communities office opened in 2009 5 SWIFT Annual Review 2009 Reinforcing core values A few words from our Chairman

business imperatives. I am pleased to departments, law enforcement agencies Looking back at last report that in 2009, the Executive stepped and appropriate international organisations, up to the challenge with a two-year such as the Financial Action Task Force, in year’s Annual Report, programme that will cut SWIFT’s structural their efforts to combat abuse of the financial it is easy to recapture costs by EUR 90 million, representing 17 system for illegal activities. percent of SWIFT’s total cost base, without the sombre mood that compromising security or resilience. On 30 November 2009, the Council of the prevailed at the height European Union approved an EU-US interim Oversight agreement on the sharing of information of the worst financial As our industry emerges from a period of under the Terrorist Finance Tracking crisis in recent decades. severe crisis, regulation and supervision will Program. Following the rejection of this continue to be crucial elements in ensuring agreement by the European Parliament in We belong to a resilient industry, however. the stability of the financial ecosystem. February 2010, the European institutions The combined efforts of our executives, Given SWIFT’s systemic importance, have begun negotiating a new long-term staff, regulators and supervisors have seen the central banks of the Group of Ten agreement with the US. SWIFT is monitoring us through the worst. countries (G-10) agreed in 1998 that the situation and continues to adhere to the These ‘essentials’ – integrity, security and cash and cost structure, are fundamentally The SWIFT Executive has been executing SWIFT should be subject to cooperative strict legal guidelines already in place. reliability in the cooperative space – remain sound. The SWIFT franchise within the the SWIFT2010 strategy that your Board As the financial industry’s shared services oversight by central banks. SWIFT takes fundamental for SWIFT’s future ambitions. financial community remains both solid and agreed to with competence, commitment cooperative, SWIFT is used to double its responsibilities extremely seriously in Future strategy And when I say future ambitions, I mean enviable. Its customers want SWIFT to do and initiative. For these reasons I am digit growth but its traffic volumes in 2009 this regard, meeting with its overseers on a In 2009, SWIFT also began the preparatory the ambitions of the shareholders and the more as their shared service partner. confident that it will deliver the next reflected the decreased levels of activity quarterly basis to review strategy, resilience, work for its new strategic plan that will community for their cooperative. SWIFT’s strategic plan, that it can adapt to changing within our community. FIN traffic was down architecture and other related matters. guide the cooperative’s activities through objective will be to deliver and execute I encourage this. As shareholders, every market conditions and that it will execute by 2.4 percent for the year as a whole. to 2015. Consultation with the community on tangible, commercially-driven priorities member institution should think of SWIFT well. Crucially, SWIFT’s 1,920 employees Despite that, SWIFT focused on reducing SWIFT’s approach to operational risk on SWIFT2015 has been active and reflecting community and/or customer as an integral part of its own eco-system remain admirably dedicated to the spirit its expense base and was able to achieve management is evidenced by the rigorous. From the feedback received, segment requirements and underpinned by and make the best use of its capabilities of SWIFT and its core values. strong bottom line financial results. comprehensiveness of the SAS 70 there is a broad consensus within the relevant business cases. The strategy is one and services. report and its ‘High Level Expectations’ community, the Board and SWIFT itself of intelligent evolution, not radical revolution. As Board chairman, I believe we can, Although the upward trend in FIN traffic documents. Given the open and in terms of areas for future strategic The task of the Board is to provide and should, expect great things from has now resumed, no one at SWIFT would transparent nature of the relationship and focus. One message is clear: don’t lose Inherent strengths guidance on priorities that demonstrate your cooperative in the year ahead. contemplate a return to ‘business as usual’. the thorough reviews, the overseers have focus on the core of SWIFT in terms of its From a Chairman’s perspective, my a more commercially relevant and nimble Mindful of the challenges faced by the acknowledged that the HLE document competencies and capabilities and in terms stakeholders are the financial institutions organisation – a process which is underway community for which it exists, the Board should be made compulsory and that other of the opportunities that still exist within that own and govern SWIFT, the G-10 as I write, with the full engagement of the and Executive promised to take a hard systemically important messaging providers established business areas. And don’t central banks that oversee the cooperative Board and the Executive. The Board is well look at SWIFT’s own cost structure and within the financial industry should be forget either that the underlying value of and the employees who work for the placed to do this. It is both diversified and business priorities, enhancing activities of subject to similar oversight principles. SWIFT comes from enabling its members organisation. To all of you, I can say representative of its community. It contains most value to our customers and reducing and customers to reduce their costs with confidence that SWIFT has entered a broad range of expertise and provides Yawar Shah investment in initiatives with less direct SWIFT also has a history of cooperating and manage their risk more effectively – 2010 in a strong position to deliver on its well structured and organised governance Chairman impact on their short-to-medium-term in good faith with central banks, treasury essential elements in current times. promises. Its finances, in terms of both for the cooperative. April 2010

Regulation and supervision in sharp focus SWIFT is monitoring the negotiations Consulted extensively with the community SWIFT franchise remains both solid and – SWIFT meeting its oversight obligations of an EU-US agreement on the sharing in preparation for 2015 strategy – feedback enviable: as shareholders, every member and its commitment to transparency of information under the Terrorist Finance in favour of focusing on core SWIFT institution should think of SWIFT as an Tracking Program competencies and capabilities integral part of its own eco-system 7 SWIFT Annual Review 2009

compromising our core strengths of with the quality of our customer support Sibos 2009. The community consultation security, reliability and resilience. services actually increased in 2009, and clearly indicates that innovation should we delivered 99.999 percent availability increasingly become an applied strength Our financial performance was impressive for FIN and SWIFTNet. of SWIFT, and one of the primary drivers Efficiency of growth from our core. We intend to given the adverse market conditions. While year-on-year revenues fell, our We want ‘efficiency without compromise’ utilise this momentum as an enabler of efficiency programme, Lean, meant that to become synonymous with SWIFT our 2015 strategy, as well as a point we were able to reduce our operating and a recognised core competence. A of differentiation to appeal to a new expenses, absorb the one-time costs growing number of our customers have generation of leaders emerging in of the restructuring, and still deliver an already acknowledged exactly that and the community. operating profit. are coming to SWIFT to learn about the without Finally, I want to say a few words about programme and our implementation; for On a regional basis, our EMEA us there is no higher praise. our Corporate Social Responsibility organisation delivered excellent results in activities. SWIFT continues to take its role spite of the economic climate, becoming Our efficiency programme has given us as a corporate citizen extremely seriously. the real engine of our 2009 financial the right to look ahead to future growth. We remain an active supporter of the performance. Asia and the Americas In 2009 we embarked on the journey Arts, and our engagement with the One compromise suffered more, reflecting the specific to define our strategic direction for the Laptop Per Child organisation has seen challenges associated with our business next five years. We started by consulting the deployment of 20,000 laptops across activities there. Sibos 2009 in with the community, conducting 120 five countries in the developing world. Hong Kong demonstrated the progress consultations with more than 500 From an environmental perspective, we Perspectives from the CEO we are making in the region – with 42 individuals worldwide, to establish the have established a partnership with the percent of the 5,782 attendees coming foundations for our 2015 strategy. You International Polar Foundation with the from Asia, it attracted the largest Asian told us how SWIFT should evolve, and aim of raising awareness and increasing attendance in the history of Sibos. how to use our unique capabilities to add general knowledge in the financial world more value to the financial industry. Your about climate change issues. We have also 2009 was also a year where we responses demonstrated a loyalty, passion, committed to a 60 percent reduction in continued to roll out important operational and commitment to our future success our carbon footprint over the coming three programmes on time and on budget. that we were pleased to see. The 2015 years, and Sibos 2010 in Amsterdam will Most significantly, we completed Phase 1 strategy – to be launched later this year see the implementation of the first steps 2009 will be remembered of our Distributed Architecture programme, – will demonstrate that we were listening. towards a greener event. This year’s annual giving us additional capacity and Your feedback told us two key things: to review contains the first dedicated section as the most challenging improved resilience whilst addressing “protect the core”, as you believe that on CSR and we plan to continue building business year in SWIFT’s data protection concerns. there is much mileage still left in our core out these activities, both internally to business, and to “reduce the total cost of SWIFT, as well as acting as a facilitator with history. Yet, despite the The ongoing Lean programme is critical ownership (TCO)” of SWIFT for customers. the community around sustainability issues. continuing tough global to SWIFT. Not just in creating a healthier company that can weather the financial Focusing on our core is natural to SWIFT: 2009 was a tough year for the global economic environment, crisis, but also in creating a more efficient 82 percent of our time and resources economy and a tough year for SWIFT. SWIFT’s performance organisation that is ready for growth. go into our core activities. And we have Nevertheless, we demonstrated that in throughout the year The dimensions of the programme are recognised that reducing the total cost applying ‘efficiency without compromise’ truly impressive: a two year programme of ownership of SWIFT to our customers across our operations, we have created was remarkable. to deliver 30 percent efficiency gains is an important part of that core focus. healthier organisation with a bright future, across SWIFT, consisting of 20 percent Interoperability of systems is another for the benefit of all the community. Thank We continued to deliver value and structural cost reductions and 10 percent clearly identified area, as we look to help you for your continued trust and support. excellent service to our customers, and efficiency gains for reinvestment. All based our customers reduce risk and cost. established the new zonal architecture for upon customer centricity and a culture Beyond cost and efficiency, the future our messaging services. We launched a shift towards a continuous improvement challenge in our evolution will be how fundamental review of our structural cost mindset. And although more than a third to ‘feed’ the core of SWIFT, or innovate base, evolved towards a more efficient of our organisation went through Lean in around it. The community has responded and robust organisation ready for the 2009, careful planning, precautions, and positively to the SWIFT perspectives future and commenced the definition of control mechanisms ensured zero impact around innovation. Our Innovation Labs Lázaro Campos our SWIFT2015 strategy. Significant and on reliability, security, and availability of our (under the Innotribe banner), for example, Chief Executive Officer fundamental changes achieved without systems to our users. In fact, satisfaction were considered one of the highlights of April 2010

Operating expenses Largest Asian attendance Reducing total cost of Dedicated CSR reduced, restructuring costs ever at Sibos in Hong Kong ownership part of our section included in absorbed, operating profit core focus this Annual Review delivered 9 SWIFT Annual Review 2009

2009SWIFT traffic is closely associated in contextSWIFT’s ecosystem is a daily barometer of the world economic performance such with and impacted by the economic as GDP growth rates in major countries environment. Sometimes it shows a and regions, capital and import/export reaction to events, sometimes it is an flows, FX and securities trade volatility. indication of what is going to happen.

Monthly evolution of average daily number of FIN messages (millions)

The events of the last four months of 2008 have had a major impact on Higher overall volumes due to Typical seasonal drop Peak due to increased End of year payments and messaging volumes in the first quarter of 2009. The collapse of the interbank increased volumes in all markets, activity on securities markets recovering international trade lending market and liquidity shortages negatively impact interbank payments. particularly in Securities. (on New York and London activity push the Payments and High volatility on the stock markets results in securities being the only market Securities increase is driven by Stock Exchanges, October Trade markets to their highest showing a positive growth versus the first quarter of 2008 Settlement & Reconciliation messages recorded the highest number levels in 2009. This increase is and Corporate Actions traffic of trades for the second half partially offset by decreasing of the year) and to increasing treasury and securities volumes The Hong Kong RTGS and its 138  payments volumes mainly participants begin live operations on After its successful launch related to the ongoing SWIFT on 25 May 2009 as planned MT202 cover payments represent economic recovery 30 percent of all MT202 traffic

January February March April May June July August September October November December

16.00

15.6 15.75 15.5

15.50 15.3 15.2

15.4 15.25 15.0

15.00 14.8 14.9 14.6 14.75

14.50

14.4 14.25 14.3

14.2

14.00 January February March April May June July August September October November December

Japan comes out of recession after its economy grew by 0.9 The World Trade Organisation  percent in the April-to-June forecasts exports to be down quarter after four consecutive by roughly 9 percent in volume quarters of contraction terms in 2009, the biggest such Following the IMF, "the economic France and Germany exit The IMF publishes an contraction since the Second  growth solidified and broadened recession. Both economies grew improved economic forecast. World War to advanced economies in the by 0.3 percent between April "After a deep global On 14 October, the Dow In March, major Stock Exchanges’ second half of 2009.  and June, bringing to an end recession, economic Jones Industrial Average indices record historical lows: year-long recessions in Europe’s growth has turned positive, closes above 10,000 The global recovery is off to a On 2 March, Dow Jones industrial largest economies as wide-ranging public for the first time since stronger start than anticipated average drops below 7,000 for the intervention has supported 3 October 2008 earlier but is proceeding at different first time since 1997 demand and lowered speeds in the various regions" According to the IMF, "the global President Obama welcomes On 9 March, Japan’s Nikkei closes  uncertainty and systemic The IMF publishes a downgraded economy is beginning to pull out US economic growth. at a 26-year low  risk in financial markets" economic forecast. "While the rate of a recession unprecedented The US economy grew The IMF projects the World The Federal Reserve buys almost of contraction should moderate in the post-World War II era, The UK economy is at an annual pace of 3.5 The World Trade Organisation growth to fall to 0.5 percent in $1.2 trillion worth of debt to from the second quarter onward, but stabilization is uneven and growing again, according percent between July and calls for exit strategies on 2009, its lowest rate since the help boost lending and promote world output is projected to decline the recovery is expected to be to the governor of the September, its first expansion temporary trade restrictions Second World War economic recovery by 1.3 percent in 2009 as a whole" sluggish" Bank of England in more than a year and subsidies

