Utilizing Web Services to Facilitate the New Issue Process September 2002

1. Utilizing Web Services to Facilitate the New Issue ProcessSeptember 2002

2. Agenda Introduce i-Deal Discuss i-Deal�s Value Proposition Overview of i-Deal�s use of Web Services Obstacles and Opportunities

3. The i-Deal Story i-Deal is a Financial Services Technology Company that has developed an Innovative �Engine� to bring the Entire Capital Raising Process Online ASP model i-Deal is Designed to Streamline the Capital Raising Process for all Participants in the Global Equity and Debt Markets Investment Banks and Broker/Dealers Frequent Issuers Investors Single/Multi-Dealer Systems Facilitates Multi-Product, Multi-Tranche, and Multi-Currency Offerings to Participants at all Levels of the New Issuance Process both in the U.S. and Abroad i-Deal has a unique and powerful partnership structure Salomon Smith Barney Merrill Lynch Thomson Financial Microsoft

4. World Class Partners contribute Essential Assets

5. i-Deal�s Value Proposition Subject matter expertise across all asset classes Global - Equity, Fixed Income, Retail Notes and Municipals ASP Model Economies of scale on cost and service Developed as a Broker Neutral system Multi-Product, Multi-Tranche and Multi-Currency Provides services from Deal Creation through Final Settlement Secure, well documented APIs Accessible via Browser or Web Services Provides Internal and External views Real-Time Joint Book Capabilities Consortia Compliant Seamless link to e-Roadshow vendors Content Contribution

6. i-Deal�s Functionality Snapshot Administration Deal Creation/Maintenance Syndicate Creation IOI entry Bookbuild Joint Books Allocations Designations Reporting Economics Profit and Loss Risk and Hedging Wires Content Contribution Private Labeling Localization Compliance with Regulatory bodies Client Concordance Multi-level Sales Coverage Web services Japanese Price Talk

7. i-Deal�s Client Benefits

8. i-Deal Technology Overview Developed with core Windows DNA and .Net technologies

9. i-Deal �Inside�

10. i-Deal�s importance to Wall Street Business Drivers Costly technology �arms� race is over This is NOT the late 90�s Issuers/Investors still demanding e-presence and e-distribution capabilities Retail distribution becoming very important No global industry standard i-Deal provides enterprise-wide solution Creating and maintaining Proprietary Portals is costly i-Deal�s architecture extensible and fully redundant

11. i-Deal approach to Web Services Low risk approach XML using SOAP over HTTPS Encryption Client and Server side certificates Mutual authentication Tokens Authorization Component based security �Defense in depth� Security protection layers Access routers filtering Front-end firewall layer Secure load balancers Intrusion detection system Multihomed Web servers Hardened OS installation Back-end firewall layer Ethical Hack and Network Penetration tested

12. i-Deal�s use of Web Services Web Services is essential to our ASP model How to I get access to my information? Single transaction, event driven (listener), or bulk feeder Deal Calendar Thomson SDC data Indications of Interest from Proprietary Systems Joint books User uploads Synch�ing client data Historical and Ad hoc reporting Allocations and Trades for STP e-Roadshows Some samples http://ws.demo.i-deal.com

13. Obstacles and Opportunities Obstacles Security, security, security Getting beyond �toe in the water� Growing from Simple to Complex transactions Commercial viability Go from �Buzz� to �Bucks� How do we make/save money? Opportunities Standards Acceptable security methodologies i-Deal to propose standard XML schemas and vocabulary for the new issue process Allow for proprietary extensions Industry acceptance and de-mystification