Welcome to the

9th CEE Summit18 and 19 April 2013Prague, Czech Republic

1. Where do you see the growth in debt capital markets in the CEE region coming from, between now and 2020:

1 Will it be in domestic issuance?

2 Will it be in international issuance?

3 Or no growth at all?

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2. If there will be growth in the CEE region debt capital markets, will this be by:

1 Financial institutions?

2 Corporates?

3 Government?

4

LOVEMARKS

CLEARSTREAM, PRAGUE, APRIL 18th, 2013

LOYALTYBEYOND REASON

Brands

Products Fads

“This is good value but I could live without it if I had to.”

“It’s not really what I want, but it’s cheap.”

“This is fun, but do I really need it.”

“I will make sacrifices to keep this.”

HIGH RESPECT

HIGH LOVELOW LOVE

VOLUME INCREASE HIGH RESPECT

LOW RESPECT

BRANDSPurchase Intent: +66%Usage frequency x5

PRODUCTSPurchase Intent: +238%Usage frequency x23

FADSPurchase Intent: +33%Usage frequency x3

LOW LOVE HIGH LOVE

REASON LEADSTO CONCLUSIONS.EMOTION LEADSTO ACTION.

MYSTERY

CADBURYGORILLA

INTIMACY

NZ TELECOMFATHER AND SON

BGHDADS IN BRIEFS

SENSUALITY

JC PENNEYMOTHER’S DAY

TIDEINTERVIEW

THE JOURNEY TO A LOVEMARK

FIVE STEPSTO GETTHERE

CUSTOMERUNDERSTANDING

ORGANISINGIDEA

EMOTIONALCONNECTIONS

PHONE

YOUR

MUM

BE REALLYSPECIFIC

THANKYOU

Client: Title:

My company/brand is currently generating

amongst its clients.

1 mainly respect

2 mainly love

3 respect and love

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Client: Title:

Compared to competition my company/brand is doing

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1. Better

2. About the same

3. Worse

in generating loyalty beyond reason.

Client: Title:

Communication about my company/brand involves

1. Mystery

2. Intimacy

3. Sensuality

4. None of the above

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Clearstream’s Global Liquidity HubExcellence in Collateral Management

Update, Trends & Developments Carsten Hiller – Sales Manager, Global Securities Financing

3939

We have a history of creating opportunities for our clients

- 1979 Automated Securities Lending- 1992 First triparty repo service in Europe- 1996 AutoAllocation / AutoSubstitution module- 1999 Collateral allocation to the Bundesbank- 2001 Collateral allocation to the Federal Reserve- 2002 Strategic Securities Lending- 2004 KAGplus- 2005 EuroGC Pooling- 2006 ASLplus, collateral re-use- 2007 GC Pooling International

- 2009 Collateral allocation to the BCL- 2010 Equities and Funds as Collateral- 2011 Liquidity Hub GO with Cetip- 2012 Liquidity Hub Connect

Facts and Figures:

- Part of Deutsche BörseGroup

- Securities lending, repo and collateral management

- Cash, fixed income, equities and funds

- Over 500 participants

- EUR 650 billion peak outstandings in 2012

- Dedicated GSF sales and operations

The Global Liquidity Hub was launched in 2009

Our proposal to you:– A unique collateral

management value proposition designed specifically for you.

– Maximize access to liquidity and optimize your use of collateral pools across multiple locations.

– Dedicated specialist sales team to build relationships

– Bespoke legal and operational support as needed.

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Clearstream’s Global Liquidity HubExcellence in Collateral Management

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CCP’s&

OTC Derivatives

ASL, ASLplus&

Loan Services

ClassicalTripartyServices

GC Pooling& Platforms

CentralBank

Liquidity

The Global Liquidity Hub

Intra-GroupActivities

Liquidity Hub GO

Liquidity Hub Connect

StructuredProducts& Pledges

Collateral Re-Use

Optimisation

New collateral users

Increased collateral need

Counterparty Diversification

Automated solutions

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Collateral and Liquidity Management has now become a global priority

Changing regulations are driving collateral management practice worldwide

- Access to cash liquidity and new counterparties are key

- Central counterparties are of ever increasing importance

- Mobilizing all available inventory is paramount

- Optimization and efficient collateral re-use are essential

Global Liquidity Hub

4242

Clearstream’s Global Liquidity HubOur strategic roadmap for 2013 and beyond

- Cash Liquidity & Central Banks : access to cash financing in central and commercial bank money.

- Margin Collateral & Central Counterparties : cover margin requirements for centrally cleared and OTC transactions.

- Securities Lending : support collateral transformation, upgrade or asset swap transactions

- Domestic Inventory Management : To facilitate the sourcing of collateral held with domestic CSD’s or agent banks and sub-custodians.

- Collateral Optimization and Re-Use : Providing visibility over inventory and maximizing its usage.

- Buy-side services : Tailored services for corporates, non-financials and their custodians.