Commentary on SWIFT FIN message volume evolution Commentary on relevant 2009 market events 10 11 SWIFT Annual Review 2009 SWIFT Annual Review 2009

Increase in Securities 2009 in context (continued) Treasury trading and FX volatility

Treasury volumes are impacted by the global financial crisis which in turn accelerated the adoption of CLS best practice (FX protocol) by the world’s largest FX players Payments Peak driven by traditional end of year payments and increasing January February March April May June July August September October November December Shrinking economies, reduced international trade activity 0.95 interbank lending and reduction 0.90 of international trade result in Continuous increase driven by lower payment volumes Seasonal drop improving economic landscape 0.85 0.80

January February March April May June July August September October November December 0.75

8.00 (average daily FIN messages in millions)

7.75 4 March, the Euro falls to a one-year low against the US dollar 25 November, the 7.50 The Bank of England and the European Central Bank both cut key Euro reaches a one- 7.25 interest rates by half a percentage point on 5 March, pushing the year high against rates to their lowest levels ever the US dollar 7.00

6.75

(average daily FIN messages in millions) Trade The negative traffic trend which began end 2008 continues with Trade volumes show a continuous increase since The global economy shows some first signs overall trade volumes on SWIFT seriously down. The reduction August 2009 clearly driven by the ongoing international of recovery: for the first time since the onset impacts all regions trade recovery. The increase is worldwide and of the crisis, industrial production has shown Recovery is ongoing. More countries particularly in EMEA and Asia upward trend in May 2009 in Germany, exit the recession. International trade France and the Netherlands volumes are picking up

January February March April May June July August September October November December

0.185

0.180

0.175

0.170

0.165 Securities 0.160 0.155

High volatility on the stock markets and The prime broker and executing broker pre- Lower volumes reflecting (average daily FIN messages in millions) transfer of assets from prime brokers to settlement matching system (using the MT515) reduced market activity custodians result in securities being the went live in May 2009 World Trade Organisation sees US industrial production rises 0.5 Peak caused by high volumes only market showing a positive growth  9 percent global trade decline percent in July, stronger than expected Corporate Actions messages ‘seasonal’ peak of securities trading on the versus first quarter 2008 in 2009 as recession strikes and the first rise in nine months world major stock exchanges China’s economy shows signs World Trade Organisation of improvement; July’s industrial Director-General Pascal production rises 10.8 percent year- Lamy calls for exit strategies January February March April May June July August September October November December Chinese exports plunge 25.7 percent in on-year, while retail sales grow at on temporary trade 7.25 February compared with a year ago an annual pace of 15.2 percent restrictions and subsidies

7.00

6.75 Average daily number of InterAct messages Peak driven by increase in 6.50 CLS and CREST volumes 6.25

6.00 January February March April May June July August September October November December 1.60 (average daily FIN messages in millions) 1.55

At the G-20 London meeting on For the New York and London 1.50 April 2, the World leaders agree on Stock Exchanges, October shows a regulatory blueprint for reining in the the highest number of trades for 1.45 excesses that fed the worst financial the second half of 2009 1.40 crisis in six decades 1.35 One year after the crisis, the New London FTSE 100 falls to six-year low. York Stock Exchange is up almost (millions) The leading index of UK shares closed 50 percent from its low in March below the 3,700 mark for the first time Average daily volumes of FileAct Continuous increase driven by European End of year customer since April 2003 Low Value Payments and Corporates payments peak The White House plan to overhaul regulation of the U.S. financial system On 23 February, US shares at nearly 12-year is "a transformation on a scale not seen In December, the New York  January February March April May June July August September October November December low. The Dow Jones closes at 7,114.8, its since the reforms that followed the Great and London Stock Exchanges lowest since 1997 on concerns about the Depression,"as President Obama said in record lowest number of 3,500 attempts to shore up the banks a statement on 17 June trades of 2009 3,250

3,000

2,750

2,500

2,250

(millions of characters sent)

Commentary on SWIFT FIN message volume evolution Commentary on relevant 2009 market events Commentary on SWIFT FIN message volume evolution Commentary on relevant 2009 market events 13 SWIFT Annual Review 2009

There can be no doubt that 2009 them to keep ahead of emerging issues in the market and to Setting the meet compliance obligations. We looked at ways of getting was a tough year for all of us. It greater value from the data that travels through our network by consolidating it into useful information for the community without was a year where we took a hard compromising confidentiality.

look at what we do and how we Reducing cost of operation Reducing the total cost of ownership (TCO) for our customers do it, challenging every aspect of is a continuing priority for us. We are not only reducing the our operations to create a leaner, cost of messaging year-on-year but are also making it easier framework for customers to implement new standards, and, with the smarter, more nimble SWIFT introduction of a broader range of Consulting Services, we are facilitating back office integration. Other areas of focus for lower and to establish the framework volume customers include more options for connecting to SWIFT.

for future growth. We promised to reduce prices by 50 percent by 2011 and it is a commitment we are confident we will fulfil. At the beginning Meeting the challenge of uncertain times of the year, we gave customers a 5 percent rebate on their 2008 Given the impact of the financial crisis on our customers, lower messaging, giving back EUR 19 million to the community – the for growth traffic and reduced revenues were almost inevitable. In the early seventh year of rebates in a row. part of the year, traffic declined for the first time in our history and revenue for the year was down 2 percent year-on-year. Although We also introduced new initiatives to bring down costs for there were encouraging signs of recovery in the last quarter customers. In December, the Board approved the introduction of the year, the new economic environment put the focus on of a new messaging discount scheme for high volume point- delivering real efficiency. That has applied to our own operations to-point connections. The new scheme will make using SWIFT but we have also helped to eliminate cost and complexity for our highly competitive compared to the cost of VPNs and is customers by giving them the opportunity to streamline and take expected to save the community around EUR 13 million in 2010. advantage of shared services. To minimise the burden on customers of implementing standards, We have been determined to deliver that efficiency without we continued the approach adopted in 2008 for standards compromising the qualities that our customers depend on: releases and limited the scope of the 2009 Standards MT security and resilience. Our operating expenses decreased by Release. We also extended the fast track development process 6 percent year on year but we continued to invest in the core of to make it applicable to all standards development projects. our operations. We renewed our network and technology platform and brought in Phase 1 of our Distributed Architecture programme We supported our customers in adopting ISO 20022. This on time and on budget. Throughout the turbulence, we maintained standard is widely recognised as an important tool in end-to- sound finances, generating a profit before tax of EUR 17.3 million, end automation, lowering risk and increasing transparency. It and we offered a high level of service availability. will be the standard for the entire funds community on SWIFT in 2012. However, we recognise that while the end result brings We have not allowed ourselves to develop a crisis mentality. real benefits, for many customers, the transition is complex. Instead we have continued to look forward, carrying out a major During 2009, SWIFT supported customers to make the migration consultation exercise on a bold strategy for beyond 2015, as smooth as possible with a range of tools, offering simplified involving our customers in shaping the ideas and framing the translation rules from ISO 15022 messages, testing facilities, and business model for a smarter post-crisis world. help through our partner network. Our Standards Developer Kit was launched in direct response to customer demand to make Cost and complexity out business intelligence in it cheaper and more efficient to build and maintain standards Our focus for the previous two years had been to reduce the implementation for both ISO 20022 and MT messages. total cost of SWIFT services for our customers and to make doing business through SWIFT simpler. We continued to pursue We worked closely with members of the community to support both of these objectives in 2009. them in meeting their compliance and regulatory obligations and facilitated the creation of a new industry group, the We developed new products and services built around the Sanctions Forum, to help the industry address sanctions needs of our different customer groups, making it easier for requirements efficiently.

Making it simpler and cheaper to do business with SWIFT EUR 17.3 million SWIFT2015 are priorities for us profit before tax delivered despite Developing strategy for reduced traffic and revenues 2015 and beyond 15 Making business simpler SWIFT Annual Review 2009 and more streamlined Price reductions and implementation costs are only part of the equation. Our goal is also to deliver value by helping our customers to access our services and get the most from their SWIFT connection for the benefit of their own business operations.

Improving access giving rapid error detection, better client SWIFT, a number which has grown by Last year, we introduced Alliance Lite, giving reporting and reduced cost and risk. 40 percent per year for the last five years. rapid access to the SWIFT network for low volume users. More than 400 organisations SWIFT over Bloomberg is bringing Business intelligence have ordered the product to date. In the benefits of SWIFT connectivity to We have explored how we can deliver addition, we made it easier for corporates investment managers who are customers greater value for our customers from our Collaborative innovation possibilities for hosting applications for meant the EUR 37 million restructuring to access SWIFT. From July, they no longer of Bloomberg. core operations. The past two years have Collaboration with our community means third parties. We are looking at how costs could be absorbed while still need to be listed on an exchange and can shown the correlations between SWIFT identifying not just what the industry to reduce the cost of dealing with multiple reporting a profit. All the teams that join by bank recommendation. To ensure the quality and completeness traffic and market volatility, trade flows and needs, but the best way of providing standards and infrastructures. We completed the programme are on track of data for routing of SEPA Direct Debit interbank lending. Analysis of this data it. We launched Innotribe, a set of operate in a rapidly changing environment to deliver their target for efficiency Targeted solutions payments, we partnered with Avox, will allow us to provide the community events, tools and initiatives that enables where what were once differentiators are gains and implement the methods that Our customers have made clear that they a subsidiary of Deutsche Börse Group, with a potentially powerful economic collaborative innovation in financial becoming commodities. Innovation is foster continuous improvement. The need complete solutions to support their to ensure a smooth roll out. trend analysis and forecasting tool and services. It provides the infrastructure essential if we are to continue to play a programme is already generating ideas business operations. We are increasingly serve as an additional input to banks’ risk to find, co-create and invest in new ideas crucial role in the global financial industry. that will have a positive impact on our developing our solutions in collaboration In another collaborative initiative, three of management decisions. An example of and projects. Innotribe exists virtually, customers’ business, including a faster with specialist partners or with members our banking customers worked with us this is the ‘trade snapshot’ report, which through an online idea management Building a leaner, more agile SWIFT standards delivery process and of the community and building them using to pilot our first non-financial standard for we developed at the request of the trade tool, and physically, through events and At the same time as building on price increased time communicating directly tried and tested technology. The emphasis electronic bank account mandates. community and which was very well creative workshops. It aims not just to commitments and developing solutions with customers. has been on simplicity and scalability. received. Building on this, we have begun encourage discussion of issues, but to to take inefficiency out of our customers’ Our solution for Workers’ Remittances, putting in the groundwork to make this frame solutions that will make a difference operations, we have been taking a The programme will be completed by the Easy Exceptions and Investigations, identified as a valuable revenue stream business intelligence available, with data to our customers’ business. hard look at ourselves. Last year, we end of the first quarter of 2011. We do offered in partnership with payment for banks, went live in April. By year-end, security measures in place, through our launched our Lean initiative with the goal not regard this as a one-off initiative, but solutions provider, Expertus, has been 35 customers had registered for the SWIFT Watch service. We have been looking at how we can of increasing efficiency by 30 percent rather as an ongoing process of culture designed to offer greater effectiveness service. The Trade Services Utility solution, address emerging business issues, and taking EUR 90 million out of our cost change where continuous improvement and efficiency in payments investigations, designed to bring greater efficiency to the Customers have also been able to take looking at the implications of digital base. In achieving that target, we have and realising efficiencies, small or large, giving improved productivity, management supply chain, began to gain traction, with greater advantage of SWIFT’s expertise identity for our customers and how we been unambiguous: we will achieve this become part of the corporate mindset. control and offering the opportunity for 105 banks signed up by the end of the with the extension of our consulting can provide a digital identity solution that without either compromising the service revenue generation. year. We also worked with the Islamic services. We offer support in four distinct offers global interoperability. We have also we offer our customers or suppressing Leaner leadership finance community and launched a pilot areas – business, technical, implementation been considering the whole shape and the creative instincts of our people – As part of our journey towards becoming Alliance Integrator 2.0, introduced in with banks in the UK, Middle East and and project management in addition to scope of our innovation for the future: how both are fundamental to our future. a leaner and more agile SWIFT, we carried September, is making it easier to connect Malaysia for standardising the commodity- our established range of training and we can build on our inherent strengths out a number of organisational changes business applications to SWIFT with based Muhabara transaction. other documentation. To provide a clear and also address new demands for Taking out cost to make the leadership structure more minimum effort. Accord for Securities and easy-to-access service, as well as segmented, interoperable services that will By the end of the year, some 400 effective. This included the replacement extended the benefits of the well- Our Corporate Access initiative continues providing tailor-made proposals for specific make financial transactions smarter. We employees had taken part in the of the Leadership Council with a smaller established Accord matching application to be a real success story. More than customer requirements, the most popular are examining the potential of changes in programme, which is primarily managed Executive Committee to give us a tighter, to equity and fixed income trades, 600 corporates now have access to requests are offered as packages. technology such as cloud computing and by SWIFT staff. The savings generated more agile decision-making body.

