1. Omgeo – An Industry Update Presented by: Victoria Mazza – Relationship Manager BDUG October 25, 2005

2. Agenda Evolution of Omgeo’s Strategy Industry Update on Matching STP – Omgeo Solutions carving the way for STP Fixed Income ALERT on the Web Omgeo TradeHub Omgeo Central Trade Manager Omgeo Connect Questions / Answers

3. Omgeo’s Strategy: 2005+ Automate Investment Manager allocations across multiple asset classes Provide IMs with a single point of access to Omgeo and 3rd party trade management solutions for trades across multiple asset classes Facilitate efficient trade management and settlement through Omgeo CTM and Open SI/SN Strengthen strategic relationships with key clients and partners Increase our capability and capacity by adopting a global sourcing model

4. Industry Update on Matching

5. Sends confirmations to TradeMatch * Matching exceptions handled by NearMatch BrokerInstitution Omgeo OASYS–TradeMatch SM Omgeo OASYS TM Sends trade block and allocation details Accepts or rejects trade block and allocation details **For existing accounts, TradeMatch calculates Principal Amount, SEC Fees and Net Settlement Amount and determines Settlement Location for the OASYS message for matching purposes. SEC calculation and rounding rules conform with the new Investor and Capital Markets Relief Act recently passed by Congress. Omgeo SID SM Custodian 3 6 Matched or matched affirmed confirmations distributed to all parties of trade 5a 1 2 OASYS sends trade blocks and allocation details to TradeMatch** 7 Pre-notification allocations sent to Custodian/Agent 4 *Broker Internal Account numbers appended from ALERT if using both products. TradeMatch compares allocations to confirmations Settlement DTC 5b Omgeo NearMatch SM Omgeo Omgeo TradeMatch SM

6. Average Daily Trades:916,000 Equity: 812,000 Fixed Income: 104,000 Confirm/Affirm (TradeSuite): 837,000 Central Matching 79,000 The Case for Central Matching U.S. Trade Volumes - TradeSuite [August 2005]

7. Confirm / Affirm IMs Central Matching All IMs Central Matching OTM IMs LSV (Example of Central Matching Best Practices) Overall IMs Same-day affirmation rate 18% 51%83% 90%27% Unaffirmed trades on T+0 82%49%17%10%73% Affirmed trades on T+2, Noon 87%92%98%>99%88% Unaffirmed trades on T+2, Noon 13%8%2%<1%12% Central Matching Improves SDA Rates (U.S. Domestic) July 2005 The Case for Central Matching Source: Omgeo, July 2005

8. CTM Trade Volumes Trade Volume since inception (as of 8/31/05): 5,619,280

9. Settlement Notification Volumes

10. Fixed Income Initiative

11. Economics: Est. Cost per Fixed Income Trade Source: ZYen 4-5X Cost Difference Manual Trade $28.5 Avg. per trade – ranges from $6.50 - $50 Electronic Trade $5-8 Cost per trade Note $28.5 broken down by: Mid office – $3.5 Ops – $16.6 Custody - $8.4

12. Recent Highlights Over 70 IMs now transacting over Omgeo OASYS, with 3-5 new joining the community each month Bear Stearns, Barclays are moving up automation curve with OASYS Direct in 2005, other Tier 1 workstation brokers closer to further automation CSFB, BNP Paribas, Legg Mason, JP Morgan, Mesirow and First Tennessee, Raymond James, and Advest are live on OASYS Direct via Bloomberg TOMS New live IM’s include: Dodge and Cox, Shenkman Capital, Financial Management Advisors, Federated Investments, Denver Investments, Babson Capital Mgmt., ABN Amro and Wells Capital New subcommittee formed to address money market trade processing – barriers and efficiency opportunities

13. Omgeo ALERT on the Web

14. Key Benefits to the Web Interface Portable access to ALERT Individual user ids and passwords The option to authorize individual users for either full access or read-only access to the information on ALERT Click-through links to fields that need to be updated to comply with the latest validation rules Easily accessible definitions for settlement instruction fields “QUICK Fields” tab that provides immediate access to the 20 most commonly used ALERT fields A new homepage with quick access to main functions, documentation and important product notices from Omgeo Ability to quickly switch from one acronym to another (provided client’s username is entitled to multiple acronyms)

15. ALERT via the Web Design Enhanced levels of security – User Level login

16. Omgeo TradeHub

17. Omgeo TradeHub: Facilitating Trade Instructions / Reconcilements Provides IMs and Custodians with a single point of access to reliable domestic and international messaging. Settlement messages as well as reconcilement messages Provides an open, timely and cost-effective environment Partnerships with both Reconcilement Vendors and Trust System Vendors –Sample Trust System Vendors: SEI and ATS –Sample Reconcilement Vendors: SmartStream and Checkfree Automate Omnibus/Trust trades Standard messages supported - ISO 15022

18. Omgeo Connect

19. Omgeo Connect Overview Solution Overview A single point of connectivity for investment managers to access Omgeo and other post-trade solutions, enabling the trade and settlement management of multiple asset classes via an ASP environment.

20. Omgeo Connect Overview Solution Components Hub solution for all trades Common dashboard and workflow management Trade Management Single point of access to Omgeo services Third party connectivity (e.g. Deriv/SERV, TradeWeb) Settlement Management Support SWIFT and non-SWIFT workflow Settlement status confirmation

21. OMS PMS SWIFT TradeHub GUI Business Apps Integration Layer Messaging Hub Administration CTM OASYS / TSuite 3 rd Party Vendor Email, Fax etc. ALERT One Interface ALL Trades/Events Broker Investment Manager Bank 3 rd Party 3 rd Party Omgeo Connect TM Destinations Connectivity Hub Destinations Omgeo Connect Overview Concept