Odyssey Asset Management Systems

1. Odyssey Asset Management Systems Illustration of a software company product strategy

2. Agenda • Corporate presentation • Product strategy • Roll out considerations

3. Agenda • Corporate presentation • Product strategy • Roll out considerations

4. Vision • Odyssey's visionis to achieveglobal leadershipin advanced technology solutions for theInvestment Managementcommunity and deliver competitive advantageby helping our customers offersuperior services to their clients.

5. Odyssey - A Market Leader • Leading software solutions for Investment Management • Of the top 25 European banks (by market capitalisation) 15 are Odyssey customers • Odyssey applications are implemented in 132 sites in 24 countries • Products based on new technologies - our core business • Strategic projects in international banks • Merging of 2 segments : IT and banking • Steady growth since inception in 1995 « Triple’A was selected out of 4 different packages. The key selection factors were the high functionality coverage, the user-friendliness, the performance level of the application and the ability to provide added value service to our clients. » ANDREAS STRICKER Bordier & Cie.

6. Odyssey Offices Luxembourg – Financial HQ Lausanne – Operational HQ London Geneva Zurich Amsterdam Brussels Munich Singapore North America (by end 2004)

7. Odyssey Client Base • Odyssey solutions are used at 132 client sites worldwide, including: * A complete Odyssey client list is available on demand.

8. 1996 1998 2000 2002 1995 1997 1999 2001 History Office opened in Singapore; the 3 companies within Odyssey Group (OAMS, ODAFS, OMDS) are merged as Odyssey Asset Mgmt Systems Odyssey launches development of Advisor – client relationship mgmt solution for Investment Management Commercial release of Advisor – client relationship mgmt solution; office in Munich established Acquisition of the Belgian company CAFC; development of Mirage reporting; offices established in Geneva and Zurich Odyssey founded in Luxembourg by 9 private shareholders 2003 Odyssey acquires exclusive distribution rights to the Triple’A portfolio mgmt system, originally developed at the initiative of the BCV in Lausanne Acquisition of the intellectual property rights to Triple’A and transfer of the development team to Lausanne Acquisition of the London-based company Market Data Systems, specialised in accessing, filtering, warehousing and distributing market data; offices established in London and Amsterdam Launch of Triple’A Release 4 and development of Nexus – market data management solution

9. Odyssey evolution Client Reporting PB PM PB RM PB Market Data Repository Extended Positionning 2004 Client Server C/C++ Sybase J2EE Components API J2EE Components API Technology Shift 2004 Geographical Expansion Europe Asia Middle East North America 2004

10. Odyssey structure A Duchâteau CEO Finance Product Strategy COO Sales Production Services Marketing/ Business Solutions Internal developments Support/helpdesk Release management Project directors Project managers Implementation team Support solutions team Product development Business solutions Marketing Geo organization : Europe/AsiaPacific/NA Country reps Account managers by client

11. Odyssey: a growing company Revenue EBIDTA EBIDTA = Earnings before interest, depreciation, taxes & amortisation (depreciation of goodwill). As Odyssey’s financial structure has evolved through the years, it is not possible to calculate all years in exactly the same manner. Therefore, 1996 & 1999 figures are estimates. Staff Count Client Count

12. By Activity Turnover Breakdown 2003 36% By Region 2003 Net Turnover = € 36.1 million Figures valid as of December 31, 2003.

13. Shareholder Breakdown 2003 Odyssey’s Capital = € 13.6 million Figures valid as of December 31, 2003.

14. Employee Location 2004 Odyssey Staff Count = 248 Figures updated: May 2004

15. Employee Activities 2004 Odyssey Staff Count = 248 Figures updated: May 2004

16. Client Distribution* To date, Odyssey clients are predominantly based in Europe. We are now aiming to capture greater market share in other regions of the world. Odyssey Client Count = 132 * These graphs represent clients with licensed Odyssey solutions. All figures valid as of February 20, 2004.

17. Software Providers & Business Associates Hardware Platforms Odyssey Partnerships

18. A pressing & moving competition • Odyssey • Business Architects • Delta • Swissrisk • COR • Finaplex • Reuters • X-eyes • Thomson • Sage • Finantix • Siebel-Eontec • S1 • Fidelity • Getronics • Unisys • Fineos • BanqIT • Riskmetrics • Brainpower • Longview • Latent Zero • Charles River • McGregor • FMC Mid-Front Office Data Repository Asset Control, Eagle Pace, Fame, FTI, Netik, Odyssey • DSTi • Sungard • Mysis • Simcorp • Thomson • Forbatech • Igefi • Linedata • i-flex • Temenos • Callatay • SAP-Alnova • Finova • Fiserv • Fidelity National • System Access • ERI • Temenos • Avalog • Bosslab • SEI • ADP • IDS • Callatay Back Office Activities Institutional Private Banking Mass Affluent Retail Segments