Improving access Working directly with customers Innotribe launched to enable Restructuring programme already to SWIFT through and partners to develop new collaborative innovation in delivering positive results and enabling Alliance Lite products and services financial services culture of continuous improvement 17 Uncompromised SWIFT Annual Review 2009 robustness, investment All of our measures to cut costs and create greater efficiency are being achieved without compromising what is fundamental to our customers: the robustness and resilience of our core messaging services. in the core Operationally and financially sound Stimulating dialogue globally as a financial infrastructure that supports In a year of real volatility for our Sibos 2009 in Hong Kong was the biggest Asia’s growth and development saw community, SWIFT services remained ever in Asia and brought together more a significant milestone with the first phase a bedrock. Availability of core services than 5,700 members of the industry. A of Hong Kong Real Time Gross Settlement was 99.999 percent throughout the year year on from the onset of the turmoil in the going live with 138 participants. and reached 100 percent availability financial world, a common theme in many in the third quarter. We remained a discussions was the need for competitors, Europe, Middle East and Africa financially sound organisation, despite policymakers, regulators and customers to While Asia has largely weathered the the impact of the financial crisis on work together to find common solutions. financial storm, the impact has been felt our revenues. Sibos also saw delegates introduced to the right across EMEA. The community came principle of Innotribe with teams of delegates together at events across the region in Core investment programmes competing for the support of a panel of Zurich, Marrakech, Paris, Madrid, Milan, delivered venture capitalists to build a new banking Dusseldorf, Luxembourg and London to This quality of service was achieved service. Beyond Sibos, swiftcommunity.net, discuss the future path for the industry. throughout the renewal of our backbone launched two years ago to give a forum for We continued to help the banks and network and SWIFTNet technology members of the community to debate and saw our share of the European Low platform. Both are part of our continuing share information, has continued to grow. It Value Payments market grow to 5 percent investment in our core services. now has more than 13,500 members and and strengthened our involvement in 221 communities. market infrastructures, winning several The most significant project we have new contracts. undertaken in many years, Phase 1 of Getting closer our Distributed Architecture programme Getting closer to our customers is important Americas to create two messaging zones with pairs to us. Our regional teams have continued to Customers in the Americas faced similarly of Operating Centres, was also delivered work with their customers to address their challenging market conditions, but in on time and on budget. The investment issues, understand the dynamics of their 2009, we sowed the seeds for future will add capacity, improve resilience, markets and bring them together to discuss growth, focusing on delivering greater control average long-term messaging issues of common interest. value to our community, extending our costs and help address European data reach and building customer relationships, protection concerns. Asia Pacific particularly with the region’s market Sibos acted as a real catalyst for infrastructures. We made considerable A growing, active community involvement of the region’s financial commercial progress with market The strength of SWIFT is not only in community, which made up over 40 infrastructures in Brazil, Uruguay, its platform, products and services, percent of delegates. Elsewhere, Business Paraguay and Chile. In the US, we but because it acts as a community, Forums in Seoul, Mumbai, Tokyo and established a successful partnership creating benefit through shared services Singapore allowed the community to with DTCC to improve the efficiency of and shared ideas. It is good to report debate their priorities. We opened a new processing corporate actions information. that, as a community, we have continued office in February in Seoul, supporting Nearly 1,000 members attended SWIFT- to grow, both in numbers and in the South Korea’s goal of becoming a North hosted community events in the Americas level of involvement and engagement. East Asian financial hub. Our commitment in 2009.

Active community 13,531 members 99.999% dialogue and engagement Swiftcommunity.net continues to grow with more availability of core services in 2009 worldwide than 13,500 members and 221 communities 19 Securing a SWIFT Annual Review 2009 sustainable future

As we consider our commercial future, we also realise the importance of operating in a sustainable and socially-responsible manner. As one of the focal points of a global community, we understand that we need to live and breathe our corporate values not only within our organisation, but also reaching across the communities in which we live and work.

Despite the uncertainties of the We carried out consultations with 120 organisations, involving Our CSR mission is simple – fostering collective and last three years, we have contributed EUR 4 million, more than 500 individuals, covering all regions, customer sizes individual commitment to improving the cultural, actively funding the distribution of 20,000 laptops past year, we remain confident and types, including broker-dealers, market infrastructures social and physical environment that surrounds us. in Brazil, Paraguay, Cambodia, Nepal and Rwanda, and custodians. The programme is built on these three ideals, and with a further 6,000 on their way to Mozambique of the ability of our community to we actively seek to involve and engage our and Burundi. The message we received was that our future strategy should community, employees, partners and customers. take the lead in shaping a stronger play to our main strengths: our secure messaging platform, our To harness the energy, knowledge and passion of standards expertise, and our global community. But we were also We have partnered with the International Polar our own people for good causes, we regularly publish future for the financial industry. told that there was more to be done to make the organisation Foundation, which communicates and educates requests for volunteers by NGOs to our employees, We believe in the value of collective simpler to deal with and nimbler in moving to capitalise on on polar science and research as a way to improve reaching out into our local communities. When market opportunities and respond to market needs. Overall there understanding of the environment and climate. Our organising our events, we establish connections intelligence and there can be no was consensus that our strategy should be evolutionary rather commitment is clear – a 60 percent reduction in our and funding to a local charity, and our regional than revolutionary. The key focus areas that emerged included CO2 emissions by 2012. Achieving this ambitious committees continue to build new relationships with stronger demonstration of that growing our ‘core’ by developing traffic and business from within target will be a challenge, requiring reductions and charitable organisations, playing our part in making established business areas and doing more in domestic and increased energy efficiency in all our facilities and a difference for those most in need. than involving our customers and regional markets, expanding our service offering, initially focused at all our events. As part of this package in 2009, our partners directly in framing on supporting users with core SWIFT products and services, and we invested in video-conferencing, reducing the Finally, in close collaboration with the King Baudouin expanding corporate reach, including increasing growth among emissions generated by business travel between Foundation in Belgium, we continue to invest in the our 2015 strategy. large to mid-sized corporates. The two themes that underpin all our offices. SWIFT Fund, which, for over ten years, has awarded the initiatives are interoperability and reducing the total cost of a prize to a high quality Belgian or Dutch project ownership, and these perspectives will be at the forefront as Our social stream saw us continuing our support that helps build bridges between people through we move into the next stage of our strategy development. to the One Laptop Per Child organisation. Over the an innovative use of technology.

Growing the ‘core’ will 500 be a central focus looking EUR 4 million 60%

individuals consulted to forward contributed to date to One Laptop Aim to reduce our CO2 frame our 2015 strategy Per Child organisation emissions by 60% by 2012 21 SWIFT Annual Review 2009

For pages 20 to 23 inclusive, all percentages have been calculated using unrounded figures. Totals may not add up due to rounding.

