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

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 oClosed accounts oStandardized reporting oResponsibility Created Class Actions focus group oAppointed chair and co-chair oCreated Committee responsibilities Held three (3) focus group meetings YTD oInvited Claims administrator oOver 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. Shift in Client Behavior Challenging Year for the Financial Industry Why ? Financial markets have tightened oMarket volatility oRegulatory oversight oSecurities Quality and Servicing o Increase in risk o New products o Unknown effects Our clients are paying close attention to their Service Providers and closely scrutinizing our performance regarding their Securities handling. 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 Implementation Regulatory Oversight 1)Certain CA events seem to give loophole for tax avoidance. Self Tenders and Consents 1)Industry confusion in interpretation 2)Process in- efficiencies 3)Foreign client complaints 1)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. Going Forward 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 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 9