A Presentation by Ross K. McGill

S.T.P.Streamlining Tax Processing

Facts & Figures

• Established 1992• Offices in New York and London• >3,500 FI clients world-wide• File >1,000,000 reclaims a year• Local Relief at Source applications free• Very strong relationships with all tax authorities• All fees contingent and remedial• Fail Rate 0%

Business Services

Depositary Services

Depositary Services

JPMorganJPMorgan Mellon

Financial

MellonFinancial

DeutscheBank

DeutscheBank

BONYBONY

CitibankCitibank

Tax Optimization

Tax Optimization

CustodianServices

CustodianServices

BrokerServices

BrokerServices

Fund Services

Fund Services

HNWIServices

HNWIServices

DocumentServices

DocumentServices

EDS Assist™

EDS Assist™

MarketSupport

MarketSupport

SoftwareSupport

SoftwareSupport

MarketReference

Data

MarketReference

Data

ComplianceCompliance

Normal Process

Custodian

Foreign Tax

Authorityor

Local agent bank

Foreign Withholding

AgentIssuer

Calculate

MT564 EventNotification

Payment of Withholding Tax

Client Acct

Credit Client

Document

Validate

Submit

LocalTax

AuthorityClient

Tel/MailFollow-up

Mail:Submit

Tax Repaid

Reconcile

Follow

Research

Mail forauthorisationif no POA

Mail forvalidation

Mail: Apply for Relief at SourceQueries

GlobeTax STP Process

Custodian

Foreign Tax

Authorityor

Local agent bank

Foreign Withholding

AgentIssuer

Globe Tax

Calculate

MT564 Event Notification

Payment of Withholding Tax

RepaytaxOver-withheld

Client Acct

Credit Client

Document

Validate

Submit

Follow

Agent Bank

Income File

Report

Credit B.O Acct

Research

Client Help-line

Status Reports

B.O. File

Market Reference Data

Industry Support

• Corporate Governance Alliance• ISO20022 (TC68)• US 1441 NRA Regulations (“QI”)• Industry & Investor Reference Books

– International Withholding Tax (2003 Euromoney)– Relief at Source (2004 Euromoney)– Global Regulatory Landscape (2005 Macmillan) – Custody & Clearing (2006 Macmillan)– Technology Management in Financial Services

(2006 Macmillan)

Mutual Benefits

• Knowledge

• Experience

• Skill

• Information

• Lobbying support