Average daily traffic Facts and figures Average daily traffic 1994 2.1 1994 2.1 AverageAverage daily daily traffic traffic FIN messages – growth by market FIN share by market 1995 2.4 InterAct FIN FIN share by market 1995 2.4 FIN share by market InterAct messages (*) 366.9 million Messages (millions) 2009 share (%) 1996 2.7 Financial institutions use InterAct to send structured Top 25 InterAct countries Financial institutions use FIN for individual, richly 1996 2.7 19941994 2.12.1 AnnualFIN messages growth (%) financial messages and short reports. It supports real- Live and pilot users (**) 1,848 InterAct InterAct featured messaging which requires the highest levels FIN messages 0.4% 0.4% 1997 3.2 Number of 1.1% 1.1% 1997 3.2 19951995 2.42.4 messages* time messaging, store-and-forward messaging and of security and resilience. Features include validation FINFIN share share by by market market 2009 volume Services using InterAct (*) 48 (millions) Growth Share 2005 63% 2005 63%131 131 20052005 9.5%9.5% 2,5182,518 1998 3.7 1998 3.7 real-time query and response between two customers. to ensure messages conform to SWIFT message (millions) 19961996 2.72.7 5.6% 5.6% Average daily traffic (*) Including CREST 1 United Kingdom 172.60 4.9% 47.0% 2006 35% 177 FINFIN messages 2006messages13.7% 2,865 1999 4.3 1999 4.3 InterAct2006InterAct 35% 177 standards, delivery monitoring and prioritisation, 2006 13.7% 2,865 0.4%0.4% 19971997 3.23.2 (**) including CREST, excluding RMA 1.1%1.1% Payments (*) 1,843 2 United States 41.73 20.6% 11.4% 2007 48% 261 2007 22.2% 3,501 2000 5.2 Driven by increased securities market infrastructure 2007 48% message261 storage and retrieval. 2007 22.2% 3,501 2000 5.2 20052005 63%63% 131131 20052005 9.5%9.5% 2,5182,518 Securities 1,649 1994 2.1 AverageAverage19981998 daily daily traffic traffic 3.73.7 traffic, InterAct volumes grew 7 percent reaching 3 Germany 25.93 56.1% 7.1% 2008 32% 343 2008 10.1% 3,855 2001 6.1 2008 32% 343 2008 10.1% 3,855 5.6%5.6% 2001 6.1 InterAct traffic evolution 20062006 35%35% 177177 20062006 13.7%13.7% 2,8652,865 Treasury 212 1995 2.4 19991999 4.34.3 367 million messages. The number of customers 4 Switzerland 23.58 -21.8% 6.4% 2009 7% For the FINfirst share time by market in the history367 of SWIFT, FIN traffic 2009 -2.4% 3,760 2002 Average7.3 daily traffic 43.9% 49.0% 19941994 2.12.1 increased by 29 percent, totalling 1,848 customers. Messages (millions) 2009 7% decreased. 2009 FIN367 traffic ended 2.4 percent below 2009 -2.4% 3,760 1996 2.7 -0.9% Americas 2002 7.3 5 Netherlands 18.78 16.0% 5.1% 20072007 48%48% 261261 20072007 22.2%22.2% 3,5013,501 43.9% 49.0% Trade 42 2003 20002000 8.2 5.25.2 Annual growth (%) -0.9% Americas 199419951995 2.12.42.4 eight new services were introduced. InterAct FIN messages 2008 volumes. The events of the last four months of FINFIN share share by by market market -0.8% Asia Pacific 2003 8.2 6 France 12.21 23.3% 3.3% 20082008 32%32% 343343 1.1% 0.4% 20082008 10.1%10.1% 3,8553,855 System 14 1997 3.2 2004 20012001 9.0 6.16.1 2008 had a major impact on traffic early 2009. The -0.8% Asia Pacific 19961996 2.72.7 7 Italy 9.43 8.4% 2.6% -3.2% EMEA 2005 19952004 10.0 2.4 9.0 20092009 7%7% 367367 20092009 -2.4%-2.4% 3,7603,760 FIN share by market 1998 3.7 20022002 7.37.3 2005 63% 131 2005 9.5% 2,518 second quarter of 2009 showed the first signs of FINFIN messages messages (*) Including FIN Copy messages InterActInterAct 43.9%43.9% 0.4%0.4% 49.0%49.0% -3.2% EMEA 19971997 3.23.2 8 Japan 8.26 -11.1% 2.3% 5.6% 1.1%1.1% -0.9%-0.9% AmericasAmericas 2006 19962005 11.4 2.7 10.0 2006 35% 177 2006 13.7% 2,865 recovery. In the third quarter of 2009 volumes were, 1999 4.3 20032003 8.28.2 9 Sweden 7.82 -4.8% 2.1% InterAct FIN messages 19981998 3.73.7 20052005 63%63% 131131 as usual, lower due to seasonality. The recovery 20052005 9.5%9.5% 2,5182,518 1.1% 0.4% -0.8%-0.8% AsiaAsia Pacific Pacific 2007 19972006 14.0 3.2 11.4 2000 FIN messages by 5.2region 20042004 9.09.0 2007 48% 261 10 Spain 20075.37 22.2%0.0% 1.5% 3,501 5.6%5.6% continued as of September. The fourth quarter of 13.7% 2008 19991999 15.3 4.34.3 200520062006 63%35%35% 131 177177 200520062006 9.5%13.7% 2,5182,8652,865 -3.2%-3.2% EMEAEMEA 19982007 3.7 14.0 2008 32% 343 11 Belgium 20084.97 10.1%-25.9% 1.4% 3,855 2009 was higher than the same period in 2008. 2001 6.1 FIN messages by region 20052005 10.010.0 5.6% 2009 20002000 14.9 5.25.2 200620072007 35%48%48% 177 261261 200620072007 13.7%22.2%22.2% 2,865 3,5013,501 19992008 4.3 15.3 2009 7% 367 12 Canada 20094.53 -2.4%29.2% 1.2% 3,760 Payments messages Treasury messages 2002 7.3 20062006 11.411.4 32% FileAct 43.9% 49.0% 2008 10.1%10.1% 3,8553,855 20012001 6.16.1 200720082008 48%32% 261 343343 20072008Payments22.2% messages 3,501 Treasury messages -0.9% Americas 20002009 5.2 14.9 13 Australia 4.31 -9.8% 1.2% 2003 8.2 20072007 14.014.0 Payment traffic decreased by 3.4 percent. Treasury traffic was systematically below 2008 volumes. FINFIN messages 20.1%messages by by region region 20092009 7%7% 367367 20092009 -2.4%-2.4% 3,7603,760 20022002 7.37.3 14 Hong Kong 3.71 8.0% 1.0% 2008 32% 2005 243% 152 343 2008200510.1%6.5% 1,442 3,855 2005 8.2% 160 -0.8% Asia Pacific 2001 6.1 FileAct Clear signs of recovery started in September. 200943.9% 43.9%treasury traffic ended 18.8 percent49.0%49.0% below 2008. 2004 9.0 20082008 15.315.3 Payments messages Treasury messages -0.9% Americas -0.9% Americas 2003 8.2 15 Denmark 3.35 -5.0% 0.9% 2009 7% 2006 -13% 132 367 20092006-2.4%9.3% 1,577 3,760 2006 12.8% 180 20022003 7.3 8.2 -3.2% EMEA 2005 10.0 20.1% 20092009 14.914.9 Messages (millions) Messages43.9% (millions) 49.0% -0.8%-0.8% AsiaAsia Pacific Pacific 16 Singapore 3.23 -4.8% 0.9% 2005 243% 2007152 111% 279 20052007 6.5%16.1% 1,442 1,830 2007 200524.6% 8.2% 160225 -0.9% Americas 20042004 9.09.0 Annual growth (%) Annual growth (%) 2003 8.2 2006 68.0% 11.411.9% 17 Korea, Republic of 2.57 7.4% 0.7% FileAct2006FileAct -13% 1322008 89% 527 Payments2006Payments2008 9.3% messages messages4.2% 1,577 1,908 2008 Treasury2006Treasury16.4% 12.8%messages messages 180 261 -3.2%-3.2% EMEAEMEA -0.8% Asia Pacific 200420052005 9.0 10.010.0 18 Ireland 2.37 -5.9% 0.6% 2007 14.0 20.1%20.1% 2007 111% 2009 31%279 691 20072009 16.1%-3.4% 1,8431,830 2009 2007-18.8%FIN messages24.6% by region 212 225 -3.2% EMEA 20052005 243%243% 152152 20052005 6.5%6.5% 1,4421,442 20052005 8.2%8.2% 160160 200520062006 10.011.411.4 19 Luxembourg 2.35 34.1% 0.6% 2008 68.0% 15.3 11.9% 2008 89% 527 2008 4.2% 1,908 2008 16.4% 261 20062006 -13%-13% 132132 20062006 9.3%9.3% 1,5771,577 20062006 12.8%12.8% 180180 200620072007 11.4 14.014.0 20 South Africa 2.08 1.6% 0.6% 2009 FINFIN messages messages by by region region14.9 2009 31% 691 2009 -3.4% 1,843 2009 -18.8% 212 Average daily traffic 2008 15.3 20072007 111%111% 279279 20072007 16.1%16.1% 1,8301,830 20072007 24.6%24.6% 225225 20072008 14.0 15.3 21 Portugal 1.98 81.5% 0.5% FIN messages by region FileAct Payments messages Treasury messages Securities messages Trade messages 68.0%68.0% 11.9%11.9% 22 Israel 1.89 1.3% 0.5% 20082008 89%89% 527527 20082008 4.2%4.2% 1,9081,908 20082008 16.4%16.4% 261261 200820092009 14.915.314.9 1994 2.1 20.1% 2005 243% 152 23 Norway 20050.94 6.5% 2.0% 0.3% 20092009 31%31% 1,442 2005 8.2% 691691 160 200920092005-3.4%-3.4%16.4% 858 1,8431,843 2005 20092009-2.6% -18.8%-18.8% 46 212212 2009 14.9 FileActFileAct PaymentsPayments messages messages TreasuryTreasury messages messages 1995 2.4 24 Greece 0.79 31.5% 0.2% FIN share by market 2006 22.1% 1,048 2006 2.6% 47 2006 -13% 132 2006 9.3% 1,577 2006 12.8% 180 20.1%20.1% FileAct Securities messages Trade messages 1996 2.7 25 New Zealand 0.49 -7.1% 0.1% 20052005 243%243% 152152 Payments20052005 6.5%6.5% messages32.2% 1,4421,442 2005Treasury20051.9% 8.2%messages8.2% 160160 2007 1,386 2007 48 Countries/territories connected 16.1% 24.6% InterAct2007 111% 279 FIN2007 messages 1,830 2007 225 20.1% Others 1.61 101.6% 0.4% 1.1% 0.4% 2008 17.3% 1,626 2008 -4.5% 46 1997 3.2 200520062006 -13%-13%243% 132132152 200520062006 16.4%6.5%9.3%9.3% 858 1,4421,5771,577 20052006200668.0%-2.6%8.2%12.8%12.8% 16011.9%180180 46 2008 89% 527 2008 4.2% 1,908 2008 16.4% 261 2005 204 Total 366.89 6.8% 100.0% 2009 1.4% 1,649 2009 1998 3.7 2005 63% 131 2005 9.5% 20072007 111%111%2,518 279279 2007Securities20062007Securities22.1%16.1% 16.1%messages messages 1,048 1,8301,830 2007Trade20062007Trade-8.4% messages messages24.6%2.6%24.6% 42 225225 47 2006 -13% 132 Securities2006 9.3% messages 1,577 2006Trade12.8% messages 180 2006 207 2009 31% 691 (*) Including CREST 2009 -3.4% 1,843 2009 -18.8% 5.6% 212 1999 4.3 68.0%68.0% 11.9%11.9% 2006 35% 177 2006 13.7% 20082008 89%89% 2,865 527527 200820072008 32.2%4.2%4.2% 1,386 1,9081,908 200820072008 16.4%1.9%16.4% 26126148 2007 111% 279 High200520072005 volatility16.4%16.1%16.4% on stock markets,858858 combined with1,830 20052007The2005 downward-2.6%-2.6%24.6% trend of the fourth quarter225 of 20084646 2007 Countries/territories connected208 transfers of assets from prime brokers to custodians, 2000 5.2 2007 48% 261 2007 22.2% 20092009 31%31% 3,501 691691 200920082009 -3.4%-3.4%17.3% 1,626 1,8431,843 20092008continued2009 -18.8%-4.5%-18.8% in the first quarter of 2009. 212Economic212 46 2008 68.0% 209 11.9% 2008 89% 527 200620082006 22.1%4.2%22.1% 1,0481,048 1,908 200620082006 16.4%2.6%2.6% 2614747 has resulted in securities being the only market recovery is reflected in a positive trend as of the 2005 204 2008 32% 343 2008 10.1% 3,855 2009 1.4% 1,649 2009 -8.4% 42 2001 2009 6.1 209 2009 31% 691 showing200720092007 -3.4%32.2%32.2% a positive growth of 1.4 percent.1,3861,386 1,843 200720092007 -18.8%1.9%1.9% 212 4848 second quarter of 2009. Countries/territories2006Countries/territories connected connected 207 FileAct 2009 7% 367 2009Securities-2.4% messages 3,760 Trade messages FIN Copy messages 2002 7.3 43.9% 49.0% 20082008 17.3%17.3% 1,6261,626 20082008 -4.5%-4.5% 4646 Messages (millions) -0.9% Americas 2007 208 Financial institutions use FileAct to send batches of FileAct volume in billions of characters 691 Top 25 FileAct countries 2005 1.6% 187 Messages (millions) 2003 200520058.2 204204 2005 16.4% 858 2005 -2.6% 46 Annual20092009 1.4%growth1.4% (%) 1,6491,649 20092009 -8.4%-8.4% 4242 SecuritiesSecurities messages messages TradeAnnualTrade messages messages growth (%) -0.8% Asia Pacific 2008 209 structured financial messages and large reports. It is FileAct number of files 7,489,009 Volume Number 2006 6.2% 198 2004 Institutions connected 20062006 9.0 207207 1,048 2006 47 (billions2006 of 22.1% of files 2.6% 2009 209 primarily tailored for the reliable transmission of large Securities2007 messages12.5% 223 -3.2%Trade messages EMEA Live and pilot users 1,423 characters) Growth (thousands) 20052005 16.4%16.4% 858858 20052005 -2.6%-2.6% 4646 2005 2005 7,86320072007 10.0 208208 volumes of less critical information. 2007 32.2% 1,386 2007 1.9% 48 FIN Copy messages18.0% 263 Countries/territories connected 1 United Kingdom 144.46 -0.8% 589 2008 20082008 209209 Services using FileAct 133 200520062006 16.4%22.1%22.1% 858 1,0481,048 200520062006 -2.6%2.6%2.6% 464747 2006 2006 8,105 11.4 2008 17.3% 1,626 2008 -4.5% 46 2009 0.3% 264 Powered by a strong increase of low value payment 2 Italy 99.60 57.6% 366 2005 32.2%1.6%32.2% 187 2005 1.9%1.9% 2007 20092009 8,332 209209 200620072007 22.1% 1,048 1,3861,386 200620072007 2.6% 204 474848 2007 Countries/territoriesCountries/territories connected connected14.0 3 Germany 75.912009 1.4%39.1% 880 1,649 2009 -8.4% 42 FIN messages by region traffic and traffic generated by corporates, FileAct FINFIN Copy Copy messages messages 2008 Institutions connected8,830 200820062008 32.2%17.3%6.2%17.3% 198 1,6261,626 200620082008 -4.5%-4.5%1.9% 207 4646 2008 15.3 2007 1,386 2007 48 Countries/territories connected volumes increased by 31 percent. The number of FileAct traffic evolution 4 Netherlands 73.78 18.0% 1,623 2009 20052005 9,281 204204 200920072009 1.4%12.5%1.4% 2231,6491,649 200720092009 -8.4%-8.4% 208 4242 services increased by 18 and 126 new FileAct users 5 France 59.77 75.2% 1,673 200520082005 17.3%1.6%1.6% 187187 1,626 2008 -4.5% 46 2009 2005 7,86314.9 Number of characters (billions) 200520062006 204 207207 were introduced. 2008 18.0% 263 2008 209 Annual growth (%) 2009 1.4% 198198 1,649 2009 -8.4% 42 InstitutionsInstitutions connected connected 8,105 FileAct 6 United States 45.16Payments messages19.9% 437 Treasury messages 20062006 6.2%6.2% 2006 200620072007 207 208208 2009 0.3% 264 2009 209 7 Luxembourg 38.15 30.2% 128 20072007 12.5%12.5% 223223 20.1% 2007 8,332 7,8637,863 20072008200520082005 209209 2005 243% 152 8 Belgium 29.282005FIN Copy6.5% messages86.9% 280 1,442 2005 8.2% 160 208 20082008 18.0%18.0% 263263 2008 8,830 2009200620092006 8,1058,105 209209 2006 -13% 132 9 Spain 27.312006 9.3%10.7% 256 1,577 2006 12.8% 180 FIN Copy messages 2008 209 2005 1.6% 187 FIN Copy 20092009 0.3%0.3% 264264 2009 9,281 FINFIN Copy Copy messages messages 20072007 8,3328,332 2007 111% 279 10 Portugal 18.832007 16.1%449.4% 119 1,830 2007 24.6% 225 Messages (millions) 2009 209 2006 6.2% 198 Market infrastructures use the FIN Copy mechanism Institutions connected 11 Austria 17.8 0 122.3% 74 Annual growth (%) 68.0% 11.9% 20082008 8,8308,830 2008 89% 527 2008 4.2% 1,908 to provide2008 16.4% value-added services. FIN Copy copies261 2005FIN2005 Copy1.6% 1.6%messages 187187 2007 12.5% 223 12 Finland 6.26 26.7% 64 2005 7,863 20092009 9,2819,281 2009 31% 691 2009 -3.4% 1,843 information2009 from selected messages to a third party, InstitutionsInstitutions connected connected -18.8% 212 200520062006 1.6%6.2%6.2% 187198198 13 Sweden 20086.24 18.0%29.8% 57 263 usually before release to the receiver. 2006 8,105 20072007 12.5%12.5% 223223 2006 6.2% 198 Institutions connected 7,863 14 Switzerland 20095.81 0.3%34.0% 70 264 20052005 7,863 2007 8,332 18.0% 263 FIN Copy traffic remains stable at 264 million 200720082008 12.5%18.0% 223 263 15 South Africa 5.37 13.7% 115 200520062006 7,863 8,1058,105 messages. 2008 8,830 16 Denmark 5.11 47.8% 120 200820092009 18.0%0.3%0.3% 263264264 Securities messages Trade messages 200620072007 8,1058,3328,332 17 Canada 4.95 24.5% 97 2009 9,281 2009 0.3% 264 8,830 200720082008 8,332 8,830 18 Indonesia 20054.22 16.4%>999% 6 858 2005 -2.6% 46 200820092009 8,830 9,2819,281 19 Poland 20063.25 22.1%71.8% 16 1,048 2006 2.6% 47 2009 9,281 20 Slovenia 2.89 32.2%-17.8% 11 1.9% 2007 1,386 2007 48 Countries/territories connected 21 Ireland 2.62 12.8% 51 2008 17.3% 1,626 2008 -4.5% 46 22 Greece 2.07 21.0% 29 2005 204 2009 1.4% 1,649 2009 -8.4% 42 23 Croatia 1.47 >999% 3 2006 207 24 Zimbabwe 1.34 -74.2% 20 2007 208 25 Slovakia 1.34 237.8% 9 2008 209 Others 8.07 21.0% 394 Total 691.03 31.2% 7,489 2009 209 FIN Copy messages