19. Relationship Manager Portfolio Manager 3rd Party Manager Client Odyssey Market Positioning Wealth Management Asset Management Fund Manager Fund Administrator Client Data Management Relationship Management Client Reporting Valuation & Analysis Performance Constraint & Strategy Order Input, Generation & Management Integration & Workflow Central Security Warehousing Private Banking Front & Mid office Institutional Mass Affluent Retail Banking Back office ‘Output’ management (report production, distribution and archiving)

20. - Portfolio Mgmt & Analysis - Portfolio Modelling & Balancing - Advanced Analysis - Advanced Performance Attribution - Client & Portfolio Monitoring - Portfolio Mgmt & Analysis - Client & Portfolio Monitoring - Collaborative Advice & Contact Management - Client Data Management - Investment Profiling Business Solutions Positioning Presentation Framework Portfolio Manager Workstation Relationship Manager Workstation Integrated Solutions • Business Components • Customer Portal • Straight-Through-Processing • Workflow & Dataflow Independent Business Components

22. Agenda

23. Full functionality available Subset of functions available Business Solutions – User Profiles Retail Relationship Managers Custom Profiles Portfolio Managers Relationship Managers 3 rd Party Managers Portfolio Management Portfolio Management & Analysis Portfolio Modelling & Balancing Advanced Analysis Advanced Performance Attribution Relationship Management Client & Portfolio Monitoring Collaborative Advice & Contact Mgmt. Client Data Management Investment Profiling Foundation Components

24. Agenda • Corporate presentation • Product strategy • Roll out considerations

25. Some Strategic Market Objectives • Expanding Solutions towards: • Off-Shore => On-Shore • PM => RM • Discretionary => Advisory Business • HNWI => Mass Affluent/Retail • In-House => ASP/BSP Solutions • In-House => B2B/B2C • Europe => Global (US / Asia)

26. Some Recent Requirements On Odyssey Solutions • Functionalities available as services, in-house or in ASP/BSP mode • Implementation of subsets of functionalities • Integration with bank/third-party products available as services • Full availability through the WUI • Support of very large volume processing • Time-to-market and quality in providing new advanced functionalities • Full Integration of Odyssey products offering (Triple’A, Advisor) • Database Independency • Lower Cost of integration and of Ownership

27. The Development Strategy : A Component Architecture This development strategy consists in developing, using J2EE technology, business components covering both new and existing specific functionalities, including Triple’A . These components can be provided and seamlessly implemented as combination, or implemented independently.

28. Today’s Functional Architecture Component Client/Server Odyssey Solutions Nexus GUI TA GUI Live!Report Odyssey Presentation Framework (OPF) TA Financial Server Odyssey Business Components iMDi Filters & Loaders TA DB Odyssey Technical Framework (OTF) TA Import / Export DB Component Repositories HEART Repository Gateway

29. A More Detailed Functional Architecture Component Client/Server Advisor Profile RM Profile PM Profile Nexus GUI TA GUI Live!Report Odyssey Presentation Framework (OPF) TA Script TA Financial Server Scripted PageFlow Query Editor Internat. Preference PageFlow Profiling UDP TA Script Valo Perfo Check Strat Reconcile Journal … Op Hist Fusion Mail Mgr Valo/Check CDM CIMS MCQ/Alert IPA Rebalancing OrderMgt TASC Business Procs iMDi Filters & Loaders TA DB Repository Odyssey Technical Framework (OTF) TA Import / Export DB Access Audit CBI MDF Msg Secu Orga GCL WrkFl XDI Services TA Script DB Component Repositories HEART Repository Gateway

30. Today’s Technical Infrastructure Component Client/Server Neuron Data (Presenter) HTML / XML (->PDF / Excel / …) Java / Swing Actuate XSP / XSL Sybase Open Client Cocoon C/C++ Web Container AS WS/ WebLo EJB Container DonLP2 SimCorp Torque Castor Jython JDOQL Log4J … Sybase Open Server Java / J2EE JNI –> C/C++ JVM Sybase JDBC JMS RMI Sybase / Oracle / DB2 Ascential

31. Benefits GUI & FS Rich Functional Coverage TA Brand TA Installed Client Base TA Maturity Relative System Architecture Simplicity Parametrization Tools Accessibility to Business Consultant Profiles Issues Modules, but no Independant Components Data Replication TA Sybase-Only Limited Scalabilty in Very High Volument Environnement (Retail) User friendliness for non-power users C/S Architecture : Benefits & Issues

32. Benefits Web User Interface OS & DB Independence Component Independence Facility to Package Multiple Solutions Integration Facilities Limited Data Duplication Access to External Components Customisation Facilities AS Scalability Standard Frameworks Issues Todays PMS WUI & Server limited functional coverage (compared to TA) Limited Customisation Tools (WUI / Rules) More Complex Architecture Component Architecture : Benefits & Issues

33. The Future Functional Architecture A Fully Component-Based Architecture Odyssey Solutions Live!Report Odyssey Presentation Framework (OPF) Third-Party Business Components Odyssey Business Components Odyssey Technical Framework (OTF) DB Component Repositories HEART Repository Triple’A Repository Gateway A 3 years perspective to be achieved step-by-step !

