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Industry Liaison

Industry Liaison. [Company Logo]. Elizabeth Menzies-Gabb. September 17, 2008. Vision. The BDUG Industry Liaison is the conduit for communication between our members and the industry

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Industry Liaison

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  1. Industry Liaison [Company Logo] Elizabeth Menzies-Gabb September 17, 2008

  2. Vision The BDUG Industry Liaison is the conduit for communication between our members and the industry • Discuss and find best practices and solutions to Industry challenges and concerns on issues affecting Custody Banks. • Share knowledge and information on Industry trends from and with our members • Change Advocate 1

  3. Role Duties include: • Identify industry “hot items” and influence solutions through member participation • Coordinate / draft responses to white papers • Communicate regulatory changes • Participate in other industry working committees • Present “The Year in Review” at the BDUG annual meeting Represent BDUG on Industry issues impacting Custody banks 2

  4. Current Initiative Class Actions 2007 Annual meeting generated the topic “Class Actions” • Three major industry concerns identified • Closed accounts • Standardized reporting • Responsibility • Created Class Actions focus group • Appointed chair and co-chair • Created Committee responsibilities • Held three (3) focus group meetings YTD • Invited Claims administrator • Over 28 member banks / 70 members • Invited Class Actions speakers to the 2008 annual meeting • Break Out session at Annual meeting to continue discussions 3

  5. Challenging Year for the Financial Industry Our clients are paying close attention to their Service Providers and closely scrutinizing our performance regarding their Securities handling. Shift in Client Behavior Why ? • Financial markets have tightened • Market volatility • Regulatory oversight • Securities Quality and Servicing • Increase in risk • New products • Unknown effects 4

  6. Industry Issues and Trends Examples: • Variable Rate Demand Obligation • Mortgage Failures • Auction Rates Failure • Lack of standardization • Demand for clear, concise and timely information 5

  7. Regulatory Changes Tax Code Section 302 & 304 Perceived Weakness In Tax Code Initial Impact Regulatory Oversight Regulatory Implementation • Certain CA events seem to give loophole for tax avoidance. Self Tenders and Consents • Industry confusion in interpretation • Process in-efficiencies • Foreign client complaints • Seek to capture NRA tax on self tenders and Consent payments to clients 1) IRS implemented new codes 302/304 to cover participation of foreign holders in self tenders and Consent offers 6

  8. Continue to build cooperative working relationships with other industry groups Promote continuous flow of generative ideas Create workshops /committees to address issues and concerns Create partnerships and strategic links Communicate through round table discussions, conference calls and webinars Implement end results Going Forward 7

  9. Your Contributions To be successful, to add value and to make a difference on industry issues and concerns Feedback Changes Participation Direction Solution 8

  10. Contact information: Liz Gabb Telephone: 813-604-1149 Tampa, Florida Email: elizabeth.m.menziesgabb@citi.com Thank you! 9

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