2005 1.6% 187

2006 6.2% 198 Institutions connected

2007 12.5% 223 2005 7,863 2008 18.0% 263 2006 8,105 2009 0.3% 264 2007 8,332

2008 8,830

2009 9,281 Average daily traffic

1994 2.1

1995 2.4 FIN share by market 1996 2.7

InterAct FIN messages 1.1% 0.4% 1997 3.2

2005 63% 131 2005 9.5% 2,518 1998 3.7 5.6% 2006 35% 177 2006 13.7% 2,865 1999 4.3

2007 48% 261 2007 22.2% 3,501 2000 5.2 Average daily traffic 2008 32% 343 2008 10.1% 3,855 2001 6.1

2009 7% 367 2009 -2.4% 3,760 Average2002 daily traffic 7.3 43.9% 49.0% 1994 2.1 -0.9% Americas 2003 8.2 1995 2.4 1994 2.1 FIN share by market -0.8% Asia Pacific 2004 9.0 22 1996 2.7 Average daily traffic 1995 2.4 23 FIN share by market -3.2% EMEA 2005 10.0 InterAct FIN messages 0.4% 1997 3.2 1996 2.7 1.1% SWIFT Annual Review 2009 1994 2.1 SWIFT Annual Review 2009 2006 11.4 InterAct FIN messages 1998 3.7 2005 63% 131 2005 9.5% 2,518 1.1% 0.4% 1995 1997 2.4 3.2 FIN share by market 5.6% 2007 14.0 FIN messages by region 1996 2.7 2006 35% 177 2005 63% 131 2006 13.7% 2,865 2005 9.5% 2,518 1999 4.3 1998 3.7 FIN messages 2008 15.3 InterAct 5.6% 0.4% 1997 3.2 2007 48% 261 2007 22.2% 3,501 1.1% Facts and figures (continued)2000 5.2 1999 4.3 2006 35% 177 2006 13.7% 2,865 2009 14.9 2005 63% 131 2005 9.5% 2,518 1998 3.7 2008 32% 343 2008 10.1% 3,855 22.2% 2001 6.1 2000 5.2 2007 48% 261 2007 3,501 5.6% Average daily traffic FIN messages – growth by region Top 25 FIN countries 2006 35% 177 2006 13.7% 2,865 1999 4.3 FileAct Members, users and FIN traffic by country or territory 2009 7% 367 2008 32% 2009 -2.4% 343 3,760 Payments2008 10.1%messages 3,855 Treasury messages Messages (millions) Growth (%) 2002 7.3 2001 6.1 2007 48% 261 43.9% 2007 22.2% 49.0% 3,501 Average daily traffic Rank based2000 on traffic for all users5.2 in the country -0.9% Americas 20.1% 2003 8.2 2002 7.3 Growth Growth Growth 20052009 243%7% 152 367 20052009 6.5%-2.4% 1,442 3,760 2005 8.2% 160 2001 6.1 Americas EMEA 2008 32% 343 2008 10.1% 3,855 43.9% 49.0% Traffic Institutions Messages Messages sent & Institutions Messages Messages sent & Institutions Messages Messages sent & 1994 2.1 -0.8% Asia Pacific -0.9% Americas 2004 9.0 2003 (millions) Growth Share 8.2 Member connected sent received received Member connected sent received received Member connected sent received received 2006 -13% 132 2009 7% 367 2006 9.3% 2009 -2.4% 1,577 20063,760 12.8% 180 2002 7.3 43.9% 49.0% banks to FIN (thousands) (thousands) vs 2008 banks to FIN (thousands) (thousands) vs 2008 banks to FIN (thousands) (thousands) vs 2008 -3.2%1995 2.4 EMEA -0.9% -0.8% Americas Asia Pacific 1 United Kingdom 665.44 1.3% 17.7% 2005 10.02003 2004 8.2 9.0 2007 111% FIN share by market279 2007 16.1% 1,830 2007 24.6% 225 Anguilla 1 5 13 46 -35.4% Afghanistan 3 18 161 203 27.2% Namibia 5 10 752 792 8.9% -0.8% Asia Pacific 2 United States 660.29 -0.6% 17.6% 1996 2.7 -3.2% 68.0% 2006 11.9% EMEA 200411.4 2005 9.0 10.0 Antigua and Barbuda 2 13 126 143 -28.2% Albania 4 17 478 496 -0.7% Netherlands 25 104 134,047 173,110 7.3% 2008 89% 527 2008 4.2% 1,908 2008 16.4% 261 FIN messages -3.2% EMEA 3 Germany 310.42 -4.9% 8.3% Algeria 6 26 1,529 1,784 4.3% Niger 0 10 81 180 13.9% InterAct 0.4% 1997 3.2 2005 10.0 Argentina 18 51 1,590 1,779 -9.1% 1.1% 2007 14.0 2006 11.4 2009 31% 691 2009 -3.4% 1,843 2009 -18.8% 212 FIN messages by region 4 Belgium 258.79 -3.1% 6.9% Aruba 2 4 107 103 -4.0% Andorra 4 6 486 825 -2.1% Nigeria 18 27 1,910 2,240 6.9% 2006 11.4 1998 3.7 2005 63% 131 2005 9.5% 2,518 2008 5 France 15.3 2007 170.73 -5.1% 4.5% 14.0 Bahamas 3 52 876 1,328 -2.7% Angola 11 20 1,102 1,035 10.1% Norway 13 36 52,994 19,431 -7.0% FIN messages by region 2007 14.0 5.6% FIN messages by region Barbados 3 14 257 352 -13.0% Armenia 12 23 234 375 -5.7% Oman 6 21 1,003 612 0.5% 2006 35% 177 2006 13.7% 2,865 1999 4.3 FIN messages by region2009 6 Netherlands14.9 2008 134.05 3.1% 3.6% 15.3 2008 15.3 Belize 2 8 49 58 -22.6% Austria 52 116 36,393 35,024 -12.3% Pakistan 14 37 2,465 4,607 4.0% 2007 48% 261 2007 22.2% 3,501 2000 5.2 2009 share (%) 7 Luxembourg 2009 124.15 1.3% 3.3% 14.9 Bermuda 2 13 1,060 2,743 -8.3% Azerbaijan 11 49 1,128 1,315 -10.0% Palestinian Territory, FileAct Payments messages Treasury messages 2009 14.9 2 15 253 267 -2.9% Securities messages Trade messages Bolivia 4 12 231 505 -9.5% Bahrain 20 81 3,144 2,825 -0.1% occupied 2008 32% 2008 10.1% 3,855 2001 6.1 8 Switzerland 123.65 -6.2% 3.3% 343 20.1% Poland 21 53 18,890 13,193 0.1% FileAct FileAct Payments messages Treasury messagesTreasury messages Brazil 21 92 6,369 6,022 -10.2% Belarus 9 32 1,632 2,231 -3.6% 2005 243% 152 2005 6.5% 1,442 Payments2005 8.2% messages 160 9 Japan 111.24 -8.0% 3.0% 2009 7% 367 2009 -2.4% 3,760 2005 16.4% 858 2005 -2.6% 46 2002 7.3 Canada 15 71 53,697 40,447 -2.9% Belgium 21 106 258,787 157,961 -3.0% Portugal 18 53 12,362 9,693 14.5% 43.9% 49.0% 20.1% 20.1% 2005 243% 152 2005 6.5% 1,442 2005 8.2% 160 10 Italy 95.43 -15.6% 2.5% 2006 -13% 132 2005 243% 152 2006 9.3% 1,577 20052006 6.5%12.8% 180 1,442 -0.9%2005 8.2% Americas 160 Cayman Islands 2 68 602 917 -13.1% Benin 4 12 111 252 -6.3% Qatar 9 38 4,660 3,932 20.1% 2006 22.1% 1,048 2006 2.6% 47 2003 8.2 2006 -13% 132 9.3% 1,577 180 11 Hong Kong 75.05 17.4% 2.0% Bosnia and Romania 16 45 10,964 10,397 -5.7% 16.1% 24.6% 2006 2006 12.8% Chile 9 30 6,546 5,830 6.8% 2007 111% 279 2006 -13% 132 2007 1,830 20062007 9.3% 1,577225 -0.8%2006 12.8% Asia Pacific 180 2004 9.0 19 31 2,633 2,739 -7.1% 2007 32.2% 1,386 2007 1.9% 48 Colombia 21 33 1,576 1,336 -8.3% Herzegovina Russian Federation 108 533 27,438 25,733 -4.1% 2007 111% 279 2007 16.1% 1,830 2007 24.6% 225 68.0% 11.9% Countries/territories connected 2009 volume 12 Australia 74.84 -7.6% 2.0% 2008 89% 527 2008 4.2% 1,908 2008 16.1%16.4% -3.2% 261 EMEA Botswana 4 12 705 507 14.7% Rwanda 3 11 74 132 11.8% 2007 111% 279 2007 1,830 2007 24.6% 225 2005 10.0 68.0% 11.9% (millions) Costa Rica 2 13 407 543 -9.0% 2008 89% 527 2008 17.3% 2008 4.2% 1,626 20081,908 -4.5% 2008 16.4% 46 261 13 Sweden 67.38 -1.5% 1.8% Bulgaria 14 33 4,151 4,797 -6.9% San Marino 4 11 78 146 104.9% 2009 31% 691 2009 -3.4% 1,843 2009 2005 68.0% 204 11.9% Cuba 6 10 469 849 -10.0% 2008 89% 527 2008 -18.8%4.2% 212 1,908 2008 16.4% 261 2006 11.4 2009 31% 691 2009 1.4% 2009 -3.4% 1,649 20091,843 -8.4% 2009 -18.8% 42 212 Americas 755 14 Spain 62.33 -8.0% 1.7% Dominica 0 5 33 34 -39.4% Burkina Faso 0 13 168 352 21.4% Sao Tomé and Principe 0 8 32 42 -19.9% 2006 207 Burundi 0 9 49 78 16.4% Saudi Arabia 14 30 15,474 3,488 11.4% 2009 31% 691 2009 -3.4% 1,843 2009 -18.8% 212 2007 14.0 Asia Pacific 448 15 South Africa 59.48 1.8% 1.6% Dominican Republic 4 14 617 840 21.0% FIN messages by region Cameroon 8 16 453 365 11.0% Senegal 3 18 1,393 883 8.4% 2007 208 16 Canada 53.70 -5.0% 1.4% Ecuador 11 21 1,231 1,856 -3.0% 2008 15.3 EMEA 2,558 El Salvador 3 9 152 467 8.2% Cape Verde 4 10 71 134 1.5% Serbia, Republic of 15 37 2,270 2,353 -6.8% 2008 209 17 Norway 52.99 -8.1% 1.4% 2009 14.9 Falkland Islands (Malvinas) 0 1 1 4 76.0% Central African Republic 0 5 21 31 8.2% Seychelles 1 6 94 80 6.2% Securities messages Trade messages Securities messages Trade messages 2009 209 18 Singapore 45.52 -3.8% 1.2% Grenada 1 6 42 57 -30.7% Chad 2 9 47 79 17.5% Sierra Leone 2 15 58 98 30.9% FileAct Securities messages 2005 16.4% 858 Trade messages2005 -2.6% 46 Comoros 0 4 14 16 14.1% Slovakia 8 31 4,694 3,945 -13.9% Payments messages Treasury messages 2005 16.4% 858 2005 -2.6% 46 19 Finland 43.26 -17.3% 1.2% Guatemala 2 11 380 374 11.2% FIN Copy messages Congo 1 8 92 104 47.0% Slovenia 13 26 4,134 4,024 -2.3% 2006 22.1% 1,048 20.1% 2006 2.6% 47 20 Denmark 42.95 -9.2% 1.1% Guyana 1 7 52 75 2.2% 2005 243% 152 2005 6.5% 1,442 2005 8.2% 2006 16022.1% 1,048 20052006 16.4%2.6% 858 47 2005 -2.6% 46 Haiti 0 7 78 78 20.6% Congo, The Democratic Somalia 1 1 0 0 - 2005 1.6% 32.2% 187 1.9% 1 16 244 294 12.9% 2007 1,386 2007 48 Countries/territories connected 21 Austria 36.39 -13.4% 1.0% Republic of the South Africa 9 112 59,476 53,057 1.3% 32.2% 1.9% Honduras 1 13 193 220 -9.1% 2006 -13% 132 2006 9.3% 1,577 2006 12.8% 2007 180 1,386 20062007 22.1% 1,048 48 2006 2.6% 47 Countries/territories connected connected Institutions connected Côte d’Ivoire 7 23 414 760 4.7% 2006 6.2% 2008 17.3% 198 1,626 2008 -4.5% 46 Institutions connected 22 Korea, Republic of 28.16 -1.7% 0.7% Jamaica 2 6 297 295 -8.6% Spain 45 141 62,331 47,6 0 8 -6.9% 2005 204 Croatia 20 38 3,890 4,100 0.8% 2007 111% 279 2007 16.1% 1,830 2007 24.6% 2008 17.3% 225 1,626 20072008 32.2%-4.5% 2009 1.4% 1,386 46 1,649 2007 1.9% 2009 -8.4% 4248 Sudan 3 38 193 318 -13.9% 2007 12.5% 223 Countries/territories connected 23 Russia 27.4 4 -4.8% 0.7% Mexico 13 39 11,122 7,017 5.4% 2005 204 2006 7,863 207 Cyprus 7 44 3,370 3,622 0.3% 68.0% 11.9% 2005 Montserrat 0 3 12 10 81.8% Swaziland 1 5 145 130 13.6% 2008 89% 2008 4.2% 1,908 2008 16.4% 2009 1.4% 261 1,649 20082009 17.3%-8.4% 421,626 2008 -4.5% 46 24 China 21.70 3.5% 0.6% 527 2008 18.0% 263 Czech Republic 7 31 13,845 10,591 5.5% Sweden 6 34 67,383 41,252 1.3% 2006 207 2007 20062005 8,105 204208 Netherlands Antilles 8 27 824 1,018 -6.5% 2009 31% 691 2009 -3.4% 1,843 2009 2009 1.4% 1,649 2009 -8.4% 42 25 Ireland 19.74 -5.4% 0.5% Denmark 26 61 42,954 29,066 -6.6% Switzerland 99 304 123,652 132,339 -3.0% -18.8% 212 2009 0.3% 264 2008 209 Nicaragua 2 8 108 178 -2.7% 2007 208 20072006 8,332 207 Djibouti 1 6 45 61 7.4% Others 395.18 -1.0% 10.5% Panama 7 51 1,015 1,443 -5.7% Syrian Arab Republic 5 16 338 594 10.5% 2009 209 Egypt 30 111 7,310 6,811 7.9% Tajikistan 1 13 97 170 -14.3% 2008 209 20082007 8,830 208 Total 3,760.31 -2.4% 100.0% Paraguay 0 14 227 264 -1.5% FIN Copy messages Equatorial Guinea 1 5 70 66 29.0% Peru 5 16 1,028 1,490 -0.2% Tanzania, United 2009 209 20092008 9,281209 Eritrea 0 3 6 15 -0.2% Republic of 4 35 1,136 1,295 39.9% Saint Kitts and Nevis 2 10 103 106 -10.4% 2005 1.6% 187 Estonia 3 15 2,753 2,118 -3.0% Togo 4 14 94 218 -0.1% Securities messages Trade messages FIN Copy messages 2009 209 Saint Lucia 1 9 77 95 -16.1% 2006 6.2% 198 Institutions connected Ethiopia 2 16 174 345 3.6% Tunisia 17 26 1,845 1,977 3.1% Saint Vincent and the FIN Copy messages 2005 1.6% 187 2007 12.5% 223 2 6 46 67 -27.5% Faeroe Islands 1 2 51 65 8.8% Turkey 29 55 17,165 15,273 -2.8% 2005 16.4% 858 2005 -2.6% 46 2005 7,863 Grenadines Europe, Middle East and Africa (EMEA) due to the significant positive contribution of the Hong Rank based on traffic allocated to the country Suriname 1 7 79 137 2.9% Finland 9 27 43,261 19,634 -13.5% Turkmenistan 0 9 41 89 8.8% 2006 6.2% 198 2005 1.6% 2008 18.0% 187 263 Institutions connected 2006 22.1% 1,048 2006 2.6% 47 In 2009, the impact of the global financial crisis continued2006 Kong RTGS Phase8,105 1 go-live as of May. Securities traffic of the parent institution Trinidad and Tobago 3 10 457 434 0.9% France* 46 290 171,227 174,788 -5.7% Uganda 5 26 1,733 1,861 -3.4% 2009 0.3% 264 32.2% 1.9% 2007 12.5% 223 2006 6.2% 198 to be felt across EMEA with traffic volumes below those2007 Institutionsfollowed connected a similar trend,8,332 driven by strong China activity Traffic Turks and Caicos Islands 0 4 65 75 -15.6% Gabon 3 9 165 157 -2.1% Ukraine 19 150 2,827 4,804 -8.6% 2007 1,386 2007 48 Countries/territories connected 2005 7,863 (millions) Growth Share Gambia 0 13 59 107 7.8% United Arab Emirates 21 97 16,871 14,481 2.9% of 2008 and low willingness of customers to invest in 2008 that was evident throughout8,830 the greater China area that United States* 116 677 660,425 772,167 -0.5% 2008 17.3% 1,626 2008 -4.5% 2008 18.0% 46 263 2007 12.5% 223 2006 8,105 2005 7,863 1 United States 1069.49 0.2% 28.4% Uruguay 5 21 660 1,007 -3.8% Georgia 3 19 311 452 -2.4% United Kingdom 93 524 665,444 859,221 -1.0% 2005 204 major projects. As the year drew to a close, we saw 2009 includes Hong Kong and Taiwan. While9,281 below 2008 2009 1.4% 1,649 2009 2009 0.3% 264 2008 18.0% 263 Venezuela 12 50 1,094 816 -13.9% Germany 108 321 310,415 273,940 -5.1% Uzbekistan 3 24 285 469 -10.3% -8.4% 42 traffic2007 levels picking up again,8,332 despite the introduction 2006levels, the treasury market8,105 was quite stable during the 2 United Kingdom 537.85 -1.6% 14.3% 2006 207 Virgin Islands, British 0 2 52 117 -17.3% Ghana 9 28 714 896 20.7% Yemen 5 16 283 362 5.4% 2009 0.3% 264 of a CCP in the Nordics, and green shoots emerging. year, except for a drop in December mainly due to a 3 France 308.55 6.8% 8.2% 2008 8,830 2007 8,332 Gibraltar 0 12 158 364 -8.2% Zambia 5 18 1,492 1,451 14.6% 2007 208 Total Americas 315 1,543 754,446 853,744 -0.8% In the Russian securities market, we saw traffic growth specific institutional event. Trade, a critical factor for 4 Germany 264.22 0.7% 7.0% Greece 16 41 18,978 11,676 -8.8% Zimbabwe 16 28 4,567 4,555 -68.9% 2009 9,281 2008 8,830 2008 209 with NDC and DCC, the two major CSDs in Russia, both developed and emerging economies in the region, 5 Belgium 207.74 -22.1% 5.5% Greenland 0 1 18 16 -10.9% Total EMEA 1,582 5,943 2,558,605 2,484,422 -3.0% with Alliance Lite being considered the right solution 2009revealed strong correlation with the recovery of9,281 port Asia Pacific Growth Guernsey, C.I. 2 29 1,039 1,885 -16.5% 2009 209 6 Switzerland 166.29 -9.4% 4.4% Institutions Messages Messages sent & to further automate the flows between the CSDs and activity and other import/export figures as the major Member connected sent received received Guinea 1 10 71 95 38.3% Total SWIFT 2,356 9,281 3,760,314 3,760,314 -2.4% FIN Copy messages 7 Netherlands 109.66 31.5% 2.9% their domestic user base in Russia. Funds messaging centres started their recovery from the January lows banks to FIN (thousands) (thousands) vs 2008 Guinea-Bissau 0 4 17 30 38.7% continued to grow strongly throughout the year, with and ended the year above their pre-crisis levels. 8 Italy 105.36 -17.9% 2.8% Australia 11 95 74,844 65,554 -6.5% Holy See * Including overseas territories 2005 1.6% 187 1 2 49 72 -8.5% Data includes all market, system and market infrastructure messages the introduction of funds distribution platforms adding a 9 Luxembourg 93.94 3.8% 2.5% Bangladesh 30 46 1,449 6,268 10.0% (Vatican City State) Hungary 10 58 13,723 9,529 -0.5% 2006 6.2% 198 Institutions connected significant new dimension. The year also saw promising Americas 10 Sweden 89.81 -11.0% 2.4% Bhutan 0 3 15 35 2.3% Brunei Darussalam 1 8 147 94 7.1% Iceland 6 11 861 877 -43.3% 2007 12.5% 223 growth in messaging and matching revenues through The region realised an 8 percent increase in securities 2005 7,863 11 Finland 87.6 6 1.2% 2.3% Iran, Islamic Republic of 16 22 1,159 1,091 -10.2% the introduction of our Accord for Securities service. traffic and a record 210 new customer signings Cambodia 5 26 206 325 2.3% 2008 18.0% 263 12 Japan 84.06 -0.2% 2.2% China 40 243 21,702 49,108 -2.7% Iraq 6 35 165 248 29.4% 2006 8,105 Treasury volumes were impacted by the global financial in 2009 despite weak economic conditions and Cook islands 0 3 21 27 -10.5% Ireland 15 88 19,739 19,442 -5.8% 2009 0.3% 264 13 Canada 74.04 -1.8% 2.0% 2007 8,332 crisis which in turn accelerated the belated adoption of reduced market volatility. New customers included Fiji 1 6 327 337 39.3% Isle of Man 0 14 350 617 2.0% CLS best practice (FX protocol) by the world’s largest nearly 50 corporates, 90 banks, 50 securities firms 14 Australia 56.75 2.1% 1.5% Israel 9 18 7,979 9,225 14.3% 2008 8,830 Hong Kong 23 219 75,051 67,093 13.7% FX players. In the banking markets, despite the launch and 20 market infrastructures. A partnership with 15 Spain 55.66 -0.6% 1.5% India 44 93 15,312 17,8 0 6 5.2% Italy 113 271 95,433 91,074 -15.9% 2009 9,281 of SEPA we have not yet witnessed a major switch of The Depository Trust Company (DTCC), SWIFT and 16 South Africa 55.56 -0.5% 1.5% Indonesia 29 76 10,406 9,399 1.3% Jersey, C.I. 2 32 5,349 5,028 17.8% Jordan 13 25 2,676 2,370 2.7% traffic and have seen only modest take up of the new XBRL US was launched to increase transparency and 17 Austria 35.32 -12.4% 0.9% Japan 121 254 111,236 81,076 -10.2% Kazakhstan 8 42 1,421 1,431 -5.5% standards. We continued throughout the year to help capture corporate action data at the source resulting in Kiribati 0 1 4 5 -11.3% 18 China 33.69 1.0% 0.9% Kenya 12 47 2,072 2,336 21.3% the banks and saw our share of the European Low Value significant global operational efficiencies. Additionally, Korea, Democratic 19 Russia 23.81 -4.0% 0.6% People’s Rep. of 9 18 22 28 6.4% Kuwait 14 39 4,157 3,019 -1.6% Payments market grow to 5 percent on the back of other strategic projects initiated with DTCC in the 20 Denmark 21.93 -14.1% 0.6% Korea, Republic of 19 72 28,165 18,192 -2.5% Kyrgyzstan 1 22 236 329 0.7% this. We also continued to strengthen our involvement US, as well as strategic projects in Latin America Latvia 15 27 4,976 4,492 -14.8% 21 Norway 18.45 -33.9% 0.5% Lao People’s Democratic in Market Infrastructures in the Middle East and Africa, and the Caribbean mark progress with key market Republic 1 14 74 111 37.4% Lebanon 25 66 3,394 3,649 3.8% winning several new contracts including Palestine and infrastructures and setting the stage for future business 22 Saudi Arabia 15.57 12.1% 0.4% Macao 3 25 793 839 -5.5% Lesotho 1 4 93 97 14.1% Ghana. In the corporate to bank space, we further growth. In banking, the region successfully launched an 23 Singapore 15.13 -3.0% 0.4% Malaysia 13 65 12,494 5,622 1.1% Liberia 1 9 32 56 34.1% strengthened our position by bringing on board a international payments program to bankers’ banks and 24 Greece 14.26 -13.1% 0.4% Maldives 2 7 110 109 -17.8% Libyan Arab Jamahiriya 5 20 406 428 8.1% number of new corporates and finishing the year community banks to help them extend their customer Myanmar 2 4 108 73 1.1% Liechtenstein 5 14 1,078 2,633 -0.7% 25 Korea, Republic of 13.80 -3.3% 0.4% Nepal 6 26 339 677 29.1% with 391 corporates across EMEA. value proposition. In securities, corporate actions Lithuania 5 14 2,371 2,423 -9.3% Others 201.74 -3.8% 5.4% New Zealand 5 22 9,582 8,397 -5.6% Luxembourg 25 160 124,151 98,337 0.3%