Securities Lending & Borrowing

Domestic Inventory

Management

Cash Liquidity &

Central Banks

Margin Collateral &

CCP’s

Collateral Optimization and Re-Use

Buy-side Services

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A unique combination, providing one of the safest collateral and liquidity management solutions in the world

Our clients, your counterparties

Clearstream’s Global Liquidity HubOur products and services

Collateral

Management

Pledge

Securities Lending

Repo

Triparty Collateral Re-Use

Central Bank Access

CCP margin coverage

Triparty Securities Lending

Triparty RepoGC Pooling ® (Eurex)

€ GC (LCH.Clearnet Ltd)

ASLplus

KAGplus

OTC Derivatives

Credit Support

Structured Trades

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- Lodge collateral to support central bank liquidity at the Bundesbank, BCL and the Federal Reserve Bank of New York.

- Many central banks such as DKNB and HKMA are also active triparty repo counterparties

Clearstream’s Global Liquidity HubCash Liquidity and Central Banks

Central Banks

Customised Baskets

- Access a wide range of traditional repo counterparties including state agencies, supra-nationals, commercial banks, private banks, insurance companies, asset managers and corporates.

- Use our marriage broking service to access new counterparts

Standardised Baskets

- Access centrally cleared standardized liquidity baskets via Eurex’sEuroGC Pooling ® platform or LCH.Clearnet’s €GC baskets.

- Extended o/n trading in EuroGC Pooling to be introduced- Access to 360T, Bloomberg or other LH Collect venues

Key Features- Multi-currency options, fixed / variable rate support and bespoke

interest terms available- Ability to use fixed income, equities, funds and more

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Maintaining access to both central bank and commercial bank liquidity is critical

0

50

100

150

200

250

300

03.07 07.07 11.07 03.08 07.08 11.08 03.09 07.09 11.09 03.10 07.10 11.10 03.11 07.11 11.11 03.12 07.12

2012+Sub-prime crisis Eurozone crisisPost-Lehman- Classical triparty

repo volumes are increasing overall as new counterparts enter the arena seeking yield.

- Allocations to central banks have reduced slightly but remain substantial in light of regulatory pressure.

- GC repo through CCP’s continues to grow dramatically

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- Cover margin collateral requirements with EMCF, Eurex Clearing, LCH.Clearnet Ltd and Oslo Clearing.

- Clearstream also supports CCP-Interoperability project for EMCF, EuroCCP, LCH.Clearnet Ltd and X-Clear.

- Quad-party and other client segregation options under discussion.

Clearstream’s Global Liquidity HubMargin Collateral & CCP’s

CCP’s

Initial Margin

Key Features- Available for both listed and OTC derivatives- Third-party collateral valuation options also available- Luxembourg law allows full ring-fencing of ‘financial collateral’

- Ability to lodge collateral to cover initial margin (IM) or independent amount (IA) requirements with any counterparty

- Full triparty collateral management service (TCMS) including daily valuation services, eligibility screening and margin calls.

- Additional triparty pledge agreement service (TPSA) for simple third-party escrow service without collateral management option.

- Service can also be tailored for structured products or SPV’s.

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- Automated securities lending (ASL) for fails borrowing- Longer-term, strategic securities borrowing (ASLplus) via our

dedicated desk’s in London and Singapore.- Borrowers can also connect to ASLplus via Bondlend- In Frankfurt, our KAGplus service is tailored to suit the needs of

KAG’s and their trustees / custodians.

Clearstream’s Global Liquidity HubSecurities Lending & Borrowing

Proprietary services

- Access to third-party securities lending programmes (agency and principal)

- A variety of service levels depending on whether Clearstream is required to settle the lending principal (TSLS1), provide loan valuation services (TSLS2) or simply value collateral against an independent loan book valuation (TCMS)

Third-party services

Key Features- Clearstream acts as principal in ASLplus. Agency services as well

as lending CCP (with Eurex) under review- Full straight-through processing solutions available for all services

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- A new segment within Eurex’s GC Pooling product specifically designed for corporates to launch in 2013

- Disclosed pre-trading phase, anonymous post-trading process- Allows banks to maintain relationships with key corporate clients

Clearstream’s Global Liquidity HubBuy-side Services

GC Pooling Select

Corporates

- Support reverse repo under standardized, multilateral ClearstreamRepurchase Conditions (CRC’s)

- CRC’s designed specifically to support triparty repo transactions- Ability for corporates to re-use collateral to cover OTC derivative

requirements with dealers, clearing members or CCP’s

Custodian Access

- Support for third-party custodian and trustee services under our Transaction Bank Agreement framework

- Additional power of attorney options also available

Key Features- Ability to use both customized and standardized basket options- Partnership approach designed to attract buy-side institutions and

custodians / trustees to the Global Liquidity Hub.

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- Clearstream offers access to 53 domestic markets with near-time interoperability available.

Clearstream’s Global Liquidity HubDomestic Inventory Management

Domestic Market Access

Liquidity Hub GO

- Our collateral management partnerships are with the following local infrastructure providers :

Liquidity Hub Connect

- Our collateral management partnerships with local sub-custodians and agent banks : BPSS and Citi confirmed, others to follow.

- Both initial pilot markets (BE, FR, DE, NL, IT) and subsequent markets (ES, JP, US + more) under review.

- Other partners also in negotiation with Clearstream.

Key Features- Ability to use all eligible domestic asset types- Different domestic and international outsourcing options- LH GO and Connect will operate in real time, in local hours.

ASX STRATE CDS IberclearCETIP

Panel discussion

Global Securities Financing with a Focus on Central & Eastern Europe