34. A More Detailed Functional Architecture A Fully Component-Based Architecture Advisor TA/RM TA/PM Mass Affluent Nexus Other New Profiles … Odyssey Presentation Framework (OPF) Live!Report WkFlw Editor Dcmt Editor Scripte Pageflow WUI Admin Query Editor WUI Custo Internat. Preference PageFlow Profiling UDP Other PMS Components Financial Planning NM4 Mail Mgr LodaPos RiskMetrics FlowMind CDM CIMS MCQ/Alert IPA Valo/Check Rebalancing OrderMgt TASC Strat Admin JRNL Perf / GIPS Odyssey Technical Framework (OTF) Audit DDL Admin DB Access Rule Engine CBI MDF Msg Secu Orga GCL WrkFl XDI Services DB Component Repositories HEART Repository Triple’A Repository Gateway

35. Benefits F-E & B-E Rich Functional Coverage TA Brand Remains TA Installed Client Base is Preserved TA Maturity A Unified System Architecture Parametrization & Customization Tools Accessibility to Business Consultant Profiles The Benefits of the Future architecture Only the Benefits of Both World Should Remain ! • Benefits • Web User Interface • OS & DB Independence • Component Independence • Facility to Package Multiple Solutions • Integration Facilities • Limited Data Duplication • Access to External Components • Large Customisation Facilities • AS Scalability • Standard Frameworks

36. How to Address the Issues of the Component Architecture ? • Issues • Todays PMS WUI & Server limited functional coverage (compared to TA) • Limited Customisation Tools (WUI/ Rules) • More Complex Architecture • Solutions • Triple’A FS Componentisation • Extended WUI Functionalities (incl. dhtml, Flash, Swing, …) • Investment in Parametrization & Customisation Tools • Investment in Packaging & Administration Console

37. Triple’A Componentization : What Does It Mean ? Financial Calculators are available in service mode / Data Providers deal with data access : Input Data Providers Output Data Providers Calculator TASC / FS TASC / FS Portfolio/ Position XML / JMS XML / JMS Valued Portfolio/Position Valuation Instrument Java API HEART HEART Java API Price / ExchRate SQL / DB SQL / DB Custom Custom

38. Triple’A Componentization : What Does It Mean ? One Triple’A financial function may correspond to several specialised components : Valuation Fct LoadPos LoadPos LoadPos + Pos Pre-Process. TASC/FS Instr. Analytics TASC/Export TASC/Export Instr. Analytics Valuation Valuation Valuation Valuation Format UDP+Pre-Proc UDP+Pre-Proc UDP+Pre-Proc FinancialServer Components (2004) Components (2006) Components (2005) The ‘component version’ of a financial function should be at least as rich, ideally richer !

39. Triple’A Componentization : What Does It Mean ? Componentization does not necessarily mean Java : Fusion Fct Load Pos + Op LoadPos Compute New Pos (C) Compute New Pos Save New Pos SavePos Financial Server Components Other Candidates : Donlp2 (Done) / Instrument Analytics (Simcorp) / Perf Attrib (TBA) / …

40. Agenda • Corporate presentation • Product strategy • Roll out considerations

41. Delivery Definition Development Beta support R&D Documentation Impact analysis : Spec review / Beta test case creation Skills requirements definition & gaps Training plan Training received from R&D Client Beta site support or Internal beta SO Develop/update implementation methodology (incl. Training plan) PSS Resource plan Trainings execution Client Beta management BSM Specs validation Test cases validation Documentation validation Early validation of software delivery Beta support Sales Beta/Pilot site selection Active account mgt Commercial release Program management Release content definition Release Beta Release management process

42. Option 1 (preferred) – Client Beta site Client Beta phase Alpha phase Training Beta teams Internal beta phase (Rollout team) Methodology update/creation & training plan ( Rollout team) Beta release Commercial release Option 2 – No client beta site Internal beta phase Pilot Implementation Alpha phase Training Beta teams Methodology update/creation & training plan ( Rollout team) Beta release Commercial release 1 to 3 MONTHS Release management process

43. Other roll out considerations • Impact on sales • Impact on services (implementations) • Impact on R&D

44. Impact on Sales • Be aware of the product strategy • Set up a migration plan for existing clients base • 85 sites • GUI, TASC, components sites • Be aware of possible migration options for clients • Avoid multiple migrations • Who finances migration costs ? • Minimize migration costs thanks to customization or migration tools

45. Impact on Services • Change in skills requirements • High value consulting • Java development skills • Use of web based customization tools (layout designer, workflow, pageflow, java scripting langage) • Technical skills (integration, messaging, performance, etc…) • Get configuration tools is critical • Standard architecture makes outsourcing of services to third parties easier • Trainings, recruiting, subcontracting needs • Helpdesk must be able to support clients and implementation teams

46. Impact on R&D • Doubling of development effort (on old financal servers and on components) • Multiple configurations to manage • Review of development tools and methodologies • Review of testing methodologies