average daily message traffic grew 20 percent as a Papua New Guinea 3 5 212 134 1.9% Macedonia, The former Total 3,760.31 -2.4% 100.0% 3 18 581 654 -1.5% Asia Pacific result of awareness campaigns, better market practices Philippines 18 49 5,216 6,792 5.0% Yugoslav Republic of Like all regions, Asia Pacific had a very slow start in and the industry’s desire to automate this notoriously Samoa 1 5 34 38 6.8% Madagascar 5 9 221 321 -8.3% 2009, showing negative growth from the previous year manual segment of the market. Consulting Services Singapore 8 170 45,517 48,778 -2.0% Malawi 3 12 149 181 10.0% and below 2008 pre-crisis level. By the second quarter, gained traction during the year, exceeding targets and Solomon Islands 1 4 47 37 -5.1% Mali 1 14 164 361 10.9% Malta 9 22 873 858 8.7% however, the region was the first to recover, with 10.3 finishing with a good pipeline of projects for 2010. The Peak days 2009 Sri Lanka 10 34 3,188 3,889 -3.7% Taiwan 30 73 16,370 15,829 -4.2% Mauritania 2 13 46 88 -3.0% percent growth in Q2 compared to Q1. This reflected region also experienced the first installation of Alliance No peak days recorded in 2009. the fact that the Asian economies in general had been Integrator and signed the first Alliance Lite wholesale Thailand 11 39 11,570 12,039 0.8% Mauritius 5 21 1,665 1,653 28.0% Moldova, Republic of 2 17 301 517 -8.5% ‘first in, first out’ of the global slowdown, and by the agreement. Finally, several successful interface sales at Timor-Leste 0 3 22 21 51.2% Tonga 1 3 28 29 7.7% Monaco 3 22 712 1,460 5.5% Institutions connected to SWIFT final quarter traffic was consistently above 2008 levels the top end of our client base have positioned Alliance Tuvalu 0 1 4 4 -3.1% Mongolia 6 17 122 218 -11.0% in securities, payments and trade. Payments showed a Access as a robust offering in the high-volume SWIFT In 2009, 451 new institutions connected to SWIFT, Vanuatu 0 6 64 76 -3.2% Montenegro, Republic of 4 12 415 299 -5.0% nearly continuous increase throughout the year, especially interface business. taking the total to 9,281 connected institutions. Vietnam 11 77 2,585 3,306 4.3% Morocco 9 21 2,618 2,367 14.2% Total Asia Pacific 459 1,795 447,263 422,148 -2.0% Mozambique 1 13 201 259 10.5% 25 Executive Committee SWIFT Annual Review 2009

