Update on PBS

1. Update on PBS October 24, 2005 V3

2. Expansion of Participant Browser Services (PBS) • Background on PBS • Rollout Status • Customer feedback • DTCC listened and is responding

3. Background on PBS • PBS is the browser-based user interface that replaces the PTS system • Available to customers through the DTCC SMART network • Designed to improve navigation and data entry in intuitive, easy-to-use web pages • Features include drop-down menus, quick links, page- sensitive help information, and the use of business terms - No more acronyms!

4. Rollout Status • Customers are rapidly adopting PBS • Over 3,000 users at 500 accounts are actively using PBS • Dozens more accounts are starting every month • Transaction volumes on PBS have grown 18 - 25% each month for the past 12 months

5. Customer Feedback • With PTS scheduled for sunset at year-end ’05, DTCC went to its customers in the spring of ’05 to evaluate possibilities • Sources of input included • Customers’ calls and letters • User group discussions • Focus groups with users at all levels, from a variety of organizations • In-depth interviews by consultants with 60 users in 14 customer firms

6. Customer Feedback - Findings • Shift to Windows-based web pages seen as necessary and overdue • Users now have access to functionality they couldn’t find in PTS- especially managers and others who aren’t frequent users • Basic installation of PBS infrastructure is trouble-free and cost-free • Benefits of “easier interface” are universally acknowledged

7. Customer Feedback – New Requests “We really like it but can’t you also give us . . .” • Help with ticket printing“we’re not yet ready to eliminate all the tickets” • Lightweight desktop automation“we rely on some macros that only run on the old terminal system” • More of the remaining PTS functions as web pages“we want Physical Processing as well as Settlement and Corporate Actions” • An easy way to access multiple accounts for the same firm“I can’t keep track of 20 different userids” • Better integration with other web-browser functions“now that it’s all on the browser, why can’t I get to ACATS and RTTMWeb through the same system?”

8. Response to Customer Feedback • SMART/Messages • PBS Version 2 • Access to files • Excel interface • Deposits • DTCC Customer Portal

9. SMART/Messages • Browser application to view printer tickets and locally print selected messages • Initially implemented Q2 2005. • Add multi-page printing (Q1 2006) • Develop indexing capabilities for message selection and sorting (Q3 2006) • Further improvements (late 2006 - 2007) • User identifies events to track • Only the messages associated with these events are presented • Optional alerts on user desktop for high-priority events Existing printer technology can’t be supported beyond early 2007, and no replacement technology exists

10. PBS Version 2 • Renders all PTS functions as web pages • Eliminates need for jPTS terminal emulator • Incorporates feedback and suggestions from users of PBS V1 regarding the original web page designs • Currently piloting with a select group of customers, including Transfer Agents via SMART/Dialer

11. Rollout Plan for PBS V2 • Scale up number of pilot firms • Formalize implementation procedures for users • Validate usability and functionality, and schedule any needed enhancements • Based on feedback from pilot users, finalize rollout schedule for all users by year-end. (Targeting general rollout in early 2006.)

12. Access to Files from Browser • Browser interface for customers to access and download selected SMART/Mover (CCF) files (Access to these files has always required programming and IT operations) • Identify files to offer and develop conceptual solution (2005) • Pilot – Q2 2006 • General availability - Summer 2006

13. Excel Interfaces • Provide the ability to download and upload data using Excel spreadsheets, for selected PBS functions • Currently modeling a reusable design • Identify and prioritize tier 1 functions for implementation (12/05) • Implement interface for tier 1 functions (Q1 – Q2 2006) • Identify remaining tiers and announce schedule for additional functions. We welcome customers’ prioritized lists of automated functions they can’t live without!

14. Deposits • Browser-based replacement for existing bar-coded deposit tickets • Batch streams and single deposits • Pilot and General Availability (Q3 2006) Existing printer technology can’t be supported beyond early 2007, and no replacement technology exists

15. DTCC Customer Portal • All DTCC functionality on a common web page • Single userid to access all DTCC services • All functionality accessible over SMART, with select subsets also available over the Internet • Advanced customer Help and self-support capabilities • Messages, alerts, and file interfaces • Customer security officers manage employees’ userids and authorization PBS integration planned for late 2006 • Customer firms will need to migrate to new platform

16. Not PBS, but related . . . . • The same technology changes that affect PTS and ticket printing also impact machine-to-machine interfaces • In early 2007 we lose the ability to support • MDH messaging – replace with Websphere MQ • CCFuser file transfers – replace with ftp or NDM (over TCP/IP) • NDM over SNA – replace with ftp or NDM (over TCP/IP) Confirm that your IT staff has effective plans in place to eliminate these interfaces in 2006 !

17. Questions? Contact your Account Executive