Lázaro Campos Chris Church Michael Fish Ian Johnston Gottfried Leibbrandt Alain Raes Francis Vanbever Rosie Halfhead Chief Executive Officer Chief Executive Americas and Chief Information Officer, Head Chief Executive, Asia Pacific Head of Marketing Chief Executive, EMEA Chief Financial Officer Head of Stakeholder Relations Spanish Global Head of Securities of Information Technology and Australian Dutch Belgian Belgian British CEO of SWIFT since 23 April 2007. British Operations Ian Johnston was appointed Head of Gottfried Leibbrandt is currently Head Alain Raes was appointed Head of Francis Vanbever was appointed to his Rosie Halfhead was appointed Head Joined SWIFT in 1987, with postings Chris Church joined SWIFT in August American the Asia Pacific Region in September of Marketing, the group that defines the the EMEA Region in September 2007. current position in 1997. Francis joined of Stakeholder Relations in September in Education and Standards. Served 2008. Prior to joining SWIFT, Chris was Mike Fish was appointed Chief 2007. He was previously interim Head value proposition for SWIFT’s customer He was previously Director of the SWIFT in 1988. Prior to SWIFT he held 2007. She joined SWIFT initially in as Manager, FIN Products and Value Managing Director of Radianz Services, Information Officer in July 2006. of the Banking Industry Division in the segments and includes Standards as Continental Europe region, covering various financial responsibilities for the 1987. In 2001 she was recruited by Added Services from 1993 until 1995. a division of BT Global Financial He oversees the teams that build, Asia Pacific region, which included both well as Solutions. He was previously securities and banking sales activities. Belgian and European operations of ACNielsen. In 2003, Rosie created From 1995 until 1998, was Director Services. Chris was part of the maintain and operate the company’s banking and securities commercial Head of Standards. Gottfried joined Alain joined SWIFT in 1990. Prior to Exxon Chemicals. her own brand communications of Market Infrastructure Services with executive team that founded Radianz, core messaging services. Mike joined activity. Ian joined SWIFT in 1993. He SWIFT in 2005. Prior to joining SWIFT, SWIFT he worked at Citibank, Belgium, consultancy. Her clients have included responsibility for multiple domestic Inc. In 2000, responsible for Global SWIFT in 1999 from Ameritech, where had 20 years experience in banking he worked for McKinsey & Company and Fortis Bank, Singapore. Toyota, American Standard Company and international market infrastructure Sales & Marketing until its acquisition he held various senior management operations, in international business, for 18 years. and Tetra Pak as well as the European projects, including ECHO, CHAPS by BT in 2005. He has also held senior positions in IT. trade, treasury and communications Central Bank and the European Euro, EBA Clearing and TARGET. management roles at Reuters in both before joining SWIFT. Payments Council. Served as Director of Treasury Markets, London and the US. Chris is a member where he managed the CLS project of the Board of Directors for XBRL US. for SWIFT from 1998 until 2000. He was then appointed Head of Marketing where he led the SWIFT strategy initiative. In October 2003 he became Head of the Banking Industry Division until his CEO appointment. Has over 20 years international banking and telecommunications experience. Prior to joining SWIFT he served in the international division of Banc Agricol.

During 2009, we restructured our management team and replaced the Leadership Council with an Executive Committee, effective from 1 June 2009. Board of

01 02 03 04 05

Directors01 Yawar Shah 11 Alan Goldstein 20 Javier Santamaria Chairman of the Board of Directors, SWIFT. Executive Vice President & Chief Information Officer, Assistant General Manager, Banco Santander, Spain Global Head, Citi Shared Services, Citigroup, USA Asset Management & International, The Bank of SWIFT Director since 2009 SWIFT Director since 1995, Deputy Chairman of the New York Mellon, USA Board since 1996, and Chairman since June 2006 SWIFT Director since 2006, Chair of the Audit & Finance Committee of the Board, SWIFT 21 Eli I Sinyak Chief Technology & Services Officer (CTSO), HSBC 02 Stephan Zimmermann Asia Pacific, Hong Kong Deputy Chairman of the Board of Directors, SWIFT. 12 Rob Green SWIFT Director since 2006 COO, Wealth Management & Swiss Bank, UBS AG, CEO of Payments Product House, FirstRand Bank Switzerland Limited, South Africa SWIFT Director since 1998. Chair of Human SWIFT Director since 2009 22 Jeffrey Tessler Resources Committee of the Board, SWIFT Member of the Executive Board of Deutsche Börse AG, responsible for Clearstream Division. Chief 06 07 08 09 10 13 Finn Otto Hansen Executive Officer of Clearstream International 03 Udo Braun Head, SWIFT Clearing and Settlement Strategies, S.A. Luxembourg Member of the Executive Board, Group Markets DnB NOR Bank ASA, Norway SWIFT Director since 2006 Operations, Commerzbank, Germany SWIFT Director since 2004. Chair of the Banking SWIFT Director since 2007 & Payments Committee of the Board, SWIFT 23 Dirk Vanderschrick* Vice-Chairman and CFO, Dexia Insurance, Belgium 04 Ignace Combes 14 Gerard Hartsink SWIFT Director since 2007 Deputy Chief Executive Officer, Senior Executive Vice President of Global Transaction Euroclear SA/NV, Belgium Services and Market Infrastructures, ABN Amro Bank, Netherlands SWIFT Director since 2006 24 Ingrid Versnel SWIFT Director since 2009 Head, Payments and Wealth Management Technology & Operations, Royal Bank of Canada, 05 Fabrice Denèle Canada Head of Payments, BPCE, France 15 Hideo Kazusa SWIFT Director since 2007. Chair of the SWIFT Director since 2009 General Manager, Transaction Services Division, Standards Committee of the Board, SWIFT The Bank of Tokyo-Mitsubishi UFJ, Ltd. Japan SWIFT Director since 2008 11 12 13 14 15 06 John Ellington 25 Jee Hong Yee-Tang Director, Debt Management and Fraud Operations, Technology Advisor to ABS, Singapore The Royal Bank of Scotland, United Kingdom 16 Colin Klipin* SWIFT Director since 1999 SWIFT Director since 2005. Chair of the Pricing Managing Director, Global Payments, Board Task Force of the Board, SWIFT Barclays Bank, United Kingdom SWIFT Director since 2008. Directors who left the Board in 2009 During the course of 2009, five Directors left the Board. 07 Giorgio Ferrero 17 Yves Maas Arthur Cousins, Director Strategy and Product Head of Payment Systems Strategy and Development, The Standard Bank of South Africa, Development, Intesa Sanpaolo, Italy Head International Operations, Managing South Africa, left, having joined the Board in 2003. SWIFT Director since 2008 Director, Credit Suisse, Switzerland He was replaced by Rob Green. SWIFT Director since 2003 Erik Dralans, CEO of ING South West Europe and Member of the Retail Committee of ING Bank, 08 Göran Fors Belgium, left, having joined the Board in 2003. Global Head of Custody Services, SEB, Sweden 18 Jacques-Philippe Marson* He was replaced by Gerard Hartsink. SWIFT Director since 2009 Board Member, BNP Paribas Securities Alfredo Rodríguez Pinilla, CEO, OP PLUS, Services, France Operaciones y Servicios, BBVA Group, Spain, left, 16 17 18 19 20 SWIFT Director since 2001. Chair of the Securities having joined the Board in 2003. He was replaced 09 Wolfgang Gaertner Committee of the Board, SWIFT by Javier Santamaria. CIO, Deutsche Bank AG, Germany Per-Eric Skotthag, Senior Advisor and Head of SWIFT Director since 2001. Chair of Technology Transition Office, Nordea Bank AB (publ), Sweden, and Production Committee of the Board, SWIFT 19 Lynn Mathews left, having joined the Board in 2006. He was Chairman of the Australian National Member Group replaced by Göran Fors. and Asia Pacific and Latin American Representative 10 Günther Gall Jean-Yves Garnier, Deputy Manager, Nataxis, of CLS Services, Australia France, left, having joined the Board in 2002. Executive Vice President, Division Head of Transactions SWIFT Director since 1998 Services, Raiffeisen Zentralbank, Austria He was replaced by Fabrice Denèle. SWIFT Director since 2001

Composition of SWIFT Board correct at 31 December 2009 *Three Directors left the Board at the start of 2010: Jacques-Philippe Marson; Colin Klipin and Dirk Vanderschrick. Mr Marson was replaced by Alain Pochet, Mr Klipin was replaced by Marcus Treacher and Mr Vanderschrick was replaced by Godelieve Mostrey

21 22 23 24 25 29 Governance SWIFT Annual Review 2009 at SWIFT

SWIFT is a cooperative Board committees It monitors employee compensation Remuneration of Directors the central banks of the G-10 countries, Board nominations The Board has six committees: and benefits programmes, including The members of the Board do not The National Bank of Belgium, the A nation can propose a Board Director society under Belgian the provisioning and funding of the receive any remuneration from the central bank of the country in which depending on its ranking, which — The Audit and Finance Committee pension plans. It also approves Company. They are reimbursed for SWIFT’s headquarters are located, acts is determined by the total number law and is owned (AFC) is the oversight body for the appointments to the Executive the travel costs incurred to perform as lead overseer of SWIFT. The issues of shares owned by the nation’s audit process of SWIFT’s operations and controlled by its Committee and assists in the their mandate. SWIFT reimburses the discussed can include all topics related shareholders: and related internal controls. It development of the organisation, employer of the Chairman of the Board to systemic risk, confidentiality, integrity, shareholders. The commits to applying best practice — For each of the first six nations ranked including succession planning. for the share of the Chairman’s payroll availability and company strategy. SWIFT for Audit Committees to ensure best by number of shares, the shareholders shareholders elect a The Board Chairman and Deputy and related costs representing the is overseen because of its importance to governance and oversight in the of each nation may collectively Board of 25 independent Chairman are members of the portion of the time dedicated by the the smooth functioning of the worldwide following areas: propose two Directors for election. Committee and meet four to five times Chairman to SWIFT. financial system, in its role of provider of Directors, which governs The number of Directors proposed - Accounting; per year with the CEO, the Head of messaging services. in this way shall not exceed twelve. the Company and oversees Human Resources, and the CFO on - Financial reporting and control; Audit process financial and performance measures. — For each of the ten following nations the management of the SWIFT’s Chief Auditor has a dual User representation The Human Resources Committee ranked by number of shares, the - Legal and Regulatory oversight; reporting line with a direct solid National Member Groups and National Company. The Executive has delegated powers from the Board shareholders of each nation may functional reporting line to the Chair User Groups help ensure a coherent - Security; in these matters. The Committee also collectively propose one Director Committee is a group of the AFC, and also a direct solid global focus by ensuring a timely and meets without the SWIFT executives for election. The number of Directors - Budget, finance and financial administrative reporting line to the accurate two-way flow of information of full-time employees several times a year. proposed in this way shall not long-term planning; CEO. Given the sensitivity to external between SWIFT and its users. headed by the Chief exceed ten. - Responsibility and liability/Code — Two business committees: Banking auditors performing consultancy work — The National Member Group Executive Officer. of conduct; and and Payments, and Securities. for management, the AFC also annually — The shareholders of a nation which reviews the respective spending and comprises all of a nation’s SWIFT does not qualify under a) or b) may — Two technical committees: Standards, - Audit oversight. trends. To ensure objectivity, the shareholders, and proposes join with the shareholders of one and Technology and Production. mandates of the external auditors, as candidates for election to the SWIFT The AFC meets at least four times or more other nations to propose a well as their remuneration, are approved Board of Directors. It serves in an per year with CEO, CIO, CFO, General The committees provide strategic Director for election. The number of by the AFC. SWIFT has two mandates advisory capacity to Board Directors Counsel and Chief Auditor, or their guidance to the Board and the Executive Directors proposed in this way shall for external audit: and SWIFT management, and serves pre-approved delegates. Committee, and review project progress not exceed three. in their respective areas. the interests of the shareholders — Ernst & Young, Brussels has held the The Committee may request presence by coordinating their views. The The Directors are elected by the Annual Financial Audit mandate since June of any member of SWIFT staff at National Member Group is chaired by General Meeting of shareholders for a 2000. Their mandate was renewed its discretion. External auditors are Elections a Chairperson elected by the SWIFT term of three years. They are eligible for in June 2009, and runs to June 2012. present when their annual statements/ The members of SWIFT elect a Board shareholders of the nation. re-election. The total number of Directors of 25 independent Directors, which cannot exceed 25. opinions are discussed and when the — PricewaterhouseCoopers has held governs the Company and oversees — The National User Group comprises Committee deems appropriate. the Security Audit mandate since the management of the Company. The all SWIFT users within a nation and September 2003. It runs to June 2011. — The Human Resources Committee Directors are elected by the Annual General acts as a forum for planning and oversees executive compensation. It Meeting of shareholders for a term of three coordinating operational activities. assesses Company performance and years. They are eligible for re-election. Oversight The user group is chaired by the User decides on the remuneration package The Board elects a Chairman and a Deputy SWIFT maintains an open and Group Chairperson who is a prime for members of the Executive Chairman from among its members. constructive dialogue with oversight line of communication between the Committee and other key executives. It meets at least four times a year. authorities. Under an arrangement with national user community and SWIFT. 31 Oversight SWIFT Annual Review 2009 at SWIFT

Central banks generally While SWIFT is neither a payment nor suasion. Overseers place great importance policies. SWIFT’s strategic direction may relationship with SWIFT, with ad hoc a settlement system and, as such, is on the constructive and open dialogues also be discussed with the Board and meetings on a regular basis, and serves have the explicit objective not regulated by central banks or bank conducted on a basis of mutual trust with senior management. as the G-10 central banks’ entry point of fostering financial supervisors, a large and growing number the SWIFT Board and senior management. for the cooperative oversight of SWIFT. of systemically important payment systems During these dialogues, overseers This list of oversight fields is indicative, In that capacity, the NBB chairs the senior stability and promoting have become dependent on SWIFT, which formulate their recommendations not exhaustive. In short, overseers will policy and technical groups that facilitate the soundness of payment has thus acquired a systemic character. to SWIFT. undertake those activities that provide the cooperative oversight, provides the them comfort that SWIFT is paying proper secretariat and monitors the follow-up and settlement systems. Because of this, the central banks of the A protocol signed between the NBB attention to the objectives described of the decisions taken. Group of Ten countries (G-10) agreed and SWIFT lays down the common above. Nevertheless, SWIFT continues that SWIFT should be subject to understanding of overseers and SWIFT to bear the responsibility for the security Access to information cooperative oversight by central banks. about the oversight objectives, and and reliability of its systems, products and In order to achieve their oversight The oversight of SWIFT in its current the activities that will be undertaken to services. It should be understood that the objectives, the overseers need timely form dates from 1998. achieve those objectives. It can be revised oversight of SWIFT does not grant SWIFT access to all information they judge periodically to reflect evolving oversight any certification, approval or authorisation. relevant for the purpose of the oversight. An open and constructive dialogue arrangements. Typical sources of information are SWIFT SWIFT is committed to an open and International cooperative oversight Board papers, security audit reports, constructive dialogue with oversight Objectives, areas of interest As lead overseer, the NBB conducts the incident reports and incident review authorities. The National Bank of Belgium and limitations oversight of SWIFT in cooperation with the reports. Another important channel (NBB) acts as the lead overseer, supported The objectives of oversight of SWIFT other G-10 central banks, that is Bank of for gathering information is through by the G-10 central banks. The oversight centre on the security, operational reliability, Canada, Deutsche Bundesbank, European presentations by SWIFT staff and focuses primarily on ensuring that SWIFT business continuity and resilience of the Central Bank, Banque de France, Banca management. Finally, SWIFT assists has effective controls and processes SWIFT infrastructure. To review whether d’Italia, Bank of Japan, De Nederlandsche overseers in identifying internal SWIFT to avoid posing a risk to the financial SWIFT is pursuing these objectives, Bank, Sveriges Riksbank, Swiss National documents that might be relevant to stability and the soundness of financial overseers want to obtain comfort that Bank, Bank of England and the Federal address specific oversight questions. infrastructures. SWIFT has put in place appropriate Reserve System (USA), represented by Provisions on the confidential treatment governance arrangements, structures, the Federal Reserve Bank of New York of non-public information are included The National Bank of Belgium is lead processes, risk management procedures and the Board of Governors of the Federal both in the protocol between the overseer, as SWIFT is incorporated in and controls that enable it to effectively Reserve System. NBB and SWIFT, and in the bilateral Belgium. Other central banks also have manage the potential risks to financial Memorandums of Understanding a legitimate interest in, or responsibility stability and to the soundness of financial Oversight structure between the NBB and each of the other for, the oversight of SWIFT, given SWIFT’s infrastructures. — oversight meetings cooperative central banks. The official role in their domestic systems. The NBB monitors SWIFT on an ongoing description of the NBB’s oversight role Overseers review SWIFT’s identification basis. It identifies relevant issues through can be found in the Financial Stability As is generally the case in payments and mitigation of operational risks, and the analysis of documents provided by Review published by the National Bank systems oversight, the major instrument may also review legal risks, transparency SWIFT and through discussions with the of Belgium and available on its website for the oversight of SWIFT is moral of arrangements and customer access management. It maintains a continuous www.nbb.be. 32 33 SWIFT Annual Review 2009 SWIFT Annual Review 2009

Security audit statement Consolidated income statement — year ended 31 December 2009 The Directors and Management acknowledge their and computer-based, related to the FIN and SWIFTNet responsibility for maintaining an effective system of internal messaging services, specified by SWIFT Management for control in respect of the SWIFTNet and FIN services. the period 1 January 2009 to 31 December 2009. (in thousands) Note* 2009 EUR 2008 EUR SWIFT has put in place controls based on the ISO 27002 Their examination was made in accordance with the SAS 70 Revenues standard, to support its control objectives in relation to standard established by the American Institute of Certified Traffic revenues 2 360,011 361,040 governance, confidentiality, integrity, availability and change Public Accountants and their report covers both controls One-time revenues 3 5,000 8,038 management. placed in operation and tests of operating effectiveness, as Recurring revenues 4 106,990 106,023 Management is satisfied that, for the period 1 January 2009 specified in the standard. The SAS 70 Type 2 report, which Interface revenues 5 110,733 101,414 to 31 December 2009, the control policies and procedures includes the PricewaterhouseCoopers’ independent report Other operating revenues 3,340 2,974 relating to the SWIFTNet and FIN services were operating prepared within the SAS 70 framework as well as all noted 586,074 579,489 with sufficient effectiveness to provide reasonable assurance observations, has been discussed and reviewed by SWIFT’s that appropriate governance was in place and the Audit and Finance Committee. The report was provided to confidentiality, integrity, availability and change management all Board members. Expenses objectives were met. The control objectives were specified Royalties and cost of inventory (9,824) (12,982) Shareholding institutions or registered SWIFT users can by SWIFT Management. Payroll and related charges 6 (270,206) (264,771) request an electronic or hard copy by sending an e-mail Network expenses 7 (19,134) (20,116) PricewaterhouseCoopers were retained by the Directors with the requestor’s name, job title, institution, BIC and to review the control policies and controls, both manual reason for the request to [email protected]. Rental, maintenance, office and outside service expenses 8 (161,166) (196,021) Depreciation of property, plant and equipment 13 (44,424) (42,853) Amortisation of intangible fixed assets 14 (12,872) (10,740) Other expenses 9 (5,824) (12,101) Restructuring costs 15 (44,145) - (567,595) (559,584)

Profit from operating activities 18,479 19,905

Financing costs (863) (705) Financial performance Other financial income and expenses 10 (264) 3,651 In accordance with article 105 of the Belgian Code of Company Law, the following statements represent a condensed version of Gain on sale of subsidiary 12 - 7,797 SWIFT’s 2009 annual financial statements prepared in accordance with International Financial Reporting Standards.The full text Profit before tax 17,352 30,648 is available on SWIFT’s website (www.swift.com) or on request from any of SWIFT’s offices. The full version of the 2009 Income tax expense 11 (1,966) (5,918) annual financial statements will be filed with the National Bank of Belgium no later than 30 June 2010. This condensed version Net profit 15,386 24,730 does not contain all of the appendices or the report of the auditors, who expressed an unqualified opinion.

Key figures Consolidated statement — year ended 31 December 2009 of comprehensive income (in millions) 2009 EUR 2008 EUR 2007 EUR 2006 EUR 2005 EUR — year ended 31 December 2009 Operating revenues before rebate 586 598 625 588 559 Rebate - (19) (57) (26) (23) Tax (expense) Tax (expense) Before tax benefit Net of tax Before tax benefit Net of tax Revenues after rebate 586 579 568 562 536 (in thousands) Note* 2009 EUR 2009 EUR 2009 EUR 2008 EUR 2008 EUR 2008 EUR Operating expenses (568) (560) (535) (539) (524) Profit for the year 15,386 - 15,386 24,730 - 24,730 Profit before taxation 17 31 36 29 16 Foreign currency translation 126 - 126 (296) - (296) Net profit 15 25 23 25 8 Cash flow hedges: - - Net cash flow from operating activities 68 24 86 83 112 – Current year gain / (loss) (2,502) 852 (1,651) 1,186 (403) 783 Capital expenditure of which: 46 96 51 46 67 on financial instruments – Property, plant and equipment 40 73 41 38 57 – Prior year (gain) / loss transferred (1,186) 403 (783) 5,469 (1,859) 3,610 – Intangibles 6 23 10 8 10 to income statement Shareholders’ equity 285 262 255 238 216 Recognition of actuarial gains 25 15,544 (5,323) 10,221 (34,095) 13,827 (20,268) Total assets 497 502 480 473 424 and losses Number of employees end of year 1,991 2,138 2,001 1,890 1,821 Total comprehensive income for the year 27,368 (4,068) 23,300 (3,006) 11,565 8,559

*To download the full set of financial statements including the accompanying notes referred to above please visit www.swift.com/about_swift/publications/annual_reports 34 35 SWIFT Annual Review 2009 SWIFT Annual Review 2009

Consolidated statement of financial position Consolidated statement of cash flows — year ended 31 December 2009 — year ended 31 December 2009

(in thousands) Note* 2009 EUR 2008 EUR (in thousands) 2009 EUR 2008 EUR Non-current assets Cash flow from operating activities Property, plant and equipment 13 160,745 167,568 Profit from operating activities 18,479 19,905 Intangible assets 14 21,225 27,540 Depreciation of property, plant and equipment 44,424 42,853 Investments in associated companies 16 549 549 Amortisation of intangible fixed assets 12,872 10,740 Other investments 17 - - Net loss and write-off on sale of property, plant and equipment, and intangible assets 46 246 Deferred income tax assets 18 31,108 32,434 Other non-cash operating losses (12,451) 6,962 Total non-current assets 213,627 228,091 Changes in net working capital 6,211 (43,654) Net cash flow before interest and tax 69,581 37,0 52 Current assets Interest received 1,514 7,6 3 9 Cash and cash equivalents 120,280 96,153 Interest paid (863) (705) Trade receivables 19 77,716 64,243 Tax paid (1,919) (20,063) Other receivables 20 9,470 26,891 Net cash flow from operating activities 68,313 23,923 Prepayments to suppliers 21 29,607 38,592 Inventories 22 1,016 799 Cash flow from investing activities Prepaid taxes 23 45,469 46,883 Capital expenditures: Total current assets 283,558 273,561 – Property, plant and equipment (39,884) (73,215) Total assets 497,18 5 501,652 – Intangibles (6,472) (22,528) Proceeds from sale of fixed assets 2,152 351 Shareholders’ equity 24 285,312 262,281 Net proceeds from sale of subsidiary - (3,629) Net cash flow used in investing activities (44,204) (99,021) Non-current liabilities Long-term employee benefits 25 79,978 98,005 Cash flow from financing activities Deferred income tax liabilities 18 25 - Net payments for reimbursement of contributions (268) (1,087) Other long-term liabilities 27 4,226 - Net cash flow from (used in) financing activities (268) (1,087) Total non-current liabilities 84,229 98,005 Increase/(decrease) of cash and cash equivalents (23,842) (76,185) Current liabilities Amounts payable to suppliers 17,15 8 21,420 Movement in cash and cash equivalents Short-term employee benefits 26 59,512 57,597 At the beginning of the year 96,153 171,817 Short-term provisions 27 14,272 1,971 Increase/(decrease) of cash and cash equivalents 23,842 (76,185) Other liabilities 28 28,002 49,568 Effects of exchange rate changes 285 521 Accrued taxes 29 8,700 10,810 At end of the year 120,280 96,153 Total current liabilities 127,6 4 4 141,366 Total liabilities and shareholders’ equity 497,18 5 501,652 Cash and cash equivalent components are: Cash 31,166 22,024 Liquid money market products 89,114 74,129 At the end of the year 120,280 96,153

*To download the full set of financial statements including the accompanying notes referred to above please visit www.swift.com/about_swift/publications/annual_reports 36 37 SWIFT Annual Review 2009 SWIFT Annual Review 2009 SWIFT Business Offices SWIFT Partners

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